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This post is going to be a detailed review on the best Android Bitcoin wallets however, I’m doing my part by warning you that mobile wallets are the least safe type of bitcoin wallets.
Read: Types of Bitcoin Wallets

The reason behind this is the fact that mobile devices can be easily stolen, lost or broken. The private keys will be stored on your device if you possess a mobile wallet. So, if your device gets destroyed, your coins can’t be accessed either. Meanwhile, if you have a backup pin created for your wallet that you have stored in a safe place, your coins can be retrieved.

Now let’s get on with the reviews!

  1. MYCELIUM Android Bitcoin Wallet

Mycelium is a well-known mobile wallet that provides advanced privacy and security features to its users. It is an open source software program and thus is frequently updated to become a safer and faster wallet in the market. The coins can only be accessed through the mobile wallet as it does not have a web or desktop interface.  One of the major benefits is that you can use Mycelium along with a hardware wallet in order to achieve maximum security of your coins.

  1. AIRBITZ Android Bitcoin Wallet

Airbitz is another well-known open source Android Bitcoin wallet. The wallet is quite similar to BreadWallet because of its simplicity but packs a variety of features to enhance the security of your coins.

  1. BREADWALLET Android Bitcoin Wallet

BreadWallet is known to be one of the simplest android wallets out there. It consists of very basic “send” and “receive” options which make it very easy to use. At the moment, it is only available for Android and iOS.

  1. JAXX Android Bitcoin Wallet

Jaxx is comparatively new and proves to be a strong option among the other mobile wallets. It has the ability to hold a diverse variety of cryptocurrencies, it can also allow you to access your funds from multiple devices. However, one drawback of Jaxx is that it is not an open source software program, which has raised to a lot of safety concerns recently. You are recommended not to store large sums of coins.

  1. COPAY Android Bitcoin Wallet

Copay is a multisignature wallet created by BitPay. Multisignature means that the wallet requires more than one person to approve a transaction before its confirmation. This gives it an increased amount of security if that’s your main concern. Copay has an iOS, Android, and desktop version.

  1. GREENADDRESS Android Bitcoin Wallet

GreenAddress is a solid choice for people who are well experienced with Bitcoin as it has a bit of a weak user interface. Regardless, it offers good features needed to keep your coins secure.  If nothing works out then GreenAddress has got your back!

 

Just a reminder that not every wallet application on Google Play Store is verified. Some apps are created with the sole purpose of stealing the coins you transfer on to the mobile wallet. So, you’re advised to do your research before trusting any unknown wallet. Be sure that you are downloading the official application and not a malicious wallet.

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Expected Blockchain Support By Cloud Computing Giant Salesforce

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Salesforce is a world famous company well known for its cloud computing software. It provides services related to customer relationship management in various industries, including healthcare, finance, media, retail, and manufacturing. The revenue generated by Salesforce in the year ending January 31st was $10.5 billion. And now Salesforce is ready for its blockchain integration with a brand new idea.

blockchain and cryptocurrency

Parker Harris, the co-founder of cloud software giant Salesforce has confirmed that his company is hoping to develop a product for Blockchain and cryptocurrency support by September 2018.

The same news was being disclosed by CEO of Salesforce Marc Benioff in an interview with Business Insider on March 28. In that interview he also stated that he had finalised this plan to work on Blockchain technology and various forms of digital currency while he had a chance to participate in the World Economic Forum Davos, Switzerland last January. It was simultaneously being held with a cryptocurrency conference, where Benioff’s conversation with another event attendee transformed into the above mentioned idea according to which Salesforce could actively participate in the utilization of blockchain and cryptocurrency into its current operation.

 

He further added that he had been thinking about various ways through which Salesforce’s strategy around blockchain and cryptocurrencies could be finalized.

What is in Benioff’s Mind?

There were a lot of things which the company CEO did not reveal about his forthcoming product in his interview. However, he stated that he was planning to have a blockchain and cryptocurrency solution for Salesforce and for all its clients.

