Changelly is a non-custodial cryptocurrency exchange that enables you to sell or buy more than a hundred cryptocurrencies at one time from your bank account, debit/credit card or exchange it with other cryptos. In addition to that, it does not demand any KYC extensive procedures or new exchange account and allows you to purchase cryptocurrency simply. Changelly collaborated with the most popular crypto platforms like Binance, Bittrex, and Poloniex, making it more reliable. In this article, we are going to learn about how to trade on Changelly exchange. But before we do that, let’s start with some basic intro.
Changelly Exchange Review With Pros & Cons
Changelly is primarily used to exchange one cryptocurrency for another. It is widely used by beginners or intermediate-level investors. Before we proceed further, you must know what is unique about Changelly. For every transaction, Changelly charges a flat fee of 0.5% that is comparatively very less than other famous exchanges. It is what makes it one of the best and one of its kind. Like any other platform, Changelly also has plus points as well as drawbacks. Let’s have a look at them.
Pros:
- Non-custodial exchange
- Option to buy crypto with fiat
- High-security service
- Easy to use
- Do not demand any registration
- 24/7 customer support
Cons:
- Sometimes KYC checks may lead to unwanted transactions.
- High fiat-to-crypto purchase fee
- Can be more expensive than a centralized exchange
How Safe Crypto Trading Is On Changelly?
Coming to the safety and security of Changelly, let’s tell you it is one of the highly secured exchanges worldwide. Some advanced features offered by Changelly are as follows:
- Enables you to have a complete record of the transaction history
- It makes the purchase of crypto-fiat easy and accessible.
- No multiple KYC verifications and hence faster exchanges.
If the thought of opening an account just crossed your mind, open it now as it is very simple and easy to do so. Just enter and verify your email address for account security and you’re done. You can also protect it with Google Authenticator. If you are thinking to begin the journey of crypto trading and ready to step in, you must have downloaded the Changelly mobile app by now, as it is the foremost required thing to exchange the currency. This app will enable you to access all the exchange and trades from your mobile devices as it is highly convenient and safe.
How to Trade On Changelly?
We are here providing you, the step-to-step guidelines on how to trade on Changelly from Changelly mobile app:
1- Once you download the mobile application, go to the Exchange section of the application. Now, enter the crypto-pair you want to swap.
We have followed BTC-ETH for the guidelines here.
2- Next you need to enter the destination exchange address, which you are willing to get. Note:- it would be your ETH address.
3- Now, confirm the transaction details and proceed to exchange.
4- You will get the Changelly wallet address where you will send the exchange.
5- We suggest using either the wallet or QR-code to transfer funds to the mentioned address. You can also use an exchange account to send the funds.
6- The transaction will automatically get cancelled after 36 hours. So, be careful that you send the funds within the time limit.
- Now that you are done with all basic formalities, the exchange process begins here:
-After your transaction gets confirmed in the blockchain, Changelly will begin to exchange your BTCs with ETH.
-It takes some time to complete the exchange process, bear with it.
-When the exchange gets completed, they send the destination crypto to your wallet.
7- Recheck the wallet after the transaction gets completed.
- And here, your first crypto purchase is done using the Changelly mobile application!
What You Can Do To Assure The Security Of Your Cryptos?
As you already know that the crypto world is full of surprises as well as shocks, it’s always better to take precautions. To ensure better security of your cryptos, you must follow some instructions. Here we are going to see a glimpse of points you should take care of when dealing with cryptocurrencies.
- Always verify the service before using it, it reconfirms that it’s safe. We suggest reading about the service in detail form any trusted site or social media to get a clearer picture in your mind.
- Do not assemble all your crypto at a single place i.e. in a single wallet. Though, it makes it easier to access your account but also increases the risk of losing it all at once. Try to keep your crypto in several wallets, in such a way you minimize the possibility of loss.
- Exchanges like Changelly are highly conscious about the security of your cryptocurrency and keep the wallet safe from all threats. But you must keep your private key at a secure location, just in case, something might happen. Make sure you do not forget the private keys of your cryptos or share it with anyone else.
- Do not display so much. It is better to keep a low profile than showing off more threats and risks.
- Never compromise with the quality of the network. Always use trusted networks and make it obvious. Chances of risk maximize when you access your account via a public network.
