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Scaling solution Moonbeam is developing by the Bitcoin exchange and wallet provider. Moonbeam is a platform which does not need any SegWit’s transactions.

This platform will provide the proper way to different platforms. Bitcoin exchanges, its hosted wallets, and payment procedures will be available on one platform.  This is basically one-way payment channel with each other.

How does it work:

By taking the transaction’s off-chain, Moonbeam has the ability to reduce the transaction’s fee for its users and Bitcoin’s benefits users usually by dropping the crowding in Mempool. Because this platform can open standardized one-way payment channel contracts with one another.

In these contracts, one party keeps the complete check of transactions and locks up the few bitcoins till the payment sends to another party for the limited time period. Before the timeout, the party who locked up the funds has the ability to send a large number of off-chain transactions by using that locks up bitcoins. whereas, each channel comprises of two on-chain transactions. first one is to open the channel and other is to close it.

These transactions are off-chain, without the blockchain confirmation these transactions are taken as to the simple web page. Luckily, these transactions are economical, means two channel needs minor fees. And, the other ones are completely free of fees.

This payment method is not newborn in the technology era, Satoshi Nakamoto uses the preliminary code for payment channels in Bitcoin’s first release. Today, Bitcoin has the ability to exchange and contrivance these contracts on the blockchain.

Moonbeam is ready to facilitate such type of channels. In this way, heavy volume platform can easily make contact with each other.

Trust:

Moonbeam is basically the semi-decentralized project. It creates the trust level of its users by providing them secure service. A hosted wallet become custodial account where all the transactions operations are done. Whether it is about to manage the funds or send or receive the transactions. Users don’t have the approach to keys directly, an exchange such as coin base or coin mama works in this manner.

Another downside:

There are few other potential downsides of this platform. When we open these channels, for a time period, committed capital should be in bitcoin among the cost of the capital. If the receiver doesn’t use the channel, the platform will wait to regain the control of funds, demanding heavy financing costs.

Another risk is the use of DNS. This type of attacks includes the rerouting domain name request to attacker’s server. These attacks are mostly used to get payments over to another channel which were meant for the authentic server.

Moonbeam does not require any fork to make it impressive solution and didn’t offer the level of decentralization of a lightning network in bitcoin’s scaling troubles. It may be applied by hosted wallets.

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What is a bitcoin wallet address?

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If you’re having difficulty in understanding the difference between Bitcoin wallet and Bitcoin wallet address keep reading on to clarify your doubts.

Before we dive straight into the address bit, you need to understand what exactly a Bitcoin wallet is.

What is a bitcoin wallet address

A bitcoin “wallet” is basically a vault for your bitcoins. It contains all the information on your transaction history and balance.  It allows you to store, send and receive bitcoins.

There are two main types of wallets:

Software walletIt’s to be installed on your desktop or mobile. This wallet will be completely under your control and it is your choice what kind of software wallet you’d like to install.

Web walletIt is hosted by a third party and is usually quite user-friendly, but it is your call to trust the provider to maintain high levels of security to protect your bitcoins.

What is a bitcoin wallet address?

It is simply a unique 26-35-digit combination of letters and numbers and it looks something like this, 1ExAmpLe0FaBiTco1NADr3sSV5tsGaMF6hd

Addresses can be generated at random and free of cost by any Bitcoin user. You will use this address to receive and send bitcoins from your wallet. You are able to send bitcoins to someone, by sending it to their bitcoin address. However, for each payment request or invoice, a new bitcoin address is generated.

Your Bitcoin wallet address can also be represented as a QR code. If somebody wishes to send your Bitcoin, they can scan the code using their Bitcoin wallet and send Bitcoin to your wallet:

What is a bitcoin wallet address

Bitcoin addresses are created as part of a key generation process that creates a pair of keys. They are a matched set, where one is public and the other is private. When you “sign” a bitcoin address you are running the public and private keys through an algorithm that checks whether those keys belong together. Usually signing is talked about in the context of a message. Someone sends you a signed message and you can verify that the message came from the genuine person. You can verify the message because it was signed with their private key and you match it to their public key.

When sending bitcoins, the signed message is a portion of the bitcoin transaction and you do not explicitly see the message, it is just part of the transaction. This lets you validate the ownership of the address. The transaction was signed with the owner’s private key and you check that it’s valid using their public key. Bitcoin wallets usually contain this message signing and verification functionality.

