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On 5th March, it’s been reported that a patent has been filed by PayPal in order to speed up cryptocurrency transactions by eradicating the confirmation period of payments. However, it’s been claimed by many Bitcoin experts that this is already possible through the current technologies in the cryptocurrency industry.

Basically, the main purpose of PayPal patent is to improve the whole procedure of settling cryptocurrency payments between both buyers and traders on retail or e-commerce platforms. To avert each transaction from being broadcasted to the public Blockchain, users’ secondary wallets will let the unique private keys of both buyers and sellers to be transferred privately.

bitcoin patent

The PayPal patent read;

“In order to be sure that the Bitcoin transaction will ultimately result in a transfer of Bitcoins to the payee, the payee must wait until the mining process confirms the transaction before transferring goods and/or services to the payer. In many transaction situations, a 10-minute wait time will be too long for payers and/or payees, and those payers and/or payees will instead choose to perform the transaction using traditional payment methods rather than virtual currency. Issues like this have slowed the adoption of virtual currencies despite their advantages.”

What’s Peter Todd’s Response?

According to a Bitcoin developer, Peter Todd, PayPal is attempting to patent a technology that is already present in the cryptocurrency industry. In 2016, Opendime was created by a former Bitcoin marketplace “Coinkite”, and is a hardware Bitcoin wallet with multi-signature bank-grade security. It lets users transfer Bitcoin with inner private keys, allowing them to utilize Bitcoin like fiat money, such as the US dollar.   However, compared to Ledger and Trezor, Opendime structurally differs from other hardware wallets as it cannot be reused. Opendime is basically a USB stick as it can only be used once and has to be destroyed to use the funds that are stored inside, which allows it to be used as cash.

PayPal’s technology encourages its users to transfer the whole wallet or private key linked with a predefined amount of a cryptocurrency and the procedure of transferring bitcoin payments through Opendime, which is just like PayPal.

The patent explains:

“The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction.”

Is It Really Possible for PayPal’s Technology to Improve Cryptocurrency Payments?

PayPal’s technology could let the cryptocurrency payments to be processed between both buyers and traders quickly by eradicating hefty transaction fees only if it’s executed at large commercial scale.

Yeogieottae, which is a major hotel booking platform in South Korea has recently partnered with the country’s largest cryptocurrency exchange, Bithumb, to allow cryptocurrency payments. Even in Japan, the biggest sellers have started to accept Bitcoin payments for a while.

However, on the other hand, a problem could occur while transferring private keys if the settlement occurs in a centralized manner. PayPal patent clearly explained that for carrying out the process of settling payment, it could depend on a payment service provider device as it could lead to a centralized system, managing the transfer of private keys.

Owen Williams revealed the findings of GDPR last week, which disclosed that PayPal shared complex financial information of its consumers with over 600 entities. The centralization of cryptocurrency payments and private keys could direct to susceptibilities and data selling if this technology by PayPal’s can exploit non-custodial wallets and allow both users and traders to endure in full control of their private keys during the whole process.

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Bitcoin Market Cap Hits $52 billion for the First Time Ever

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Bitcoin investors get apprehensive as Bitcoin’s value surpasses $3000, hitting a new record within a week after the split.

According to CoinDesk.com, Bitcoin climbed to $3,360.87 on Saturday and by Sunday, it had settled down to $3,286.87 while pushing bitcoin’s market capitalization past $50 billion for the first time ever. It’s market cap now lies at $52.3 billion at press time.

The reason behind these price jumps is the launch of Bitcoin Cash, which is a new version of the cryptocurrency. While Bitcoin’s price did have a 5% drop during the initial days of the new currency, it rapidly recovered. Previously in June, Bitcoin had hit the $3000 however, it fell 20% soon after.

As expected, market volumes have increased along with the price due to the increase in trade volume within the past couple of days and by the looks of it, Bitcoin is back and better than ever.

 

bitcoin image via atlanticbase.com

rocket image via Science Learning Hub

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Nobel Prize Winner, Richard Thaler Says “Bitcoin and Its Sisters” Seem Like a Bubble

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Richard Thaler is well-known for his expertise and work in behavioural economics, also, he’s a Nobel prize-winning economist. Recently while speaking to a Portuguese publication ECO, he stated that after taking a close look at the market, he thinks that “bitcoin and its sisters” seem like a bubble and despite his analysis, he doesn’t have any idea when this bubble might burst.

