Adidas Wilson's Blog, page 26

How to Use Bitcoin

Bitcoin is a devolved digital currency where one does not need an intermediary party such as a bank to buy, sell or exchange. Satoshi Nakamoto created it after realizing the need for an electronic payment system, which majored in cryptocurrency. It is the most popular among the many cryptocurrencies in the world.

One needs to buy from an online exchange to get started with bitcoin. This means that you also need a wallet to help store the bitcoin.

It can also be used for investment with anticipation of selling it later when the prices are high.

This article will elaborate further on how to use Bitcoin and enable our readers where to start a successful trade.

Purchasing Bitcoin

When buying bitcoin, there are several tips that you need to know as you gain experience in the cryptocurrency world. Some of these are.

Start with buying small amounts of Bitcoin- One can buy bitcoin from many online sites such as Spectrocoin and Indacoin. The first transactions are limited, but the limits keep rising with subsequent purchases.

But still, for a start, you can buy Bitcoin directly without having to open an account, so long as they are within limits.

Buy Higher amounts of Bitcoin from an Exchange– Trading exchanges such as Coinbase are widely used to buy bitcoin and if you intend to make huge purchases, choose the best-rated exchanges online.

When creating a trading exchange account, you must submit relevant documents for verification and be allowed to trade for higher limits. This method is much safer than buying bitcoin because your wallet account has passwords known to you alone.

Purchase Bitcoin Using a Bitcoin ATM in your area– Bitcoin ATMs are spread in major towns where you can insert your currency in exchange for bitcoin. When you purchase, a link will be sent to your email notifying you that the bitcoin has been transferred to your online wallet for use.Sell your Products or services using Bitcoin to increase your Portfolio– With the increased use of bitcoin, suppliers are now using it to make sales. This is done by opening a bitcoin shop, where you create awareness among your customers that you accept bitcoin for your services. An example of such a site is OpenBazaar.Use Peer Groups to Buy Bitcoin- Several Online traders buy and sell bitcoin for profit. Before engaging in any of them, confirm that they are legitimate and enquire if they can carry out an offline transaction. These peer partners can be obtained from exchanges such as https://localbitcoins.com/.

If they agree to work with you offline, do not meet in private places, especially if you do not know each other, for your safety.

Mine Bitcoin– Bitcoin mining is possible. However, they require one to have mining equipment which is relatively expensive to buy. However, some companies offer these services and pay you according to the hash rate per coin mined.Opening A Bitcoin Wallet

A Bitcoin wallet is a program or a device that stores private keys (Passwords) for cryptocurrency transactions. This process can be done in a wide variety of ways. Some of them are;

Creating a web wallet- Web wallets are easy to use if you wish to make frequent online transactions. This wallet is like other online wallets. You only need to register and transfer the bitcoin but, most importantly, secure it using additional layers of security. Among the best hybrid wallets with unique security layers is the Copay, which one can use in different wallets.Use your Mobile Wallet to access your Bitcoin– Smartphone phones have apps that enable you to access your wallet—if you wish to use your bitcoin wherever you are, then download some of these apps, such as the Bread wallet and Airbitz.Using a Hardware Wallet for an Enhanced Security-These are physical devices, also known as cold wallets, where you buy and store your bitcoin, more so if it is meant for investments. The price of these ranges depends on security and size.

Some of these include the Trezor, which is among the best rated and costs roughly $109.

If you do not want to buy one, you can improvise your own, such as an old iPhone, though you need to ensure it is specifically used for storing Bitcoin only.

On the other note, it is recommended that if you wish to store different cryptocurrencies, then buy a hardware wallet that integrates multiple cryptocurrencies.

Download Software Wallets- A software wallet is recommended for more control, especially if you want to use the wallets. The software wallet allows you allows you complete the transactions independently. However, the speed of the transaction depends on the blockchain, which can take even two days to complete.

Some of the software to give priority when downloading include.

The bitcoin Core- this is the original Bitcoin wallet, though slow and has fewer features. But since it does not depend on external servers, it is more secure.Armory- This wallet has advanced features with a high technological build ensuring security enhancement.Use Paper Wallets for Long-term Investments– At times, using a paper wallet is more secure, specifically when making a long-term investment. 