Make sure you and only you control the private keys to your bitcoins!

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What Happens With Bitcoin When The Owner Dies?

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An interesting story came out earlier this year when the death of a young Colorado man left his family with the daunting task of sorting out his state. Only for them to discover that their beloved had been investing in bitcoin, a digital currency which cost as low as $13/BTC back in 2013 and recently cruised past the $14,000 mark.

The grieving family was in for a fortune – but only if they could find and access this little crypto treasure.

Bitcoin is a digital currency secured with some unbreakable cryptography, an attribute makes bitcoin a great medium to store wealth. However, there’s one downside to it. When the owner dies, the digital fortune goes off map, rotting behind a piece of code for good. And this is probably the biggest problem for the relatives of those putting resources into this crypto worth about $245,355,661,320 at the time of writing this article.

Bitcoins are stored in a virtual wallet. Every wallet utilizes a string of arbitrary characters called “public key,” visible to anybody, as an address for sending and receiving the digital currency. The “private key” enables the owner to access the wallet’s contents.

In the event that a Bitcoin owner passes away without passing on the private key, his beneficiaries may find his wallet just to realize that they will never access the riches inside. To avoid this, the owner just needs to ensure that somebody gets a duplicate of the private key by recording it or securing it on a hard drive.

But some of these strategies accompany their own particular risks. Suzanne Walsh, a wills and estate attorney with Murtha Cullina, says agents and beneficiaries may fail to perceive a private Bitcoin key for what it is and wind up discarding it.

Putting in a nutshell, the only way for bitcoins to be passed on to someone is if they are listed in a will or the owner discloses the private key to someone they want to have their coins. If neither of the two happens, then bitcoins are susceptible to what attorneys call “probate by truck”— where beneficiaries walk off with the assets by claiming that “he would have wanted me to have it.”

Story credits: fortune.com

 

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Bitcoin Value Graph- Complete Information About Bitcoin Prices

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Bitcoin’s cost is measured by fiat money, for example, American Dollars, Euro, etc. Bitcoin, therefore, appears similar to any symbol traded on trade markets.

Unlike fiat, however, there is no official Bitcoin cost; just different averages in light of price feeds from worldwide exchanges. Bitcoin Average and CoinDesk are two such names detailing the average cost. It’s typical for Bitcoin to trade at a price marginally different to the normal price.

But inconsistencies aside, what factors determine the price of bitcoins? well, the main factor is supply and demand. The fact that bitcoin is limited in nature leaves the currency mainly at the mercy of supply and demand. When the Bitcoin demand is high, supply drops, and the price goes up and vice versa.

Bitcoin price history is very interesting. In 2009, which was its first year it was just $0.39 per bitcoin. now it is valued at more than $7,000.00 per BTC. Stunning isn’t it.

Here is a Bitcoin value graph giving you an idea of how its price has moved over the years:

Bitcoin Value Gragh

Looking at this Bitcoin value graph, it can be easily determined that Bitcoin value has been on a constant rise over the last couple of years, and the trend is expected to continue in the future as well.

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What Are the Best Bitcoin Escrow Services In 2017?

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Best Bitcoin Escrow Services

Using third-party services for bitcoin transactions is a great idea, especially for LocalBitcoins users. This is because these types of transactions take place between two untrusted parties. So, you never know when a seemingly simple transaction could turn into an ordeal.

To avoid any unfortunate incident, we advise you to transact bitcoins via escrow service. The escrow service protects users from scams and makes sure that the transactions are taking place in a safer environment.

Learn about the most common Bitcoin scams and how to avoid them.

In case there is a dispute, the escrow service would act as an arbitrator and determine who the funds actually belong to.

Many Bitcoin marketplaces (BitPremier, CryptoThrift, Local Bitcoins, etc.) come with a built-in escrow service. However, if the marketplace through which you are making a transaction doesn’t provide one, then consider the ones discussed below.

Best Bitcoin Escrow Services:

Here are some of the best Bitcoin escrow services to trade your coins.

