buy bitcoins with a credit card

How can I buy Bitcoins with a credit card? Easiest, fastest and safest ways to buy BTC

2 ways to buy bitcoin in under 5 minutes with a credit card or debit card

How to buy bitcoin with CoinMama or Indacoin in just few minutes:
– Go to CoinMama or Indacoin
– Create an account so you can receive your receipts
– Choose the amount of Bitcoin you wish to receive and click on ‘Buy Now’
– Enter your Bitcoin wallet address
– Enter you credit card or debit card information
– Wait for the Bitcoin to appear in your wallet (it may take a few minutes depending on the network speed)

These are the 2 fastest and safest ways which you can purchase bitcoin with a credit or debit card if you live outside of the US.

I have personally tried both.

Affiliate Disclaimer

My experience

I remember how I had just decided to get into Bitcoin and how overwhelming cryptocurrency exchanges were at the time.

When I was just starting out, I found the cryptoexchanges too technical plus I had no clue what was the difference between Bitcoin and BitcoinCash let alone understand which symbol was for which currency.

There was Bitcoin, then BitcoinCash, there is also BitcoinGold …uhhh…BitcoinPrivate too?arrrgghh!!đŸ€Ż How do I get the real one?!!!! 

Will the REAL BITCOIN please stand up?

This is why I decided to find other ways to buy Bitcoin because I had no interest  in taking trading courses at the time nor do tech research on each cryptocurrency.

There were just too many of them!

Plus the exchanges required a lot of personal info before I could test out their services which I was not comfortable doing at the time.

All I wanted was to use the few extra hundred bucks which I would have otherwise used to buy shoes to BUY  REAL BITCOINs…

(Don’t judge me đŸ˜ł )

Anywho….I scoured the net for a long time and eventually found two quick ways to instantly buy bitcoin with a credit card or debit card for non-US and non-European citizens.

I have personally used both and would highly recommend both methods.

Is it for you?

  • You just want to buy Bitcoin fast ..
  • You don’t want to get in the tech of figuring out exchanges…
  • You don’t feel comfortable doing bank transfers to exchanges…
  • You find credit cards safer to do business…
  • Find waiting for cryptocurrency exchange KYC approvals aggravating…

If the answer is yes to any of these, then Indacoin and Coinmama are for you

Who are they not for:

  • Experienced traders
  • Those who have time to watch the market everyday
  • Those who own already own a lot of Bitcoin

IMPORTANT: Before moving forward make sure you already have a cryptocurrency wallet which supports Bitcoin. If you don’t, head over to Exodus and download their multicurrency wallet. It is free and extremely easy to use.

PRO TIP: The symbol for Bitcoin is BTC .

*Bitcoincash (BCH) is a different currency than Bitcoin just like the Australian Dollar (AUD)versus the US Dollar (USD)

Coinmama

Buy Bitcoin, Ethereum and other altcoins with a credit card or debit card

COINMAMA is Slovakia based company which was founded in 2013.

It was supports 188 countries except the US.

This is my personal favorite because it has a price slider which allows you to specify the exact amount you want to spend.

The experience is very similar to buying a product from a regular online store.

Features:

  • Immediate payment process
  • Minium of $100 or 86EUR
  • Fees:  Coinmama charges a 5.50% commision fee with an additional 5% processor fee (Visa or Mastercard)
  • Email Support

PROS: 

  • Transactions processed immediately
  • Transparent fees
  • Extremely efficient email customer support

CONS:

  • No chat support

It has also added other cryptocurrencies recently but I have not tested them out yet.

CLICK <> to BUY Bitcoin through COINMAMA

Indacoin

Buy Bitcoin and Ethereum instantly with your Visa or Mastercard

Indacoin is London based company and has been around since 2013.

I opted with them at the beginning because they were a UK-based company and offered live chat support…

The experience is extremely similar to Coinmama and I would say easier than buying something on Amazon.

Features:

  • Payment Processes in 30 minutes
  • Provides a calculator which states the amount of BTC you receive including the fees.
  • $100 maximum limit for new users which is gradually increased automatically.

My biggest criticism of this website is how they don’t clearly state the transaction fees.

PROS:

  • Chat Support

CONS:

  • Fees and rates not transparent enough
  • Poor email support

When I initially made purchases, I remember that there were negative reviews of users claiming they had not received their Bitcoin, but I believe that these users were not aware that the transaction could take some time if there is a too high volume of transactions on the network.

I did have to wait a few hours in 2017 because the Bitcoin network was slow at the time but I was not worried.

CLICK on our affiliate link to buy Bitcoins Indacoin:

https://satoshilibrary.com/indacoin

Note:

  • In both cases miners may charge an additional fee for powering the transaction.
  • Note that the processor fees may vary depending on your country

Final Thoughts:

I would recommend taking this anxiety of waiting as an initiation to decentralization.

You might even appreciate banks 😉

Though they do have higher transaction fees than exchanges, depending where you live, I think my time was worth the extra $10-15.

Let me know how it works out for you 😉
Cheers,
Marie
Founder of Satoshi Library

Owner of SatoshiLibrary

PS
Thank you for visiting!
And also, if you feel comfortable enough to give me your email, just enter it below and I just might send you an email one of these days 😉

Disclaimer: I am not a financial advisor and the information provided does not replace professional advice. Cryptocurrency prices are highly volatile as well as evolving very quickly. This post may contain inaccuracies, so please do your own research before placing money in any website. Thanks!

what is the best cryptocurrency wallet

5 cryptocurrency wallets everyone ought to know

The practical guide to cryptocurrency wallets

A cryptocurrency wallet is an encrypted digital wallet used to store cryptocurrency and blockchain tokens.

