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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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Why Trump had to ban Venezuelan cryptocurrency Petro in the US?

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An executive order has been issued by the U.S. President Donald Trump to ban the US Citizens from buying Petro cryptocurrency. Petro is first state-issued cryptocurrency developed by the government of Venezuela.

Further more, Trump has issued strict orders to the Treasury Secretary, Steven Mnuchin, to implement this ban. Earlier this year, the Treasury Department also announced sanctions on four Venezuelan government officials.

buying petro

Why was Petro Launched?

The cryptocurrency Petro was launched in February 2018, which could be purchased through US dollars and euros. At the time of its launch, it was claimed to be backed by the oil and mineral reserves of the Venezuelan government. According to some critics, if investors once started buying Petro, it could easily support the official currency of Venezuela, which is steadily falling down mainly due to US-imposed financial sanctions.

Reason for Trump’s Ban on Petro

As mentioned above, the ban was an attempt to put pressure on the Venezuelan President Nicolas Maduro and his undue policies. As a result, the efforts of Maduro’s government to boost their foreign currency reserves have been greatly affected.

US Treasury Secretary, Steven Mnuchin stated that President Maduro destroyed the Venezuelan economy which gave rise to a destructive humanitarian crisis in Venezuela. Instead of improving the present condition of their citizens, the Venezuelan government is trying to bypass the US sanctions through its Petro digital currency. In short, the Venezuelan President is trying to loot the resources of his people.

Effect of Trump’s ban on Petro

According to many critics, it is probably a quiet big blow for the Venezuelan government. Since most of the cryptocurrencies and their present market value is based upon the US dollar, so when we take the role of US out of that scene, the interest and potential rate for any of the cryptocurrency is also automatically reduced.

At a stage when Petro was struggled to create some serious interest among foreign governments, the ban by Trump will be extremely fatal. Earlier this year, Poland had also shown an interest in trading food and medicine with the Venezuelan government for the Petro, which was denied due to the sanctions imposed by the US president.

Let us know your point of view about all this in the comments below!

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current value of bitcoin

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The rise of Bitcoin continues as It rose to an all-time high on Monday. The current value of bitcoin is around $8,000. It comes after CME’s declaration that it will soon launch Bitcoin trading, and Square uncovering it will pilot Bitcoin deals by means of its Square Cash application. It’s for these reasons that one research firm trusts that Bitcoin’s prosperity has just barely begun.

Ronnie Moas, the author of Standpoint Research, wrote in an answer to customers: ‘There have been numerous positive improvements amid the last five months and a couple of obstacles that were in Bitcoin’s direction have been thumbed down.

An argument can be made that the uplifting news is still not completely reflected in the current value.’ They trust the cost for Bitcoin is set to surge to $14,000. Bitcoin was launched in 2009 by a puzzling software engineer referred to as Satoshi Nakamoto, which is believed to be a pseudonym, who has never given an interview. Bitcoin caught the mainstream financial attention after its value expanded by up to 1,000 percent since the beginning of this year.

At the start of the year, Bitcoin was just trading around $800 per BTC, but the current value of bitcoin has gone past $8000, which is clearly the indication that there’s no stopping this currency.

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Introduction to Bitcoin – How Does Bitcoin Work?

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How Does Bitcoin Work

Bitcoin Introduction:

Bitcoin is a type of cryptocurrency that is free from the influence of traditional banking. The currency first came into circulation in 2009 and was invented by an individual/group called Satoshi Nakamoto. The identity of the creators is still unknown.

Bitcoin exchange rates are independent. They are autonomous of the central bank and no government/private authority governs the supply of this type of currency.

The only factor that determines Bitcoin’s worth is the trust level of users. The more companies accept Bitcoin as a payment, the higher its value goes. How Bitcoin works?

What Are the Benefits of Bitcoin?

Wondering what are the advantages of Bitcoin? The list is quite long. But let’s take a look at some of the major benefits that this currency has to offer.

No Taxes:

As the bitcoin is free of any third-party influence, there is no system to implement taxes on this money. The only form of tax that may come with bitcoins is if someone purposely sends a small percentage of payment as cash. 

Free of Third Party Seizures:

Again, as there are no third-party involvements and no unnecessary copies of transactions are made, the chances of Bitcoin being seized are zero. This implies that the government can’t freeze the Bitcoin accounts and the users can do whatever they want with their money.

The Transactions Are Tracking Free:

The Bitcoin transactions are tracking free. Unless a user publicizes his wallet address, there is no way a transaction can be traced backed to him/her.

In case a user mistakenly made his wallet address public, a new wallet address can easily be generated. The benefit of keeping your wallet address a secret is that no one can ever know how much money you have in your account.

This means more privacy as compared to the traditional currency systems. You can read details about the theory behind a Bitcoin transaction.

All the Transactions Are Free of Cost:

There are no costs involved in Bitcoin transactions. Users can send/receive money in whichever part of the world they want. The only cost that may come with Bitcoin transactions is the vendor fees that they charge in return for the services they provide.

What Are the Risks of Bitcoins?

Using Bitcoins is not always safe. There are some risks associated with Bitcoin. The risks may include:

Bitcoins Are Easy to Lose:

There is not any system to recover lost bitcoins. If lost, they are gone for good. You have to be very careful to prevent your bitcoin account from hackers otherwise your account may compromised.