 

However, in a recent briefing for its Configure-Price-Quote (CPQ) software, the company appreciated the revolutionary blockchain technology for verification and maintenance contracts and automation of trust.

Salesforce is not Alone in this Race

In the past Blockchain was just used as a decentralized ledger to log all cryptocurrency transactions, but now its definition has changed. Now a great number of applications and technologies have a strong connection with it. In the present context,  blockchain keeps or is used to keep record of every digital transaction and exchange which might be in the form of goods, services or private data of any sort. With the passage of time it has been transformed into a global spreadsheet running simultaneously on millions of computers around the globe. The beauty of this technology is that every single individual connected to this peer-to-peer system can see all transactions being made, hence there is no need for a middle man.

 

It is clear that the involvement of Blockchain technology is getting deeper and deeper day by day and no field of life will be functional without it.

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Bitcoin Mining Energy Consumption: Generating Bitcoin Requires A Lot of Energy!

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As you already know that bitcoin is purely digital, so there’s no physical digging in it. And in a world of virtual currency, such creation is known as mining. However, the computer power needs a lot of electricity to create digital tokens.

According to Alex de Vries (an economist who tracks energy use in the industry), each digital token consumes energy, equivalent to an average American household burns in two years.

If we talk about the total number of computers that are plugged into bitcoin network, then the energy consumed by the network is equivalent to the energy of a medium-size country. The network that supports the second most valuable virtual currency, Ethereum, also consumes energy in a hefty amount.

Bitcoin and Ethereum are consuming so much energy that now it has become a part of a debate among some people. Since the energy consumption of these systems has risen, the prices of these virtual currencies have also gotten very high.

Vitalik Buterin (the creator of Ethereum), is trying to find out ways so the tokens can be created without requiring that much energy. He said that he’d feel unhappy if his main contribution to the world was adding Cyprus’s worth of electricity consumption to the global warming.

According to Peter Van Valkenburgh (director of research at Coin Centre), such electricity usage is really important. This argument has its essentials in the complex systems that create tokens like Bitcoin and Ether, the currency on the Ethereum network, and other new virtual currencies.

The enticement of new bitcoins is encouraging people to use fast computers and lots of electricity in order to find the right answer and to unlock new bitcoins that are distributed every 10 minutes. The process was well-defined by the original Bitcoin software, which was released in 2009.

Bitcoin Mining Energy Consumption

At this time, the 12.5 bitcoins that are being distributed every 10 minutes are worth about $145,000 and people are willing to invest in it, which shows why there are huge server farms around the world that are devoted to bitcoin mining.

This process is essential for Bitcoin’s existence, as all the computers are serving as accountants for the Bitcoin network. No one can fudge the records and dominate the accounting as the mining race is meant to be really hard. According to Satoshi Nakamoto (the creator of virtual currency), the system was designed to thwart greedy attackers who might try to change the records.

Because of mining and accounting rules, the attackers have been kept away and the network is still safely going on. However, there’s been a disagreement over the original value of bitcoin and the network that supports it.

Marc Bevand (a miner and analyst) wrote in his blog that “labelling bitcoin mining as a waste is a failure to look at the bigger picture”. Although some people who are interested in all that innovation are anxious about the massive use of electricity. The concern about the use of electricity has become a subject of debate among many, however, other virtual currencies like Stellar and Ripple that were created after the Bitcoin don’t require much electricity.

The new mining process has been proposed by Mr Buterin for Ethereum. This process has been already used by some other smaller cryptocurrencies. New coins are distributed to only those people who are able to prove their ownership of existing coins. The current method totally relies on computational power and it just needs lots of computers which can play an important part in the computational race.

According to Mr Van Valkenburgh from the Coin Centre, if you want strong security at the moment, then you need proof of work.

Photo Credit : Mashable

 

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Altcoin – Top 5 Altcoin Zoo with Animal Mascots

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Did you ever think about that how many currencies in the crypto market are using animals as their mascots??? Well, I don’t think so.

