4 Places Where Bitcoin Can Actually Be Used
Bitcoin has transitioned into a stage of its evolution at which it is viewed almost entirely as a commodity. We discuss how to store it, compare it to gold, consider its long-term value, and generally treat it as a financial asset – even, to some extent, like a stock. This is perfectly appropriate given that the cryptocurrency’s volatility, as well as constantly wavering government positions on regulation, have kept it from being adopted as a widely used currency. The argument is over as to whether it is “more” currency or “more” commodity. It is the latter.
What sets bitcoin apart in some respects though is that it never did have to be one or the other. Consider the comparison to gold again. You may hold a stash of gold as a long-term protection of a chunk of your assets, and with the hope that it will appreciate in value. But you can’t exactly buy something online by chipping off a piece of gold (which in most cases you don’t even hold in a physical sense) and handing it over. This is true of most major investable commodities – but it is not true of bitcoin. As you’re likely aware, there are still places that it can be used like ordinary money, even though it is best viewed as a long-term vehicle.
For those interested, the following are among the most noteworthy places you can actually use the cryptocurrency for practical purposes.
1.) Travel Booking Websites
Bitcoin made something of a loud entry into the travel booking business when it was accepted by Expedia and Air. These were among the biggest or at least best known companies to embrace cryptocurrency early on, and even though Expedia has since renounced cryptocurrency, the notion of using bitcoin for travel-related costs caught on. Travel platforms accepting bitcoin or other cryptocurrencies still include various air travel and hotel booking companies, which means people are free to address what are often some of their biggest expenses in a given year via cryptocurrency.
2.) Microsoft Gaming
Fairly early on in bitcoin’s expansion to the mainstream, it was attached to video games, not necessarily through Microsoft so much as Steam. An online service that allows people to download a gigantic range of games, Steam was in some ways a perfect vehicle for purely digital transactions. However, the services topped accepting bitcoin due to volatility. In the meantime, Microsoft kept right on accepting cryptocurrency and is now one of the more significant companies doing so. In particular, Xbox-related purchases through Microsoft platforms can be conducted via bitcoin.
3.) Gaming
gaming is an interesting category, because it is almost like its own separate gaming industry. It’s comprised of and table games, digital slot arcades, roulette, and more, and in some cases a site will also have an included sportsbook. Payment options vary greatly, with some sites requiring credit card information and others using payment processors; in some cases, games are presented for free play as well. However, there is now a small but growing list of online sites that do take cryptocurrency deposits, and which also issue crypto payouts. It’s not a stretch to say that in short time bitcoin could be the norm for this particular form of entertainment.
4.) Shopify
Shopify is a more specific mention here, but feels like one of the more significant areas for bitcoin adoption, simply because it represents a busy, peer-to-peer marketplace. The fact that bitcoin can be used to buy goods via Spotify indicates that in some cases people prefer it when dealing with other people, rather than companies, and opens the door to all kinds of potential crypto marketplaces in the future.
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Beginner’s guide to Bitcoin and Blockchain technology
We are very happy to publish this beginner’s guide to Bitcoin and Blockchain technology provided by Bitcoinfy team.
As you might know, Bitcoin is the first ever decentralized cryptocurrency. It’s fungible, portable, divisible and irreversible. The Bitcoin was firstly invented by the name SATOSHI NAKAMOTO in the year 2008 and it was later published as an open source in the year 2009. But the person or group behind the invention have no traces of identity as the bitcoin was published by an unknown person or group using the alias Satoshi Nakamoto.
After the invention of Bitcoins many cryptocurrencies emerged out, where some used the same system and structure of bitcoin and others implemented the structure and made better digital form of currency. They are often termed as ALTCOINS which means Alternate coins of bitcoin.
To record all the transactions of the bitcoins a public ledger called BLOCKCHAIN has been invented. The blockchain plays an important role, the whole bitcoin network completely relies on the blockchain.
Now you are ready to start reading the infographic!
Learn and Enjoy.
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Battle of ROI: Should You Invest in Shares or Cryptocurrencies?
Investment opportunities are a dime a dozen in the digital world, but unsurprisingly, cryptocurrencies are among the most interesting prospects aspiring investors are looking at. Unlike their traditional counterparts such as gold, stocks, traditional currencies, and other, cryptocurrencies and the blockchain platform they reside on offer a chance at the big leagues for any investor that makes the right move at the right time. However, that doesn’t mean that established assets shouldn’t be ignored.
