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Accepting Bitcoin Payments

Bitcoin came out almost 8 years ago and has already become the most popular form of cryptocurrency. Where Bitcoin has revolutionized the cryptocurrency transactions, the currency is still struggling to break into the traditional business as most corporations are still not willing to accept Bitcoin as a form of payment.

To encourage the use of cryptocurrency, more corporations need to step up and start accepting Bitcoin as a form of payment.

If you own a business, let’s say, a small store and are looking to accept bitcoin as a form of payment, here is everything you need to know about how to accept Bitcoin payments.

Person to Person Transfer:

One of the simplest and easiest forms of Bitcoin transfer. What you are supposed to do is tell your clients that you accept bitcoin payments and give them your wallet’s public key so they can send you the coins. The process is similar to cash-in-hand payment.

The person to person transfer can be done using several smartphone apps. Finding one shouldn’t be a big deal as there are countless apps for android, iOS and windows users.

However, this type of transfer is only suitable for a smaller business or individuals offering odd services for smaller amounts. Those working at a bigger scale incline towards a solution that fits in with their current POS (Point of Scale) framework, such as verified bitcoin merchants.

Following is a list of most renowned bitcoin merchants out there.

Coinify:

Coinify is a Danish firm which offers POS solutions for both brick-and-mortar and online stores.

Some merchants accept bitcoin currency as payment as well as fiat. Coinify also has a mobile app called “Coinify POS”, which is compatible with both Android and iOS devices.

If you are an online user, you can use Coinify’s various integration tools, such as shopping cart plugins, payment buttons, or hosted invoicing for transactions.

CoinBase:

CoinBase is one of the most renowned Bitcoin merchants out there and has an Android app for bricks-and-mortar retailers.

The highlights of CoinBase include:

  • Currently, Bitcoin only supports US based bank accounts as a source of funding.
  • It also offers e-commerce support.
  • CoinBase likewise provides plugins for WooCommerce, WordPress, ZenCart and Magento

Learn how to buy bitcoin through Coinbase.

BitPay:

BitPay offers its services internationally for both businesses and charities. BitPay is integrated into the SoftTouch POS framework for bricks-and-mortar retail stores. However, it has an additional API which could be implemented into almost every other POS framework with a few alterations to the code.

BitXATM:

BitXATM is a Germany-based bitcoin cryptocurrency ATM.  The POS (point of sale) function of BitXATM has gained the worldwide attention as it has made it easier for merchants to accept payments from clients in digital currencies.

The machine has a 17” touch screen, costs €2,900 (around $3,993) and can accept any fiat currency. Moreover, it accepts/dispenses all forms of digital currency.

Conclusion:

These are some ways in which you can accept Bitcoin as a form of payment. For a smaller business; person to person transactions are the most suitable option. On the other hand, bigger corporations go for verified Bitcoin merchants.

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How to secure your Bitcoin Wallets

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How to secure your Bitcoin Wallets

If you are going to do transactions through bitcoin, then you need a wallet. Without any wallet, you are unable to do that. For transactions purpose, you have to download or create secure bitcoin wallet address. The most important thing is, how you can secure your wallets from scams.

Wait …. Wait…

Here, we will discuss your wallet security but first, you have to know about wallets and types of it. Some of them are;

  1. Online bitcoin wallets
  2. Bitcoin hardware wallets
  3. Software wallets
  4. Paper wallets

Each wallet has its own characteristics. Like, you can do low-cost transactions by using online bitcoin wallet. i.e. COPAY available on IOS & on all windows. If you need to secure your transaction process you also can use bitcoin hardware wallets. i.e. ledger Nano, Trezor, OpenDime, etc. In addition, paper wallets are private keys printed from the offline computer.

Security terms for bitcoin wallets:

As, we know that, there is no middle authority to control the transaction process. The margin of risk at your end is too much high. Especially, when your transactions are in billions. At that point, you need crystal clear and transparent transaction system. I am here, to provide you complete detail about the security of your money. Because there are a large number of scams in the market.

Don’t be afraid, there are many secure ways for your money transactions. By keeping these points in mind, you can keep your spending habits private.

Keep separate wallet with strong password:

There are a large number of wallets/addresses for your bitcoin Then, to protect your wallets from scams, encrypt it with the strong password.

You can use paper wallet and hardware wallets for savings. Whereas, for daily expenses, use mobile, window wallets.

Protect your privacy:

you, then download the whole blockchain like bitcoin core or armory. Never ever tell your private key to anyone.  Bank account number is equitant to your wallet address, then, your private wallet key is your pin.