As you have read the entire article, you must get a brief overview of how you can trade on Changelly, what are the merits and demerits of it and how it works. Now, take a final look at why you should choose trading via Changelly over any other trading platform. Here, we are mentioning some advantages of Changelly exchange, you may not aware of:
- Note that here, we are specifically elaborating on the advantages of Bitcoin, as it is one of the most popular and widely used cryptocurrency nowadays.
Why Choose Changelly?
-It has the best rates in the market with a transparent fee of 0.25%.
-Over 150 cryptos are accessible at one time with 24-seven statistics
-You can also trade bitcoin on Changelly with fiat currencies.
-It also enables you to access other popular crypto platforms like Binance and Bittrex.
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Unlike other exchanges, ChangeNow allows you to swap cryptocurrencies directly without the need for registration and without any limits. But how exactly does it work then? This is what we are going to study through this article. ChangeNow has been in the market since 2017 and seems to be doing the job pretty well. If you are looking to invest in Cryptos, you must be interested to know about ChangeNow. Don’t worry, we’ve got you covered. Read this article to know everything about what is ChangeNow exchange and how it works. Let’s start with the introduction of ChangeNow.
What is ChangeNow
ChangeNow is a cryptocurrency exchange that lets your swap more than 170 coins and that too with the best possible charges. ChangeNow does it by comparing the prices of cryptos from a range of exchanges and gives you the best quote for it. The exchange claims to provide non-custodial service, but it still asks for deposit in its own wallet for trading cryptos. However, it does not keep your funds for long and completes your purchase pretty quickly
The best thing about ChangeNow is that there are no limits on the exchange, so you can buy as much as you want. You also get the option to buy cryptocurrencies using your fiat currency and can make use of traditional payment methods like Visa and MasterCard.
Reasons To Go For ChangeNow Exchange
As we’ve mentioned above there is no minimum as well as the maximum limit on purchases made on ChangeNow. The exchange lets you start with as less as $2 which can go up to unlimited. This feature is not common in other exchanges as there are mostly min and max limits on crypto trading.
The next thing that makes this exchange stand above others is that it claims to be non-custodial. It’s true that you have to deposit your funds into the ChangeNow wallet but it is not for longer that it exchanges it for your desired crypto. Moreover, the platform doesn’t require any sort of registration and you can get started with it right away without wasting any time.
Can’t wait longer and want to get cryptos in your wallet immediately? ChangeNow is the answer to your problem. With ChangeNow exchange you can buy crypto within a few minutes and get it transferred to your wallet. It also supports fiat to crypto trades and accepts payment from Visa and MasterCard.
Last but not least, ChangeNow compares multiple trading platforms and provides you with the guaranteed best cryptocurrency rates. The platform has partnered with major crypto wallets and exchanges that include Exodus, Ledger, Trezor, Binance, Bittrex, Bitfinex and many more. Many wallets, like Guarda wallets, even have the inbuilt feature to swap cryptocurrency on ChangeNow. This is the reason ChangeNow recommends using Guarda wallet to its customer.
How to Use ChangeNow?
If you are interested in buying cryptocurrencies from ChangeNow exchange, you’ll be glad to know there’s not much you need to do here. The process to exchange cryptos on ChangeNow is really simple and even if you don’t have much experience with exchanges, you’ll not face any issues. Still, need help? No worries, follow the steps given below and exchange your desired cryptocurrency on the platform right away.
- First of all, visit changenow.io or download the changenow app on your smartphone.
- Once you get to the home page of ChangeNow, there you’ll see the option to make your exchange
- The first step is to select the currency you want to deposit. You can choose from the wide range of cryptos available, Stablecoins as well as fiat currency. ChangeNow supports three fiat currencies for deposits that are Dollar (EUR), Euro (EUR), and British Pound Sterling (GBP).
- Now in the You Get field, select the cryptocurrency you want to purchase in the drop-down menu.
For instance, suppose you want to exchange US dollars for Bitcoins. So, first, you’ll select USD in the You Send drop-down menu and enter the amount you want to deposit. Don’t forget to select Bitcoin in the You Get drop-down menu and the platform will calculate the number of Bitcoins you’ll get for the amount you’ve mentioned in the You Send field.
- After you complete all the above-mentioned steps, click on the Exchange button.
- Here you’ll need to enter your Bitcoin wallet address in which you want to receive your coins. If you don’t have one, you can also click on the Don’t have a wallet yet option and create it right there.
- Next, enter your email address and Hit confirm to proceed further.
- On the next screen, you’ll see the deposit address where you have to transfer your USD or any other funds you are willing to exchange.
