Author Archives: Satoshi

Man with Bitcoin, Mobile, Mining rigs

Heating Your Home with Bitcoin Mining Rigs: Pros, Cons and Real-Life Cases

Bitcoin mining is the process of using specialized computer hardware to validate transactions on the Bitcoin blockchain and earn rewards in the form of newly minted Bitcoins. This process requires a significant amount of energy and generates a lot of heat as a byproduct. In recent years, some individuals have started using their Bitcoin mining rigs to heat their homes as an alternative to traditional heating methods.

Advantages of using a Bitcoin mining rig for heating

Cost savings

One of the main advantages of using a Bitcoin mining rig for heating is the cost savings. Bitcoin mining can be a profitable endeavor, and the heat generated by the rig can be used to offset the cost of heating the home. Additionally, using a mining rig for heat can also help to reduce the overall carbon footprint of the home, as it eliminates the need for fossil fuels or other non-renewable sources of heat.

Flexibility

Another advantage of using a mining rig for heat is the flexibility it offers. Many mining rigs can be easily moved from room to room or even from house to house, allowing individuals to easily adjust the heating in their home as needed. Additionally, some mining rigs can be controlled remotely, allowing individuals to turn the heat on or off and adjust the temperature from anywhere using a smartphone or computer.

Real-life examples of using a Bitcoin mining rig for heating

Qarnot Computing’s QH-80 heating system

One real-life example of using a Bitcoin mining rig for heating is a company based in the United States called Qarnot Computing. They have created a heating system called “QH-80” that is specifically designed for this purpose, it’s a small, plug-and-play device that can be used to heat a room or small apartment. The device is equipped with several high-performance computing chips that can be used for both mining and heating, with the heat being distributed through a series of built-in radiators. The company claims that the device can heat a room of about 150 square feet for roughly $30 per month, which is significantly less than the cost of traditional heating methods.

Kristoffer Koch’s home in Norway

A third example is a man from Norway named “Kristoffer Koch” who became a millionaire by investing in Bitcoin early on. He invested 150 kroner ($26.60) in 5,000 bitcoins in 2009 and forgot about it. When he rediscovered his investment in 2013, the value of his bitcoins had grown to $886,000, he decided to use a part of his fortune to install a heating system in his house that runs on Bitcoin mining. He claims that it’s cheaper and more environmentally friendly than the traditional heating methods.

Heat4Mine: Bitcoin Mining for Heating in the Netherlands

Heat4Mine is a Dutch company that provides a solution for using the heat generated by Bitcoin mining rigs to heat homes. They have developed a system that captures the heat generated by mining rigs and uses it to heat water, which is then distributed through a building’s heating system. This allows homeowners to offset the cost of heating their home with the profits generated from mining Bitcoin. The company claims that their system is a more sustainable and eco-friendly alternative to traditional heating methods, as it reduces the need for fossil fuels. According to their website, they have been providing this service since 2017.

Disadvantages of using a Bitcoin mining rig for heating

Initial cost of setting up the rig

Despite these advantages, using a Bitcoin mining rig for heating does have some drawbacks. One of the main disadvantages is the initial cost of setting up the rig. Mining rigs can be quite expensive, and the cost may not be worth it for those who only plan to use it for heating. Additionally, the noise and heat generated by the rig can be quite substantial, which may not be suitable for some individuals.

Regular maintenance and reliability issues

Another potential drawback is the fact that the mining rig will require regular maintenance, which can be time-consuming and costly. Additionally, mining rigs are not always reliable and may break down or malfunction, which can be a major inconvenience for those who rely on them for heat.

Conclusion

Despite these drawbacks, using a Bitcoin mining rig for heating is becoming an increasingly popular option for those looking for an alternative to traditional heating methods. As the price of Bitcoin continues to rise, the profitability of mining also increases, making it a more viable option for those looking to offset the cost of heating their home. Additionally, as the world continues to focus on reducing carbon emissions and becoming more energy efficient, using a mining rig for heat may become a more appealing option for those looking to reduce their environmental impact.