A paper wallet has your bitcoin address, which you can print the QR code and scan whenever you want to use your bitcoin.

However, it has its limitation, such as being prone to get lost and fire, which one could lose an entire investment.

Enhance Additional Security for Your Wallet– As much as a wallet looks secure, it is important to have additional security to prevent hackers from accessing your account. This can be done by having regular backups – for example, using a different hardware device and securing it in a lockable cabinet.

You can also add the 2-factor Authentication code, which you will be prompted on every login.

In the event of a paper wallet, print several QR codes and store them in different areas as a backup.

Confirm the Existence of your Public and Private Bitcoin Address– These addresses are used to receive or send bitcoin. Your wallet should provide these addresses, which can be a stream of numbers, or a QR code, which you can send to the person sending Bitcoin to you to allow sending.Only Use Public Address for Bitcoin Transfer- When you buy bitcoin, you must sell it at once. A public address is used to perform this transaction. Use the send option in your wallet to insert the wallet address provided by the receiver.

Receipts of the same vary from one different version to another.

Bitcoin Transactions Completion.

Now, with all this information, you are good to complete the transactions, and this can be done using the following steps.

Transfer the Bitcoin to a wallet of choice- As mentioned, bitcoin is used as a means of exchange. If making purchases, the transaction can only be completed by transferring the Bitcoin to the wallet. A mobile wallet is preferred for such transactions so long as the services offered are compatible with your wallet. One such app is the BitPay app, which is effective in transfers.Make Payments to Merchants- In this case, the merchant will provide you with the public address, which you will scan or copy to send the Bitcoin to their wallet.

Note: Bitcoin transactions incur fees associated with the network. The fee can either be charged to your account or could be part of the payment you are making to the client.

Confirm the Transactions– When the Bitcoin is sent, the transaction is sent to the blockchain awaiting receipt from the merchant. This takes at least 30 minutes to go through.

A Point to Note: Once bitcoin is sent cannot be reversed. Before sending, confirm that the address is correct to avoid losing any.

Which are Popular Ways of Using Bitcoin?

There are plenty of ways to use Bitcoin. Some of them include.

Trading Bitcoin with Other Currencies– Diversification of cryptocurrencies is essential. In case one goes down, you stand to benefit from the active one. Using bitcoin to buy other currencies can be one of the ways you can use your portfolio. For instance, using Bitcoin to buy Ardor, among others.Buying Gift Cards– Because of the popularity experienced in Bitcoin, many websites that deal with gifts accept people to make payments using Bitcoin. Some retailers that accept this type of transaction include Amazon, Target, and Starbucks.Making Online Purchases- Major retailers in the world are now accepting Bitcoin. Examples are Microsoft, Shopify, and Etsy, among many others. With this growing trend, you do not have to worry about how to make your purchases when you have your wallet on your phone.Holding Bitcoin-Holding Bitcoin works the same way as the stock exchange. However, it is important to note that cryptocurrencies are highly volatile, and the risk of holding can be high. But then, risk takers maintain for a period in anticipation of appreciation and sell it when prices are high and on demand.

It is important to be wary of online scam sites that can promise high returns by holding in their wallets and losing your portfolio.

Support the Needy Using Bitcoin– Many charitable organizations accept bitcoin, and you can use it to support such initiatives. If you wish to support, you can visit https://news.bitcoin.com/fifteen-ways-to-donate-bitcoin-to-charity-this-season/ and view some of the legitimate organizations that accept support by use of bitcoin.

Conclusion

Bitcoin technology is growing in leaps and bounds, and we should embrace it for convenience. With this in mind, source for local merchants who accept bitcoin and trade with them as you expand internationally. Doing this will enable one to gain experience and learn more about Bitcoin usage.

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PGA Tour Inks Autograph Deal With NFT Partnership

The PGA claims all of the revenue it makes from the deal will certainly be dispersed back to its players.

The PGA, golf’s premier professional scenic tour, has actually partnered with united states football quarterback Tom Brady’s non-fungible token (NFT) market Autograph to create its own committed NFT platform.