Today’s article is about top five altcoins with animals – by the way, all mammalian as mascots. Few coins are still active, whereas others are either past or resting at the pet mausoleum.

DogeCoin:

Dogs are the well-known devoted animal to humans. Nearly everyone has dogs as a pet. So, we will start with Dogecoin. In addition, this coin’s mascots are a specific dog – it is a doge, a Japanese Shiba Inu named Kabosu based actual meme dog.

Doge – a dog, not only a coin – became common in 2013. But, now no need to describe it more. Nonetheless, if you were living under last four years: the meme is a Shiba Inu picture with captions. These captions are decisively grammatically inappropriate. And, are assumed to reproduce the dog’s thoughts. Isn’t scary and such insecure, for example.

At the end of this year, Dogecoin was launched as Joke currency. This idea was belonging to the Billy Markus from Portland Oregon. Joke currency or not? but Dogecoin is still alive with the market cap of $344million.

TrueFlip:

A dolphin wearing glasses and a top hat. We know dolphins are intelligent and vastly social animal around the world. They have friendly nature and also trained to save lives of some people.

Basically, TrueFlip is a worldwide famous platform where you are allowed to buy tickets and win prizes in digital currencies.

Bitcoin blocks random hashes are openly used to draw some numbers for lottery and code used to run the game. This firm’s aim is to become world’s popular blockchain lottery. If this occurs, its jackpot would be high as $8 million worth of Bitcoin or maybe more.

altcoin exchange

NyanCoin:

We have another meme coin and this is Nyancoin, created on Nyan cat meme, an archenemy of dogs.

Nyan cat was turned to crypto-market early in 2014. Moreover, this word was derived from the Japanese word for cat’s meow. After a long relaxed, Nyan comeback this April with the market cap $394,000.

PandaCoin:

So, we are moving toward China now. Where we find big fluffy Pandas, who became the mascot. PandaCoin was launched on 14 February 2014, and now its market cap is around $1.5 million.

NeuCoin:

Fine, NeuCoin is a newbie to the world of altcoin exchanges. A blue squirrel NeuCoin’s mascot was belly up in late 2016. Just like a quick and small animal, the squirrel needs strong effort for effective ICO, who has a direct focus on tipping and micropayments. NeuCoin combined two games on one platform Facebook: Solitaire Racer and SongQuest.

So, Who’s next?

After the research, we can say that altcoin with animal mascots are on the way of fame. It is depending on the acceptance of the coin among the community.

 

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Bitcoin Price Once Again Struggles to Sustain Momentum

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Bitcoin price has rebounded from $6,500 to $7,034 with the market cap of $125 billion, at this very moment. Other smaller cryptocurrencies including VeChain and Steem have somehow surpassed bitcoin with a 50% and 25% surge in value, respectively, while other major cryptocurrencies like Ethereum, EOS, Bitcoin Cash, Ripple, and Litecoin have also performed quite well over the past few days.

bitcoin price surge

Bitcoin Price Surge

Since 30th March, bitcoin couldn’t surpass the $7,000 mark, due to its low volume.  However, on 25th March, Bitcoin price achieved $9,000, with comparatively strong volumes on the cryptocurrency exchanges. But since then, the price of bitcoin has seen a constant decline. Even though the price of Bitcoin went to $8,800 but then again, it failed to sustain momentum and its price fell to $6,400.

For surpassing the $7,500-mark, Bitcoin will have to sustain its volume for the next few days, then it will be able to move back to the $8,000 mark.  At this time, the RSI (Relative Strength Index) of bitcoin is at 39.2 however, earlier, it was at 30, indicating oversold situations. Bitcoin is currently being traded in a neutral zone, also the top-cryptocurrency hasn’t shown any overwhelming sell volumes.

Therefore, the next few days are going to be really important for bitcoin, as its value has increased over the past 48 hours, and according to bitcoin’s MACD (Moving Average Convergence Divergence), it has started to gain a little bit momentum.