A cryptocurrency wallet will allow you to:

  1. Store cryptocurrencies and tokens
  2. Send your cryptocoins to another person
  3. Receive payments if you are merchant
  4. Make everyday transactions

crypto wallets explained

Choosing the best wallet depends on:

  1. The safety of your private keys.
  2. How you intend to use it.

There are cryptocurrency wallets which store only one cryptocurrency and those which store several types of cryptocurrencies and tokens.

Let’s discuss the types of wallets and who they are meant for:

1. Online Wallet

Online cryptocurrency wallets are online digital wallets which can be accessed online through your internet browser.

Some wallets like My Ether Wallet, or MEW for short, offer a browser extension which makes the wallet easily accessible.

Online crypto wallets are best for everyday transactions and are the preferred wallets of cryptocurrency traders.

Most cryptocurrency exchanges will offer you a free wallet on their platforms.

Pros:

  • Easy to set up
  • Easy to access
  • Free

Cons:

  • Fake websites are endlessly trying to phish your private key.
  • The platforms hosting the wallets are often subject to hacker attacks.
  • You can not disconnect from the network in case of attacks.
  • Cryptocurrency exchanges are the favorite targets of hackers to be sure to protect your private key with Metamask.

Who is it for?

  • Beginners,
  • New cryptocurrency traders
  • Small amounts of cryptocurrency

2. Desktop Cryptocurrency Wallets

A deskstop cryptocurrency wallet is a software which you download to your deskstop and can access offline.

Deskstop wallets are considered safer than online cryptocurrency wallets because if ever your computer gets a malware attack, you can easily disconnect your pc from the internet and stop the attack.

Desktop wallets are great for those who like to be able to easily access their cryptocurrency even if they are not using it everyday.

It is great mid-term storage of option.

offline cryptocurrency wallets

Pros:

  • Easy to set up
  • Easy to access
  • Less subject to attacks than online wallets
  • Safer for online purchases
  • Great for mid-term storage

Cons:

  • Regular updates
  • If your computer crashes you can lose your wallet if you did not save the private key.
  • Not practical to carry around.
  • Not a longterm solution
  • Might carry additional fees for its services

Who is it for?

  • Beginners
  • Those who want to flip a coin or token

3. Mobile App Wallet

A Cryptocurrency Mobile  Wallet is a digital wallet installed on your smartphone.

The mobile wallet is very practical to use for everyday transactions.

mo

Pros:

  • Very easy to install
  • Very easy to set up
  • Practical to carry around
  • Practical to make physical purchases

Cons:

  • Private keys get lost very easily
  • You can accidentally delete the app
  • Many mobile wallets are unreliable because the teams have not been updating them
  • Some terms and designs may be confusing for non-techs

Who is it for?

  • Shoppers
  • merchants
  • Beginners
  • Physical purchases in stores

4. Hardware Cryptocurrency Wallets

A cryptocurrency hardware wallet is a pendrive-like wallet which stores your private and public key.

The hardware wallet extremely versatile because they are easy to carry.

Pros:

  • Your private keys are completely disconnected
  • Less difficult to use
  • Multipurpose

Cons:

  • More expensive
  • Not all models are user friendly

Who is it for?

  1. Miners
  2. Experienced investors,
  3. People who lose paper wallets,
  4. Those who have accidentally deleted their mobile wallets
  5. Those who don’t trust Windows (like me)

5. Paper Wallets:

A cryptocurrency paper wallet is the private key and public key written or printed on paper.

The paper wallet guarantees full control over your private and public keys.

Paper cryptocurrency wallet

Pros:

  • A great back up system from your wallets other wallets.

Cons:

All the reasons you don’t keep valuable information on paper

  • Paper gets damaged over time
  • In some cases ink might not be visible after a few years
  • It is very easy to lose a piece of paper

Who is it for?

  • Those who don’t want to carry around all their cryptocurrency
  • Long-term investors or hodlers
  • Cryptocurrency Miners

My Thoughts:

Cryptocurrency wallets are above all softwares which allow you to access your private and public keys.

The best crypto wallet for you is ultimately the one which is most practical for you to use.
You might also want to be on the lookout for multucurrency wallet…

They are also great reflection of how this technology is still as its early stages.

Cryptocurrency Wallet meme

Cheers,
Marie
Founder of Satoshi Library

Owner of SatoshiLibrary

PS
Thank you for visiting!
And also, if you feel comfortable enough to give me your email, just enter it below and I just might send you an email one of these days 😉

Cryptocurrency Wallet : private key vs public key

Public Key vs. Private Key: What’s the difference?

Should you be giving out your Public Key or Private Key?

In simple terms, a cryptocurrency wallet is digital wallet which allows you to send and receive  cryptocurrency just like a regular bank account.

Public Key

The public key is the super long alphanumeric code or QR code which you give to another person in order to receive cryptocurrency to your wallet.

This address allows you to receive cryptocurrency without the other person being able to access the contents of the wallet.

The public key is also referred to as the receive address.

Unlike to private key, it is perfectly safe to provide your public key on a website or another 3rd party.

Private key vs public key

Private Key

The private key is the passphrase (11 word combination provided) when setting up the wallet.

Unlike the public key, you should NEVER give the private key to anyone.

It is similar to an account username with integrated password.

The private key is can also be described as the senders access code.

Which means that anyone with this private key can access the account and transfer the funds in that account.

This is the reason why hackers use all sorts of devious methods to get a hold of private keys hosted on websites and platforms.

Once a hacker has access to your private keys, they will be able to access your cryptocurrency and transfer its contents to another wallet.