It’s important to note that the profitability and cost-effectiveness of using a mining rig for heat will depend on several factors, including the cost of electricity, the current price of Bitcoin, and the efficiency of the rig itself. Additionally, it’s also important to consider the noise and heat generated, and maintenance requirements before making a decision. It’s also important to note that while this is a potential use case, it’s not yet widely adopted or popular. It’s still a niche application of the technology.

In conclusion, using a Bitcoin mining rig for heating can be a cost-effective and energy-efficient alternative to traditional heating methods. It can also help reduce carbon footprint and offer flexibility to adjust heating as per need. However, it’s important to weigh in the initial costs, maintenance requirements, noise and heat generated and the overall profitability before making a decision. As with any technology, it’s important to keep in mind that it may not be suitable for everyone, but for those who it does work for, it can be a great way to save money and reduce their environmental impact.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi
Bitcoin Mining, Coin

Exploring the Use of Geothermal Energy for Bitcoin Mining: Opportunities and Challenges in El Salvador and Beyond

Introduction

As the cryptocurrency industry continues to grow, the energy consumption of Bitcoin mining has become a concern for many. Bitcoin mining, the process by which new bitcoins are created, requires high computational power, which in turn requires a large amount of energy. This has led to an increased focus on sustainable energy sources for Bitcoin mining. Geothermal energy, a renewable and low-carbon energy source, is one potential solution to this problem.

Advantages of Using Geothermal Energy for Bitcoin Mining

Geothermal energy has several advantages that make it an attractive option for Bitcoin mining. Firstly, geothermal energy is a reliable source of power as it is generated from the Earth’s heat, which is constant and abundant. Secondly, geothermal energy is relatively low-cost compared to other forms of renewable energy. This can help reduce the overall energy costs of Bitcoin mining operations. Lastly, geothermal energy has a low environmental impact, making it a sustainable option for Bitcoin mining.

One example of a company that is successfully using geothermal energy for Bitcoin mining is Genesis Mining, one of the largest cloud mining companies in the world. They have a geothermal-powered mining farm in Iceland, which allows them to use renewable and low-cost energy to mine bitcoins. This has helped them to reduce their overall energy costs and increase their profits. Another example is the case of El Salvador, where the government is actively promoting the use of geothermal energy for Bitcoin mining through incentives and regulations.

Limitations of Using Geothermal Energy for Bitcoin Mining

While geothermal energy has many advantages, there are also limitations to using it for Bitcoin mining. One limitation is that geothermal resources are not widely available, and are mostly concentrated in certain areas such as Iceland and New Zealand. This can make it difficult for companies to access geothermal energy, especially if they are located in areas without geothermal resources. Another limitation is the high cost of setting up geothermal power plants. This can be a significant barrier for companies that want to switch to geothermal energy for Bitcoin mining.

Current State of Research and Development

Despite these limitations, the use of geothermal energy for Bitcoin mining is an area of active research and development. Companies such as Genesis Mining are actively researching ways to improve the efficiency and scalability of geothermal energy for Bitcoin mining. Additionally, research and development of geothermal energy for Bitcoin mining can help increase the availability of geothermal resources, making it more accessible for companies around the world.

Conclusion

In conclusion, geothermal energy is a promising option for Bitcoin mining. It offers several advantages such as reliability, low cost, and low environmental impact. However, there are also limitations to using geothermal energy such as limited availability and high costs. With ongoing research and development, it is likely that geothermal energy for Bitcoin mining will become more widely available and cost-effective in the future. Countries like El Salvador are showing how it is possible to use geothermal energy to power Bitcoin mining operations while reducing environmental impact. By promoting the use of renewable energy sources and providing incentives for companies, governments can play a key role in encouraging the sustainable development of the cryptocurrency industry.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi
Holytransaction Man holding bitcoin

The Role of Bitcoin in Building a Decentralized Financial System

Bitcoin, the world’s first and most widely-used decentralized digital currency, has an important role in building a decentralized financial system. One of the key advantages of Bitcoin is its potential for appreciating in value, thanks to its limited and predetermined supply. This can make it a potentially attractive investment, as it may increase in value over time.

In addition to its potential for growth, Bitcoin offers security and transparency through its distributed ledger, the blockchain. This means that transactions on the network are almost impossible to cheat or make fraudulent, making it a secure option for conducting financial transactions.