The multi-year contract will certainly lead NFT content developed from the PGA’s archive of video clips and gamer information, with all of the platform’s profits returning into the players’ pockets, according to a report from Sportico. The new NFT system is readied to launch at some time in very early 2023.

The golf scenic tour joins other major sporting organizations to ink long-term NFT deals, though it’s the first to do so with Autograph. The National Football League (NFL) as well as National Basketball Association (NBA) both have lasting NFT market handle Flow blockchain developer Dapper Labs, while Big League Baseball (MLB) sporting activities an NFT collaboration with Candy Digital. The English Premier League in football is likewise expanding right into the room.

Autograph has slowly included heavyweights to its system throughout the past 2 years, with one of the most noteworthy in the golf area being Tiger Woods, who is additionally a companion of the firm. Other professional athletes to have actually teamed up with Autograph consist of gymnast Simone Biles, skateboarder Tony Hawk, National Football League quarterback Justin Herbert and also tennis champion Naomi Osaka.

The system still runs in the “closed industry” genre of the NFT industry, seen as the even more corporate counterpart to decentralized trading on markets like OpenSea as well as Magic Eden. Closed marketplaces just permit trading within their platform, not permitting customers to move their antiques to third-party purses. However, these types of partnerships have caused huge payments for their included parties, with platforms like Autograph commonly netting numerous thousands of bucks with every brand-new collection launch.

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Cryptocurrency Ultimate Guide 101

Cryptocurrencies are the byproduct of another invention, very few people know this. The man behind the Bitcoin invention, Satoshi Nakamoto, had no intention of inventing a currency. According to the announcement of Bitcoin he made in 2008, he said that he developed “A Peer-to-Peer-Electronic Cash System.” 

Nakamoto created a decentralized digital cash system, and this is what made his invention important. So many people have tried to invent digital money before, with no success. He observed all the failed attempts and realized that they were all centralized. He sought to build a system that had no central entity—a peer-to-peer-network. And this gave birth to cryptocurrency. 

Forget all the complicated definitions you have heard or read. In simple terms, cryptocurrencies are restricted entries in a database that nobody can change before fulfilling specific conditions. 

A cryptocurrency has a network of peers, and each peer has a record of the history of all transactions and the balance of each account. In this case, a transaction is simply a file that states, “Carol gives X Bitcoin to James” and it is signed by Carol’s private key. It is just public key cryptography, nothing complicated. After being signed, the transaction is then broadcasted in the system—the whole network knows about the transaction immediately, but is confirmed after a given time. 

Confirmation is essential in cryptocurrencies. If a transaction is not confirmed, it remains pending and vulnerable to forging. But after it’s confirmed, it becomes irreversible and cannot be forged; it’s now part of a blockchain. Miners who are eligible to confirm transactions are rewarded. 

Everyone can be a miner. Due to the lack of a decentralized network, regulations have to be put in place to ensure that one ruling party does not abuse it. The rule, in this case, is that for you to become a miner, you have to invest in a computer that can handle cryptocurrency transactions. You must find a hash that associates the new block with its predecessor. This is known as the proof-of-work. Bitcoin uses the SHA256 Hash algorithm. 

Transactional Properties

•    Irreversible: a transaction cannot be reversed after confirmation. Not even Satoshi or your miner can reverse it. 

•    Pseudonymous: the accounts and transactions are not connected to the real world entities. You can barely know the real world identity of the owner of an address.

•    Fast and global: transactions are completed instantly and confirmed shortly after. They take place globally, indifferent to your location.

•    Secure: the coins are safely locked in a public key cryptography system. The only one who can send the currency is the owner of the private key. 

•    Permission less: you do not need anyone’s permission to use cryptocurrency. 

Monetary Properties

•    Controlled supply: the supply of tokens for most cryptocurrencies is limited.

• No debt but bearer: online currencies do not represent debts. 