Bitcoin has turned eight years old this year, and the now mature digital asset has had a strong ROI rate throughout its life, fueled by its constant and steady adoption around the globe. With outstanding payouts that topple some of the most lucrative investment assets on the market, it’s time to take cryptocurrencies more seriously.
However, there are a number of factors that make shares a strong and secure investment opportunity that cryptocurrencies might not be able to match. Let’s consider the market trends and help you discern between shares and cryptocurrencies as viable investment prospects.
The potential of the cryptocurrency market
Through trial and error, through success and failure, Bitcoin has become a sound investment portfolio option. Out of the six previous years, Bitcoin has yielded a great return on investment and will only continue to rise in the months and years to come. With the computational networks becoming more secure and stronger than before, and with the coming of flexible and reliable wallet services, it only stands to reason that modern investors should look towards cryptocurrencies as viable investment opportunities.
Even though investors have had difficulties penetrating the market over the years because of the inherent volatility of the market and the unpredicted growth and fluctuations, modern market trends indicate a more secure investment arena for the upcoming period. The increase in market liquidity, regulatory oversight, and overall security is making Bitcoin and other cryptocurrencies more appealing to investors worldwide, as well as countries willing to adopt the cryptocurrency as a new method of payment in select instances.
A case for the stock market
The stock market is a veteran among investment assets and remains one of the most stable markets on the planet. Buying a share in a company that is operating profitably will grant you smaller or greater returns over a number of years, depending on the fluctuations in the market and the worth of the company’s stocks. You can choose to invest in a range of businesses varying in size and equity though a broker or an investment fund.
Over the last year, though, profitable small cap stocks have made a boom in the industry and created a lucrative investment arena that aspiring investors should take into consideration when planning their next big move. Even though major tech companies continue to garner the attention of the investment world, small cap stocks prove to be an easier way into a stable market and show a great potential for grand financial returns in the years to come. However, financial return should not be your only guiding star.
Regulation and governmental oversight
One of the greatest concerns for any investor is whether or not the market in question is safe and stable enough for storing assets without them vanishing into the abyss with no prior warning. It’s a well-known fact that the cryptocurrency market is not regulated by any traditional means, but rather is was envisioned and still serves as a public ledger that works as a decentralized data management system – a system where every transaction is stored.
This means that the cryptocurrency market is not regulated by any governmental body, nor is it recognized by legislature or financial institutions. As such, cryptocurrency transactions cannot be influenced, capped, reserved, or identified by third parties. However, this creates a possibly volatile investment environment the stock market is protected from.
The stock market is one of the safest investment markets in the world. The fact that it is extremely well-regulated by federal law and financial institutions ensures a higher level of security and accuracy, while the strict vetting process for participants from both sides ensures transparency for investors. All of this works together towards creating a safe investment arena, and it also helps make sound forecasts in terms of market fluctuations, giving more control to the investor.
The security of assets on the blockchain
With all of that said, it’s important to note that Bitcoin has never been hacked, nor is it likely to get hacked any time in the future. The projected amount of computing power and time needed to crack into individual transactions and wallets is almost impossible to replicate in real-life scenarios, and so blockchain stands tall as the most secure platform on the web.
While it is true that Bitfinex and Mt.Gox have been hacked in the past, nowadays the cryptocurrency game offers far more superior security options to its investors. With cryptocurrencies, the assets you store in your wallet are safe. This cannot be said for other investment assets, as every digital trading game has its set of liabilities and risks the hackers can exploit.
Investors are constantly looking for emerging opportunities and lucrative assets that will yield a high ROI over a specified number of years, and both the stock market and the crypto market offer a good chance of a high return on investment. That said, the stock market offers a more stable and well-regulated investment arena, whereas cryptocurrencies offer extreme returns to those who invest in the next big project.
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Some have always known, some were not ready yet.
With the first creative campaign “Not a Myth”, we at HolyTransaction target the new Crypto-generation with an almost-irreverent and fresh concept, while blinking an eye to our fellow old-school Believers.
It’s the year 9 after Bitcoin.
And today, we are proud to stand still in front of all our customers and supporters, announcing a new era for our common venture. Launching our first creative campaign. Reaching out to new shores.
We are here to empower people, and engage the world in the greater adoption of this new and exciting technological revolution. And so far, we made the most popular digital currencies accessible, storable, tradable, and secure for every user in our community, all from one single account.
Now, it’s time to celebrate.
