What is bitcoin? Bitcoin is basically the “IT Girl” of the digital world. Being the world’s first decentralized digital currency, it has gained a lot of fame and value along the years. Its climb to success is a roller-coaster ride packed with ups and downs which surprisingly all Bitcoin users have gotten used to. However, a question that lingers at the back of everyone’s mind is- what makes Bitcoin worth anything?
Why is Bitcoin Used?
Ultimately, bitcoin value is determined by its demand. The supply & demand is what drives Bitcoin so high. One factor being the limited supply – just 21 million bitcoins to be precise. Due to the finite nature, Bitcoin is always in demand.
While it’s not backed by any government or central authority, Bitcoin has managed to create an ecosystem itself where its users are able to trade bitcoins as and when they want. Be it exchanging it for other currencies, buy goods and services, or using it as an investment. Also, let’s not forget the minuscule transaction fees; while banks charge you efficiently for international transfers, Bitcoin does it for much cheaper.
In fact, it has proved itself to be useful, maybe even more than fiat currency. Particularly because it allows users to send and use bitcoins in any country without breaking legal obligations.
In short, the bitcoin market is growing each day. Many competitors were born but Bitcoin is still everyone’s favorite. As unbelievable as it sounds, people bought bitcoins back when it barely cost a hundred bucks and now they’re millionaires. This just shows how much this currency has offered and how much more it could offer in the future.
Theresa May, the unelected British prime minister has surprised as well as excited everyone simultaneously by calling a snap election.
“It was with reluctance that I decided the country needs this election, but it is with strong conviction that I say it is necessary to secure the strong and stable leadership the country needs to see us through Brexit and beyond,” May told the Reuters.
The surprise/excitement is there because no one expected an election as May had already firmly stated that there won’t be one.
The sudden U-turn has seen FTSE drop some 2.46%, taken the Pound to month’s highest and increased Bitcoin value by 1.50%. Great news for Bitcoin fanatics!
The outcome of the election is somewhat certain as May is 20 points ahead of Labour leader, Jeremy Corbyn, who is considered to be unelectable by the public.
The only candidate that could give Theresa tough time is the Liberal Democrats leader, Tim Farron. The party came to power in 2010 and got a severe punishment in 2015 due to raising student fees.
The major deciding factor in this election could be the Pro-EU stance of Jeremy. However, the Labour leader has been accused of lackluster Pro-EU campaigning before the referendum took place. This has led some voters believing that he is secretly Pro-Brexit.
Therefore, the only realistic choice for 48% anti-Brexit voters is Tim Farron. But it’s still early days to predict what the Liberal Democrats leader has to offer. Will he be willing to accept the referendum’s result and campaign on soft-Brexit? Only time will tell.
However, if he does so, it may very well cause the third political earth quack in just months.
Whatever the election outcome is going to be, the decision of Britain to leave must be upheld. Fingers crossed!
In earlier days, the concept of money used to be a physical substance, such as gold and silver. Some ancient cultures used living things as a form of money – cattle were one of the oldest forms of money.
However, the modern world is becoming more technology centered. Ever since the introduction of the internet, everything, from space to schools and shopping centers is dependent on the internet, and even online transactions have suddenly become a THING! More and more people are starting to make online trades, as it gives them the ease to purchase any desired item without having to leave the comfort of their bedroom.
Many of these purchases are often made with e-money or Bitcoin – the most widely used form of digital currency.
However, despite all the talk about how people nowadays keep themselves updated with the latest technological innovations, many still seem to struggle when it comes to differentiating between Bitcoin and e-money.
In this article, we’ve outlined how E-money and Bitcoin are different from each other. Let us begin.
How are they different?
Electronic Money aka e-money and Bitcoin are two systems for making payments that are digital in nature. Besides that, nothing is common between the two.
Electronic money is a mechanism designed to interact with traditional currency such as Euros and Dollars. Whereas, Bitcoin is an independent cryptocurrency with its developers and users having complete control over it.
Some anonymous programmers using the pseudonym, Satoshi Nakamoto, launched Bitcoin in 2009. It’s a digital file that consists every transaction that has ever happened in the network in its ledger, aka, block chain.
Bitcoins are not like fiat money, they are mined using computer power of high-tech computers in a distributed global network of volunteer “miners”.
The money balance recorded electronically on a stored-value card is electronic money. Unlike Bitcoin, e-money is under the regulations and controlling of the Government central banking system. Banks and customers would have public-key encryption keys. Public-key encryption keys come in pairs. Only the owner knows the private key whereas the public key is available to everyone.
In comparison, Bitcoin is strictly limited to Internet connection but E-money just requires access to electronic devices like mobile phones and an agent network. Also, e-money is equal to the amount of fiat money in exchange for electronic form whereas, Bitcoin has no possibility of reaching the real world in the form of a bill.
Example of a system supporting E-money
M-PESA is a mobile phone money transfer system that had launched in Kenya in 2007. It starts with converting fiat money into an equal e-balance, by only entering the recipient’s mobile number and the transferred amount. The issuer confirms the transaction by sending an SMS to the recipient. The benefit of this method is to eliminate the interference of banks which makes it so popular and successful in Kenya.
E-money and Bitcoin have their pros and cons but it is solely the responsibility of the user on how they handle their earnings. If more and more people shift from paper money to virtual currencies, this could irreversibly change our lives and social interactions.
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 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 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
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 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.
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.
Primecoin is a form of cryptocurrency which is issued through a decentralized mining market. Primecoin is derived from Bitcoin and uses prime numbers as a proof of work. Moreover, Primecoin is the first ever cryptocurrency whose design comprises of the scientific computing as its work.
What Are The Advantages Of Primecoin?
The major advantages of Primecoin are:
Provides more security and minting to the network
Primecoin generates special chains of prime numbers which mathematical researchers often tend to use
Primecoin’s design can sustain a high level of security
Payment transactions are 10x faster than Bitcoin network
Primecoin Symbol – What Does It Represent?
Primecoin symbol is basically a Greek letter psi (Ψ). The shape of this letter symbolizes the Reimann zeta function and is chosen as a tribute to Reimann. The horizontal bar we see in the symbol not only represents the currency symbol convention but also represents one of the precious jewels in the history of math – Reimann hypothesis.
How Does Primecoin Work?
Primecoin works by searching for prime number chains. The chains’ names are Cunningham chains and bi-twin chains. As of now, the distribution of these prime chains is not very well understood as even for its simplest case, the nature of their infinite existence is not proven.
The circulation of primes has been a standout amongst the most vital revelations in math, and the investigation of prime chains follows its lineage to the work of Riemann and prime number hypothesis, with connections to the more profound nature of the seemingly arbitrary pattern of prime distribution.
Riemann’s investigation uncovered the connection between Riemann zeta function and prime distribution, though later on Riemann zeta function has proved to be of higher relevance in other branches of science such as physics, consequently the investigation of prime distribution is a vital piece of the establishment of present day sciences.