Online currencies are digital gold, and this currency is safe from political influence. Even if Bitcoin is the largest online currency, investors should look out for several cryptocurrencies. Today’s most popular cryptocurrencies include;

•    Bitcoin

•    Ethereum

•    Ripple

•    Litecoin

•    Monero

•    Ethereum Classic

•    Dash

•    Augur

•    NEM

•    Waves

The cryptocurrency market is very wild and fast. Almost daily, new currencies are introduced, others die, some people get rich, and investors lose their money. But cryptocurrencies are not going anywhere; they are here to bring a revolution.

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What is Initial Coin Offering (ICO)?

Not long ago, Bitcoin was in its infancy stages, and it felt small. But it is not a rookie anymore; it has grown to greater heights, and it keeps growing. 

To emphasize Bitcoin’s maturity, it recently set a new price record as the price of one Bitcoin went beyond the $4000 threshold. Ever since Bitcoin was launched in 2009, the cryptocurrency ecosystem has exploded. 

Cryptocurrencies have become quite a powerful concept from the time Bitcoin shared the media’s attention with Litecoin and Dogecoin. At the time, Mt. Gox was a big player in the game, cupcake shops got into the spotlight by adopting online currencies and pizza was an important bitcoin-pricing metric. 

At the moment, there are quite a few digital currencies worth eight figures and more are being launched nearly every day. In this current environment of newly announced coins is a fresh transaction type that is becoming famous by the day; the “Initial Coin Offering” (ICO). It is very similar to an IPO, albeit in temporal reverse (kind of).

ICO is a bit confusing, but lately, it has become a prominent and preferred method of launching a new digital currency. However, as it is typical of emerging crypto products, there are unethical players and legal questions involved. 

So, what exactly is an ICO in today’s cryptocurrency market?

An ICO is a tool for fundraising that trades future cryptocurrencies in exchange for crypto coins of current liquid value. For example, you give the ICO Ethereum or Bitcoin, and you get the infamous CrunchCoin or whatever new coin. 

According to the Financial Times, ICOs are, “unregulated issuances of crypto coins where users can raise money in either Bitcoin or other cryptocurrencies.”  This is true, especially if you emphasize on “unregulated.” 

The ICO transactions are not in good faith—they are simply investments that are made in the hope of quick, high returns. Smith + Crown research group believe that some ICOs are “launching ‘meta-tokens’ built on Ethereum, Bitcoin, NXT or others.” 

In that light, ICOs can become “coins on top of coins paid for by the transfer of other digital currencies to accounts in the hunt for what’s next.” It seems crazy, but it keeps their heat bubbling. ICOs have become the new funding slingshot for flinging nascent cryptos into the world. 

The ICO environment is not without bad actors. It does not come as a surprise given the tradition of bad behavior in the online currency world. Fraud is so common that even a quick search will reveal shocking headlines. 

The digital currency market is blowing up. Is investing into an ICO a good idea? Yes, but if and only if, you have a huge appetite for risk, you can afford to lose your capital and you will be okay if the idea flops.

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What is Feathercoin Cryptocurrency?

Feathercoin is a similar altcoin to Bitcoin, compared to the other altcoins. For instance, its method of mining is akin to that of Bitcoin and its system is created to function so much like that of Bitcoin. Also, Feathercoin has a supply limit and depends on P2P community monitoring for stability. 

The primary difference between Feathercoin and Bitcoin is that Feathercoin uses Scrypt algorithm in its mining process to make sure that ASIC miners do not have a significant advantage over GPU miners. At the moment, it is almost impossible for GPU miners to mine substantial amounts of Bitcoins. Miners with powerful and expensive ASIC machines have dominated the Bitcoin scene. Feathercoin ensures that GPU miners can reasonably compete with ASIC miners. 

There are 336 million available Feathercoin, and miners get a reward of 200 coins whenever they mine a block. This number is halved when 840,000 Feathercoin are mined. Moreover, while bitcoin is set to produce a block after every 10 minutes, Feathercoin aims at producing a block within 2.5 minutes. The people behind Feathercoin are confident the higher supply of new Feathercoin and the higher limit will make the coin more stable and popular. 

On the other hand, Bitcoin has a limit of 21 million Bitcoins, and only 25 Bitcoins are generated whenever a block is mined. Quite a few people think bitcoin will eventually fail since there will not be enough Bitcoins to keep the system going. There are tons upon tons of American dollars circulating in the global economy, facilitating trade and creating liquidity. So it leaves the question of how Bitcoin will survive with so few Bitcoins. 

