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How to Use Bitcoin

Plenty of people who are new to the concept of Bitcoin often ask “how do you use Bitcoin?” and the answer to this question is not that easy because Bitcoin works in the same way as traditional currency. The only difference is that it exists in the form of code and stored on High-Tec computers.

Since the majority of visitors who come to our site are freshies and looking to learn as much as they can about Bitcoin, we will provide a quick guide on how to use Bitcoin.

Start with A Bitcoin Wallet:

The first and foremost thing needed to start your Bitcoin venture is a Bitcoin wallet. There are several types of Bitcoin wallets, but Coinbase or Blockchain are the friendliest ones, especially for those who are new to Bitcoin world.

A Bitcoin wallet works the same way a software (Yahoo, Gmail, etc.) does for receiving emails or a traditional bank account does to send or receive money. But in this case, only Bitcoins are stored in the wallet.

A wallet comes in the form of a software and allows you to send, receive or store the cryptocurrency.

In order to receive Bitcoins, you are required to give the sender your Bitcoin address which starts from 1 or 3; followed by a string of random numbers and letters.

Here’s an example of a bitcoin address: 1GrwYYTDJic27cstVCjzS8Muvutw6JUYqB

Get Some Bitcoins:

Once you have your Bitcoin address and a wallet, all you need is some coins. wondering how to buy coins? check out our guide on how to buy bitcoins from PayPal in two minutes. Apart from PayPal, there are several other methods too. However, the cost will vary based on which method of payment you choose – reversible or irreversible.

The reversible payments (credit card, PayPal, etc.) cost more than irreversible ones (bank/wire transfer) due to the risks involved in the transaction.

Now that you have bought coins, it’s time to put them to good use.

How to Use Bitcoin?

The number of companies starting to accept Bitcoin as a method of payment is growing each day. Some top-notch companies like Microsoft, Overstock, Virgin Galactic, etc. are now offering their services in exchange of Bitcoin.

You can use your coins to buy virtually anything through a Bitcoin debit card. The card also gives you the freedom to shop physically at all the Bitcoin-accepting stores.

If shopping isn’t your priority, make an investment of your Bitcoin assets. There are several ways in which you can invest your coins. Following are the most common ones:

  • Bitcoin trading
  • Holding on to them
  • Getting mining equipment

But before you make an investment, remember that Bitcoin investment can be a risky business due to high volatility in its value.

Another use of Bitcoin is to open an online store and set Bitcoin as an additional method of payment. It will not only give you an opportunity to earn bitcoins but will also provide an extra payment option to your clients.

Lastly, your coins can be used to settle a bet, pay back a friend who bought you dinner or return a loan. In conclusion, Bitcoin can do almost anything that traditional currency does. The only difference is that Bitcoin exists virtually and is relatively new in the market.

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What Is Litecoin – A Detailed Look at One of The Top Cryptocurrencies

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Litecoin is a peer to peer digital currency which enables instant, almost zero-cost payment in the world. Litecoin is a global and an open source network which is completely decentralized without any fundamental authorities.

The blockchain of Litecoin is capable of handling higher transaction volume than its corresponding currency – Bitcoin. Because of generating more frequent blocks, the network supports more transaction without modification of the software in the future. By this way, merchants get the faster confirmation times.

Miners are awarded currently with 50 new Litecoin per block. Therefore, the Litecoin network is scheduled to generate 84 million Litecoin, which is 4 times as Bitcoin.

Wallet encryption allows their users to secure coins through a wallet so that user can check transactions and account balance. This requires entering user password before spending Litecoin. This method provides protection from wallet-stealing trojans and viruses as well as check sanity before sending payments.

It is an open source software project which is released under the MIT/X11 license that gives you the full control to run, copy, and modify the software. It also gives the power to distribute at your option and modified copies of the software. The Intel integrated graphics cards which are in most laptops are just not suitable for this purpose. To retain speeds up to a high level, most Litecoin miners build dedicated machines by using motherboards which can hold many graphics cards, generally via riser cables.

How to Get Started with Litecoin?

It’s very simple to get started with Litecoin.

Here are some ways to start:

  • Get a Litecoin Wallet
  • Get Some Litecoin From an Exchange
  • Use Your Litecoin
  • Stay Up-To-Date

What are Main Litecoin Features:

Litecoin features are:

  • Faster Transaction Confirmation Time
  • Improved Efficiency than the top math-based currency.

How to Mine Litecoin:

Except you own specific mining hardware, there are two ways to mine digital currency:

  • With Your Central Processing Unit
  • With Your Graphics Processing Units

GPU provides better performance which required for the cryptographic calculations. If you are making your first ever raid in mining and don’t have a heavy gaming computer, then with just a laptop having Intel integrated graphics will possible to mine Litecoin.

Be careful, mining digital coins is highly system intensive and may reduce the lifespan of your electronic machinery. It’s a good idea to be sure that you have an adequate place, keep an eye on the temperature, and also keep in view any other warranties, just in case.

Mining may also be a solitary project or you may join a mining ‘pool’. In mining pool, many people combine their mining system and all take a share of the rewards.

How Much is a Litecoin Worth?

At the time of writing, one Litecoin is worth $52.75111396. The past few weeks was quite remarkable for Litecoin. However, many people assumed this currency will be dead but that is not the case. In fact, this currency is heading to a very bullish direction. The value of Litecoin has increased by over 700%. This is because of Coinbase listing and SegWit locking in. The future is looking bright for Litecoin because the price of Litecoin Continues to Climb.