Jon Matonis’s Views About Bitcoin

A well-known investor, an executive at VISA and the co-founder of Bitcoin Foundation, Jon Matonis, has stated that the entrance of financial institutions such as Goldman Sachs could lead to an increase in the demand towards bitcoin (in the mid-term). Different Bitcoin analysis are being done, but if the leading cryptocurrency can recuperate from its present bear cycle, then experts like Matonis are predicting a bull run for the top-cryptocurrency, Bitcoin.

Matonis said:

“I think it’s fabulous that they’re getting into it because it brings in new liquidity. They’re going to develop futures markets, options markets, I even think you’re going to start to see interest rate markets around bitcoin. We’re used to hearing things about Libor, the index for bitcoin interest rates is Bibor”

SEC Against ICOs

Also, according to the New York Times report, the ICO founders, called Centra, were arrested for defying US SEC (Securities and Exchange Commission) as they were distributing securities without getting any approval from the US Securities and Exchange Commission. If the SEC still keeps on curbing ICOs, it could lead to a wane in motion within the ICO ecosystem, globally.

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How To Get Registered With FINtrac?

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Every business needs an identity. A secure platform for business transactions. Accordingly, It needs a complete registration. Following are few steps of registration:

  • You have to complete the pre-registration form. Where you need to submit your business information, either it is a corporation, sole proprietor, or partnership based business.

While, after the completion of pre-registration form, the company will contact you within 5 days with ID and password.

  • You need to sign in MSB registration system with ID and password provided by the company. (MSB registration is a system where business is described by the owner that transmits or converts money).
  • MSB registration includes 4 sections: home page, navigation through MSG registration form, submitting your form to FINtrac and you will receive notification messages, definition, etc.
  • After the submission of the MSB form, you need to complete other information:
  1. Your bank account information
  2. Complete information about compliance officer
  3. You employees number
  4. Business structure
  5. Information of senior management of MSB
  6. Complete information about your branch and Canadian MSB agent.
  7. Total expected expense including the fees

Meanwhile, Company will take 14 days for the verification. If the company rejects your form, there is nothing more for you. On the other hand, if you get the approval, you will proceed to the next step which involves:

  1. Your approval notice and registration number
  2. Clarification request (if you didn’t respond this section on time, you may assess penalties). The clarification request includes (sign in with MSB then, follow the instruction about response to clarification strength then, review the information and at the end, check your details, once you submitted your form, you will have done with your work)

Following are some Criminal Penalties:

  • In case of a suspicious transactions, the penalty is up to $2 million and/or 5 years imprisonment.
  • In case of a large cash transaction or an electronic funds transfer, the penalty is up to $500,000 for the first offense and $1 million for subsequent offenses.
  • If you fail to meet with record requirements the penalty can go up to $500,000 and/or 5 years of imprisonment.
  • During the examination of the compliance, if you fail to provide information, the penalty will be up to $500,000 and/or 5 years imprisonment.
  • Disclosing the facts or suspicious transactions: the penalty is up to 2 years of imprisonment.

What is The Penalty In Case of Violation?

At minor violations, the penalty starts from $1 dollar to $1000, depending on the violation nature.

  • At serious violation, the penalty goes from $1 to $100,000,
  • The extremely serious violations may see your penalty going from $1 to $100,000

Third, These penalties are applied according to the Canadian act “Proceeds of Crime and Terrorist Financing Act”.

A company with the negative background will be not registered with    MSB.

What Are The Documents Required for The Registration:

When you are going to register your business with FINtrac, the following are the documents required at the time of registration.

  • ID
  • Bank statement
  • Driving license
  • Passport details
  • Birth certificate

You may also need to provide other documents on demand. 

How to Contact FINtrac?

If you want to know more details about your registration, you have an option to visit the site. In addition, you can directly contact the Financial Transactions and Reports Analysis Center of the Canada. The address is:

24th floor, 234 Laurier Avenue West

Ottawa, ON K1P 1H7, Canada

Contact number: 1-866-346-8722

Goodluck!

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