As it is anonymous you won’t be able to track the hacker 🙁

Private key vs Public Key

Tips from the Pros:

  1. Always have a paper and pen ready when creating a new wallet so you can easily note the passphrase (public keys) as well as any additional passwords.
  2. If you are using a mobile wallet, take a screen shot of each page as you are creating the wallets so you can restore the wallet if you accidentally delete the app.
  3. Keep your private key and public key in separate places.
  4. Make several back ups (paper wallets).
  5. NEVER EVER give your private key to anyone.
  6. Avoid showing your private key in public areas or places with  cameras.
  7. Make several wallets for different uses.

For example, you can have one accessible wallet for everyday transactions, a different one for savings

To Conclude:

Remember that a “ cryptocurrency wallet” is above all a software which stores your private and public key.

Unlike your bank account you are solely responsible for the contents as well as its security.

Depending on from which perspective you’re looking at it, this could be a bad thing or a good thing.  😉

Cheers,
Marie
Founder of Satoshi Library

Owner of SatoshiLibrary

PS

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Get notified on the latest articles on our telegram news channel: CLICK HERE or follow @SatoshiLibrary on Twitter.
Talk Soon 🙂

What is cryptocurrency

The Ultimate Cryptocurrency Cheat Sheet for Dummies

Cryptocurrency 101

Are you wondering what on earth is a cryptocurrency but have no clue where to start?

The Basics:

Here are the 5 words you need to know:

I am going to make it very easy and simple for you.

occupation-1426385_1920

 

What is Cryptocurrency?

Cryptocurrencies are digital currencies, just like the US Dollar, Euro or Yen.

They work a lot like your online bank account or bank card transaction except they decentralized.

This means that the prices are not controlled by a central authority such as the government.

Transfers are done directly from one person to another just like cash transactions.

Cryptocurrencies have all the benefits of cash and digital transactions BUT with additional benefits.

You can send and receive any amount to anyone around the world instantly with very low transaction fees.

People opt for cryptocurrencies because they are cheaper than traditional bank transfers which can easily get as high as 30% compared to a few cents with crypto.

Bitcoin

Bitcoin is the first form of digital cash ever created. It is also the most popular cryptocurrency.

The reason Bitcoin gained so much popularity, is that it was released in 2009, during the global financial crisis.

In some countries of the world, people could not even withdraw their money from banks.

This was a time when no one trusted banks or governments.

Bitcoin has existed for around 10 years and has users around the world.

Blockchain

Blockchain is the technology which allows cryptocurrency to exist.

As the user sends crypto to another person through a network.

The transaction gets validated and verified on this network.

This process is done by thousands of remote computers in the network, they are called cryptocurrency miners.

The transfer is then published on a distributed public ledger called the Blockchain.

It is very difficult to modify a transaction once it has been entered in the ledger.

This is one of the reasons many big companies such as IBM are investing massively in blockchain technology.

Mining

This is how new bitcoin and other cryptocoins are created.

Cryptocurrency miners are the people all over the world who solve the complex arithmetic questions needed to verify and validate a transfer on the network.

The first miner to complete the transaction is rewarded cryptocurrency as an incentive.

The miners are very important and help sustain the network.

what is bitcoin mining

To sum up:

Bitcoin is the first form of cryptocurrency and blockchain is the technology that allows Bitcoin to exist.

Cheers,
Marie
Founder of Satoshi Library

Owner of SatoshiLibrary

PS

Liked the article?
Get notified on the latest articles on our telegram news channel: CLICK HERE or follow @SatoshiLibrary on Twitter.
Talk Soon 🙂

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Why banks are very interested in Blockchain technology

Blockchain Technology in banking- Why banks are investing

Banks and Blockchain Technology

The term ‘Blockchain Technology’ attracted a lot of interest after the success of Bitcoin.In simple terms, Bitcoin is a digital currency which uses blockchain’s distributed ledger to transfer value this is just like a regular bank.

But unlike banks, it does not have a middleman because it is decentralized.

Blockchain allows peer-to-peer transfer which means that you can send money directly to anyone around the world instantaneously.

Brief History

Blockchain has been around since the late nineties.

Satoshi Nakamoto was the first to use the blockchain technology with Bitcoin in 2009.

 

How blockchain will allow you to save a lot of money in banking fees

The current problem with bank and wire transfers.

Depending on where you live, a typical bank transfer of $100 can cost up to $30 and take 5-10 business days.

Though Western Union and Moneygram have made forex transfer faster, they are extremely expensive in some countries.

It is also impossible to send cash instantaneously to an employee or loved one who uses another bank in another country.

Paypal and Skrill introduced the idea of peer-to-peer, however, they do not support all countries.

And unfortunately for users, Paypal has increased its transaction fees in April 2018.

Why are banks so interested?

Peer-To-Peer

Cutting out the middlemen will not only save time but will help both the customers and the bank save a lot of money in transaction fees.

Now, let that sink in


Blockchain in Banking

Using Blockchain Teachnology for Business Identity and Compliance

Banks have to adhere to strict regulations and anti-money laundering guidelines.

This is also known as KYC (Know Your Customer).

Therefore the ability for businesses to prove their identity more efficiently and accurately, is extremely attractive to banks.

This will make safer and easier for businesses to access customers’ accounts for payment gateways.

Secondly, blockchain will also give customers control over their private data and information.

This will in turn make identity verification easier because all the information will be from one source.

The experience can be compared to posting a letter at the post office and sending an email.

What’s the future of block technology in banking?

Despite blockchain technology having been around since 1991,  blockchain is still considered at its early stages.

The good news is that in 2017, Accenture did a survey involving 32 banking professionals and they found out that 9 out of 10 banks were exploring block chain.

So to conclude, let’s remember that Internet started development in the 1960.

Whereas the world wide web was invented in the 1980s.

And just like the internet, blockchain technology stills needs to grow and evolve a lot more before gaining mass adoption.

Dogecoin explanation for beginners

What is Dogecoin? The Best Guide For Beginners

What is Dogecoin?