Bitcoin’s decentralized nature also means that it is not subject to the same risks as traditional currencies, such as inflation or government seizure. This makes it a useful option for individuals in countries with unstable currencies or high inflation rates, as it allows them to store value and make payments in a more stable and secure way.

The rise of DeFi, or decentralized finance, has also seen the development of a number of projects built on top of the Bitcoin network. These include RSK and tBTC, which allow users to access a wide range of financial services in a decentralized and trustless manner.

The Lightning Network, another layer built on top of the Bitcoin network, also offers users the ability to make fast and cheap transactions. This can make transactions faster and cheaper, and can also enable new use cases such as micropayments and instant payments. One such wallet that integrates with the Lightning Network is HolyTransaction, which offers a wide range of digital assets and other benefits such as an easy-to-use interface and fast and cheap transactions.

A leading project is Blockstream’s Liquid Bitcoin, also known as L-BTC. Liquid Bitcoin is a sidechain-based token that is pegged to the value of Bitcoin, allowing users to transfer value between the two networks quickly and securely. The Liquid Network is a federated sidechain that uses a consortium of trusted nodes to provide increased privacy and security for users.

Another project that leverages the Liquid Network is Fuji Money, a Lightning-enabled non-custodial synthetic asset protocol. Fuji Money allows users to create and trade synthetic assets, such as stablecoins or synthetic commodities, on the Liquid Network in a trustless and decentralized manner. This allows users to access a wider range of financial instruments and services, further expanding the capabilities of the decentralized financial system.

Overall, the role of Bitcoin in building a decentralized financial system is significant, thanks to its potential for appreciation in value, security and transparency, and ability to provide financial inclusion.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi
A hand holding a physical Bitcoin, with a digital Bitcoin displayed on the screen of a smartphone.

How bitcoin can help you take control of your financial future

Bitcoin is a decentralized digital currency that has gained popularity in recent years for conducting online transactions. HolyTransaction is proud to offer our users the benefits of using this innovative digital currency, including security, low transaction fees, and greater control over one’s own cryptocurrencies.

One of the key advantages of using Bitcoin for online transactions is its decentralized nature. This makes it a secure option for conducting transactions and protects against the potential for a single point of failure. In addition, each transaction is verified by the network of computers that run the Bitcoin software, making it virtually impossible to forge or counterfeit.

Another benefit of using Bitcoin is its low transaction fees. Because there are no intermediaries such as banks or credit card companies involved in the process, transaction fees are typically much lower than they would be with traditional forms of payment. This can be especially beneficial for those who conduct a large number of transactions, such as small business owners or online merchants.

In addition to these benefits, using Bitcoin can also offer users more control over their own money. Because it is decentralized and not controlled by any one entity, users are free to store, send, and receive Bitcoin without interference from third parties. This can be especially valuable in countries where access to traditional financial services is limited.

Another potential benefit of using Bitcoin is its potential for growth. Because there is a limited supply of Bitcoins, and the demand for them is increasing, the value of the currency has the potential to increase over time. This makes it a potentially attractive investment option for those looking to grow their wealth.

Of course, there are also risks associated with using Bitcoin. The value of the currency can be volatile, and there have been instances of large-scale attacks on Bitcoin exchanges. However, these risks can be mitigated by taking steps to protect your Bitcoin wallet.

At HolyTransaction, we are committed to providing our users with a reliable platform for buying and selling Bitcoin. With a user-friendly interface and low fees, HolyTransaction is the perfect place to start your journey with Bitcoin and take control of your financial future.

In addition to our exchange services, we also offer a range of other tools and resources to help our users make the most of their Bitcoin experience. Our educational materials and support team can provide guidance and assistance for beginners, while our user-friendly trading options are ideal for those just starting out with Bitcoin.

We are constantly working to improve and expand our services to meet the needs of our users. This includes the addition of new cryptocurrencies and features, as well as ongoing efforts to enhance security and user experience.

