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How Does Digital Currency Create Real World Solutions?

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The cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc. exist as a record on hard drives, wallets, or in cold storage.

The first ever cryptocurrency was launched in 2009 to introduce a system; run by its users with the interference of the third party. This digital system was launched to decentralize the money system and minimize the government as well as bank’s hold. To attain that goal, Bitcoin’s author Satoshi Nakamoto came up with a digital technology named Blockchain.

Basically, blockchain is a distributed public ledger of each transaction. On the other hand, Bitcoin itself is just a record of this ledger. By tracking the history, users can tell who owns the bitcoins and in how much quantity.

We all know that digital currencies are constructed on the blockchain. However, the blockchain of each digital currency varies. It may have different rules, terms and conditions, transaction timings, security management, and so on.

Meanwhile, the basic principle is the same for all cryptocurrencies that nobody has the charge of this digital money and currency is only revealed on the digital ledger.

These Currencies Do Have a Real-World Use?

The cryptocurrencies have a large number of real-world applications. In the financial world, currencies met with success because of their cheap, quick, and restrictionless behavior of these currencies is the best alternative to service providers. However, blockchain is not restricted to the financial market.

Primarily, blockchain is not all about to register money transfer but also to put down the ownership information. It is written in a manner where a user can confirm any record at any time.

It enhances the security management and mostly uses in the record keeping terms. Healthcare, security, food, tourism, etc. are the real companies. They offer the products and most of them accept Bitcoin as a payment.

And How Can Digital Coin be Interpreted Into Real Solutions?

The government of any country doesn’t have hold of the digital currency Bitcoin.

A well-established infrastructure needs a homework. But, in case of Bitcoin, one might wonder how something this significant is apparently irrelevant.  In addition, companies use the records on the public ledger. In that scenario, regular money doesn’t mean that. It is just a paper, issued by the countries’ government.

Accordingly, a digital record is more secure than a government promise. Whatever will happen in the world, few things will remain the same. So, blockchain will be the same as long as one person in the world is storing it on their devices. Blockchain’s ability to keep absolute records and add new without dependence on the third party whether it is government or a bank can deliver enormous values. Blockchain powered enterprises are born in that scenario.

From Where I Have to Start?

Use few available tools and create a business on your own. You just need a proper homework, team, secure funding and providing the services by developing the products. If you need help, a wide range of platforms is there.

Goodluck!

Tags: best way to invest in bitcoin, bitcoin investment

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A Guide on Accepting Bitcoin Donations Through Your Blog/Website

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Accepting Bitcoin Donations

Bitcoin is a relatively new digital currency which is used in making online transactions between two individuals. The currency is considered to be the most efficient and safest form of online payments. (Learn how to pay with Bitcoin online)

Bitcoin can be used as a method of payment on several platforms but is most popular on the gambling websites.

Bitcoin functions not only in the form of payments but you can also make earnings through Bitcoin donations if you run a website/blog.

Nonetheless, when it comes Bitcoin donations, the most frequently asked question is: “How to accept Bitcoin donations” because accepting Bitcoin website donations is becoming more troublesome as the number of individuals shifting to online payment methods keeps on growing each day.

How to Accept Bitcoin Donations?

You can accept Bitcoin donations in the form of your local currency, such as USD, Euro, etc. The donations are similar to those of fiat currency. The only difference is that Bitcoin only exists virtually, while the traditional currency can be directly sent to your bank account or handed to you in person.

Currently, there are only 12 million bitcoins in circulation, most of which are held by the businessmen.

Also, there are plenty of efficient tools that convert traditional payments into Bitcoin. For this, all you require is a Bitcoin extension.

What Are the Methods in Which You Can Accept Bitcoin?

Normally, there are three ways to accept Bitcoin donations. The methods are discussed below briefly.

  1. You can make/accept variable amounts of donations using an image link. The link supports a specific donation and a Bitcoin blog link. Then you will need to place a Bitcoin QR code on your website which will allow users to make donations using their smartphones. To ensure a Bitcoin donation, you must maintain a secure environment.
  1. An alternate option to accept Bitcoin donations on your site is a donation counter. The counter helps your visitors how many donations you have received so far as part of the campaign. The counter can also be used to indicate a time frame and a standard amount of the donations a user might wish to place.
  1. Another way to accept Bitcoin donations is to add payment buttons on your site. A visitor who clicks on the payment button is taken to an interface which can be controlled until the bitcoin payment is received.