How to Buy Litecoin:

Some points which will lead you how to buy Litecoin:

  • A way of getting Litecoin is mining them through standard computing apparatus.
  • Always try to have a check balance before investing funds, and should not take a risk the amounts you can’t afford.
  • Buying Litecoin is not an easy job as buying Bitcoin.
  • One of the straightforward ways is to simply buy Litecoin with Bitcoins, this is actually the fastest approach, and it is also the cheapest option for most of the users.

Anyone with Bitcoin can easily buy Litecoin from a number of exchanges:

  • Kraken
  • Cryptsy
  • BTC-e
  • Others have mentioned on Litecoin wiki.

You are thinking that buying Litecoin is the much easy way via fiat transfer through an exchange, but it can be a boring process for some reasons. Some main exchanges of Bitcoin like Coinbase and BTC China don’t deal with Litecoin transactions.

Another way is to buy Litecoin locally, forgoing the disturbance of wiring currency abroad, and changing it into Litecoin.

What are The Top Litecoin Wallets?

  • Many exchanges provide the service of online Litecoin wallets, but they are not modern solutions. Most of the users want something more secure as offline or cold storage wallets. Litecoin has luckily built-in encryption features that you can use to secure your wallet by just a few clicks.
  • Many users like to use the official Litecoin-Qt desktop client, but it has some syncing issues with another fair share of faults.
  • For a more secure and long-term storage, you have to setup a Litecoin paper wallet.
  • It is also possible to get a paper wallet with credit card quality from Crypto Coin Wallet Cards, but some smaller companies are also selling physical Litecoin or coin holograms.

What Is the Difference Between Litecoin And Bitcoin?

Here are some differences between Litecoin and Bitcoin:

  • The coin Limit of Bitcoin is 21 million and the Litecoin network will generate 84 million Litecoins, which four times more than coins issued by the Bitcoin network.
  • Bitcoin uses SHA -256 algorithms, however, Litecoin uses Scrypt algorithm, the main purpose of using the Scrypt was to allow the miners to mine both Litecoin and Bitcoin at the same time.
  • The mean block time of Bitcoin is 10minutes whether it is 2.5 minutes for the Litecoin.
  • The initial reward of Bitcoin is 50 BTC and the initial reward for Litecoin is 50 LTC.
  • The market cap of Bitcoin $10,467,596,650.78 and Market cap of Litecoin is $540,274,528.26.

Conclusion:

In the end, many people still looking at Litecoin as a Bitcoin testbed. Many people will keep an eye of SegWit malleability fix and be looking at how it effects Litecoin. This time is still much exciting to involve in Litecoin, although people having Litecoin may see the increment in the value of Litecoin these coming weeks.

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The 10 Most Bitcoin-Friendly Cities in The US You Should be Visiting Today

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The US is titled as the 22nd most Bitcoin-friendly country in the world.

So, if you ever plan on setting up an exchange or a business regarding bitcoin, the US might offer you the right market. However, many Americans would look at this rather disappointedly because they believe that they’re unable to keep up with the technology or business industry as compared to other nations.

Well, here are 10 of the most bitcoin-friendly cities in America.

business regarding bitcoinAt the top, we’ve got San Francisco, California

 

Seattle, Washington

 

Los Angeles, California

 

New York, New York

 

San Diego, California

 

Austin, Texas

 

Boston, Massachusetts

 

Chicago, Illinois

 

Phoenix, Arizona

 

And last but not the least, Washington DC.

 

So will you be paying any of these places a visit? Let us know in the comments section below.

 

Tags: Bitcoin info, which country uses bitcoin, bitcoin accepted countries

Story Credits: steemit.com

Image Credits: steemit.com

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Why does IMF chief Christine Lagarde want to regulate the ‘cryptomarket’?

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Christine Lagarde, Chief of the International Monetary Fund (IMF), has said in an IMF blog post that the blockchain technology used to regulate cryptocurrencies can also be considered helpful in regulating and legalizing them.

In fact, it would prove to be a good news for crypto lovers as they have also been longing for the cryptocurrency to be legalized. Once it will be legalized, more people would get attracted towards it and the market ratio will automatically stabilize. According to some, the blog statement of Christine Lagarde can be considered as the first step towards the legal monitoring of cryptocurrency.

cryptomarket

In her above-mentioned blog, Christine Lagarde, appreciates the salient features of blockchain technology, which she refers to as an “exciting advancement that could help revolutionize fields beyond finance.” However, addressing the “dark side of the crypto world” she further explained that cryptocurrency market also needs legalized regulation in order to avoid illegal activities e.g; money laundering and funding terrorist activities around the globe. According to her some of the main features of cryptocurrencies is their anonymity which can inturn prove them safe for criminals and terrorists — that’s what makes them dangerous in short and blockchain technology is the only way to monitor what is actually going on in the world of cryptocurrency. To understand her statement further we must know what actually the Blockchain Technology is.

Blockchain Technology

Blockchain technology is the actual power behind Bitcoin, Ethereum, and other major cryptocurrencies. Technically, it is an openly accessible collection of financial accounts of all transactions which have been made in the crypto system since its starting point.

The reason behind Christine Lagarde’s blog statement

The main reason behind Lagarde’s statement is that she’s also well-aware of the financial stability faced by crypto-market during the past few months. At the same time the tremendous variations in the value of cryptocurrencies have also served to ignite her interest.

She further suggested that cryptocurrencies require the same sort of regulation as implemented on traditional currencies. However, she acknowledged that a lot of work needs to be done. She also suggested the use of biometrics and some other techniques like artificial intelligence, distributed ledger technology etc. could ensure the information-sharing between market participants and regulators.

Lagarde’s point of view is that with the help of modern technology, we can easily turn crypto-market for the public good, instead of making it a place of comfort and shelter for criminal minded people.

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Semi-Decentralized scaling solution

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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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