Introduction

Dogecoin is a decentralized cryptocurrency created by Jackson Palmer in December 2013 with the help of software engineer Billy Markus.

Jackson’s initial intention was to poke fun at the all the cryptocurrencies which were being introduced at the time.

Dogecoin gained huge popularity with the picture of a Shiba Inus which was also a widely popular internet meme at the time.

dogecoin explained for beginners
The Doge Meme Coin

Basic Info:

Doge is slang for ‘dog’.

Dogecoin stood out from other cryptocurrency with its dog mascot which also made it appear more fun and approachable than other existing cryptocurrencies.

Dogecoin’s popularity grew with the introduction of the Dogecoin tipper which allowed Reddit users to easily tip other users.

The Dogecoin Community has also funded many charities and this further increased its popularity.

Some Slightly More Technical Info:

  • Almost instantaneous transfer.
  • Faster than Bitcoin.
  • There is no supply limit.
  • Dogecoin is a fork of Feathercoin which is also a Litecoin Fork.
  • Unlike Bitcoin, Dogecoin is an inflatory cryptocurrency.
  • Litecoin miners get dogecoin as rewards (Namecoin).
  • The code used on cryptocurenncy exchanges : DOGE, symbol: Ð and D

Jackson Palmer says that the Doge meme has also made cryptocurrencies more approachable to a broader audience such as women and children.

How to get started?

Dogecoin Wallet

The first thing you need is a Dogecoin wallet or a multicurrency crypto wallet that supports Dogecoin.

You can download a free Dogecoin wallet here:

NOTE: Exodus no longer support Dogecoin

 History

Price Chart:

Dogecoin value from the beginning
Dogecoin Price Chart since 2014

How it all started

Jackson Palmer, an engineer at Adobe System in Sydney, Australia, tweeted that he we was going to invest in ‘Dogecoin’ to his 100,000 twitter followers as a joke.

He came up with the name Dogecoin by taking the name of the doge meme, which was named as “Know your Meme” 2013 meme of the year and adding the word ‘coin’ because of all the new cryptocurrencies which were popping up at the time.

Dogecoin creator

Who created Dogecoin?

He did not think much of it at that time but word spread and Billy Markus from Portland Oregon reached out to him.

Billy was already working on a similar project and offered Jackson Palmer to make the Dogecoin project a reality.

Dogecoin gained more adoption when Josh Mohland created the (now discontinued) Dogetipbot, a tipping system on for reddit users.

how to send doge reddit

[caption id="attachment_568" align="alignnone" width="300"]how to receive doge by reddit How to receive Dogecoin with dogetipbot

February 2014 – Jackson Palmer announced in Github that Dogecoin would have an unlimited supply.

April 2015 – Jackson Palmer said that he would be taking an ‘extended leave of absence’ from the Dogecoin community.

However, he returned to the cryptocurrency world in 2018 with an education youtube channel.

The Dogecoin Charities

The Dogecoin community has hosted many fundraising events through its non-profit organization The Dogecoin Foundation.

The first fundraising event which drew attention was to help the Jamaican Bobsled Team go to the Sochi Winter Olympics.

Water for Dogecoin
Doge For Water

Other noteworthy causes are:

  • Doges4kids  – Which helps provide dogs for children in need
  • Experiment.com – West Virginia Water Contamination Relief and Study
  • University of South Alabama study on Virginia chemical spill – study and help recovering from this disaster.
  • Doge4Kashmir – Help flood victims in the Kashmir, India region.
  • Ghana Medical Help -Supply Northern Ghana hospitals with urgently needed basic medical equipment.

NASCAR

In March 2014 reddit users noticed that race car drive Josh Wise was racing an unsponsored car.

Within a week, the Dogecoin Community had raised $55,0000 or around 67 million Dogecoins.

Several weeks later Wise drove the Dogecar.

Nascar race car sponsored by dogecoin
The DogeCar

Faucets aka Doge Watters Bowls

What is a doge faucet?

A dogecoin faucet is a website that collects dogecoins from other users, then giveout  those coins to other users.

Dogecoin faucets  provide free dogecoins to beginners while introducing them to the dogecoin cryptocurrency.

Cryptocurrency faucets usually require that the users carry out a small task in exchange.

via GIPHY

Top Dogecoin Faucets

  • Dogcoin Folding at Home
  • DogeFaucet.com
  • EarnCrypto.com
  • The Dogecoin Barker – A client based Dogecoin faucet
  • Faucet Kennel
  • Eobot

Remember that cryptocurrency faucets are provide only negligible amount of cryptocoins but definitely not a way to make any serious income.

Dogethereum (DOGX)

The Dogecoin Fork Explained

According to the Dogethereum website, the Doge+ethereum cryptocurrency is a hard fork of Dogecoin except it on the Ethereum Platform.

Users who bought Dogecoin before March 30th 2018, will automatically get access to DOGX in their Dogetherium Wallets.

Dogethereum explained

Features:

  • DOGE 10.000:1 DOGX
  • No premine
  • No ICO
  • Algorith Ethash
  • Minable coin

Dogethereum users will not be able to use Ethereum Wallets like Mist and MEW, which are incompatible with DOGX but instead use the Dogethereum Wallet.

What does the DogecoinCore Team Think?

Here is their Twitter reply:

The DOGE-ETH-Bridge

In very simple terms,  TrueBit is a protocal, whichallows dogecoins to be sent to through the Ethereum platform.

The dogecoin are burnt and dogetokens are received in exchange.

Doge + ETH bridge

Dark Days

The Dogewallet Hacker

On December 25, 2013 Dogecoin experienced its first major theft when a hacker stole millions of dogecoins from the dogecoin online wallet

Molah Exchange Scam

Moolah was a cryptocurrency exchange run by someone under the name of Alex Green who became an important player from early on in the dogecoin community by going on generous dogecoin tipping sprees and giving hundreds of dollars for no reason.