BTCrow:

BTCrow was established in 2011 and is one of the oldest escrow services out there. Although, the only long-lived solution, BTCrow isn’t that reliable. There have been many complaints regarding delayed payments and system’s response. For example, a user once made a transaction through this service but didn’t receive the payment for a good while. Even after contacting BTCrow support, it took around 12 hours to release the payment which was $7,500 USD. This is way too much for a transaction involving this much money.

Escrow My Bits:

Established just two years ago, “Escrow My Bits” has gone on to become one of the go-to names for Bitcoin users. The site offers a wide variety of services to escrow bitcoin, including:

Regular Escrow:

The site provides the user with a Bitcoin wallet address and asks them to deposit funds in the account. These funds are then forwarded to offline wallets (cold storage) which is one of the most advanced forms of wallet security.

Regular Escrow Pegged to Traditional Value:

The coins are deposited into an account controlled by the site. After the deposit, the coins are pegged to conventional value.

Multi-Signature Escrow:

This service secures your funds through a multi-signature transaction. The funds cannot be withdrawn unless all the signatures are accurately provided. The site holds only one of your private keys.

Multi-Signature Escrow Pegged to A Fiat Value:

Similar to the one mentioned earlier, your funds are kept in a secure multi-signature transaction using “Nubits” or “Omni” to peg the value.

The primary advantage of Escrow My Bits is that if a transaction takes longer than expected, you can still peg it to the fiat currency without the exchange rates affecting you.

The site deducts 1% per transaction in service charges.

Bitrate:

A Bitcoin escrow service which comes with the multi-signature feature. Bitrate is more like a multi-signature wallet.

A multi-signature bitcoin wallet is a wallet which can have multiple owners. To complete a transaction, these wallets require the signatures of involved parties. For example, if a wallet is shared by three individuals and two of those three decide to make a transaction, the order is executed.

The biggest advantage of Bitrate is that the site itself doesn’t hold the private key so it cannot steal your funds.

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BitPay – Accept Bitcoin Payments

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Bit pay accept bitcoin payments

Bit pay merchants are now accepting Bitcoin cash payments from now. Bit pay merchants including Zynga, Microsoft and virgin galactic to name a few, have started accepting bitcoin. They are not only entertaining the payments process but also all of the services in its full integration. The merchant crypto payment processor Bit pay has introduced these services free from

  • volatility,
  • fraud and
  • charge backs.

The processor offered by Bit pay not only fully integrate the services offered but also let you choose the currency you desire. You can either choose your local currency or bitcoins. Or if you are the market bull you can also choose both at the same time. Despite what currency you choose, there are guarantee exchange rates provided. This enables you to feel fully secure and confident about your choice and decisions.

So, no matter what Bit pay payment you choose, it will all be paid in cryptocurrency. Keeping it a safe and secure payment friendly blockchain as it claims. It also claims to remove, or at least minimize the block chain payments from clients around the world.

Bit pay has claimed to bear all the fluctuations bearing on your bitcoins deposited. All the dollars and pound you earn will rest with you, and all the fluctuated figures will be handled by the bit pay.

Another potential opportunity bit pay has given is the introduction of e-commerce. Users can generally buy a number of items indirectly with bitcoin cash. These e-commerce plug ins include

  • Shopify,
  • WordPress,
  • Magento, to name a few in general.

Bit pay aids to help not only support and comfort the users but also to make it easier and user-friendly for them too. Through this integration process, it has made it simple and effortless for a lot of blooming small internet businesses.

It aids in interaction with all of the consumer wallets to provide smooth and satisfying experience for every user. The aim is to facilitate every operator in their blockchain comfortable transitions, providing them with the possible conducts that suit their ways.

Bit pay has provided the handlers with in-person solutions. Keeping in mind that every individual has their own set needs and comfort levels for the transactions and results they opt for.

The transactions and procedures are user-friendly and easily understandable. The process has been designed in a simple way so everyone gets hands on it. The basic pattern is very similar to the bitcoin makes it more approachable and familiar to the users.

But what if the company sends you an invoice in your email? Bit pay has got you covered there too. The invoice can be redirected to the bit pay and can be chargebacks paid off with no hustle. There has been a great support and appreciation from the crypto community about the whole thought process and the mechanism in how this works.

So, what are you waiting for? Just go to bit pay and click ‘Accept Bitcoin plugin Are you ready to accept bitcoin? We are!

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