According to some experts and critics Bitcoin Cash may be considered as the best future money. To support this statement we have a news, in addition to Bitcoin, BitPay merchants have been allowed to accept a second cryptocurrency — and it is no other than the Bitcoin Cash. Bitpay has made an announcement on its official website that it’s now more easy for BitPay customers to become a part of the energetic community of Bitcoin Cash. A Bitpay merchant who accepts bitcoin cash can now consider himself a part of that community.
How it all started?
BitPay became active in 2011, while Bitcoin was still at its initial stage. No doubt Bitpay played a vital role in the transformation of the financial industry as a whole. It introduced the concept of faster and secure blockchain payments which were relatively less expensive globally.
The main purpose of founding BitPay was to make it easier for various businesses to deal in bitcoin payments. At the moment it is continuously expanding its network which has already become the largest bitcoin payment processing network in the world. Bitpay is currently providing its services to industry-leading merchants over six continents. It has generated a foolproof secure bitcoin payment plan which is used by thousands of bitcoin users on daily basis.
Bitcoin Cash – an Innovative step by BitPay
As mentioned above, BitPay merchants can now accept payments in Bitcoin Cash. No doubt it is an innovative step in case of Bitcoin Cash which has already been considered as the best future money. Bitcoin Cash will provide a rich opportunity to the BitPay merchants to receive payments from customers around the world. Due to the trust provided by the blockchain technology, there will be no risk of credit card frauds or chargebacks. the company said in a statement. It will also be more convenient in case of cheap transactions as the Bitcoin Cash costs only pennies or even less in some cases.
Future plans concerning Bitcoin Cash
BitPay is also planning to integrate Bitcoin Cash in order to save massive transaction fees in terms of batch payments. According to a company statement it also has the intentions to enable Bitcoin Cash settlements. With the help of these settlements merchants would be able to receive their payments in the form of cryptocurrency, no matter what kind of BitPay payment option they had been using already.
The price of Litecoin has seen a 30% upsurge on Wednesday after the news that Litepay (a payment processor for cryptocurrency) has been set to launch on 26th February. This rally elevated BTC/LTC to its all-time-highs in almost three years and allowed LTC to surpass the $200 marks.
Litecoin Price Surge:
The price of Litecoin at this very moment is valued at $232 with the market cap of $12.8 billion, that lifts it up to number fifth in the rankings.
Apart from the preceding pumps, the trading volume of LTC is consistently distributed in the major exchanges, all around the world. OKEx is the largest global bitcoin/cryptocurrency exchange, whereas GDAX is on the 2nd number.
Tuesday’s rally was a straight response to the announcement that the payment processing company (Litepay) that was formed after the Bitpay industry, is scheduled to be launched on 26th February. This announcement was silently made by the company on Twitter on Monday, however, the word seems to have roamed slowly. They announced that they started is because people asked Bitpay to accept LTC and they wouldn’t, so they had to take the challenge.
According to the company’s website (based on San Francisco), LitePay will be offering many of the features similar to BitPay. Especially, it will be providing businesses with the proficiency to accept LTC payments that are settled up in fiat currency. Moreover, it is also going to release Litecoin debit cards, through which its users can fund with LTC and can use it at almost any retailer.
Since Litecoin price surge, Litcoin has been promoting itself as a “payment-focused cryptocurrency”, the formation of LitePay’s infrastructure will significantly aid its efficacy for this use case. But, then there’s another theory, that Litecoin’s strong pivot could be linked to the announcement, that a developer’s group will be diverging the main Litecoin blockchain on 19th February, for creating Litecoin Cash.
Chief executive and co-founder of San Francisco based cryptocurrency exchange, – Jesse Powell, shared some words of wisdom for investors. Although securities regulators are trying to find different ways of protecting investors from the sham activity, Powell put the whole burden on the investors. But at the same time, he also highlighted that combined market cap of all cryptocurrencies would hit $1 trillion in the coming time. He thinks that consumers have to look out for themselves and into the basics of coins, and do not have depend on any specific exchange to protect them from the market’s instability.
Everyone wants to be rich and for this, they pick out different methods. Some of those ways are easier and quick to work, while others are not so much. Cutting to the chase, one of the quickest ways to become rich is Bitcoin – the most valuable cryptocurrency out there. There are many ways to earn bitcoin here we are going to tell you how to earn bitcoin in the easiest ways possible.
By Completing Tasks On Websites:
The simplest way to earn bitcoins is carrying out simple tasks on certain websites. Some of the websites that offer Bitcoin in exchange of the tasks carried out by their visitors are BitVisitor, CoinWorker, and BitForTip.
By Accepting Them As Payment:
If you are running a business, big or small; introduce Bitcoin as an additional payment option. That’s probably even easier than the one mentioned above: you already have an established business and a client base. All you have to do now is convert the entire client base, or a portion of it to paying you in Bitcoin.
Mining is a bit slow method to earn bitcoins, but it is also the most common one. Mining requires a special combination of hardware and software for the generation of new Bitcoin blocks. However, the process is relatively expensive and requires a constant supply of electricity which makes it slightly out of reach for a common folk.
So, these three are the most common Bitcoin earning methods for those wondering how to earn bitcoins. Choose one that’s most convenient for you.