He then convinced the dogecoin community to invest in his project in exchange for a ‘slice of pie’ in Moolah.

However, the project failed and then Green disappeared with $2-4 million of Dogecoins. It was later revealed that Alex Green was an alias and Ryan Kennedy was his real name.

The Future

What started as a joke quickly grew into a huge fundraising medium.

The Dogecoin Cummunity is one of the main driving forces behind this cryptocurrency.

But at the end of the day, remember the creator never intended for this cryptocoin to gain any significant value or even so much popularity for that matter.

The Core Devs are supporting the network but the set up still appears to be volunteer based.

Resources

Twitter Accounts

The Dev Team @dogecoin_devs Official

Twitter account @dogecoin Jackson

Palmer @ummjackson Whitepaper

What are smart contracts

What are Smart Contracts? A Non-Tech Explanation

Smart Contracts

What are Smart Contracts?

Smart Contracts are a “way to create complex transactions between untrusted individuals”, Mark Pascall, during a presentation in New Zealand.

How do they work?

They work a lot like vending machines except they can do a lot more.

  • The vending machine accepts the coins in exchange for the product.
  • It returns change to the customers.
  • Also any body can buy products from a vending machine.
  • The vending machine has several mechanisms to protect the coins from thieves.

The concept of smart contracts was created by Nick Szabo in 1996 who was also the founder of BitGold.

Ethereum smart contracts

Ethereum

Ethereum Explained

Ethereum is a decentralized blockchain network which runs the smart applications.

The Ethereum Blockchain needs ether to power the smart contracts.

Developpers use a software called solidity to create smart contracts.

Vitalik Butaren introduced the ethereum project in 2014 as a two-in-one decentralized. software development platform and mining network

Ethereum Cryptocurrency

Cryptocurrency Ethereum vs Ether (Gas)

Ether is both a cryptocurrency as well as the ‘gas’ which powers the smart contracts.

Ethereum (ETH) is the 2nd most popular cryptocurrency after Bitcoin.

DApps (Decentralized Applications)

DApps are often confused with smart contracts.

Simply put, dapps are the ‘infrustructure’ that run the smart contracts.

We could also compare them to the vending machine manufacturer.

ERC20

In simple terms, Erc20 is like a template for developpers.

ICOs prefer using ERC20 tokens for their ICOS (Initrial Coin Offerings) because everything has already been created for the developpers which makes it easier to set up.

Other Blochain platforms which have smart contract features are:

The Future

Unfortunately at this time, smart contracts are not used to their maximum potential.

Smart contrast are mostly used for Initial Coin Offerings which just once of their functionalities.

Nevertheless, many companies are very keen on the idea of digital asset transfer.

Let me know if this info was helpful for you đŸ˜‰

Cheers,

Marie Founder of Satoshi Library

Owner of SatoshiLibrary

PS

Thank you for visiting!

And also, if you feel comfortable enough to give me your email, just enter it below and I just might send you an email one of these days 😉

 Disclaimer: I am not a financial advisor and the information provided does not replace professional advice. Cryptocurrency prices are highly volatile as well as evolving very quickly. This post may contain inaccuracies, so please do your own research before placing money in any website. Thanks!

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Bitcoin cryptocurrency: Potcoin vs Cannabiscoin

Weedcoin Coin Review : Potcoin vs Cannabiscoin

POTCOIN vs CANNABISCOIN

Why not use Bitcoin or ETH?

Cannibiscoin and Potcoin are both are derived from the Bitcoin protocol and in simple terms, this means that have similar technical specifications to Bitcoin.

Because of their names, the marijuana market identified more easily to Potcoin and Cannabiscoin.

This facilitated the adoption of these digital coins.

Potcoin and Cannabiscoin are also more affordable to users than Bitcoin and Ethereum.

The Current Problem in the US Marijuana Industry

As of 2018, 9 states have legalized the sale of Marijuana for both medical and recreational but the federal government still considers any association with cannabis illegal.

As a result, shop owners and medical marijuana dispensaries do not have access to bank accounts and basic banking facilities.

In fact, the businesses and dispensaries carry a lot of cash-in-hand and they are often victims to theft and burglary.

And because of this, they have to keep their cash in vaults or armored vehicles to avoid getting robbed.

Cannasbiscoin vs Potcoin review - The Problem with the marijuana industry is that the shop owners and businesses are forced to keep their money in vaults and armored vehicles

Potcoin and Cannabiscoin are both trying to solve these banking limitations while governments figure out how to catch up.

Brief Market Overview

A recent article on Forbes Magazine( based on a report from Arcview Market Research) reported that most of the world legal sales of Marijuana comes from the US.

However, the UN’s International Narcotics Control Board reported that the UK produces and exports 44.9% of the world’s total export.

Nonetheless, the  U.S. Legal Marijuana industry is booming as the states are gradually recognizing the industry.

Canada is also expected to legalize recreational cannabis in 2018 and this is likely to considerably impact the market according an INBC report.

Finally, cryptocurrency investors are particularly interested in them because they are very sensitive to news.

Cannabiscoin and Potcoin are technically very different

Potcoin vs Cannabiscoin

How are they similar?

  • Potcoin and Cannabiscoin are derived from Bitcoin.
  • The are both also trying to solve basic banking problems the US Cannabis market is currently facing.
  • These two cryptocurrencies can both  have the potential to solve the budgeting problems states because returns and taxes will be monitored more efficiently through blockchain technology.

Cannabis coin and Potcoin were both founded in 2014 while honoring 402 during their launch.