At HolyTransaction, our goal is to make Bitcoin accessible and easy to use for everyone. Whether you are a beginner looking to get started with Bitcoin or just want an easy and secure way to buy and sell the digital currency, we have something for you. Join us on our mission to help you take

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi
Benefits of Bitcoin Online Transactions

The Benefits of Using Bitcoin for Online Transactions

Bitcoin is a decentralized digital currency that has gained popularity in recent years for conducting online transactions. Unlike traditional currencies that are controlled by central banks, Bitcoin is not subject to the whims of any one entity, making it an attractive option for those looking to conduct transactions online.

One of the key benefits of using Bitcoin for online transactions is its security. Because it is decentralized, there is no central point of failure that attackers can target. In addition, each transaction is verified by the network of computers that run the Bitcoin software, making it virtually impossible to forge or counterfeit.

Another benefit of using Bitcoin for online transactions is its low transaction fees. Because there are no intermediaries such as banks or credit card companies involved in the process, transaction fees are typically much lower than they would be with traditional forms of payment. This can be especially beneficial for those who conduct a large number of transactions, such as small business owners or online merchants.

In addition to these benefits, using Bitcoin for online transactions can also offer users more control over their own money. Because it is decentralized and not controlled by any one entity, users are free to store, send, and receive Bitcoin without third parties.

Some other potential benefits of using Bitcoin for online transactions include:

Faster transaction times: Because Bitcoin transactions are processed on a decentralized network, they can be completed much more quickly than traditional bank transfers or credit card payments. This can be especially useful for people who need to make or receive payments quickly, such as when making an emergency purchase or receiving payment for a time-sensitive project.

Immutability: This means that once a transaction is recorded on the Bitcoin blockchain, it cannot be altered or deleted. This provides a high level of security, as it ensures that transactions cannot be tampered with or reversed without the consensus of the network. This feature also helps to prevent fraud, as it makes it difficult for someone to modify or falsify records. Overall, the immutability of the Bitcoin blockchain provides a level of trust and security for users of the network.

Greater global accessibility: Because it is decentralized and not tied to any specific country or currency, Bitcoin can be used for online transactions anywhere in the world. This can be especially helpful for individuals and businesses in countries with unstable economies or limited access to traditional financial institutions.

Overall, the use of Bitcoin for online transactions offers a number of potential benefits, including security, low transaction fees, and greater control over one’s own currency. As more businesses and individuals begin to recognize the potential of this cryptocurrency, its use is likely to continue to grow. In fact, the use of Bitcoin is already starting to become more widespread, with many online merchants and small business owners choosing to accept it as a form of payment.

One final note about using Bitcoin for online transactions is its potential environmental benefits. Because it uses a decentralized network of computers to verify transactions, it does not require the same energy-intensive processes as traditional money transfer services. In fact, many of the computers that run the Bitcoin network are powered by renewable energy sources, which can help to reduce its carbon footprint. This is in contrast to traditional financial systems, which often rely on fossil fuels and other sources of pollution. In this way, using Bitcoin for online transactions can not only provide security and convenience, but also contribute to a cleaner and more sustainable world.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi
El Salvador Adopting Bitcoin

El Salvador’s “Adopting Bitcoin” Conference as a Key Moment for the Bitcoin Industry

Emerging at the forefront of Bitcoin innovation, El Salvador is working toward achieving a level of financial independence and openness independent from a centralised banking system. El Salvador has paved the way for other nations to follow in its footsteps by becoming the first nation in the world to recognise Bitcoin as a legitimate currency.

To encourage worldwide collaboration and proliferate networking avenues for Bitcoin enthusiasts, El Salvador hosted the “Adopting Bitcoin” Conference over 3 days, between November 15 and 17. The event took place in San Salvador and at Bitcoin Beach and brought together members of the Bitcoin ecosystem from a multitude of states.

Uncovering the Objectives of the “Adopting Bitcoin” Conference

More than 110 speakers from over 30 countries discussed the most recent breakthroughs throughout the whole range of Bitcoin-related disciplines, including those pertaining to technology as well as economics.

In this setting, the presentation of the Bitcoin core engineer Jon Atack was a significant highlight, focused on technology and development, while the presentation of Mexican senator Indira Kempis will be the most famous name in the track focused on economics. The multi-stage event will be held in English, with Spanish translations provided in real-time for the most critical phases.