Don’t re-use the wallet addresses:

Today’s wallets use a new address for each transaction. Which makes the easy way to group transactions, difficult or totally insane decision of taking or re-use the address as in group transaction.

Backups:

Users of bitcoin should keep the backup of his/her wallets in the different form.

Instructions are depending on your client. For example, the desktop client is used to store your bitcoin wallets. In the case of fire or water damage, you need to keep your backups in separate physical form.  For extra protection of paper, wallets are to write in metal form.

Web wallets side effects:

There are more than 100 cases of hacking of bitcoin wallets. Web wallets should be used in daily spending. For the sake of saving bitcoins, you need cold storage.

Brain wallets:

These wallets are another example of cold storage wallet. Basically, it is the combination of numbers and words you keep in your brain. When you are going to enter passphrase into a site, you’ll get your private key.

Tags: Most secure Wallet

At the end…

Above all is the short discussion to secure bitcoin wallets address as well as bitcoin. Once you take the step in bitcoin revolution then it is not difficult to maintain its wallets.

GOOD LUCK!

 

 

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Alibaba sues “Alibabacoin” For Trademark Violation

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Recently the well known Chinese e-commerce platform Alibaba has sued a Dubai-based ICO for copyright infringement. The dubai ico was functioning by the name of Alibabacoin Foundation and had initially raised $3.5 mln qaccording a Reuters report. The firm was involved in continuous misleading behavior related to Alibaba’s company name. Alibaba clarified that there was no relationship between them and the Alibabacoin Foundation. Furthermore Alibaba also made clear that it had no future intentions to enter the cryptocurrency business.

ico fraud

It was being reported that the Alibabacoin Foundation was aiming to create its own  e-commerce platform by making use of cryptocurrency Alibabacoin which was also generated by the foundation. It introduced itself as a digitally optimized firm which was going to use blockchain technology for various departments such as finance, shopping, security and marketing etc. The firm succeed in generating a handsome amount until it was declared as an ico fraud and a lawsuit was filed against it by Alibaba whose trade name was unlawfully being used by it.

Clarification by Alibaba

Though it was made clear by Alibaba that they had no intention of entering the cryptocurrency business but it should be remembered that it is not the first time that Alibaba has been a part of such rumors regarding its involvement in the crypto industry. It had to eliminate rumours early this year regarding its venture into the cryptocurrency mining industry with the help of its newly developed P2P platform. Alongwith dispelling that rumour the company also announced that Alibaba Cloud had never issued a single fraction of any digital currency from its platform neither it had any intentions to do so in the future.

 

According to a report published last year CEO of Alibaba Jack Ma exclaimed that he had no interest in bitcoin but blockchain technology, which he described as a powerful tool of future technology.

Aftermaths of the Law Suit

After initial hearing the judge issued a short term restrain order against the Alibabacoin Foundation, the lawsuit also circles threefold damages for violations of US and New York law. Further development in the case will be reported after the show cause hearing which will take place on April 11, 2018.

 

However the Alibabacoin Foundation did not pass any comment in this regard. Also, despite the orders issued by the court the company has showed no intentions to roll back its initial coin offering or other related activities.

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Burger King Launches Own Cryptocurrency In Russia – WhopperCoin

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Burger King has taken the world by a storm as they launched their all new cryptocurrency “WhopperCoin” in Russia.

Reportedly, with each purchase of their signature Whopper sandwich, customers can now get WhopperCoin tokens through a digital wallet. The token is based upon the Waves blockchain.  It allows users to trade, transfer and issue tokens, on an integrated peer-to-peer exchange.

Customers can transfer and trade their coins online or simply use them to purchase food from BK. Although, the actual exchange rate for such transactions has not been revealed yet.

Just a year ago, Bitcoin users were threatened with being thrown in jail if they were ever caught using cryptocurrencies but that was soon to change. It is pleasing to know that the Russian Government has relaxed its grudge on cryptocurrencies.

The Burger King chain is set to launch an app for the digital tokens in both the Apple Store and Google Play in the coming future.

 

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Federal Reserve Governor talks about Crypto-Market Volatility

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According to the Federal Reserve Governor, Lael Brainard, the central bank is examining the intense volatility of cryptocurrencies, especially Bitcoin, however, she doesn’t think that virtual currencies stance a present threat to financial stability of US.

These remarks were made by Brainard on 3rd April, during a speech at Stern School of Business in New York. She alerted investors to be careful about speculative asset classes, like; cryptocurrencies.

