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Bitcoin was launched in 2009 by a programmer called Satoshi Nakamoto. Bitcoin is world’s first cryptocurrency.  The code of Bitcoin is open source, which means it can be modified by anyone and freely used for other projects.

Since the launch of Bitcoin, numerous cryptocurrencies have been released with slight modifications in Bitcoin’s code, however, none has been able to dethrone Bitcoin from the top spot. One that comes the closest is Litecoin.

Litecoin was launched in 2011 with the objective of being the “silver” to Bitcoin’s ‘gold’. At the time of writing, Litecoin has the most noteworthy market value amongst other cryptocurrencies, only lagging behind the Bitcoin.

In this article, we put light on the essential differences between Bitcoin and Litecoin.

Major Differences Between Bitcoin and Litecoin:

  • The coin limit of bitcoin is 21 million while the Litecoin’s limit is 84 million.
  • The block reward of Bitcoin is halved every 210,000 blocks. On the other hand, Litecoin reward is halved every 840,000 blocks.
  • Initial reward: 50 BTC in Bitcoin, 50 LTC in Litecoin.
  • Mean block time: 10 minutes in Bitcoin, 2.5 minutes in Litecoin.
  • Difficulty target: 2016 blocks in Bitcoin, 2016 blocks in Litecoin.
  • Algorithm used: SHA-256 in Bitcoin, “Scrypt” in Litecoin.
  • Block explorer: “blockchain.info” for Bitcoin while “block-explorer.com” for Litecoin.
  • Creator: Satoshi Nakatomo (Bitcoin), and Charles Lee of Litecoin.
  • Bitcoin was created on January, 3rd, 2009 while the creation date of Litecoin is October 7th, 2011.
  • Market cap: $10,467,596,650.78 (Bitcoin) and $540,274,528.26 for Litecoin.

Mining Differences Between The Two Currencies:

Just like Bitcoin, Litecoin is also a cryptocurrency generated through a process called mining. However, mining for both the currencies is done in a different way. The major mining differences between Bitcoin and Litecoin are as follows:

  • A Litecoin block takes 2.5 minutes to generate while the same block in Bitcoin takes up to 10 minutes.
  • The algorithm used in Bitcoin is SHA-256, which helps accelerate calculations in parallel processing. Due to this characteristic, the race in ASIC technology has become extremely intense, which also results in the increased bitcoin difficulty levels. On the other hand, Litecoin uses the “Scrypt” algorithm. The calculations in this algorithm are much more serialized as compared to the calculations in SHA-256.
  • At the time of writing, the total hashing rate of Litecoin is just 95,642Terra Hashes per second, while the Bitcoin hashing is around 20,000 Mega Hashes per second.

Differences in Transaction:

The major difference between Bitcoin and Litecoin is the transaction time.

  • Bitcoin transaction confirmations are relatively slow, while Litecoin has the ability to handle a higher volume of transactions, thanks to its higher volume of blocks.
  • A downside of having a higher volume of blocks is that it increases the size of Litecoin’s Blockchain, which results in more orphaned blocks.
  • Faster Litecoin transactions mean reduced risk of double spending.
  • For two Litecoin confirmations, you will only need to sit tight for 5 minutes, while in Bitcoin, you are supposed to wait for 20 minutes for a similar number of confirmations.

A large number of people involved in Bitcoin often tout transaction and confirmation speed as moot points as the confirmations given by most merchants are zero for most purchases.

One thing to remember here is that all transactions are instant, it is just the network that takes the time to confirm it as it propagates.

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Bitcoin profitability

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Bitcoin profitability

When I do shopping, I like to buy goods at a low rate and save some amount. This is much difficult to attain profit while you are buying or selling something.  In the same way, when you are using bitcoin ATM in exchange as well as in buying of goods.  You can make bitcoin profit… not serious???  Yes, you can make the profit while you are using bitcoin ATM.

