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How to Use Bitcoin

Plenty of people who are new to the concept of Bitcoin often ask “how do you use Bitcoin?” and the answer to this question is not that easy because Bitcoin works in the same way as traditional currency. The only difference is that it exists in the form of code and stored on High-Tec computers.

Since the majority of visitors who come to our site are freshies and looking to learn as much as they can about Bitcoin, we will provide a quick guide on how to use Bitcoin.

Start with A Bitcoin Wallet:

The first and foremost thing needed to start your Bitcoin venture is a Bitcoin wallet. There are several types of Bitcoin wallets, but Coinbase or Blockchain are the friendliest ones, especially for those who are new to Bitcoin world.

A Bitcoin wallet works the same way a software (Yahoo, Gmail, etc.) does for receiving emails or a traditional bank account does to send or receive money. But in this case, only Bitcoins are stored in the wallet.

A wallet comes in the form of a software and allows you to send, receive or store the cryptocurrency.

In order to receive Bitcoins, you are required to give the sender your Bitcoin address which starts from 1 or 3; followed by a string of random numbers and letters.

Here’s an example of a bitcoin address: 1GrwYYTDJic27cstVCjzS8Muvutw6JUYqB

Get Some Bitcoins:

Once you have your Bitcoin address and a wallet, all you need is some coins. wondering how to buy coins? check out our guide on how to buy bitcoins from PayPal in two minutes. Apart from PayPal, there are several other methods too. However, the cost will vary based on which method of payment you choose – reversible or irreversible.

The reversible payments (credit card, PayPal, etc.) cost more than irreversible ones (bank/wire transfer) due to the risks involved in the transaction.

Now that you have bought coins, it’s time to put them to good use.

How to Use Bitcoin?

The number of companies starting to accept Bitcoin as a method of payment is growing each day. Some top-notch companies like Microsoft, Overstock, Virgin Galactic, etc. are now offering their services in exchange of Bitcoin.

You can use your coins to buy virtually anything through a Bitcoin debit card. The card also gives you the freedom to shop physically at all the Bitcoin-accepting stores.

If shopping isn’t your priority, make an investment of your Bitcoin assets. There are several ways in which you can invest your coins. Following are the most common ones:

  • Bitcoin trading
  • Holding on to them
  • Getting mining equipment

But before you make an investment, remember that Bitcoin investment can be a risky business due to high volatility in its value.

Another use of Bitcoin is to open an online store and set Bitcoin as an additional method of payment. It will not only give you an opportunity to earn bitcoins but will also provide an extra payment option to your clients.

Lastly, your coins can be used to settle a bet, pay back a friend who bought you dinner or return a loan. In conclusion, Bitcoin can do almost anything that traditional currency does. The only difference is that Bitcoin exists virtually and is relatively new in the market.

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Bitcoin is sliding

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10 July 2017. Bitcoin is continually hitting new heights, now its standing at $2500 per coin.  The digital currency trades down 3.7% at $2510. And, is intimidating its lowest close since June 2017. Its contending, ethereum is also under pressure.

Bitcoin’s price is stuck between $2400 and $2500 since last Monday. This was the day when the head of the Goldman Sachs warned about the sliding price of the bitcoin as low as $1857 before rushing as high as $3915.

Back in early June, Mark Cuban declare Bitcoin as a “bubble”. He tweeted, “I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble.”

Last week, Jeffrey Kleintop also suggested that “Bitcoin was in a bubble unlike any we had ever seen before.”

 

News and picture credit: business insider.com

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A Brief Look Into NeoCoin – China’s Biggest Cryptocurrency

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In late June 2017, Antshares declared that they were rebranding. and less than a month later, NEO was born and turned into China’s most popular cypto overnight. The rebranding totally redesigned Antshares’ social media, technical data, website, and blockchain nodes.

Bitcoin vs other cryptocurrencies:

Then after a couple months later, Antshares – now named NEO – outperformed Litecoin, Bitcoin Cash, and Ripple, growing over 3,053% every month. As of August 19 – NEO went back to the ninth place on the digital currency charts, losing 90% of its expansion. However, the NEO devotees trust this is just the start for what is termed as “Chinese Ethereum,” some are stating that by the end of September, NEO will become number one on the crypto charts.

At the time of writing, Neo was trading at $42.92 per coin.

Proof Of Work:

NEO showcases more POW (Proof-Of-Work) than any other crypto out there. The effortlessness, the 15-second exchange time and the simple to utilize Smart Contract has aided NEO to detonate in China. There are more than 50 renowned organizations that are intending to embrace NEO’s innovation in China. Compared to Ethereum, NEO has accomplished more in terms of a “Quick Witted Economy.”

While NEO is principally cruising in China cryptocurrency, the friendly developer software can make it immense in the west too. Ethereum – while having an elegantly composed code – doesn’t have as much POW as NEO.

Read more: Why Bitcoin Rose More than $1000 in the Last Two Months

What Is Neo Transaction Time?

NEO can deal with numerous transactions through its Smart Contracts. It’s 15 seconds quicker than Bitcoin and 5 seconds speedier than Litecoin. While NEO doesn’t have the standard reputation like Bitcoin or Litecoin, NEO’s reputation in China Bitcoin keeps on developing. It’s being known as the “Smart Startup Trent,” in China, since, the local startups are embracing NEO at a snappy rate.

Additionally, it has front end uses like Digital wallets, voting, forums, and profile management. The organizer of NEO – Da Hong Fei – calls it the ultimate “developer coin.”