Thaler said, that he can clearly see a bubble in the debt markets, as the given rates are almost close to zero. Furthermore, he added, that the market to him seems like a bubble of “bitcoin and its sisters”. Also, the cryptocurrency ecosystem is also acting absurdly, according to Thaler.

Thaler highlighted the Long Island Iced Tea’s shares as an example, as the shares are surging above 300% following a blockchain rebrand to Long Blockchain Corp. According to Thaler, it doesn’t make sense that companies are adding blockchain to their name and by just doing that, their value is going up, and it just keeps going like this.

bitcoin and its sisters

Thaler had already paradoxically discussed the whole Long Island Iced Tea case on his Twitter account. It happened after he got the Nobel prize, for his work in behavioural economics that also warns us of the distinctions between the behaviour of reality and homo economicus.

By using the examples of the dot-com bubble and 1987 Black Monday crash, Thaler said, he didn’t try to anticipate when this bubble of “bitcoin and its sisters” will burst, because by looking at history, we can clearly see that awful things can happen when markets become irrational.

In normal markets, we don’t see extreme events like these as often as we do in the cryptocurrency markets – Richard Thaler

Last year, in an interview, he stated that it looked like he was living in the riskiest moment of his life, and the stock markets seemed to be napping, although he admitted that he couldn’t understand it. He also admitted that was anxious about the stock markets and when the investor gets nervous, then it’s obvious that he’s going to get agitated. However, he noted that nothing can spook the market.

It seems like that Richard Thaler doesn’t like bitcoin, however, he isn’t the only Nobel prize-winning economist who dislikes bitcoin. Joseph Stiglitz, who won the price in Economic Sciences in 2001, apparently doesn’t find any useful functions for Bitcoin and thinks that cryptocurrency could be regulated out of the existence. Robert Shiller (Nobel laureate), who won a prize for his work in Trendspotting in asset markets, back in 2013, predicted that we’ll see a bitcoin crash, although it won’t go to zero, but it will probably bring the cryptocurrency down.

 

 

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Why Audi Is Also Interested In Blockchain?

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blockchain startups

Thanks to Bitcoin and all the related cryptocurrencies, blockchain startups no more a mystery. All those who are somehow related to the crypto market know that the blockchain technology is infact a decentralized technology that keeps the record of digital transaction and has so far its use been specific for the crypto transactions. To be more precise and accurate we can state that a global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. Blockchain is considered to be invincible because it can continuously replicate itself on multiple computers and databases.

So far Blockchain had been used in case of cryptocurrency transactions only but with the passage of time its use expanded for example in determining identity of digital assets, smart contracts, digital voting and distributed storage etc. Porsche can be considered a pioneer who for the first time decided to utilize Blockchain technology in car manufacturing. Let us see how they did it.

First Use of Blockchain in Automobile industry

With the help of  Berlin-based XAIN, Porsche has become the very first automobile manufacturer to successfully test blockchain in its cars. Blockchain technology based digital processes are both secure and super fast than anything that has come before. Test which was carried by the manufacturer of Porsche included locking and unlocking of the vehicle via an app, access authorisations and encrypted data logging. It is a part of further planning to improve autonomous driving functions of Porsche with the help of Blockchain technology.

What is the Plan of Audi?

For the time being Audi is planning to use Blockchain technology for its physical and financial distribution processing. In short Audi is just making an innovative effort to make its global supply chain more transparent and foolproof. For this purpose the car manufacturer also released a Proof-of-Concept (PoC) of its Blockchain system last year. As a result of positive feedback the manufacturer has now decided to advance the project beyond the PoC stage.

Moreover, the management of Audi is further researching on Blockchain in order to improve the process of data transfer and make it more safe and effective.

Interest Shown by other Car Manufacturers

Like Porsche other German car manufacturers such as BMW and Mercedes have also hit the news with announcements of their interest and expected experiments with Blockchain technology. According to authentic reports, BMW is planning to expand its portfolio by partnering with a Blockchain startup. Mercedes Benz has even took a step forward and has announced that it may issue its own cryptocurrency by the name of MobiCoin. According to the initial announcements Mobican will be used to reward drivers for their environmentally cautious driving.

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Bitcoin Miners Making Millions in Transaction Fees

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 We all know that our beloved miners are the ones that keep the Bitcoin network spinning. Using complex computers to mine a block on which the transactions are made. According to data collected from blockchain.info, the value of transaction fees paid to miners has gone as high as $2.3 million. Woah!

Miners solve complicated mathematical equations to mine a block. As a reward, they get 12.5 bitcoins for unlocking the block. Along with that, they are let to keep the transaction fees users pay when the payment is made with the cryptocurrency.