Brainard said:

federal reserve

“One area that the Federal Reserve is monitoring is the extreme volatility evidenced by some cryptocurrencies…. For instance, Bitcoin rose over 1,000 percent in 2017 and has fallen sharply in recent months. These markets may raise important investor and consumer protection issues, and some appear especially vulnerable to money-laundering concerns.”

“As in other highly speculative markets, individual investors should be careful to understand the possible pitfalls of these investments and the potential for losses. But it is less clear how the valuations of cryptocurrencies currently could pose a threat to financial stability. Nonetheless, we will continue to study them,” Brainard continued.

Risk Factors

According to Brainard, the perils related to the banking sector and traditional asset classes like bonds and stocks are balanced by the past standards due to the modifications that were introduced after the financial crisis of 2008.

She also said:

“Credit growth is robust, and banks are registering strong profitability relative to their international peers.”

Jerome Powell Views

The opinion of Lael Brainard on cryptocurrencies resounded the thoughts of Jerome Powell, who is the Federal Reserve chairman.

In November 2017, Powell said:

“I have nothing against bitcoin… We generally look at some of the risks of cryptocurrencies associated with money-laundering and those sorts of issues, but we’re not broadly opposed or supportive of alternative currencies.”

Latest comments from the Federal Reserve follow the price swings of bitcoin and other digital currencies, that sustained momentum for few weeks. However, during the past four weeks, the price of bitcoin plunged more than a few times.

Although these inconsistent fluctuations in the price of Bitcoin have scared some investors, cryptocurrency “preachers” still remain bullish, as they say, that the recent slump in the market is momentary, and only the result of “sharp regulatory scrutiny” in major markets such as South Korea.

Bitcoin Prediction

The Former COO of Skype, Michael Jackson said:

“Regulators seem open-minded and are now working to eliminate the risks for consumers…. So, I see no reason why bitcoin shouldn’t fulfil its dream. And if it does, then recent price falls will appear trivial.”

Jackson earlier said that the price of bitcoin could shoot up to $1 million, as he believes that its value as a payment method is irrefutable.

 

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Bitcoin Mining – An Italian Bank’s Server Was Hijacked

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That was the time when you had the option to snip your company’s server power and mine bitcoin for yourself.

British cyber security

During last week presentation, British cyber security professionals had some discussion to tell about the sneaky and illegal mining of the bitcoins. In January 2015, Darktrace considers a possible interference in Italian bank’s system.

The firm exposes that the data is diffuse from one of the bank’s server to the European crime association. Director of the Darktrace Dave Palmer declares in Al summit, “It was a fairly well known European criminal botnet.” He says “The data was not customer data; it turned out to be a fairly buggy implementation of bitcoin mining software.”

The hijacked Italian bank was revealed speedily. It was inactivated within half an hour of it beginning to mine bitcoin. Palmer says, “I don’t think they made very much money out of it.”

2014 was the prime time for the criminal bitcoin mining activities. Palmer says, “It was super fashionable to have coin mining going on alongside sending spam from botnets.” According to the Palmer, bank server case was rare in the history, because these activities’ victims are laptops or desktops mostly.

Darktrace didn’t have the complete data of the mining malware. But Palmer says, “felt like it was a daily occurrence.” In that case, the company perceived 24 such cases in last six months across 24,000 monitoring sites. He says, “It has really dropped off.”

 

Palmer’s Experience

Although, mature cyber criminals steal computing power for mining in that days. It was common among the employees calmly mining from corporate laptops. Palmer says, “We’ve seen normal employees running these services on their workstations overnight.” Accordingly, “No surprise; people do all sorts of things like peer-to-peer file sharing and hosting Tor nodes [infrastructure for the anonymized network that’s part of the dark web], so I bet there is a load of coin mining stories all over the place.”

In addition, Few employees took their digital currency passion a step too far. Darktrace has found the same server covered by company’s staff in data center mining bitcoin non-stop. The severs advantage from superior cooling systems and consistent power supply at data center. Palmer says, “We found employees had procured some servers, [and] had hidden them under the data center false flooring.” And, “They were ‘off-the-record’ servers that no one recognized, mining coins 24/7.”

Those days of secret Bitcoin mining is now over. In addition, too much computing power is needed to mine bitcoin. Now, thousands of the servers are stored in huge warehouses. In addition, processing power increased by 770-fold since 2014, leaving the little chance for cyber criminals. Palmer says, “I think we have seen the last of successful coin mining.”

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