Bitfinex Pledges to Support El Salvador in Future Bitcoin Ventures

Paolo Ardoino, the Chief Technical Officer of Bitfinex, is one of the attendees at the crypto conference in El Salvador who gained the greatest notoriety. Arduino said in his statement that his company “would redouble its efforts to establish a free, unstoppable, robust, and open Bitcoin and technological infrastructure for El Salvador.

Overall, Bitfinex has committed to working closely with the government of El Salvador, which is currently mired in debt and is governed by President Nayib Bukele, to devise an appropriate regulatory framework for the cryptocurrency market and other digital assets in the nation. Ifinex, the parent company of Bitfinex, has agreed with the government of El Salvador to work together on developing a regulatory framework for digital assets and securities.

Adverse Circumstances are Met with Further Commitments by Bitcoin Supporters

While adverse market dynamics hindered the optimism around the event, there is a suite of conclusions that indicate the ongoing commitment of Bitcoin leaders and pioneering nations like El Salvador to still pursue the broader adoption of Bitcoin as a payment medium.

As the blockchain industry, as well as all the other financial sectors, witnessed in 2022, the price of Bitcoin and other cryptocurrencies declined primarily due to the Federal Reserve’s strategy of dramatically raising interest rates to curb rising inflation in the United States, which caused the cost of money to increase. Subsequently, the remainder of the decline was caused by a succession of events, including the bankruptcy of organisations involved in cryptocurrency trading and the collapse of currencies such as Terra USD. Large investors sold out these high-risk assets, precipitating a precipitous value decline.

“One Bitcoin Per Day” Plan Proposed by El Salvador’s President

El Salvador’s President, Nayib Bukele, announced that the nation would begin buying one Bitcoin each day starting with November 17, 2022. The use of dollar-cost-averaging (DCA) in Bitcoin transactions is widespread among the community, yet it is unprecedented for a nation-state. When Bukele’s proclamation was made, the nation possessed a Bitcoin treasury that included 2,381 BTC and had a worth of more than $39 million.

So far, Bukele has made it a pattern in the past to acquire a significant quantity of Bitcoin during periods of market instability and to “buy the dip.” This action would signal the end of a nearly five-month pause amid severe bear market circumstances and the collapse of Sam Bankman-massive Fried’s $32 billion FTX enterprise.

According to NayibTracker, Bukele made his most recent purchase of Bitcoin on June 30, 2022. At that time, he paid $1.52 million for 80 Bitcoins (worth around $1.33 million), which works out to an average price of $19,000 per coin.

Bottom Line

Overall, El Salvador’s “Adopting Bitcoin” conference serves as a reminder of the ongoing commitment of crypto pioneers and their belief in the long-term potential of this cutting-edge technological revolution.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi
Lightning Network in El Salvador and Lugano

Uncovering the Widespread Adoption and the Advent of the Lightning Network in El Salvador and Lugano

Acknowledging the unprecedented potential of Bitcoin’s Lightning Network, El Salvador and Lugano are two of the most significant adopters of this remarkable technological breakthrough.

El Salvador & Lugano Propel the Bitcoin Adoption

As a cornerstone moment for the Bitcoin economy, a memorandum of understanding (MOU) was signed on 28 October 2022 between the nation of El Salvador and the city of Lugano in Switzerland. Moving forward, the goal of the MOU is to increase the use of Bitcoin not only in their respective areas but also in the states and nations that are nearby.

Overall, the anticipated aims of the partnership include bolstering cooperation in education and research for both El Salvador and Lugano, assisting initiatives to promote the adoption of Bitcoin and other digital tokens in their respective regions, and encouraging the exchange of students and talent between the two countries.

Exploring the Innovation Brought by the Lightning Network

So far, the scalability of the Blockchain has been a significant barrier to the widespread acceptance of cryptocurrencies from their inception. The Lightning Network’s second layer introduces a cutting-edge solution to this matter, as it intervenes by processing transactions outside the first-layer blockchain mainnet while retaining the mainnet’s robust decentralized security model. By bypassing the official Bitcoin blockchain, the Lightning Network can grow Bitcoin transactions per second (TPS), charge reduced fees, and allow new use cases like micropayments.