Follow us on our official twitter account @holytransaction and get to know everyone in the Crypto-Pantheon at https://holytransaction.com/landing/not-a-myth.html
Holy transactions are not a myth anymore.
About HolyTransaction:
HolyTransaction SA was launched in 2015 and since then it provides crypto enthusiast with the most complete and user-friendly platform to store and exchange multiple currencies. Indeed, in its first five years of business HolyTransaction already managed to make 25 of the most popular digital currencies accessible, storable, tradable, and secure for every user in our community; all from one single account.
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Bitcoin payments, who accepts them?
BTC Accepted here
A short infographic on industry acceptance of BTC
Cryptocurrencies skyrocked in 2017.
Everybody has heard for sure some friends speaking about it or read news about blockchain revolutionary potential.
The topics mostrly discussed are the highs and lows of crypto prices, the volatility of it, the mindblowing innovation and projects, the best places where buy cryptos or authority’s point of view on them.
But here’s one of the most interesting topics, that sometimes is left unexplored:
Who is actually accepting Bitcoin payments?
This is a very good question which can give a more thoroughful perspective on how companies look at the crypto-world; and that can help everyone understanding the potential spread of the blockchain philosophy.
In fact companies like Shopify, Subway, and Tesla have fully accepted Bitcoin payments, and you can pay for any of their products or services with them. However, even if a company doesn’t support Bitcoin, there are some creative ways to buy their best products with it. For example, Gyft.com will help you buy Nike shoes with Bitcoin, while Expedia has embraced this cryptocurrency altogether.
To better understand who accepts bitcoin payments, we are happy to share with you this amazing infographic provided by our friends of 16Best.net
Enjoy the reading
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Bitcoin explained to the next generation
Almost everybody in the world who has access to the internet has heard of Bitcoin, even small children. However, hearing about it and actually knowing what it is are two different things.
This is why our friends from mikesgearreviews.com realized and then shared with us an exceptional infographic.
Indeed, Cryptocurrency is a complicated matter which some adults can’t even comprehend, much less kids. But it’s also possible to teach some basic concepts to non-techie people too.
Here’s a new way to teach children about Bitcoin’s values and logics in a way that is easy for their inquisitive brains to understand.
Enjoy this analogies and remember to keep you mind fresh. Get in the shoes of a five year old now:
Credits:
Infographic from mikesgearreviews
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5 Gold Trading Lessons for Today’s Cryptocurrency Investors
For people who have traced the movements of Bitcoin since its inception, it’s hard to believe that it has only been around for less than a decade. As discussed here on HolyTransaction, the world’s first cryptocurrency has had a wild ride so far, from the downright bizarre (two pizzas for 10,000 BTC) to the extremely exciting. As of the start of the year, Bitcoin’s market cap was valued at $280 billion (€226 billion), with cryptocurrency like Ethereum following at impressive valuations of $90.4 billion (€73 billion).
These figures make investing in cryptocurrencies incredibly tempting, but also quite daunting. With such a young market, there aren’t a lot of set rules or trends that can help guide you on your investment journey. This is where looking at similar trading commodities like gold and other precious metals come in. After all, FXCM explains that gold trading is simultaneously one of the oldest and most exciting ways to invest in global markets, and this remains true whether in times of war and turmoil or peace and prosperity. With the right focus and lots of discipline, there’s plenty of wisdom to be uncovered from looking at the history of gold trading.
Whether you’re a beginner looking to dip your toes into the cryptocurrency pool or an experienced trader hoping to build your wisdom in Bitcoin investing, here are five golden lessons for today’s cryptocurrency investors.
Diversify, diversify, diversify!
This tip seems basic, but focusing on a single trading commodity remains one of the most common mistakes investors make. A conservative position in gold investing means a maximum of 10% gold in your portfolio, and this is something that you can keep in mind when investing in cryptocurrencies. This can not only protect you from unexpected Bitcoin price dips, but can also open up better growth opportunities with lower risks and good returns. From the over 1,300 different cryptocurrencies in existence, This is Money recommends looking into altcoins like Litecoin, Monero, and Dash this 2018.
Stay calm in the face of volatility.
Gold can easily swing by a hundred pips and reverse every few minutes, which means trading in gold requires a certain degree of thick skin and steel-like determination. These are also very handy when trading cryptocurrencies, which are infamous for their volatility. In crypto-speak, be ready to “HODL”, or hold on for dear life (your coins), even when everyone else is panicking.