Many critics maintain that Bitcoins available in the market are too few and according to them, a cryptocurrency like Feathercoin is more attractive. Nonetheless, Bitcoin supporters argue that is how Bitcoin was designed from the beginning and there is a purpose for that, to make sure the value of Bitcoins never drops and avoid being vulnerable to inflation. In their opinion, Feathercoin is more susceptible to these issues. 

Feathercoin “Advanced Checkpoint” system is another critical concept. This system builds a central node via which the software can track Feathercoin transactions and make sure that no one can launch a 51% attack. A 51% attack allows a miner who has control over 51% of all mining production to fundamentally double spend Bitcoins.  This advanced checkpoint also protects the currency against any other potential weaknesses. 

There are so many things to consider when evaluating altcoins. It should be noted that as of now, all online currencies are highly speculative and, therefore, you must be extremely careful as you invest in them. If you have developed an interest in online currencies, keep an eye on Feathercoin and other altcoins. Currently, Bitcoin may seem to have a significant and probably insurmountable lead. However, there is a possibility of another altcoin catching up or even surpassing the great Bitcoin. 

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What is the Purpose of Blockchain Technology?

Blockchain technology seems to be attracting a lot of attention as the implications behind the invention are being understood. The technology has been studied carefully with millions of dollars being invested into the blockchain technology research over the recent years.

Countless tests have been carried out to find out whether blockchain technology would be appropriate to use in various fields. 

The technology provides new methods of authorization and authentication in the internet world that dismisses the necessity of having centralized administrators. Consequently, it allows for the building of new online relationships.

By securing and formalizing these new online relationships, blockchain technology is set to build the fundamental support for the internet supporting transactions and interactions of value. However, even with all the plans to create the digital backbone of new transactional layers into the web, other times, private cryptographic keys, cryptocurrencies, and blockchain are the best way to do this. 

Many organizations have come up with flowcharts to help users choose between a blockchain and master copy. It’s not easy to counterfeit paper because physical seals and appearances are complicated. 

However, if the data is constantly changing, for instance, if transactions occur frequently and regularly, then paper is not the best medium to store the records. Besides, manual data entry is subject to human limitations. 

If data and its history are vital to the online relationships they are trying to create, then blockchain will provide a flexible capacity by allowing many entities to make new entries into the system of records which is held by numerous custodians. 

There are so many reasons why there should be a third party to oversee authorizations and authentications. Sometimes a third party control is desirable and appropriate. And if data privacy is the top priority, there are still ways to keep data safe without necessarily connecting it to a network. 

Nevertheless, if the current IT equipment featuring log-ins and accounts does not provide for the total security of online identity, blockchain might solve that problem. Satoshi Nakamoto wrote in his/her seminal work, “Bitcoin: A Peer-to-Peer Electronic Cash System,” that “Merchants must be very wary with their clients, asking them for more information than they might not even need. A given percentage of fraud is accepted as unavoidable.”

Private Key cryptography helps push transactions that do not need centralized systems and the complex accounts used to create online relationships. If the database needs tons of money to secure lightweight transactions, blockchain might be the solution. 

If this database demands high performance, super-fast transactions, blockchain might not work, and traditional-model centralized systems might be the way to go. Blockchain databases are very slow at storing data—processing every block in a chain has a cost. Centralized data systems, on the other hand, are cheaper and faster.

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8 Ways to Earn Bitcoin for Your Business

Accepting Bitcoins as payment is the best way to earn Bitcoins—and probably the easiest. If your business is small, incorporating Bitcoins as a means of payment can be quick and easy. Whether it is an online store or a physical store, whether you sell services or goods; all you need to do is follow three steps;

Step 1: Go to Coinbase and get yourself an online Bitcoin wallet for free. 

Step 2: Put the QR-code (with your Bitcoin address) on display next to the cash register. 

Step 3: Let people know you accept Bitcoins by putting up a “Bitcoin accepted here” logo. 