Last Word:

Bitcoin donations must take place under a safe environment, so make sure your site is safe while trying to make a Bitcoin transaction. The standard website security requires you to have complete control over all the transactions made through the website.

Bitcoin addresses are vulnerable to security threats. Lack of security could result in a donation being directed to an unwanted party.

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What Is Bitcoin Wallet and What Are the Main Types of It?

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What Is Bitcoin Wallet

Bitcoin is a peer to peer currency which does not have any physical form. In other words, it’s a virtual currency. The currency is stored in Bitcoin wallets.

There are several forms of Bitcoin wallets – most common ones being desktop wallets, mobile wallets, online wallets and hardware wallets.

The goal of this article is to provide you with the necessary information about all these forms of wallets. So let’s get started with knowing what is a Bitcoin wallet are and what are the different types of it.

Desktop Wallets:

Desktop wallets are compatible with different desktop applications and each of them offers different features. For example, Hive is an OS X-based wallet which includes app store that connects directly to Bitcoin services.

Another example of desktop wallets is Bitcoin Core which relays transactions on the network and enables you to create a Bitcoin address for sending/receiving virtual currency.

Some desktop wallets are particularly designed to gain enhanced security. Armory is a prime example of such wallets.

Mobile Wallets:

Desktop wallets are handy, but only when you are at home. If you are out on the street, they are of no use. And this is the reason as to why these wallets are falling out of favor.

On the other hand, mobile wallets are more useful as everything regarding your bitcoins is just one tap away.

It doesn’t matter where you are, whether it’s a physical store, park or just a random street, if you have access to the internet, you can access your Bitcoin wallet and make transactions on the go. Some of the common bitcoin mobile wallets are Xapo, Mycelium, and Blockchain.

These wallets keep your bitcoin keys encrypted on the phone and also back it up on a web-based server.

Online Wallets:

Online wallets store user’s private key online and link it to mobile/desktop wallets. One of the biggest advantages of online wallets is that they can be accessed from anywhere regardless of which device you are using.

However, there is one major drawback: If a user fails to implement them correctly, it will put the organization running the website in charge of his private key which eventually takes his bitcoins out of his control. That could be a risky move, especially if you collect a lot of bitcoins.

Some examples of the best Bitcoin wallets online are:

Coinbase:

Coinbase operates worldwide. Users in the United States and Europe can also buy bitcoins through Coinbase exchanges.

learn more about how to buy Bitcoin with Coinsbase.

Circle:

Circle offers the feature to send, receive, store and buy bitcoins.

Strongcoin:

This service offers hybrid wallet which lets the users encrypt their private keys before sending them to its servers.

And Hardware Wallets:

Hardware wallets are dedicated devices that are used to facilitate payment and store private keys. Some examples of these wallets are Trezor Hardware Wallet and Ledger USB Wallets. These wallets are easy to carry in your pocket and can be physically moved from one place to another.

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Is Investing in Bitcoin a Good Option or a Bad Option?

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Is Investing in Bitcoin a Good Option

Over the past few months, Bitcoin investment has seen a steady rise in its value. At the time of writing, one bitcoin is worth $1157.27 USD. This incredible value appreciation has grabbed the attention of many people. Also, with the media and government paying attention to the virtual currencies, the number of people looking to start their Bitcoin venture has gone off the charts.

Another reason as to why digital currency is gaining so much popularity is its worldwide acceptance as a form of payment at retails, corporations and large business organizations.

Moreover, it has made transactions quicker, safer and cheap as compared to the transactions involving fiat currency.

With all this being said, one question pops up into the mind: “should you make Bitcoin investment or not?”

The goal of this article is to provide you detailed insight on this question. So, let’s get started.

Should You Invest in Bitcoin or Not?

How to invest in Bitcoin?

