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Ethereum is one of the leading cryptocurrencies in the digital world. In fact, it’s the second most popular cryptocurrency after Bitcoin. The technology used to develop Ethereum algorithms is same as Bitcoin, and this is the main reason why these two function in a pretty much similar way.

Now, the question that comes to the mind is: if both Bitcoin and Ethereum are similar in nature, what makes the purchase of Ethereum more sensible over the purchase of Bitcoin and other cryptocurrencies?

In this article, we have discussed 1o reasons why buying Ethereum over makes more sense. Let’s give them a read!

Reasons to Invest/Purchase Ethereum Over Bitcoin In 2017:

  1. Quick Transactions:

The Bitcoin network has recently gained the reputation of being slow. According to the news coming out of Bitcoin community, this is due to the increased volume of transactions on the network. The slow confirmation time has left the Bitcoiners extremely annoyed and agitated. On the other hand, Ethereum offers transactions that are much faster. For an insight, the average Ethereum transaction time is 12 seconds in comparison to 10 minutes of a Bitcoin transaction.

  1. Smart Contracts:

‘Smart Contracts’ is a unique feature of buy Ethereum. It is basically an exchange mechanism which holds the precise records and assists two untrusted parties to make a direct exchange. These Smart Contracts reside in Blockchain and are autonomous to third party influence.

  1. Ethereum Is Open Source:

Ethereum algorithms are open source, which means any programmer/developer can access the code without having to go through permissions regarding the improvement of the code. The biggest advantage of Ethereum’s being an open source is that it allows the collaboration of projects between different sectors of industry that are based on Ethereum. As a result, the projects become seamless and more Integrative with each other.

  1. No Third Party Involvement:

Using Ethereum allows you to avoid dealing with third parties such as banks, lawyers, etc. The transactions do not depend on any intermediaries. The only thing they are dependent on is the Ethereum network.

  1. Compared to Traditional Banking, The Security Is Much Higher:

Our traditional banking system creates transactions on a monthly basis. The code of these transactions is stored in a bank’s computer and there are validations and approvals by the central authority. On the other hand, the code for Ethereum transactions is stored on participating computers. These computers forward this code to the network’s nodes – making the transaction environment secure.

  1. Ethereum Virtual Machine:

If you remember, we discussed ‘Smart Contracts’ in the earlier part of the article. The Smart Contracts needs a specialized environment to function: Ethereum Virtual Machine is that environment! The EVM gives all the projects running on Ethereum network a common base and provides them with a standard set of instructions. Some of the major programming implementations of EVM are Ruby, Java, C++, Python, and Haskell.

  1. No Transaction Fees!

Due to the availability of EVM for Ether transactions, all the account objects reside in a common execution environment. The communication between these accounts takes place via transactions. The code gathered from these accounts helps confirm/ignore a transaction. If the code is correct, the transaction will be confirmed. Else, it will be ignored. Since all of this is the responsibility of network, no transaction fees are needed.

  1. Ethereum Is Highly Stable:

One of the biggest advantages of Ethereum is that it is highly stable, has organic growth, and does not have massive spikes in price fluctuations. Besides, Ether provides the common folk with a low-cost alternative to other cryptos. Moreover, despite having encountered a number of cyber-attacks, the Ethereum blockchain still remains in huge demand to the customers. All thanks to the high stability!

  1. The Transactions Are Immune to Frauds:

Ethereum transactions are fraud less. The decentralized nature of Ethereum allows no tempering or data loss while using the network. Moreover, the network does not allow anyone – even a programmer or data miner – to destroy the record of a transaction that has already happened.

  1. Transactions are Permissionless:

Ethereum transactions are permissionless as there is no central node in the network. Everyone can make a transaction on the network. All they have to do is install the software and they are good to go.

Wrap Up:

These are the top 10 advantages of Ethereum. In conclusion, the currency offers some unique advantages and, is perfectly safe to use, or to make an investment. If you are looking to start a crypto venture, Ethereum is the best option to take off. Good luck!

Tags: why buy ethereum, bitcoin vs other cryptocurrencies

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Microsoft Is Not Accepting Bitcoin Anymore

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On the r/Bitcoin subreddit, it’s all about Microsoft and Bitcoin, as the tech giant apparently stopped accepting the leader cryptographic money, as per numerous top threads. One focuses on Microsoft following Steam’s footsteps in never again accepting Bitcoin. The talk comes from a Bleeping Computer article that claims the software and hardware monster halted Bitcoin payments.

On a top thread, an r/Bitcoin administrator stickied a post expressing different clients tried to discover the Bitcoin payment choice, however, were not able. His remark notes he trusts it’s “evident that little retail payments don’t bode well for Bitcoin at this moment,” and that despite the fact that everything points to the talk being valid, it is still unverified as there was no official explanation on Microsoft’s end.

Another top thread on Reddit claims Microsoft does still acknowledge Bitcoin payments, and that shills are simply endeavoring to fill the subreddit with fear, uncertainty, and doubt (FUD). Per this thread, Microsoft enables clients to include a predetermined measure of dollars to their balance utilizing Bitcoin, so the tech giant does indirectly acknowledge the top digital currency.