In addition, the Lightning Network has the potential to bring financial inclusion and freedom to the developing nations involved, in part because it is a trusted and private network that does not require the participation of third parties or intermediaries. Moreover, it could also lessen the likelihood of governments enacting policies restricting the free flow of capital. It also helps people who do not have access to bank accounts by facilitating transactions in a manner that is almost instantaneous and free of charge, thereby making Bitcoin usable not only as a means of payment but also as a means of exchange.

How Lugano is Leading Crypto Adoption in Europe

Lugano appears to have the same goal as El Salvador: to have all local businesses routinely accept cryptocurrencies as a form of payment. However, Lugano does not appear to have the same goal as El Salvador of making Bitcoin or any other cryptocurrency legal tender. Although Lugano does not hold such a position in Switzerland, the city of 70,000 people did launch its Plan B programme approximately seven months ago to increase the use of Bitcoin.

In March of 2022, Lugano announced that it would be implementing the Plan ₿ Initiative. Additionally, the technology company Polygon joined as a critical infrastructure partner. Plan ₿ Foundation, a partnership between the City of Lugano and Tether, the technology company behind the public blockchain that supports the largest stablecoin by market capitalization (USDT), has been announced today. This partnership will allow Bitcoin, Tether, and LVGA payments to be accepted in the city of Lugano.

Tether and the city of Lugano have collaborated to create a Plan ₿ aiming to increase the use of Bitcoin and stablecoins throughout the city. This, in turn, is expected to have a beneficial effect on all aspects of inhabitants’ everyday lives. As a result, the city’s financial system will be revolutionized faster than ever, thanks to the widespread use of Bitcoin.

El Salvador – the Pioneering Nation in the Cryptocurrency

In 2021, El Salvador was the first country to acknowledge Bitcoin as a legal tender. Through this avenue, El Salvador became a pioneer in demonstrating how technologies such as Bitcoin, decentralized ledgers, and peer-to-peer networks can accelerate financial literacy and inclusion

Furthermore, Latin America appears to follow El Salvador’s lead and powering Bitcoin mining farms with natural resources (such as energy generated by geothermal activity). Countries of Costa Rica in Central America and Paraguay in South America are also heading in this direction.

Bottom Line

Since most people in Europe are not yet familiar with this idea, a closer relationship between El Salvador and a nation located in Europe could usher in uncharted territory.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi
dogecoin doge

Dogecoin gains 25% in a week! What is behind the move?

Popular cryptocurrency meme token Dogecoin ($DOGE) recorded record 25% gains in the last week as Twitter CEO continued to update his followers on what the future might have in store for the popular social media platform.

As well as the distinct possibility of Dogecoin being used for micropayments on the site, Musk was quick to remind his followers that all being well, lunar satellite DOGE-1 will be going in to orbit in the first part of the new year.

Alongside other lunar payload IM-1/NOVA-C, DOGE-1 is to catch a ride with the SpaceX Falcon 9 which is set to take off from the Kennedy Space Centre, Florida on January 14th 2023.

The Doge moon mission was first announced by Elon Musk in May 2021 but delays related to the IM-1 lunar lander have mean that the project has been pushed back. The renewed interest seems to be behind last week’s surge in the price of Dogecoin.

Improved efficiency

The price of Dogecoin currently stands at $0.094 which with a market cap of $12.5 billion makes the coin the 8th most popular cryptocurrency in the world today. Despite a recent drop of 4.5% over the last 24 hours the price action for Dogecoin over the last 7 days makes the coin one of the top movers in the past week.

Elon Musk’s relationship with Dogecoin is well documented with previous tweets by the newly installed Twitter boss having a profound and immediate impact on the token price. As recently as 25th November Dogecoin rose over 8% in as little as 24 hours after popular cryptocurrency podcast host David Gokhshtein told his 700,000 followers that he believed that Ethereum co-founder Vitalik Buterin would soon be working alongside Elon Musk to improve the efficiency of Dogecoin.

Interestingly, Mr Buterin commented that Dogecoin developers ought to think of transforming to a Proof of Stake based blockchain in September 2021 stating that the current Ethereum code can be easily used for such a transition.