- After processing the deposit successfully, ChangeNow will look for the best possible rates in all the partnered exchanges.
- Confirm the transaction and you’ll get your Bitcoins in your wallet.
Is ChangeNow Exchange Safe?
If we talk about customer’s review, well, we don’t see much of a problem here. ChangeNow web portal, as well as the app, has positive reviews from customers. Moreover, the platform also verifies each customer through KYC procedure, so there are fewer chances of security breaches and thefts. Some people don’t like ChangeNow exchange merely because it claims itself to be anonymous and still asks for KYC verification. But there’s no issue with providing your details as it is for your own good only.
If your transactions or activities are found suspicious, the exchange has the authority to put your account on hold. Then you might have to provide some of your details and documents to verify yourself. These documents include an identity card, your selfie holding that ID and the source of funds. You can process further and complete your exchange as soon as you are verified. But if the verification is not confirmed, your deposits would be sent back to your account.
Whether you choose to use this exchange or any other, make sure you research well about it beforehand and don’t end up losing your funds.
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Looking forward to investing in cryptocurrencies but don’t know how to do it? Well, the first thing you’ll need is to open an account in cryptocurrency exchange and then purchase some cryptos from there. If you are not aware of it already, Coinbase is considered as the best crypto exchange for beginners as it provides an intuitive platform that is easy to use and understand. Moreover, the services provided by this platform are also impressive with little or no issue anywhere. We rate Coinbase as the best overall exchange because of its reliable services, affordable fees, easy to use platform, wide range of supported cryptocurrencies and what not. So, if you are interested in purchasing cryptos and don’t have much experience with it, this is for you.
In this article, we are going to help you with how to trade cryptocurrency on Coinbase exchange. Let us get started with the procedure right away and help you out with trading on one of the most famous exchanges.
Start With Signing Up On The Coinbase Platform
To start with, first, you need to visit the Coinbase portal and register yourself for an account.
- Click on the sign-up button on your screen and enter your basic information such as your name, email address, and at last the password for your new Coinbase account.
- Now verify that you are a human being by selecting the box next to “I’m not a robot field”.
- Select Create Account option.
Now that you’ve signed up on the platform successfully, the next step is to go through KYC verification. Coinbase is a well-reputed exchange that also lets you buy crypto using your fiat currency. This is the reason KYC is mandatory on Coinbase to provide you with secure fiat to the crypto trading experience. In order to comply with Coinbase’s KYC regulations, first of all, you must be above 18+ and have all the necessary documents required.
The next step after you complete your KYC verification is to connect your bank or credit/debit card to your account. When you get the prompt to do so, you can link your payment method to your Coinbase account. Don’t worry you are not going to pay right away, this is just a formality and if you don’t feel like entering your card details just now, you can also skip it.
After that, it’s time to link your mobile number to your account for security purposes. This will also help you recover your account in future when you either can’t remember its password or anything else.
Enable 2 Factor Authentication
So, you are all signed up with your new Coinbase account and also verified yourself. If not, first go and provide your identity verification to be able to make your first purchase from the platform. It is also necessary that you enable two-step verification for your account before trading on it or doing any other thing. Two-factor authentication gives your account another layer of security and keeps it safe from hackers or thieves. Once you complete all the above-said procedures, i.e. sign up, complete basic verification, ID verification and turn on 2FA, you are ready to buy and trade cryptocurrency on Coinbase.
Trade Cryptocurrency On Coinbase
Start with depositing funds into your account. You can deposit as many funds as you want because there is no minimum or maximum limit. However, make sure you are aware of deposit fees. After initiating the deposit in your account, you might have to wait for a day or four until you get the money deposited. It depends on your bank account actually, how much time they take to deposit your funds.
As soon as you get the deposit, you can buy and trade on Coinbase. Head to Buy/Sell section, select your desired crypto and start placing your order. You can choose from the wide range of cryptos available on the platform. And if the crypto you want to buy is not available for direct purchase, you can buy and trade Bitcoin on Coinbase or any other crypto like Ethereum with your fiat deposit and then exchange it with the crypto you want.
Placing an order on Coinbase is as simple as using net banking. Once purchased, you can use these cryptos for trading and selling for a profit on the same platform or even anywhere else if you want. What matters is that you take advantage of trading cryptocurrency. In case, you are willing to HODL the coins or invest in it for quite long, you can transfer it to your private wallet. Note that, you should not store your coins in your exchange account as there are risks of security breaches and hacking.