  1. Potcoin was created on January 21,2014 exactly at 4:20 p.m through Github.
  2. Cannabiscoin was created on 20 April 2014 but launched on May 2014.

To conclude, Potcoin and Cannsbiscoin both want to be the official Cannabis coin of the Marijunana industry.

Cannabiscoin(CANN) –#Yes we CANNBitcoin is the cryptocurrency of which Potcoin and Cannabiscoin are based off

Mission: The CannabisCoin is a peer-to-peer cryptocurrency for the Cannabis Community.

Cannabiscoin Facts:

  1. Cannabiscoin is based off the Bitcoin Protocol and forked from Peercoin.
  2. It is backed by Marijuana Exclusive Strains which means that each coin is backed by real Medical Marijuana Grown by Cannasbiscoin Marijuana Cultivators (CANNdy).
  3. The Cannabiscoin creators tweaked this coin’s algorithm to be ASIC resistant.

Cannabiscoin can easily mined by basic hardware which means that anybody can mine the coins with a simple computer.

Cryptocurrency investors are very interested in Cannabiscoin and Potcoin

Potcoin (POT) – Bigger and Bolder 

Mission (potcoin.com):

Potcoin aims to become the banking system and infrastructure this industry so desperately needs.

To be the digital currency that allows cannabis enthusiasts to interact, transact, communicate and grow together.

Potcoin Facts:

  1. Nearly identical to Litecoin which means that they are easier to use for everyday transactions.
  2. Potcoin offers Staking (5 % interest).
  3. Potcoin has 800 ATMs in Over 35 Countries as at Oct 2017.

The risks of buy on investing in weedcoins :

Before investing in these weedcoins, it is important check the latest legal legislations in your home country.

Remember that even though crypto currencies are not be regulated in your country, cannabis is still considered an illicite substance in many countries.

So the local government may consider the possession of these coins illegal as a form of drug trafficking.

Potcoin and Cannabiscoin might be illegal in some countries

 

 

what are litecoin

What is a Litecoin?Everything you need to know to get started

What is a Litecoin ?

A Litecoin is a digital coin or cryptocurrency similar to Bitcoin except transfers are faster. It is referred to as the ‘Digital Silver’ and Bitcoin ‘Digital Gold’.

Charlie Lee , the Litecoin Founder, wanted to create a solution to complement Bitcoin just like Silver is to Gold.

As a result Litecoins were designed for everyday transactions.

Litecoin is a fork of Bitcoin which means was copied from Bitcoin Core (original Bitcoin) software and then modified.

Litecoin features

  • Bitcoin and Litecoin are technically very similar except for a few tweaks.
  • Litecoin is a transaction friendly cryptocurrency. In fact, Litecoin transfers faster than Bitcoin which makes it ideal for small-size purchases because of the faster transaction confirmation.
  •  LTC or XLT are the Litecoin symbols on the exchanges.
  • Charlie Lee created Litecoin in October 2011.
  • Litecoin is non-inflationary digital coin.
  • The Litecoin Foundation is registered in Singapore as a non-profit organization.
  • 1 Litoshi = 0.000 000 01 LTC or one millionth of a Litecoin

Where can I get Litecoin?

The safest and most secure way to buy Litecoin is through cryptocurrency exchanges.

Here are 5 exchanges I recommend to buy litecoin

  1. Coinbase
  2. Bitpanda
  3. Paxful
  4. CEX.io

If you are looking for a safe and easy solution, I would also recommend checking out this article on how to buy litecoin with a credit card

What can I buy with Litecoin?

You can buy a wide range of products with Litecoin including airplane tickets, clothing, spices and even coffee.

There are over 60 merchants who currently accept Litecoin and registered on the official Litecoin website.

These merchants and their industries can be viewed on Litecoin.org

Storing your litecoin

Just like cash you need a wallet to store your Litecoins.

Except in the case of litecoin, you need a digital wallet.

A cryptocurrency wallet works a lot like a online bank account.

what are litecoins

Set up a wallet

You can download a special Litecoin Wallet to hold only your Litecoin.

However, I recommend using a multicurrency wallet like Exodus.

It a very secure and easy-to-use cryptocurrency wallet for beginners .

It also solves the problem of having a separate wallet for each cryptocurrency.

Protip: to write your passphrase (private key) on paper as soon as you finish the installation so that you can you can always access the wallet in the future.

Who is Litecoin for?

The team designed Litecoin to facilitate adoption among merchants and smaller transactions.

What is a litecoin

Advantages of using litecoin for merchants

  1. Almost instantaneuous transaction confirmation from both the buyer and the seller.
  2. The merchant does not need to deal with charges backs because charges can not be reversed.
  3. Litecoin has feature which allows a website to use the computing power of the user to mine litecoins.
  4. The average litecoin block takes 2.5 minutes but if they wish for a more secure transaction, the merchant can wait for all 4 blocks.
  5. Just like any other cryptocurrency previously closed markets around the world are now accessible.
  6. Litcoin founder, Charlie Lee, said in an interview that merchants were encouraged to provide an additional discount to customers as they are paying less in transaction fees.

Cons of Litecoin

1. As it is unregulated in many part of the world many banks refuse to work with businesses which are associated to cryptocurrency

2. Though cryptocurrency has gained a lot hype, peer-to-peer transfers are still new.

  1. Many people might find it easier to pay with bankcards.

Processing transactions (Mining)

  • Only 84 million Litecoins can be ever be created or mined.
  • Both Bitcoin and Litecoin can be mined at the same time.

Litecoin Mining Explained for beginners

 Litecoin Mining vs Bitcoin Mining?

What’s the difference between mining Litecoin and Mining Bitcoin?