1. Complete Tasks on Websites and Earn Free Bitcoins

Numerous websites will reward you with free Bitcoins if you visit the site, watch videos or complete given tasks. Some of those interesting sites include;

•    BitVisitor

•    freedigitalmoney.com

•    CoinWorker

•    Bitfortip

2. Earn Bitcoins from Interest Payments

Lend out Bitcoins that you already have and earn Bitcoin interest. You can either lend them out directly, through peer-to-peer Bitcoin lending or deposit them in a Bitcoin banking-like model. While lending your Bitcoins, you need to be very careful. If you lend to a scammer, you can never get them back. Use trusted sites only.

3. Mine For Bitcoins

Bitcoin mining is generating new Bitcoins. It is an expensive and intense process which has led people to create mining pools. BitMinter is one example of a mining pool. Since mining can be very costly and tedious, you need to do a lot of research before you start. 

4. Get Tipped In Bitcoins

This is much more like having Bitcoin as a method of payment. You will need a wallet and a QR code. Then inform the people who can tip you in Bitcoins. You can get Bitcoin tips in the following places;

•    Your shop (if you followed the steps in the first point).

•    A blog or website

•    Bitfortip

•    bctip

5. Earn Bitcoins via Trading

As stated earlier, dealing with Bitcoins calls for awareness so you won’t end up getting scammed. The most secure way to trade Bitcoins is through Arbitrage. That is, you buy an asset for a given price and sell it instantly somewhere else for a higher price. 

Alternatively, you can purchase Bitcoins and wait for the price to increase then sell them for a given currency amount (speculation). If the price sinks again, you repeat the process. You need to be either very lucky or good at predicting the future for you to succeed in this. 

6. Get Your Regular Income in Bitcoins

Well, not many organizations will pay you in Bitcoins, but at least there are some that will. You can get job offers in the following sites and earn Bitcoins as your income. Most of them are quite convenient because you can work from home. 

•    Bitcointalk Forum Services Section

•    Jobs for Bitcoins on Reddit

•    BitGigs

•    Coinality

•    XBTFreelancer

•    bitWAGE

7. Gamble for Bitcoins

Gambling is very risky—obviously—but it is also a way of earning Bitcoins. If you search the sites above, you will come across gambling sites for Bitcoins. The best thing, however, is to research for yourself and find the best sites. 

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What is Segregated Witness (SegWit)?

Recently, Bitcoin reached a crucial and technical milestone, locking in Segregated Witness (SegWit). This milestone will offer a much-anticipated transaction capacity boost and in the long term, create opportunities for more important scaling technologies. 

However, the idea was much contested before it was finally implemented. It won grassroots support from users that made an effort to push it through but attracted critics in the process, splitting from Bitcoin and creating a new digital currency. 

What is expected to happen when the code finally goes live? Since Litecoin (which many believe is a “fork of Bitcoin’s code”) has implemented SegWit, it can also be a test platform for SegWit and offer a real world insight into the adoption hurdles. 

According to the people close to the project, the following are the results.

SegWit has not brought on any issues to the Litecoin network. This is a point to note given the amount of controversy this change has raised within the Bitcoin ecosystem. 

Some critics said that SegWit was too complicated and it would put the whole network at risk—like miners stealing coins from some types of addresses. This claim was, nonetheless, tested on Litecoin when one user created a Litecoin “bounty” worth $1 million using a SegWit address and attached a note that read “Let’s see if SegWit is ‘anyone-can-spend’ or not.” Up until now, not one person has claimed Litecoin in the contract.

Litecoin Foundation directors, Franklyn Richards and Xinxi Wang, have admitted that they have not had many SegWit transactions to date.  However, these sentiments did not have precise measurements.

A computer science researcher at University of Freiburg, Jochen Hoenicke, had this to say about the measurement challenges, “while you can label a transaction a SegWit transaction if it is sent from a SegWit enabled wallet, you cannot if the transaction is only sent to a SegWit enabled wallet.”

When Hoenicke compiled a list of all Litecoin Segwit transactions, 100 out of 10,000 transactions in a day are SegWit transactions.