NEO Coin In Next 10 Years:

Up until now, Da Hong Fei has unveiled different plans for what’s to come. Da Hong Fei is anticipating on implementing the Catalyst Award Framework to reward miners for mining NEO. Likewise, he plans on creating an environment that will be crowd funding friendly within the NEO community. Investing in NEO, however, has its own risks, similar to any other cryptocurrency out there isn’t any organization managing it to guarantee you a safe investment.

Make sure you have done your research before putting your resources into the currency.

Read more: Monero Security – 3 Main Techniques Behind Monero Anonymity Explained

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It’s Confirmed! Twitter Is Going to Ban ICO Ads

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On Monday, the social media giant Twitter confirmed the rumours that it is going to follow Google and Facebook by banning cryptocurrency advertisements from the website.

According to the announcement, ICO ads, as well as advertisements related to exchanges, token sales, and wallet services (apart from public companies that are registered on the prime stock markets) will be removed from the site. A spokesperson said that the aim of this move is to make sure the safety of Twitter’s community.

twitter ico news

New Twitter Policy

This Twitter ICO news went viral as the social media giant clarified:

“We have added a new policy for Twitter Ads relating to a cryptocurrency. Under this new policy, the advertisement of ICOs (Initial Coin Offerings) and token sales will be prohibited globally.”

This latest twitter policy will be introduced within the next 30 days. But on the other hand, Twitter will be limiting advertisement for cryptocurrency exchanges in Japan to those, who are under the observation of the national financial regulator.

There were many rumours before that Twitter would ban advertisements related to cryptocurrency especially, when it was first reported by Sky News that such content would be banned from the Twitter’s platform within the next two weeks.

What Jack Dorsey has to say about it?

CEO of Twitter, Jack Dorsey, has conceded the proliferation of cryptocurrency scam accounts earlier, and pledged to crack down on bot accounts in search of cryptocurrencies from others.

Though, some of the site’s response exertions have led to account issues for standard users. According to Twitter, safety for users is the main motivator behind this ban. Few actions were also taken by Twitter in order to prevent accounts related to cryptocurrencies from engaging with others in an illusory manner, but then again it met calls to ratify more actions, subsequent to the bans from Google and Facebook.

Impact of Twitter’s Announcement on Crypto-Market

Cryptocurrency markets were already going through a slump, but after the announcement of Twitter banning cryptocurrency advertisements, the market fell even more.

While talking to Reuters, Kapronasia’s director of financial consultancy, Zennon Kapron mentioned the perils to Twitter itself and said:

“With the increasing number of ICOs coming to market, it is an impossible task for anyone, much fewer platforms like Twitter or Facebook, to keep on top of which ICOs and cryptocurrencies are genuine versus frauds… Although certainly, ICO advertising must have been a significant source of revenue for Twitter, the repercussions of fraudulent activities just weren’t worth the risk.”

In January 2018, Facebook restricted cryptocurrency advertising while the ban from Google was announced at the beginning of this month.

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Circle Plans to Make $60 Million Expansion in China

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We share content, information, messages and routine life on the internet. Money should also work in the same way as for transfer of information. Secure, worldwide, free, open without any central authority and most importantly, transfer of money with fun. In that case, we have an option chinese circle on vision, that we should be able to exchange values.

The main vision is to connect the world’s largest currency zones. That is why a foundation for this purpose has been established in US and UK. The foundation will transact Euro, Dollar, Pound, and other large currencies to blockchain technology.

Customers in the UK, US, and soon in Europe can soon perform these transactions. They will be able to do transactions in a secure and freeway through Circle’s social payment app.

With the rising of this technology, Circle is going to introduce this technology to its Chinese customers.

The Circle has launched a company in China manufacturing, raising $60 Million from Chinese investors. The company is keen on expanding into world’s second largest economy. Chinese firms including Baidu, CICC Alpha, Everbright Investment, IDG Capital Partners, and Beijing-based tech investment have reportedly made the latest funds.

Allaire says, “We’re not aiming to compete with the domestic market as that would be a suicide mission given the strength of local players like Alipay and WeChat, but we can connect Chinese consumers with the euro zone and dollar markets”.

Strategy in Financing:

IDG Capital Partner, the prolific Beijing-based VC led the $60Million strategic finance.

Along with IDG, Breyer Capital and General Catalyst Partners, we have brought on a powerful syndicate of major strategic partners in China, including Baidu, CICC ALPHA, China Everbright Limited, Wanxiang, and CreditEase.

These strategic partners make it sure that they will create an open, global, and free model of social payments. That will be enabled for the consumer in China, US, UK, and also in Europe.

Circle’s China Unit:

Circle’s China unit works as the local incorporate company. Allaire says,” Circle’s China unit has not launched any product. Whereas, there are already many pending deals with banking partner and legal license to operate.”

In payment process, Circle allows payments to countries in which this technology has not launched yet. Whereas, payments have transferred in Bitcoin within few minutes via blockchain network. Once the process of payment completes, the Bitcoin transfers to the currency. Circle’s aim is to connect China trading consumers with new global means of payments.

People’s Bank of China wants to launch its own digital currency. Basically, they want to decrease the cost of traditional paper money and boost policymakers. That is why they are in support of digital revolutions like Bitcoin.

Allaire finished with: “The company now adds the support for euro-denominated payments in Spain as the first step of a broader euro rollout.”

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