 They are hard to trade:

Bitcoins are hard to trade as compared to transferring the normal currency. Although there are vendors that trade bitcoins, it’s not as easy as sending money via PayPal, Western Union or some other money transfer service.

 Too New In The Market:

Bitcoins appeared on the radar just a few years ago, so it’s hard to predict what their future would be.

 Lastly – They Can’t Be Used to Buy Stuff For Now:

Bitcoins are still not the complete replacement of real money and are only accepted at very few places as a form of payment. So, it’s still pretty hard to buy stuff using this currency.

How does Bitcoin works?

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‘Not A Fan’ – Warren Buffet Weighs In On Bitcoin

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Renowned investor and one of the richest persons on planet Warren Buffett continues his bearish point of view toward bitcoin and other cryptos.

In an interview on CNBC, Buffett was asked about JPMorgan Chase CEO Jamie Dimon’s retreating take on bitcoin, after the latter expressed his regret about calling bitcoin ‘fraud’ a year ago.

Questioned if he too would reconsider his current comments on bitcoin – Buffett called bitcoin an “air bubble” following Dimon’s remarks a year ago – Buffet stated:

“As far as digital forms of money, for the most part, I can almost say with assurance that they will come to a bad ending.”

While predicting the downfall of digital currencies, Buffett went on to assert he’d bet on “each one of the cryptocurrencies” falling over the next five years.”

Furthermore, Buffett stated he wouldn’t take a negative position by exchanging bitcoin future contracts, expressing there’s “no reason” to do as such. “Why on earth should I take a long or short position of something I don’t know anything about?” He jested, confessing to knowing almost nothing about cryptographic forms of money.

“I have 11 schools this coming Friday [and] the inquiries will be on bitcoin, and I won’t know the appropriate answers,” Buffett included, preparing everyone else for more soundbites on digital forms of money this week.

Buffett’s interpretation of digital currencies, particularly bitcoin, is like another long-term bitcoin bear in JPMorgan’s Jamie Dimon. In September 2017, Dimon notoriously said bitcoin was a “cheat”. “It’s worse than tulip bulbs,” Dimon proceeded in the same breath, adding “somebody will get killed.” The Wall Street investor additionally undermined to fire workers involved in crypto money trading, calling them “inept” if they were to do so.

Dimon keeps on being a non-believer, he revealed in comments this week, but went on to state about that ‘fraud’ proclamation: “I regret making them.”

News credit: ccn.com

Image: Google

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How To Buy Bitcoins – A Bitcoin Buying Guide For Beginners

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How To Buy Bitcoins

Buying Bitcoin is extremely simple. All you need to have is a Bitcoin wallet because, Without it, you can’t buy the coins. The goal of this post is to provide you the complete idea about how to buy bitcoins straightaway.

How To Buy Bitcoins:

There are countless Bitcoin sellers, exchanges and wallet servers. The number is so high, it makes the process of choosing a reliable and reputed service quite overwhelming and daunting for the newbies.

Users are required to provide identity verification in order to buy bitcoins. Once the information is verified, your account is activated and you will be able to buy bitcoins without any legal obligations.

Buying Bitcoins with PayPal:

Although the site has banned its merchants from accepting bitcoin payments, there is still a way to buy Bitcoin through PayPal. It’s called “Local Bitcoins”.

The service facilitates the trading of Bitcoin through PayPal ads. What happens here is that the user posts an ad stating exchange rates and method of payment for trading bitcoins.

The interested users respond to the ad and discuss terms. Once everything is finalized, the transaction takes place between the two parties.

The payment methods for Local Bitcoins include:

  • Bank transfers
  • PayPal
  • Gift cards
  • Cash

Local Bitcoin is considered to be the safest way to exchange Bitcoin with PayPal. In addition to the user safety, it offers escrow service to make sure the transaction takes place in a safe environment.

Buying Bitcoins Through Coinbase:

Coinbase is the largest and most renowned bitcoin broker in the world with presence in over 30 major countries. In order to buy Bitcoin from Coinbase, you will need to provide your identity and bank card as a proof.

Coinbase users are categorized into two levels: level 1 and 2.

  • Level 1 users: Also known as fully verified users can buy up to $1,000 worth of bitcoin per week.
  • Level 2 users can only buy up to $100 worth of bitcoin per week.

The transaction fee of Coinsbase is 3.99%; which is pretty low compared to other exchanges.

Buying Coins Through CoinMama:

CoinMama specializes in helping users to buy large quantities of coins through debit/credit card. The CoinMama users can buy up to $5,000 worth of bitcoins per week and up to $20k per month.

The transaction fee of coin mama is 5%; which is slightly higher than Coinbase. This service is best for users who like to buy a lot of bitcoins with credit card/debit card.

BitPanda:

BitPanda is an Austrian bitcoin broker and is well known across Europe. It accepts payments through both credit and debit card and provides instant bitcoins. The transaction fees are around 3-4%. However, the exact number is only disclosed to their registered users.

The Final Word:

These are some different techniques to buy instant bitcoins. All are pretty safe and involve no danger. However, when dealing through “Local Bitcoins”, make sure to arrange a meet up at a public place and bring a close friend or family member in the event things go south.

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