In addition to Heonicke noticing the list is incomplete owing to the discrepancy in measuring the transactions, he recognized a particular trend. 

“The number is rising as support increases,” he stated, pointing to Trezor’s announcement that it was going to make SegWit its default transaction type. From there, he said, Litecoin SegWit transactions per day almost doubled. 

As Litecoin wallets start supporting the code change, SegWit transactions keep rising. More wallets, like LoafWallet, are moving towards a SegWit upgrade. 

Most Bitcoin wallets have already shown their support for SegWit because they have been eagerly waiting for the change and so Bitcoin is likely to see more need for this feature. 

There is a bug in Ethereum-LTC, a mobile Litecoin wallet, which leads to old versions of the software “breaking” when an investor sends a SegWit transaction to the wallet. Litecoin is still in the process of incorporating a new address type, and some users may need to convert between the two types. 

Although these issues are only being encountered by individual users and businesses, the bad user experience can arouse discontent in the Bitcoin community.

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Which Litecoin Wallet Clients Are Best?

Cryptocurrencies are becoming something to keep an eye on, and investors are keen on securing their coins. Litecoin is among the digital currencies that are gaining popularity fast, and safe wallets have been created to help investors keep balances separate from exchanges.

It is essential to be in full control of funds, every time, instead of storing funds in exchange wallets and face the risk of losing money. 

Block.io offers multi-signature wallet services to all Litecoin users around the globe. For a transaction to send, it requires two or more signatures, one from the particular company and the other one from the individual user.

This implies that the Block.io team stores the private keys of each wallet—this pushes some people away. However, one advantage of Block.io is that it allows for HD wallet structures, which is of great convenience to some investors. Block.io supports Litecoin, Dogecoin as well as Bitcoin.

Exodus does not support many online currencies. To be specific, it only supports Litecoin, Bitcoin, Ether, Dash, Golem Network token and Dogecoin. Its upside is that users are in total control of their private keys; something that investors love. Moreover, it is an open source wallet—many digital currency enthusiasts will appreciate this. 

Every user in search of a Litecoin wallet may want to try out LoafWallet (assuming they are using iOS since it is not available on Android gadgets yet). LoafWallet was included in the iOS App Store about a year ago, and it offers all the services that a Litecoin investor could ever need. In any case, a mobile wallet should fit the needs of both experienced and novice users alike. 

LoafWallet, being a lightweight client, users do not have to spend a lot of time synchronizing with blockchain. Moreover, it uses app sandboxing and AES hardware to stop attacks from injecting their addresses within certain transactions.

An investor can use LoafWallet with the Apple Watch—which is an added advantage for someone looking for that kind of functionality. Finally, LoafWallet is also an open source project.

The Electrum wallet is very common among Bitcoin users; so it does not come as a surprise that some developers have ported the code base to also support Litecoin. It applies a passphrase to guard the wallet and restore a particular wallet from a backup. Electrum-LTC is compatible with Windows, OS X, and Linux depending on the official website.

Like LoafWallet, Electrum is also a lightweight client that offers blockchain synchronicity within seconds, instead of hours. 

A great advantage of using Electrum is that, if a user loses their wallet, it is possible to restore it in the app via the twelve-word seed. Users can also generate offline wallets for their cold storage purposes.

Finally, investors can export the private keys for their Electrum address to any Litecoin wallet that allows the importing of private keys. Electrum source code is available on GitHub.

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How to Buy Cryptocurrency?

Are you wondering how to start building your cryptocurrency portfolio? It is all about investing. It can be confusing, settling for a specific coin, bearing in mind that tons of them are in circulation. For instance, there is Bitcoin, Ethereum, Dogecoin, and many others. But the good thing is that  there are ways that you can learn how to buy and make it a success story.

Remember that cryptocurrency can be used as a store of value or a medium of exchange, and the reason to get it right the first time. Below are several ways to guide you through the journey of buying cryptocurrency, and as you proceed, you will find it even easier to trade.

Choosing the Exchange Platform.

Before settling for an exchange platform, here is what you need to do.