Bitcoin- Quick Story
Currency gains worth and value when people tend to give it the value and start accepting it. A vast majority of the people are being attracted to the Bitcoin due to the fact that it’s decentralized and its regulated by no third party. It’s tied to no political or governmental system. Due to this, it’s not vulnerable and doesn’t get affected much by their failings or socio-economical collapses happened in the past.
It is a digital form of money, used for transaction online. The mechanism behind these coins resembles like that of gold due to its limited resource. The word cryptocurrency demonstrates that Bitcoin is encrypted in a way that prohibits it being copied. Every transaction performed using Bitcoins is recorded in Blockchain. Blockchain acts like a ledger where all the data is stored. All this data is encoded on the Bitcoin itself. This method aids in avoiding people to spend the same bitcoin more than once. Due to a connected, peer-to-peer network, every user will know that the particular bitcoin was just spent.
Keeping everybody’s identity complete anonymous just like that of its founder, these Bitcoin holders are associated with an ID code or a wallet code. This can be stored on your hard drive or phone or your computer.
Bitcoins can be acquired for a number of ways. Some of the ways include,
- Accept them as payments against goods and services.
- Exchange them as a typical form of currency.
- Mine them
Again, like gold, these coins are mined. They are mined through suitable supporting powerful computers. Similar to gold, the more people mine these Bitcoins, the less they are to be found in the system for next process of mining. By solving complex algorithm problems, you can mine these Bitcoins.
But you are not the only one solving the puzzle. There are more people and coin holders solving the same mathematical problem. So, it’s more like a competition. When you enter the race, it’s easier to handle with lesser people. But when more people are included, the problems get way more complex and difficult.
When there are more people being flunked and stuck during the problems, the math problems will get easier to ensure,
- a steady flow,
- value is boosted, and
- remain inflation proof.
By 2140, it is expected that all the Bitcoins will be mined from the system.
Risks with Bitcoins
Being extremely volatile and unpredictable in nature, Bitcoin value can never be guessed. You can manage to judge and guess the value of Dollar the next day, but the Bitcoin value can fluctuate in no time. Being under no regulation to a regulatory body or financial institution, it is monitored and scrutinized by nobody.
Bitcoin transactions are not completely anonymous. They are secured by could be tracked down. A lot of individuals were attracted towards bitcoin due to this feature. Including a lot of people from ‘Black Market’. So, you never know who you are dealing with during the transaction.
Security is a big risk associated with Bitcoins. The format Bitcoin runs on is good to go but the hackers don’t seem to miss their chance. Banks and exchanges that deal in Bitcoins are targeted largely by these hackers. But this isn’t the currency’s fault. The paper money gets robbed too and Bitcoin is no different.
Bitcoin has come with both pros and cons. For its furthermore acceptance with the people, its volatility needs to settle down quite a bit. It’s a totally unpredictable and high-risk currency which needs to adjust a bit to enable more people to get their hands on it.
A paper wallet is one the most popular and safest options to store your bitcoins. But before we go into the details paper wallet, we’d want you to know what is a Bitcoin wallet and why do you need one.
A Bitcoin wallet is a digital wallet that is used to store coins and make transactions; similar to a traditional bank account.
The wallet consists of two keys: A public key and a private key.
- Public key: Your address on which other users send coins to you.
- Private key: Which you use to send bitcoins to others. They key is kept private and only the owner of the wallet knows about it.
The combination of public and private key is what makes a bitcoin transaction possible.
It is important that no one knows about your private key , otherwise, it would give some unwanted entities the access to your wallet, which puts your coins at the risk of theft.
So, if you are using an online or an offline wallet, you’ll be vulnerable to hacking/malware attacks as your keystrokes can easily be logged.
Moreover, a stolen PC or losing your hard drive means you can wave bye to your digital assets for good.
Utilized with care, a paper wallet can shield you against these possibilities.
What is a Paper Wallet?
A paper wallet consists of the public and private keys that make up the wallet in a documented form.
It often has a QR code, so that you can quickly scan it and add the keys into a wallet to perform a transaction.
The prime benefit of having a paper wallet is that it doesn’t store the keys digitally; making it immune to cyber-attacks or a hardware failure.
A downside of the paper wallet is that it’s delicate and must be kept away fire and water.
How to Create a Paper Wallet:
- Open your favorite browser and go to BitAddress.org
- After typing some random characters to create randomness, you will be presented with a QR code, a private key, and a public key.
- Click the tab “paper wallet”
- Select the number of addresses to generate
- Click “generate” button for creating new wallets
- Once the wallet is generated, print it out to make a hard copy
- Make a note of public addresses
- Scan the QR code in your Bitcoin app to start depositing funds
What Are Some Security Tips for Paper Wallet?
Due to the fact that these wallets are used to save large amounts of money, it’s necessary to take precautions and make it as secure as possible.
The list of some useful tips for protecting your bitcoin wallet (paper) includes:
- Make sure no one sees you while creating a wallet
- BitAdress uses an algorithm named BIP38 to support encryption of private keys. The algorithm utilizes two-factor authentication i.e. something you have (paper wallet) and a passphrase.
- Use a clean operating system such as Ubuntu to eliminate the risk of a spyware monitoring your activity.
- Laminate your wallet or store it in a sealed plastic bag to protect it from water/damp.
- Store it in a locker to protect it from theft.
Follow these tips and your paper wallet would be safer than ever.
To make sure your wallet is safer than ever, read our tips on how to secure a Bitcoin wallet.