Bitcoin ATM industry is few year old but is growing every day. It’s almost more than 500 ATM worldwide. Basically, profit from bitcoin is not easy money. You need some targets for your success. Firstly, make it sure that you are making transactions in legal manners with a required license. Secondly, it is very important to choose the public place. Third, you need some promotion of your machine to your surroundings. Fourth, you have to maintain bank relation for the back end. Five and the most important is to make a good reputation.

Furthermore, ATM charge 5.2 % fee or 6% assume $2k gross profit per location on average. This fee can be varying from place to place. Here is an example of $20k per year means $100 gross profit, which is nothing. On the other hand, in a case of Robocoin, an operator will pay $1 fee. According to Robocoin statistics, 1/3 of all sell bitcoin transactions. Whereas, 2/3 buy operation on average. It is assumed that buy and sell transactions are on an equal scale, but it varies. Actually, not all bitcoin ATMs operation support these two-way transactions. Sometimes there is only buy operation and average buy and sell is $480 and $750. Ironically, operation matrices highly depend on many factors including place, area, country, traffic etc.

Here, we created 3 scenarios for bitcoin ATM by using the calculator. Basically, these are theoretical calculations, which do not need any promotions and marketing process.

Is bitcoin mining profitable?

Scenario no. 1

Skyhook is only one-way transaction operator and the bill acceptor is limited to a capacity of 500 bills. Which makes it the cheapest ATM. On the other hand, it is with limited in operations like does not accept large Euro banknotes. The most important things in place, you have to choose the right place.

For example, cash logics are done by the operator and we don’t have to pay rent. Average transactions are 100 per month and average transaction of $50. After the period of payback of bitcoin ATM which is 4 month, it will bring $235 to the owner every month after the return of investment.

 Scenario no. 2

This scenario includes more than two bitcoin ATM machines. Most of them support two-way transactions process and much solid than the scenario 1.  For example, ATM cost is $6000 and per year transactions are 100 which average transaction is at $150. Calculations show that after 9 months of launching it will reach to its break-even period. Whereas it brings $705 per month to its owner after investment return.

 Scenario no. 3

Robocoin ATMs, the most expensive ATM in the market. These ATMs are fully equipped and also support two-way transactions. ATM cost is $15000 with 150 transactions per month and average transaction size is $300 per month. Because of its function, it also looks like the standard bank if ATM.

Here is some example of different ATMs we find on the internet. Vancouver first Robocoin machine, Bit Access stats, Black Star Pastry Bitcoin ATM, Skyhook Bitcoin ATM in the Philippines, Satoshi points Bitcoin ATM in Bristol, Operators survey, BTCPoint analysis, Two-way BitXatm machines in Switzerland.

Conclusion

If you are going to purchase bitcoin machine don’t expect too much. Make your relations strong and promote your machine.  Above are some example and will support you to make your decision profitable.

GOOD LUCK!

 

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What Are Some Top-Notch Bitcoin Debit Cards?

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Some Top-Notch Bitcoin Debit Cards

Bitcoin debit card is a handy way to bridge the gap between the world of bitcoin and traditional financing. The users can buy bitcoin with debit card or load it with bitcoins; which they can later spend at places/stores that accept credit card.

A downside of bitcoin debit card is that the users can’t spend bitcoins directly. However, it does allow them to store balance in bitcoin.

For those asking what are some top-notch Bitcoin cards and how to make Bitcoin transactions through a debit card, this post is the perfect place to be at. Here we have discussed some top-notch debit cards that you can use to make bitcoin transactions. So, let’s get started with knowing how bitcoin debit cards work.

SpectroCoin Visa Debit Card:

A prepaid Bitcoin debit card. SpectroCoin can be used at any ATM across the world. The card is funded instantly so the users don’t have to worry about exchanging bitcoins in advance.

Some highlights of SpectorCoin are:

  • All the franchises that accept Visa/Master card as a form of payment also accept SpectroCoin. This includes physical shops, ATMs, PayPal, online sites, etc.
  • Available in both virtual and physical form. Virtual cards take only a few seconds to create and can be used to spend bitcoins anywhere around the globe. On the other hand, physical ones take up to 1-4 weeks. These cards can also be used to pay with bitcoins throughout the world.
  • SpectroCoin cards can be instantly loaded from SpectroCoin wallets.