Before asking “should you invest in Bitcoin or not?” you would need to know that there are two different ways through which you can invest in Bitcoin:

  • Buying Bitcoin and holding on until the value appreciates
  • Mining

The first one is quite simple. You go to a Bitcoin exchange, buy bitcoins and hope for the value to go high.

Mining, on the other hand, is a little tricky because when a transaction takes place, it goes straight to get verified by miners over the network. The verification process involves some complex algorithms. However, once the transaction is verified, the miners receive freshly mined BTC as a reward.

One of the biggest risks involved in Bitcoin mining is that the currency has no inherent value, is relatively new and has a price which is highly volatile.

Despite the risk, plenty of private companies and organizations are investing a colossal amount of money in BTC. Moreover, the currency is being accepted as a form of payment throughout the world, which indicates that it’s only going to increase in usage and the likelihood of it dropping back to zero is extremely low.

Another risk involved in Bitcoin mining is the difficulty. In earlier days, the difficulty level was not so high and people could easily mine new blocks through their PCs and regular laptops.

However, the difficulty has now gone to the next level with more people joining mining pools.

Since the max that bitcoins will ever reach is 21 million, the closer you get to the number, the harder it becomes to mine the coins, hence the lesser rewards.

If a miner wants to make money through Bitcoin mining, he must invest big in high-tech mining equipment. Even then, profits are not guaranteed.

Apart from these two, there is a safe third option. If you can create some complex algorithms/graphic cards through some cheap equipment, then you can expect higher profits. However, a large majority of people don’t have the sufficient skill set to succeed through this option.

So, What’s the Advice?

Keep yourself updated with the market trends, browse through Bitcoin forums and do some research regarding costs before taking a dive into the BTC world. Following these rules would increase your chances of success by over 100%. Good luck with your venture.

Tags: BTC investment sites.

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Major Cryptocurrency Fiasco: Coinmarketcap Removes South Korean Price

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The trading price of Ripple on South Korean cryptocurrency exchange has been removed from the Coinmarketcap yesterday.  Over past week, well-regulated South Korean cryptocurrency exchange market has been accountable for more 50% of global Ripple. The world’s second largest cryptocurrency exchange with $2.6 billion daily trading volume process $750 million worth of Ripple trades on a daily basis.

Coinmarketcap Failure:

The decision of Coinmarketcap for suddenly removing South Korean rates is questionable though it has removed South Korean rates from all the other cryptocurrencies including Bitcoin, Ethereum, and other cryptocurrencies. The price of all the cryptocurrencies that are concerted in the South Korean market has decreased significantly.

For newcomers, the sudden removal of South Korean rates from Ripple’s global average price looked like a major correction. According to Ripple’s chief cryptographer, David Schwartz, Coinmarketcap’s decision to eliminate Korean prices from the displayed XPR price made the price appear to drop possibly triggering some panic selling. Look meticulously at the data and don’t be deluded. He also highlighted that the latest price of Ripple without the high premium rate of the South Korean market is more meaningful. Although it has triggered a minor sell-off as investors began to validate concerns over the short-term performance of XPR.

Is it a Good Decision?

Analysts and experts have conflicting viewpoints on the removal of South Korean rates from the global price of cryptocurrencies on Coinmarketcap.  David Schwartz also said that the removal of South Korean rates is advantageous for the market and for every cryptocurrency that is listed on the Coinmarketcap since only a portion of investors is affected by the premium rates in South Korea.

It’s quite difficult for foreigners to trade cryptocurrencies in the South Korean market and also very much challenging for South Korean investors to take benefit of the arbitrage opportunity. The price of cryptocurrencies in the South Korean market is exclusive to local traders and investors.

The question about the rates from the South Korean market whether they should be imitated on the global price of cryptocurrencies still remains unanswered. Whereas some experts believe that it could make the ecosystem better. Others believe that the sheer trading volume coming from the South Korean market and strict rules imposed by the government to regulate the sector, South Korean rates should be considered in the calculation the global average price.

Eventually, due to the strict capital controls, it’s not possible for the foreign traders to move South Korean won out of the local cryptocurrency segment. Therefore, experts believe that the removal of South Korean rates is defensible.

Story credits: ccn.com

Image: Google images

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