LITECOIN VS BITCOIN

LITECOIN BITCOIN
Transaction Time 2.5 minutes 10 minutes
Coin Limit 84 million 21 million
Coin Generation halved every 840,000 Blocks halved every 210,000 blocks
Proof of work Scrypt SHA-256
Premined 150 0

Is Litecoin Mining Profitable?

Check if is it profitable for you to with Litecoin Mining Profitability Calculators:

CoinWarz

Controversy

The biggest concern of the Litecoin Team was that ASIC miners are becoming a form of centralization so they designed Litecoin so that it would be inefficient to be mined with Asic miners.

However, Bitmain has released a new antminer capabable of mining Litecoin

Recommended: How does cryptocurrency mining work?

The History of Litecoin

On October  7th 2011 Charlie Lee, an ex-Google Employee  announced on BitcoinTalk forum that he had created Litecoin which is a ‘Lite’ version of Bitcoin. He was also the Director of Engineering at Coinbase.

As the specifications of Litecoin where similar to Bitcoin, Litecoin does not have a whitepaper, however, Charlie Lee highlighted its differences in a post in BitcoinTalk.

Litecoin was launched on Thursday Oct 13, 03:00 GMT.

Charlie Lee (Litecoin Founder)

Litecoin was created by ex-Google employee Charlie Lee and was launched in October 2013.

After that, Charlie Lee became the unofficial spokesperson for Litecoin.

On December 20th 2017, Charlie Lee announced in a Reddit post  that he had sold all his Litecoin.

He felt that whenever he tweeted Litecoin prices or bad news, the LTC prices either rose or fell as a result.

So by selling his coins, he felt that he would be in a better position to speak about Litecoin without influencing the prices.

Charlie Lee had also promised to continue to support Litecoin and has kept his promise so far.

Despite his coin begin very successful, Charlie Lee said, in several interviews, that he regrets not keeping his anonymity like Satoshi.

Why did Litecoin do better than all the other altcoins?

The Litecoin founder said that he wanted to create a coin which took all the benefits of the previous altcoins without their disadvantages.

Litecoin Price History

what are Litecoins
LTC/USD Price History

What is the Future for Litecoin?

In a recent interview, Charlie Lee mentioned that the supply of Litecoin might increase so as miners will still be provided incentives .

He also hinted that he might leave the Litecoin Team so that the coin would be truly decentralized.

What is a Litecoin Faucet?

A Litecoin faucet is a reward system.

User are required to fulfill very basic tasks to receive free litecoins in exchange.

The tasks usually involve entering your name, email address, enter a login page and then your Litecoin address (see above), enter captcha and claim reward.

The rewards are extremely negligable but it is the only way to earn Litecoin without any hardware or financial investment.

what are litecoins

Litecoin Faucet Terms:

  • Litoshi: A Litoshi is similar to the Bitcoin’s Satoshis. A Litoshi works a lot like cents for dollars or euros except that one Litoshi is one hundred millionth of a Litecoin.
  • 1 Litoshi = 0.000 000 01 LTC
  • Microwallet: A microwallet is a payment system used which helps users store their Litoshis each time they are paid. The user can then withdraw the Litoshis to the Litecoin Wallet. Microwallets also help identify fake faucets and help prevent withdrawals from the Litecoin Wallet.
  • Revisit Time: This is the limit imposed by the website on how many times a day the user can claim Litoshis.

Top 3 Litecoin Faucets  :

Note: Many websites claiming to be faucets very often do not pay out or require users to reach a certain amount before they are paid.

Forks: Litecoin Cash

Litecoin Cash is a hard fork of Litecoin.

Despite having similar names, the LitecoinCash team and Litecoin team are not affiliated nor associated with each other.

They also have technical differences:

LitecoinCash vs Litecoin vs Bitcoin
LitecoinCash (LCC) Litecoin (LTC) Bitcoin (BTC)
Maximum Supply 840 Million 84 million 21 million
Distribution Mining, Claiming Mining Mining
Algorithm SHA256 Script SHA256
Blocktime 2.5 minutes 2.5 mins 10 mins
Claim Ratio 10:1

Other facts:

  • The Litecoin Cash, Lead Developer admited to Coindesk that he named the project LitecoinCash to draw more attention to the project.
  • Litecoin Founder Charlie has not been a big supporter for LitecoinCash because he felt that the LitecoinCash Team where banking on user confusion:

what are litecoins -litecoin for beginners

Chickun Rising by Reddit user @Mikeross14 

What are bitcoins - how do bitcoins work

What is a Bitcoin – The Easiest Guide for Beginners

What is a Bitcoin? 

So what is a Bitcoin exactly? Bitcoin is the world’s first cryptocurrency ever created. Bitcoin is Peer-to-peer electronic cash system like Paypal meaning you can send and receive Bitcoin, or BTC instantly to anyone from any country.  It runs on a distributed ledger system called the Blockchain and the transactions are powered and verified by users all around the world. Bitcoin has been around since 2009 and was created by someone under the pseudonym of Satoshi Nakamoto. 

Bitcoin for dummies

Bitcoin works like the dollar

  • Bitcoin is the world’s first decentralized digital currency and works just like Paypal, Internet Banking or money on your bank card
  • Decentralized means that it is not run by any government, company or individual
  • You can send Bitcoins to any one around the world
  • It is both a currency and payment system.

Affiliate Disclaimer

How to store your Bitcoin

First you need a wallet to store your BTC.

You can get a dedicated Bitcoin Wallet or you can get a multicurrency wallet which allows you to store other cryptocurrencies such as Litecoin or Ethereum.

I would recommend getting a multicurrency wallet instead of one wallet for each currency. 

So if you do not already own a cryptocurrency  wallet, head over to Exodus.io, download their their wallet.

It takes less than 5 minutes to set up.