Xapo Debit Card:

Xapo was one of the first debit cards introduced to the market. However, it has yet to make an appearance in the US markets and is currently available only in European countries.

The card takes up to 1-4 weeks to be delivered with the initial cost of $20 and an annual fee of $12.

Coinbase / Shift Card:

Shift is the first bitcoin debit card available to the residents of the US. Using shift card costs no money. However, the purchase price of Shift card is $10.

BitPay Visa Debit Card:

The only Bitcoin debit card that is available in all 50 US states. BitPay costs $9.95 to purchase and takes around 10 days to arrive.

BitPay can be used in person, online and ATMs that accept Visa card.

Cryptopay Debit Card:

The most established bitcoin debit card with 23000 cards already issued. The card is pretty simple to use and allows users to spend bitcoins anywhere around the globe.

The card can be purchased both online and offline and is issued in two forms – virtual and physical.

One of the paramount benefits of Cryptopay is that it doesn’t require the users to provide personal information – giving them complete anonymity to make transactions. Bitcoin users dig this!

Costs range between £15.00, €15.00, $15.00 and £2.50, €2.50, $2.50 depending on user’s location.

Conclusion:

These are some most reliable and widely used bitcoin debit cards to make bitcoin transaction(s). All the cards are pretty easy to purchase, cost extremely low and make bitcoin transactions easier than ever. You can also find more information on their official websites.

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Bitcoin vs Gold – A Brief Comparison Between Bitcoin and Gold

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Bitcoin vs Gold

Is this a Bitcoin or a Gold era? This question has stirred the people’s mind. Ironically, the bitcoin vs gold, Bitcoin values fluctuate as the gold values. Let’s clear one thing here, what is Gold and why did the Bitcoin and Gold prices cross?

Gold is basically the chemical element with atomic number 79 and has a physical worth. Whereas Bitcoin is a peer-to-peer currency in digital wallets. If we discuss the history of both the commodities, we come to know that Gold was traded by civilizations from 600 BC whereas Bitcoin usage started from 2009. However, only in few years 2009 to 2017, Bitcoin exchange prices have exceeded from zero to over $2000.

Bitcoin first captured the massive attention in media when its value raised to $1242 in November 2013. The price of gold was $1250 at that time. This was the time when the competition between gold and bitcoin began. Both values are fluctuating. Basically, this is a story of supply and demand which completely depends on the public’s demand. As we read in economics, higher the demand and lower the supply. So, we can say that Gold is rare but bitcoins are rarer because both have limited source. However, the mining process for both the commodities is different: hundreds of tons’ of Gold is mined every year through hardware processes like placer mining, hard rock mining, and gold ore processing. On the other hand, Bitcoin mining is the collection of bitcoins in exchange. By using specialized hardware, they make transactions clear and secure.

This comparison between Gold and Bitcoin is just a psychological more than anything. Because gold’s market value is $7, whereas Bitcoin’s value is $20 billion. But, Price of Bitcoin exceeded, is worth more than one ounce of Gold on 2 March 2017.

In addition, this comparison between both commodities is a positive sign for users. They can enjoy the fluctuations and new changes. But Bitcoin is a digital currency, it is not a commodity whereas gold has been known as a commodity for thousands of years.

Prices or values increase per ounce is not a big deal, and not that much important. However, everyone notices one thing that from 2009, Bitcoin is continually making its new highs every now and then. The purpose of comparing Bitcoin with gold is to provide complete satisfaction to its customer. Both Bitcoin and gold have a relationship in term of their prices. That’s why fluctuation in price creates a strong impact. There are more than 100,000 merchants who use Bitcoin for trade. Same with gold, millions of merchant still trade in gold.

