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Amazing Facts About Bitcoin

The majority of people nowadays already have an idea as to what is Bitcoin and how does it work. But no matter how much you know about this cryptocurrency, there is always something to leave you amazed. Here are the bitcoin facts.

In this article, here are some interesting Bitcoin facts for you.

Bitcoin amazing Facts:

Independent of Third Party Influence:

Bitcoin is an open-source software. Anyone – whether it’s the owner or just a random internet user – can access it. Also, there is no regulatory authority such as a central bank, government or private organizations to control the flow of Bitcoin which makes it inexpensive to use.

Nobody Knows Who Invented Bitcoin:

It has been nearly a decade since the Bitcoin first came into circulation. However, the identity of creator still remains a mystery. Several investigations and search works have been conducted but to no avail.

Some say a programmer named Satoshi Nakamoto invented it but there is no proof to support that claim.

Bitcoin Transactions Are Untraceable:

One of the unique features of Bitcoin is that the transactions are untraceable. Whether a user is trading coins across the street or sending them to the far edge of the globe, all he has to put forward is a wallet ID. The personal information is not required. As a result of this, the transactions become anonymous and downright untraceable.

If You Lose Your Coins, Consider Them Gone for Good:

Bitcoins are stored in a digital wallet and protected by a private key. So, if a user loses the drive on which the wallet was stored, consider your coins gone for good.

Bitcoins Are Accepted as A Method of Payment All Across the World:

Numerous banks, corporations, and retail stores accept Bitcoin as a payment and the number is increasing each day. Using this currency, you can buy comics, fancy clothes, yachts, property, travel around the world and order a delicious pizza.

Amazing, isn’t it?

The First Ever Purchase Made Via Bitcoin Was for A Pizza:

One of the most interesting facts about bitcoins is that the first ever purchase made through this currency was a pizza.

In May 2010, the currency was relatively new and was still pretty far from gaining worldwide recognition. Due to this fact, the value of bitcoin was extremely low – let’s say, two Papa Johns Pizzas for two Papa Johns Pizzas.

Yes, this was exactly the case when Laszlo Hanyecz offered two Papa Johns Pizzas for 10,000 bitcoins, which was then equivalent to $41 or $0.0041 per coin.

However, the circumstances have changed and those 10,000 bitcoins are worth $7.6 million in today’s market.

These are some interesting facts about the ever-incredible currency that is Bitcoin. In conclusion, the characteristics of cryptocurrency are nothing short of incredible! The future belongs to Bitcoin! So make your move and take a dive into the world of Bitcoin; right now!

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How to Buy Bitcoins With PayPal Through Wirex/E-Coin?

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E-coin is a bitcoin trading platform that provides virtual and physical Bitcoin debit cards. You can use your E-coin card with your PayPal account.

Following are the steps you must go through in order to complete the purchase.

Step 1: Order an E-coin Virtual Debit Card:

Log onto e-coin, click on “request new card” and select the type of card you want.

A virtual card costs around $3 and is enough for this process.

Buying Bitcoins with PayPal through Wirex

Step 2: Link Your E-Coin Virtual Debit Card to PayPal:

Log into your PayPal account, go to “Money” and click on “Add a card.”

Buying Bitcoins with PayPal through Wirex

Fill in the details (Name, email address etc.). Once you’re done, click “Add card” to move on to the next step.

(Tutorial: how to buy bitcoin with PayPal through the Wirex/E-coin platform)

Buying Bitcoins with PayPal through Wirex

PayPal will ask you to verify the new card. Click “Confirm my card, ” and PayPal will begin a series of transactions to verify your card. PayPal will charge you a fee, so make sure you have a balance of at least $3 on it.

Step 3: Enter PayPal Code:

Buying Bitcoins with PayPal through Wirex

Go to your Wirex/E-coin account where under the “Card Transactions,” you will see a 4-digit code from PayPal; note it down.

Buying Bitcoins with PayPal through Wirex

Insert this 4-digit code into your PayPal account and voila! Now your E-coin card is linked to your PayPal account.

 

Step 4: Withdraw Funds From PayPal to Your E-coin Card:

Click “Withdraw money” on your PayPal account.

Buying Bitcoins with PayPal through Wirex

Then, select “Withdraw funds to your card.”

Buying Bitcoins with PayPal through Wirex

Enter the amount you’d like to withdraw, select your E-coin card and click “Continue.”

Buying Bitcoins with PayPal through Wirex

Your request is now in process, and the funds will be deposited onto your E-Coin card in around 5 to 7 working days.

Buying Bitcoins with PayPal through Wirex

 

Step 5: Buying Bitcoins Using E-Coin Card:

After withdrawing funds from your PayPal account onto your e-coin card, you can now buy bitcoins.

Log onto your account and select “Buy Bitcoin.”

Buying Bitcoins with PayPal through Wirex

In the same manner you buy bitcoin instantly with debit card,  you can buy bitcoins with E-Coin card. Enter the number of bitcoins you want to buy – the funds will be deducted from your card. After the deduction, click “Submit.”