Set a loss limit.
Be sure to set acceptable loss limits for your investments and avoid buying too much. Financial Times reports that even a trusty commodity like gold has its own set of risks, which means it’s healthy to set stops for each individual trade for a maximum allowable loss that you are comfortable with. Invest only what you can stand to lose, and keep evaluating your trading strategies to learn which cryptocurrencies are best suited for you.
Keep your eyes on the prize.
Whatever your feelings are about shiny yellow metals or blockchain-enabled digital currencies, Forbes claims that these are still commodities that can be sold when prices are high and bought when prices are low. Focus on market trends and see where the prices are heading, and use these to inform your decisions. Pay attention to cycles, growth patterns, and market potential to make decisions, instead of which cryptocurrencies everyone else is buying.
Security and safety is a must.
Last but not least, invest only on trusted trading platforms and certified services. Millions of people have been victimised by gold-related scams and fraudulent brokers over the years, and it’s important to carry the same level of vigilance when carrying out cryptocurrency wallet transactions. Keep your money and investments safe with your free digital wallet here at HolyTransaction.
Do you have any other tips for cryptocurrency trading? Let us know in the comments below!
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Send to Bitcoin SegWit bech32 addresses!
SegWit on HolyTransaction
We are very excited to announce that HolyTransaction has implemented support for Bitcoin bech32 address formats on its platform. You can now enter a bech32 address when sending bitcoin from HolyTransaction. When depositing, you can also transfer the bitcoins to HolyTransaction from a bech32 address. HolyTransaction is the first web wallet to implement the native SegWit address format.
Native SegWit address bech32
Bitcoin bech32 addresses start with “bc1”. Segwit bech32 format has some technical benefits over the already used SegWit address format, which includes decreased transaction fees and increased throughput. Moreover, the new address format is case-insensitive and consists only of lower cases so the chance of typing an error is lower.
SegWit
SegWit makes it possible to rearrange the information in a block. Consequently, the block can contain more information and it makes transaction processing more cost-effective. Therefore, the blockchain can process much more transactions per second. This is a big step for the entire cryptocurrency community.
We believe this improvement will be welcome by the community. Tell your friends!
Check your wallet and try it out.
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You can’t leash the DOGE
When ideas and community purpose matter more than the last fin-tech innovation.
Dogecoin is a cryptocurrency, a form of digital money that like bitcoin, enables peer-to-peer transactions across a decentralized network.
If you’ve spent any time on the internet during the last decade, you shall have heard of the Doge meme: the iconic Shibe, barking comic sans quote like, “so scare,” “much noble,” “wow.”
At the peak of the meme’s popularity near the tail end of 2013, Palmer, an Australian marketer for one of the world’s largest tech companies, made a joke combining two of the internet’s most talked-about topics: cryptocurrency and Doge.
It was a joke taking aim at the bizarre world of crypto and at the recent coin-naming hype.
“Investing in Dogecoin,” Palmer tweeted, “pretty sure it’s the next big thing.”
And the tweet got a lot of attention.
So the joke became a true play.
He bought the Dogecoin.com domain and uploaded a photoshopped Shibe on a coin. Adding a note on the site: If you want to make Dogecoin a reality, get in touch.
And this is just the tip. So, If you are interested in knowing the greatest detail of Dogecoin history, we bet you’ll like this article by Alex Moskov published at CoinCentral.com
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Bitcoin vs. Litecoin: What makes them different?
When it comes to cryptocurrencies, one name stands out from the rest: Bitcoin. Bitcoin is the gold standard upon which all the other cryptocurrencies, cumulatively known as altcoins, are evaluated. And that’s rightly so because Bitcoin is the most popular, the biggest in terms of market capitalization and so far, the one most likely to break into mainstream use. But among the contenders for the throne, one cryptocurrency that closely resembles Bitcoin and the earliest altcoin is Litecoin. It was created primarily to be a “lighter” version of Bitcoin. In fact, many people refer to it as ‘silver’ to Bitcoin’s ‘gold’.
Why is that the case? An attempt to answer brings us to the issue of Bitcoin vs. Litecoin, exactly what we are trying to explore here. Let’s point out the similarities as well as explain the differences between these two cryptocurrencies.
A brief history
Bitcoin was created by Satoshi Nakamoto who released the Bitcoin whitepaper in 2008, before Bitcoin Core was launched on 3rd January 2009. On the other hand, Litecoin was created by Charles Lee and released on October 7th, 2011.