 

Bitcoin vs Gold Comparison

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European Union Official Says Blockchain is “Going Mainstream”

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According to the latest blockchain news 2018, the vice president of a European Commission has officially asked the EU nations to commit to blockchain-technology; which, according to him, is going mainstream. The vice president of the European Commission said this in a speech on “digitization,” and highlighted the blockchain technology as an area that EU nations must be committing to. European Commission vice-president, Andrus Ansip highlighted blockchain technology amid the parts where Europe is top-positioned and is playing a leading role along with AI (Artificial Intelligence).

EU Blockchain

EU’s Opening Remarks

The official offered the “opening remarks” of the annual ‘Digital Day’ of European Union, which was initially held in Brussels this year, where Ansip stated:

“I would like to see EU countries make a similar commitment (as with AI) to blockchain technologies – now moving out of the lab and going mainstream. As with AI: we should make the most of this new opportunity to innovate.”

In order to achieve their aim, the European Commission’s official called on national governments as well as private sectors to subsidize the cause and stated the EU’s own “public purse only goes so far”, demonstrating almost 1% of the yearly-wealth produced by economies of EU and added, that they need a hard crash.

The remarks were quite noteworthy as they came up just within weeks, earlier in the month of February, when EU launched its own “Blockchain Observatory.” The EU blockchain establishment was first announced by the EC last year and was a response to an European Parliament mandate to reinforce the technical proficiency of EU in innovative technologies.

European Blockchain Partnership

According to the European Commission, it will be investing €300 million in projects that are linked to the use of blockchain technology directly. The EU also unveiled that it is placing the groundwork which is required to create a “European Blockchain Partnership” for promoting interoperable-infrastructures, amid EU nations, to boost and stand-in trusted digital services. In the meantime, the officials of EC previously hinted that they’d be presenting a regulatory framework for cryptocurrencies.

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The cryptocurrency market is growing

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Today, Bitcoin is number one in the cryptocurrencies’ race. But, the recent data shows that crypto market’s share may drop significantly coming year.

There is rising consensus:

More than 900 cryptocurrencies inventions, introduce the transparent and crystal-clear payments process. Few had the work on cryptocurrency border market and on its evolving, special thanks to Abeer ElBahrawy who explores that crypto-market is getting more complex and mature. This market’s growth also bears a notable similarity to an evolution of networks in different areas. By providing insight into digital market’s way, might have changed in future.

Big challenge:

The most important challenge of the cryptocurrencies is to avoid illegal copying. For that purpose, digital currency uses two mechanisms to avoid.

Public record:

The system put out each transaction in the public record. And, store the copies of these transactions online. This allows its users to compare updated accordingly. These prevent the double spending.

Protection of the ledger:

In the second mechanism, the ledger is protected cryptographically. Each update gathers the new coming transactions and adds to the existing ledger. Accordingly, the earlier ledger is frozen and encrypted.

Block:  

This ledger new version creates the block, which holds the copies of the earlier ledger. You have the option to copy the encrypted data to generate a number that has the ability to check the reliability of the block. But its hard to generate that number. This feature makes the system more secure by providing an easy check of the blocks but tremendously tough to copy.

Crypto-analyses:

ElBahrawy do an analysis of the 1500 digital currencies appeared in 2013 and now more than 600 are alive. According to him, the digital market is going in the phase of exponential growth. In addition, its current cost is $54billion out of $60 trillion, the total amount of money of the world.

Distribution power law:

While, when the crypto market is rising speedily. ElBahrawy and his team show the stable aspect of it. Like, if all the digital currencies are alive same as in 2013 as has the market share distribution. This distribution has the ability to reproduce the standard model of evolution. It is a process where currencies’ rates are figured out and die away.

In addition, This law is occurring in almost all the sectors like the same law has to describe the religion in the world, languages of different areas, birth rate and death rate as well. ElBahrawy says, “The fit with the data shows that there is no detectable population-level consensus on what is the ‘best’ currency or that different currency are advantageous for different uses.”

Except for this external significant manipulation of this market, there will be noteworthy multiplicity in crypto-market for foreseeable future.

 

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