Confirm the Bitcoin purchase by clicking on “Confirm.”

Buying Bitcoins with PayPal through Wirex

You will receive an email confirming your successful transaction.

Buying Bitcoins with PayPal through Wirex

This infographic gives a graphical representation of steps involved in the Bitcoin transaction.

Buying Bitcoins with PayPal through Wirex

 

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British Crypto-Exchange Looking Forward to Launch Bitcoin Futures Contracts

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CoinfloorEX is basically a London-based exchange, which was founded back in 2013.  On Wednesday, it announced that from next month, it will be launching bitcoin futures contracts by merging with numerous other companies to propose such product to their consumers. This British cryptocurrency exchange’s main focus is to enter the bitcoin futures market.

Unlike its competitors, Coinfloor will be offering substantially firm futures contracts, and according to a wire service report, when the contract will come to an end, the actual asset that is being traded will be delivered and, in this case, it’s bitcoin. Cboe and CME are offering these bitcoin futures contracts and these contracts are cash settled, however, they don’t deliver bitcoin to the owner of the contract.

bitcoin futures market

According to the co-founder of Coinfloor, Mark Lamb, the product was originated because of an extensive demand from some of the exchange’s customers.

Mark Lamb told Reuters (news agency company);

“When you talk to the liquidity providers, they all say the same thing, which is they want a physically delivered futures contract so they can hedge their exposure across exchanges.”

Coinfloor is probably the fifth one in the companies that offer bitcoin futures contracts by joining with following trading platforms;

  • Bitmex
  • CBOE
  • CryptoFacilities
  • CME Group

crpto exchange

Cash-settled contracts are being offered by the U.S.-based Cboe and CME, so does the CryptoFacilities, which is based in the UK. The main perception of bitcoin futures is still contentious, as the U.S. CFTC (Commodity Futures Trading Commission) is also announcing that after getting a pushback on the current products, for the futures contracts, it needs to work on a heightened-review-process.

Likewise, more information about the CFTC’s oversight of such products has been also requested by few representatives, as they also noted that the taxpayers have to be protected from manipulation, vicious activities and scams, for the better future of the market.

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How To Buy Bitcoins With Credit Card/Debit Card | LocalBitcoins Tutorial

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Cryptocurrency Market Continues to Improve as Ethereum Records 6.06% Increase

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Multiple major cryptocurrencies, including Bitcoin and Ethereum, have recorded major gains, as the cryptocurrency market continues to recuperate at the rapid rate over the past 24 hours.

Ethereum’s Hefty Gain:

The native cryptocurrency of Ethereum network, Ether, demonstrated an astounding 6.06% increase in the price over a night and is currently trading at $1,224. The recent surge in the Ether’s price can be attributed to the progress in the Ethereum open-source development community that has directed in scaling the network.

Over 899,005 transactions have been settled by Ethereum within 24 hours, indicating a daily transaction volume that is seven times larger than that of the Bitcoin network.

There’s an increase in the daily transaction volume of the Ethereum which indicates the exponential rate of decentralized applications (launched on the top of the Ethereum Protocol). Over the past few months, applications like CryptoCribs, EtherDelta, Radar Relay and 0x have gained a considerable amount of active users.

Cryptocurrency Market

Coinbase CEO, Brian Armstrong, also commended CryptoCribs, which is a decentralized Ethereum-based Airbnb like platform with a non-ICO model. It is quite hard to find commercially successful decentralized applications in the cryptocurrency industry, that had not conducted ICOs. This is because ICO has become an easy way of cash grab for the actual developers.

Luis Cuenda, who is a co-founder of Aragon, said in July of 2017, that he literally doesn’t know any Ethereum developer who’s not a millionaire because of the ICO market. Cuende noted manifestly, that there are many developers who are trying to take advantage of this opportunity because they have heard by many that they might make a lot of money from it, and that’s why a large-scale of investors are trying to dive into the Ethereum market.

Furthermore, as we can already see that the scalability of the Ethereum network continues to recover through advanced solutions such as Sharding and Plasma, Ethereum will be able to offer an improved ecosystem and infrastructure for decentralized applications.

The market evaluation and price of Ethereum uniquely depend on the performance and implementation of decentralized applications that are launched on the Ethereum protocol. The price of Ether will imitate the success of decentralized applications if they continue to perform well.

Market Trend:

Over the past week, the cryptocurrency market has shown positive signs of recovery. To bring the market to its previous highs, major cryptocurrencies in the global market like Ethereum, Ripple, bitcoin, Bitcoin Cash, and Cardano will have to record some hefty gains in the upcoming weeks.

However, cryptocurrencies like Bitcoin Cash and Ripple are down by almost 50% from their “all-time highs” and with the exemption of bitcoin and Ethereum, most major cryptocurrencies have not performed so well.

Based on multiple factors like the entrance of institutional investors through bitcoin futures and the acceptance of cryptocurrencies by large-scale financial firms which also includes the Robinhood, analysts are still enthusiastic about the short-term growth trend of the cryptocurrency market.

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