So, Does Microsoft Still Accept Bitcoin Or Not?

Chatting with Microsoft’s client support, we were told the organization no more acknowledges Bitcoin as a payment option. Eminently, the organization has apparently chosen to quit accepting the crypto money since July 2017.

image credits: ccn.com

Given the unsatisfactory answer we were given, we pressed the issue and were linked to an individual from the Higher help from Microsoft’s Accounts and Billing group. He affirmed Microsoft has quit accepting Bitcoin because of “different issues we are getting with respect to it.” When pressed, he uncovered that “we have no other information on why Microsoft quit accepting Bitcoin payments besides the problems in processing the payments.”

Not The First Time:

This isn’t the first time Microsoft stopped accepting Bitcoin. The tech giant put the breaks on digital currency payment in 2016, soon after the organization’s move started making headlines, it apologized for what it deemed “inaccurate information,” and revealed that Bitcoin payments would still be accepted.

Microsoft initially began accepting Bitcoin by means of BitPay in December 2014. At the time, the move was met with huge fanbase, as the organization joined the ranks of other substantial organizations like Dell, Newegg, and TigerDirect in accepting Bitcoin.

 

Story credits: ccn.com

Image: Google images

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What Are Some Bitcoin Scams and How to Avoid Them?

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Some Bitcoin Scams and How to Avoid Them

Scams have been part of human history. Ever since the beginning of currency, people have been trying to defraud each other. And with the advancement of technology, the scamming tricks have also become more raveled.

When it comes to currency related scams, Bitcoin tops the list. The currency is relatively new but holds incredibly high value in the market. Moreover, generating personal bitcoins is extraordinarily hard. So, the scammers use different techniques to steal hard-earned coins of other users. (Want to earn some bitcoins, here is everything you need to know about how to earn Bitcoin fast and easy).

Here are the most common scams that the bitcoin users should be aware of.

Scenario #1 – Wallet Scams:

If you are a bitcoin user, you would know that a Bitcoin wallet address serves the same purpose as a traditional bank account. The difference is that it is used to store bitcoins – and not the fiat money.

Since Bitcoin is all about anonymous transactions and the anonymity is gained through bitcoin wallets, the scammers hit this feature particularly by developing fake wallets.

Then they try to sell these wallets to users with a promise of 100% anonymity. The program initially seems to be working fine. But to your surprise, the trickster behind the scenes has been transferring coins from your wallet to his own without giving away a single hint.

So, being a Bitcoin user, it essential to acquire a wallet from trustworthy sources.

Scenario #2 – Scam Through Ponzi Scheme:

One of the most common Bitcoin scams. In Ponzi scheme, the con artist promises high-interest rates on deposits you make.

People who join the scheme early are paid out using the money of those coming in later. This goes on until the point where there are no more new entries.

Once the entries stop, the payments also stop and users start realizing the losses.

Scenario #3 – Bitcoin Exchange Scams:

Bitcoin scam exchanges sell the cryptocurrency at current market rates. Most of the exchanges working out there are genuine and possess now security threats to users. However, a small portion of exchanges does not work that way. Their sole purpose is to steal the digital currency and fill their own pockets.

Such exchanges charge extremely low fees when a customer is looking for credit card processing. However, after the card is processed, all the money is gone and the user is left with no bitcoins.

So, don’t always go with the cheaper options.

Read our guide on what are the biggest Bitcoin exchanges in the world to trade safely.

Scenario #4 – Phishing Scams:

The scam involves users receiving fake emails – stating that they have been awarded or have won bitcoins. But to receive the reward, they are asked to reach their wallets through the link given in the email.

DO NOT CLICK THAT LINK – or you will end up losing all your coins.

Conclusion:

These are some common scams that go around in Bitcoin world. All it takes is a bit of common sense to realize true intentions of someone you are dealing with. And if you are just starting your bitcoin venture, it’s necessary that you are aware of these bitcoin scams and know how to tackle with the tricky situations that may arise during a transaction.

Tags: Bitcoin wallet scam

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Exceed of $1M in bitcoin transaction within two months

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Overstock.com, 5 march 2017, overstock noticed one thing after acceptance of bitcoin, that is, people want to use bitcoin for their transaction. Chairman of overstock states, “We did not expect to hit this milestone so quickly, “and “Bitcoin customers are good customers, and we’re pleased to provide them this service.”

About overstock

Overstock is American’s largest internet headquarter. On January 9, 2014, bitcoin became the major retailer, who accept the bitcoin as a payment of its goods. First day sales through bitcoin was USD$ 126,000,

4.33% increase in sales. Whereas, per day sales calculates is $3 million per day.

Powerful transactions

In early January, overstock starts its working to process the payment and handle the conversion of bitcoin into U.S dollars. As a result, 4300 customers pay $1M for bitcoin payments. 60% of customer were new on overstock.com

Bitcoin transactions have a long way. Retailer’s financial statement indicates $397.6 million revenue during its fourth quarter. Just because of this news, overstock trading rises up to 4%.

This was basically an experiment, but with the result, overstock is happy with its decision.

Strangely enough, with the support of bitcoin ecosystem, overstock see significant gains with no drawbacks.

 

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