How to send bitcoin to another person

  1. Ask the other person to give you their BTC wallet address
  2.  Enter the amount and click send

How to receive BTC

Give the other person your BTC Address (also known as public key)

Please include attribution to satoshilibrary.com with this graphic.

How to get started with Bitcoin

Feel free to share this infographic on your site 😉

 What can I buy with Bitcoin?

There are a few marketplaces similar to Amazon where you can buy or sell products with Bitcoin:

Here are 5 of the major companies who are accepting Bitcoin as payment

  1. Paypal
  2. Subway
  3. Shopify
  4. Microsoft
  5. Etsy

2017 has also seen a surge of Bitcoin Merchant Directories and Listings like CoinMap.Org.

Why aren’t more businesses accepting Bitcoin as payment

  1. Tax Filing –Due to the lack of regulation, many businesses are having a hard time to account for cryptocurrencies
  2. Users prefer to hold (or HODL) onto their Bitcoins instead of spending them

Pros of using Bitcoin over traditional banking systems:

  1. The recipient immediately receives the bitcoin even if they are in another country
  2. It is a peer-to-peer payment system, meaning that users send money directly to each other without a bank acting as an intermediate.
  3. Lower transaction fees
  4. Payments are irreversible
  5. Transactions are anonymous (No need to provide names, emails, account numbers , ID numbers, phone number etc)
  6. There is no price manipulation by the government 
  7. Transactions can not be duplicated or changed

Cons of using Bitcoin:

  1. Many governments have banned Bitcoin
  2. In countries where Bitcoin is not regulated, banks and financial institution avoid doing business with crypto-related business
  3. Cryptocurrency exchanges are the favorite targets of hackers due to the anonymity

Where can I buy Bitcoin?

Here are 3 ways to get Bitcoin

1. With a creditcard or debit

2.Cryptocurrency exchanges:

3. Local Listings

How are Bitcoins created?

The process of creating new Bitcoins is called mining.

In simple terms, mining is the process of verifying Bitcoin transfers in exchange for Bitcoin as rewards.

Mining is the process of validating transactions on the bitcoin network by answering a series of math problems The users and computers powering the network are know as the miners.

How Bitcoin mining work?

Bitcoin is also a payment system as well as a currency.

The transactions are powered on the bitcoin payment network.

First a person sends BTC to another persons, the transaction then gets verified by a series of complex math questions by other users on the network.

Finally, the system rewards the users who have helped solve the problems in form of BTC. 

Related article: How does cryptocurrency mining work?

Is Bitcoin Mining Profitable?

Here are some facts to consider:

  • Limited Supply: Only 21 million bitcoins can ever be created
  • Scarcity: Every 4 years, the amount of bitcoin which can be mined per year is halved
  • Randomness: The network randomly rewards miners every 10 minutes
  • Efficiency: Bitcoin mining can be done through CPU, GPU or Asics Miner

Please include attribution to satoshilibrary.com with this graphic.

What is bitcoin mining and how does it work

Feel Free to share On Your Site 😉

 

What is the Value of Bitcoin?

BTC Price History

Bitcoin founder Satoshi Nakamoto mined the first Bitcoin in 2009.

He also priced the Bitoin mining energy required to created a bitcoin which was around 10cents at that time.

The price has gradually increased and reached an all time high of $20,000 in Korea and Japan in late 2017.

what are bitcoins - bitcoin price history

Bitcoin History

Who created bitcoin ?

Satoshi Nakamoto , or someone under than pseudonym, started working on the code 2007 and mined the first block in January 2009. He (or they) also founded Bitcointalk forum as well as the Bitcoin.org domain.

Though,  it is still unclear if Satoshi Nakamoto is an actual person, team or pseudonym, Craig Wright claimed that he was the real Bitcoin founder.

However, he has never been able to provide concrete proof.

Why it’s not important

The creator of Bitcoin designed the system in a way that it would work entirely on its own.

  • Demand and supply of bitcoins determine its price
  • The code is open source, so the users can work on the code to improve it.

As a result, the Bitcoin Network does not need one person to exist nor grow. 

Who is Bitcoin For?

The First users of Bitcoin

  • The first Bitcoin users were the computer nerds who had extra computers who liked the idea of using their spare computers to mine these cryptocoins knowing they may or may not make any profit.
  • The next users that followed were the stock traders who saw the money making potential.

The future users of Bitcoin

Users sending large sums of money and want to save money on transaction fees

  • Peer-to-Peer transactions eliminate the bank and intermediaries which in turn reduce transaction fees consequently hidden fees.

Those who like the idea of a limited supply of Bitcoin

  • Many people don’t like the idea of central banks ‘printing money’ whenever they feel like it and consequently worry a lot about hyper inflation.

Political Reasons

  • There are a lot of people who don’t trust fiat currency because of the government making the decisions. So, they like the idea of the market determining the price on demand and supply.

Those who wish to stay anonymous

  • Charities and donations (Bitcoins is what allowed wikileaks to survive when Paypal cut off its services)
  • Gambling websites
  • Drugs and weapons

 Final Thoughts

Digital currency is nothing new and we are gradually transitioning to a peer-to-peer system

You won’t be able to truly understand the impact decentralization and the implications unless you own your first bitcoins.

The system works exactly like exchanging any foreign currency meaning you can buy $100 worth of Euros or Bitcoin- Makes sense? 😉

Let me know if this info was helpful for you đŸ˜‰
Cheers,
Marie
Founder of Satoshi Library

Owner of SatoshiLibrary

PS
Thank you for visiting!
And also, if you feel comfortable enough to give me your email, just enter it below and I just might send you an email one of these days 😉

Disclaimer: I am not a financial advisor and the information provided does not replace professional advice. Cryptocurrency prices are highly volatile as well as evolving very quickly. This post may contain inaccuracies, so please do your own research before placing money in any website. Thanks!
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