Back in the days, miners only got a couple of dollars in Bitcoin transaction fees, however, on Wednesday, miners received an enormous $2.3 million.

“That’s on top of the millions of dollars they received in their bitcoin rewards,” said Aaron Lasher, the chief marketing officer at Breadwallet. He made an estimation that miners were rewarded a total of 1,800 bitcoins or $7 million.

Transaction fees dropped from $1.7 million on June 6 to $205,000 on July 31st. Aaron explained that the reason behind the dip was likely dude to a decline in bitcoin transactions nearing the fork date.

Related: Bitcoin Hard Fork Explained

“Once the fork completed on August 1, people began using bitcoin again,” Lasher said. “But now that Segwit has activated, we should see some easing over the coming weeks and months.”

News Credit: businessinsider.com

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Buy Bitcoin in UK – 6 Best ways to buy Bitcoin in UK

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This article explains six easy methods of buying Bitcoin in UK. There are several options to choose from, such as buying Bitcoin using cash, card, or bank transfer. Based on your level of convenience, you can choose whichever you want.

Ways To Buy Bitcoin In UK

Method 1 – Buy Bitcoin With Credit Card In The UK:

The steps involved in buying Bitcoin with credit card in UK are:

  • Pick a Website: Some of the best sites to buy Bitcoin with credit card in the UK include Bittylicious, CoinCorner, and Circle. The process mostly includes some steps which are chosen service and follow their on-site instructions. A new arrival named ‘Circle’ may change this trend but they are newcomers and don’t officially support UK cards.
  • Enter the Amount You Want to Convert: The limits of transactions may be low at the start but they will increase after the first successful transaction or after finishing their verification procedures.
  • Enter the Bitcoin Wallet Address to which you want to transfer the coins.
  • Make the Card Payment.
  • Depending on restrictions and a time limit set by each site, you’ll receive your bitcoins.

Method 2 – Buy Bitcoin Using a Buying Service:

Some steps to buy Bitcoin using a buying service are:

  • Pick a service: The purpose of buying services is to make it easy to buy a small amount of Bitcoin. Best options in the UK include Bittylicious, SpeedyBitcoin, QuickBitcoin, CoinCorner, and CoinDuit. Some of them accept cards and some accept cash payments.
  • Enter the amount You want to exchange.
  • Enter the Bitcoin Wallet Address to which you want to transfer the coins.
  • You will pay them usually by Bank Transfer, and you must have the transaction reference which they provide you with.
  • Within 15 minutes after the payment, you’ll receive your coins.

Method 3 – Buy Bitcoin Using an Exchange:

  • Go to a Bitcoin Exchange as CoinCorner and CoinFloor and create an account. CoinCorner and CoinFloor allow you to pay directly in Pounds. You may also choose Bitstamp and Kraken but these Exchanges will involve a conversion of Pounds to Euros and also a SEPA transfer. Generally, this conversion results in an additional fee. This is the best option if you buy Bitcoin regularly or in bigger quantities as the Exchange rates are generally competitive. If you are just starting, you must prefer to use a different option.
  • Transfer money by SEPA or Bank Transfer.
  • Wait for your money to clear about 1 to 4 working days. This differs between Exchanges.
  • Transfer your money for bitcoins.
  • Transfer your Coins from Exchange to your Bitcoin Wallet.

Method 4 – Buy Bitcoin With ATM:

  • Check if there is a Bitcoin ATM nearby.
  • Make sure before going to the ATM that you’ve some Sterling notes because these machines don’t accept credit/debit cards.
  • Go to the ATM. You may also have to bring Proof of ID because some ATM machines require this.
  • Follow the on-screen instructions.

Method 5 – Buy Bitcoin From a Friend Who Owns Bitcoin:

  • Find a friend who already owns Bitcoin.
  • Check the exchange rate.
  • Decide a number of Pounds which you want to exchange.
  • Pay them your Pounds.
  • Provide them your Bitcoin Wallet address so your friends can pay you in Bitcoin.

Method 6 – Buy Bitcoin Using a Trader:

  • Find a Bitcoin Trader as Mycelium, BitBargain, and LocalBitcoins.
  • Choose a Trader with a respectable reputation score.
  • Send a message to Trader and ask further details about how to pay. For pay through cash agree the meeting place and time.
  • When the seller gets the payments, the seller issues the Bitcoin amount to Bitcoin Wallet address you provided.

These are some methods that you can use to buy Bitcoin in UK. Wishing you good luck with your purchase!

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