Micropayment

How the future pans out is anyone’s guess but given recent events it may be safe to say that the future looks bright for DOGE. If the launch of the Doge-1 lunar satellite goes according to plan together with the much discussed possibility of DOGE being accepted as a micropayment option on Twitter then we may begin to see Dogecoin exceeding its record highs of $0.68 which were recorded in May 2021.

Of course, any price rise must take into account macro economic factors and the rising rates of global inflation but safe to say, Dogecoin is one of the most funny projects in cryptocurrency right now.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi
welcome holytransaction lightning network 2

HolyTransaction adds support for Bitcoin Lightning Network

HolyTransaction supports Bitcoin Lightning Network

Today, we are pleased to announce that HolyTransaction is adding support for swapping to Bitcoin on Lightning Network and thus introducing the ability to deposit and withdraw using Lightning Network.

By adding this capability, HolyTransaction is set to revolutionise the speed, cost and security of depositing and withdrawing Bitcoin on to its platform.

Lightning Network is a software stack which sits on top of the Bitcoin blockchain and, as the name implies, ensures faster and cheaper transactions for its users.

Other than super fast speed and lower fees users will notice a new format of address called invoice when they send or receive Bitcoin via the Lightning Network. The team at HolyTransaction reported that the integration has been successful and hassle free.

Lightning Network brings three essential product benefits to the HolyTransaction exchange:

Instant Payments. With the use of smart contracts security across the network is much higher and because the stack is built ‘on top’ of the Bitcoin network no transaction confirmations are required. This makes instant payments super fast, super secure and, of course, super cheap.

Scalability. The massive upscale in transactions per second eclipses any traditional legacy payment rail on the market today. Furthermore, payment ‘with click’ becomes a true reality as the need for financial custodians are eliminated.

Low Cost. Because Lightning Network does not interact directly with legacy Bitcoin infrastructure itself Lightning Network enables transaction with incredibly low fees. This in turn will stimulate economic growth in new and emerging markets.

In real terms this means Bitcoin deposits and withdrawals on HolyTransaction will be much faster and much cheaper when using Lightning Network.

At the time of press average costs for sending a Bitcoin transaction currently stand at around $2 with confirmation times of around 10 minutes. This clearly has limitations. However, a Lightning Network enabled transaction will cost less than $0.01 and take somewhere in the region of 1-3 seconds.

Adopting Lightning Network will make HolyTransaction more attractive for users who wish to send transactions with added security at much lower cost and super fast speed. HolyTransaction is happy to report that Lightning Network has been integrated for both desktop and mobile application versions.

Lightning Network was envisioned in 2015 and has seen significant growth throughout 2021 which has lead to it being regarded as the most popular layer 2 scaling solution on the market for Bitcoin today. With continued adoption Lightning Network may just help to finally realise the original Bitcoin goal of providing a scalable, fast and cheap financial payments network to the world.

The team at HolyTransaction believe the adoption of the Lightning Network is the logical step in the development of the platform. Lightning Network adoption will enable HolyTransaction to continue to provide a first class crypto trading experience and offer competitive fees with super fast finality times.

Need to open a channel to us?

021744d86987a91958461117cd9e7c0e3160f7b86de11f5998018f4b4984a5c330@54.194.246.117:9735

Lightning Network Node links:
1ML
Amboss

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi
cardano staking holytransaction wallet min

Earn Staking with Cardano (ADA)!

Cardano Staking ADA HolyTransaction

You can now leverage your ADA to help decentralize the Cardano network while earning financial rewards. Staking ADA has become much easier with HolyTransaction!

Key advantages to staking with HolyTransaction:

  1. Start staking instantly
  2. Payouts every epoch
  3. Exit easily from your staking position

Navigate to Staking inside your HolyTransaction account and follow the provided instructions.

What is Cardano’s Proof-of-Stake (POS)?
In contrast to the proof-of-work consensus mechanism that Bitcoin uses, some cryptocurrencies use an alternative model for consensus called proof-of-stake. So instead of miners creating new coins and verifying transactions as in the proof-of-work model, you have what are called stakeholders. Stakeholders are rewarded for delegating their ADA to stake pools that are managing block production.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Satoshi