Price and Market capitalization
Whereas Bitcoin and Litecoin share a lot in terms of their blockchain protocols, the same cannot be said about their prices and market valuation. We could say both are dependent on the market trends and user flexibilities, but the variation isn’t even close. Today, bitcoin commands the largest market share, dominating by 42% of the total market capitalization to stand at $163 billion. BTC trades at $9636 against the USD and was at its all-time high of $19,535 on Dec 17, 2017. Bitcoin has a current circulating supply of 16,914,275 BTC against a maximum supply of 21 million coins.
Litecoin, on the other hand, is ranked 5th on coinmarketcap.com with a market cap of $10.4 billion. Its price today is $187, though it climbed to an all-time high of $366 on 19 December 2017 when its market cap was also just shy of $20 billion. Incidentally, Litecoin on that day had a daily volume of an incredible $2.3 billion. The circulating supply of LTC is currently 55, 592,093 LTC with a maximum supply of 84 million LTC.
When compared in terms of Market capitalization and price valuation, Bitcoin is 10x bigger or more than Litecoin. The same applies to popularity and use. While they both function as a store of value and can be used to make payments for goods and services, Bitcoin is accepted by far more companies and individuals than Litecoin.
Coin supply and transaction speed
Bitcoin and Litecoin differ in terms of the maximum coin supply. While Bitcoin’s total supply is capped at 21 million coins, Litecoin will have a total of 84 million coins. Though they differ in this aspect, both coins are deflationary, and their coin trajectory may appear similar. Another similarity is that both coins are divisible into smaller parts that enable micro-payments for goods and services. The smallest Bitcoin part is called a “Satoshi”.
But the two coins do differ in relation to the amount of time it takes to generate a new block. Litecoin block generation is halved after every 840,000 blocks, which is four times more than bitcoin at 210,000 blocks. For Bitcoin, a new block is generated after approximately 10 minutes. However, Litecoin miners use about two and half minutes to generate a new block. This results in the variation of transaction speeds between the two coins.
Due to having a faster block time, Litecoin’s network is normally able to confirm transactions much faster than Bitcoin. For instance, it would take 10 minutes to confirm four transactions on the Litecoin network, whereas the same amount of time would be just enough to verify one block of transactions on the Bitcoin network. Bitcoin has been implementing changes to its protocol to scale better and increase transaction speed.
It is expected that Lightning Network will make Bitcoin faster. However, Litecoin will look to implement the same protocol as it often times, does with every Bitcoin update.
Mining algorithms
Mining is a very vital component of cryptocurrency, precisely those that use the proof of work mining consensus mechanism. What we said earlier about block generation essentially amounts to the concept of mining. Basically, mining refers to the addition of new blocks to the main chain on the network to form a “blockchain”. Cryptocurrencies utilize different cryptographic algorithms to secure transactions on the blockchain. Bitcoin uses the SHA-256 algorithm that allows for the use of ASICs (Application Specific Integrated Circuits) for mining.
This hardware equipment came to replace the GPU and FPGA miners. Bitcoin mining is a complex activity but can be summarized as the solving of computational math problems to verify and secure a new block to the blockchain. Bitcoin miners (nodes) get rewarded 12.5 Bitcoins for every new block. One criticism leveled at bitcoin mining is that the process consumes a lot of energy resulting in massive electricity bills.
Mining is also an important aspect of Litecoin. Scrypt is the mining algorithm used on the Litecoin network. The Scrypt algorithm is designed to be resistant to customized ASIC miners due to its memory-hard nature. This makes mining Litecoin a lot easier as you can do it using a CPU or GPU. however, there are concerns that Litecoin’s CPU/GPU mining days may be soon over as ASIC miners targeting the Scrypt algorithm have been developed by companies like Zeus and Flower Technology. While miners on the Bitcoin platform get rewarded 12.5 BTC for every new block, Litecoin miners get 25 LTC for every new block validly added to the blockchain. It should be noted that mining Litecoin is relatively cheaper than bitcoin, but Bitcoin could be more profitable for those with the right equipment.
Conclusion
Bitcoin and Litecoin share a lot in common when it comes to the functional aspect of being stores of value. However, Bitcoin beats Litecoin on numerous fronts, specifically on price valuation and market adoption. Naturally, bitcoin would be an attractive coin for investment, but if you are looking for an affordable crypto with the potential to grow then Litecoin could be it.
This Article was provided by our friend Ronni Martelli
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