Choose an Exchange that is Operational in your Country– The fact that there are many exchanges all over, not all are accepted in your country, and the need to ensure that you choose the one that is accepted where you stay. This ensures that you operate within your country’s governing laws and that your cryptocurrency is safe- you can easily confirm where it is operating from in your country by searching the about us page and confirming its legitimacy.Use an Exchange within your Operational Limits- Some exchanges allow withdrawal at free will, while others prohibit it for a defined period, mostly if you want to invest. Be sure to work on an exchange that matches your needs, depending on how you plan to use the cryptocurrency.Set Boundaries to Exchanges that Accept Traditional Money– When starting, anyone can use fiat currency (the traditional money), which is used to buy crypto. In such a case, you do not have to register with an exchange that accepts cryptocurrency for payments. You can also link to other payment modes, such as PayPal, debit, or credit cards, so long as they are convenient for you.

On the other hand, choose an exchange that offers an excellent option on the time limits, for instance, the time it takes to complete a transaction.

Determine the type of Cryptocurrency you Wish to Trade With– There are many of them in the market; research for the one that is convenient for you. For instance, Bitcoin holds the largest share in the world of cryptocurrency.

However, ensure that you choose the one that is fully compliant in your country based on the checklist available.

Confirm the Fees Chargeable by Different Exchanges– Exchanges have different fees, including network conversion fees, and transaction fees. Evaluate what works best for you and the bank transfers to ensure convenience is core.Confirm how Reputable the Exchange is- Before settling for a specific exchange, carry out some basic research based on reviews left by previous users. This will enable you to make an informed decision.

You may find that some have no reputation, and others have had security challenges, all of which will give you an idea of the exchange’s legitimacy.

Evaluate the Accessibility and Ease of Usage – This consideration is essential. How user-friendly is the exchange? For instance, among the best user-friendly exchanges include CoinMama, Coinbase, Bitit, among others. Research from reliable resources, and you will be good to go.Security– Many people miss on this point and lose their portfolio. A good exchange should have more than one password, for instance, a two-factor authentication code, or external storage, to minimize the chances of vulnerability to its users.Opening an Account

When all is said and done, the time to open an account gets on hand, and some of the ideas you need to implement to ensure a successful account creation are.

Consolidating your Verification Documents– These include your identification documents, email for verification codes, and payment information.

Note: Never use public Wi-Fi to create your account in order  keep it private; otherwise, you risk it being hacked online.

Provision of Personal Information– Ensure that you provide the relevant personal information requested on the home page when signing up. This includes your name, address, email address, complicated passwords, and any other applicable depending on the exchange’s requirements.Enhancing your Security Details-When done with the registration, the next step is strengthening your security details. You will receive an email confirmation with a code that will advise on adding a 2FA. Once done, you will be required to enter the 2FA in every login to ensure your account is secure.

Ensure this is done in time since verification codes have a specific timeline that expires afterward.

Uploading your Identification Documents– This is the final part of the registration process, where you will be required to upload the front and back sides of your national ID or passport. You will also be required to upload a selfie to confirm that you are the authentic person who has created an account.

A point to note: If you are buying a small value of cryptocurrency, this may not be necessary. However, it depends on the exchange platform you are dealing with.

Starting to Transact

When you have completed the sign-up process, you are at liberty to start trading with the cryptocurrency of interest. For this to be effective, here is what one needs to do.

Link your Payment Method– Linking your payment method enables you to buy the cryptocurrency of your choice. Some exchange platforms can take up to 5 days to link the method, for instance, a bank account.

If using a credit card, be careful about transactional fees. As you wait for the linking to be complete, research the fees and how exchange platforms work and are informed before the onset of buying the cryptocurrency.

Placing an Order– Once you successfully link, you can place an order for your interested cryptocurrency. Remember that cryptocurrencies are highly volatile, more so for the first transactions. As such, only buy what you can afford to loosen until you get experienced in the world of cryptocurrency.Process Time– As mentioned, processing time varies on the exchange platform one is using, but it does not take place immediately. Some take up to a week. In case you wish to invest or hold, it is recommended that you move it offline as you wait for it to appreciate.

Conclusion

We trust this article is informative. Ensure that you source suitable exchanges if you want your cryptocurrency to remain safe.

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