In order to sell cryptocurrency on Coinbase, the procedure is similar to buying. You can select what fiat currency you want in exchange for your crypto or you could also exchange it for other crypto coins.
Things You Should Keep In Mind
Whether you have already made a purchase from Coinbase or going to trade cryptocurrency on Coinbase, there are a few things you should remember. First of all, there are only a few fiat currencies supported for buying cryptos and selling. And it is not necessary that the fiat supported for depositing would be supported for selling your cryptocurrencies. By that we mean if you bought Bitcoin using USD, it is not necessary that you can sell the Bitcoins back for USD. so make sure you check all the details about supported fiat and cryptos also. However, it is not much of an issue because you might be able to sell your cryptocurrency for your desired fiat on other platforms and you can also use P2P trading platforms like LocalBitcoins.
To check how much cryptos you own and the balance you have in your Coinbase account, head to the Dashboard section. There you’ll also find the details about your current activities and purchases.
As we said above Coinbase is best for new users, although, the fees that it charges are quite high if compared to other platforms in competition. If you want to trade on a cryptocurrency platform with low fees, you can consider exchanges like Binance.
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So, you are preparing yourself for earning a lot of money from Bitcoin mining and stuck at what mining software to choose. No worries we are here to help you out with your problems, just make sure you have everything else ready for the procedure. By everything else, we mean, Bitcoin wallet, the hardware machines needed for mining Bitcoin, Bitcoin address etc. Moreover, we hope you know what you are doing and are aware of the entire process of mining cryptocurrencies.
Let’s get on the point where we’ll help you out finding the best bitcoin mining software that you can trust. There are a lot of options for Bitcoin mining software in the market, but not all of them can be trusted or said reliable. Given below are the top five Bitcoin mining software in 2020.
What Are Bitcoin Mining Software?
If you are planning to earn rewards by mining Bitcoin, then you must be aware of how the process works. After you get yourself all the necessary mining hardware, the next thing is to find a Bitcoin mining software which is as important in the procedure as everything else. A bitcoin mining software connects you to the blockchain or the mining pool. Although, you don’t need a miner in the procedure of cloud mining.
The chief function of this software is to deliver the work done by mining hardware to the blockchain and receive the work done by other miners of the network. It also helps you keep an eye on the miner’s input and output as well as statistics such as hash rate, temperature, and the speed of your miner.
With the help of good mining software, your chances for earning Bitcoin rewards becomes high. If you are also looking for a Bitcoin mining software that is reliable and does all the work properly, then you’ve come to the right place. Let’s start with our list of five best Bitcoin Mining Software of 2020.
CG Miner
CG Miner is considered as the top Bitcoin mining software among all because of its functionality and compatibility with many devices. It is open-source software that is written in C, compatible with FPGA, ASIC and GPU mining hardware. The software can work on major operating systems that include Mac, Windows and Linux.
What makes this mining software better than others is its capability to discover new blocks and other such advanced features like remote interface and scaling to a hash rate of all sizes without any delay.
Whether you are using BlackArrow, Hexfury, Minion or Cointerra, CGMiner supports a wide range of ASIC mining hardware.
BFG Miner
BFG miner is focussed on features like dynamic monitoring, clicking and ability to run the remote interface. Unlike other mining software, BFG only supports FPGA and ASIC hardware. It is a cross-platform that can be used on Raspberry Pi also. Moreover, you can use this miner pretty easily as its interface is intuitive and you can access all its features through hotkeys.
The thing that makes BFG Miner one of the best is its ability to detect idle threads and stop them. BFG Miner supports a variety of ASICs that includes Block Erupter USB, Antminer U1/U2, Red Fury, Blue Fury and many more.
BitMinter
BitMinter was launched in 2011 and is one of the oldest Bitcoin mining software. The software has a customer base of hundreds of thousands which is still increasing day by day as Bitcoin is coming to the mainstream. Bitminter is developed by a Norwegian based company, Aesir Financial AS which has received positive reviews till now.
The motive behind the creation of the BitMinter mining pool was to create a Bitcoin mining software that is easy to use. If you want to earn Bitcoins through mining but don’t have much experience in the field that this software is for you.
Easy Miner
Easy Miner is another cryptocurrency miner that not only lets you mine bitcoin but also Litecoin cryptocurrency. The software has a neat interface enabling you to configure the mining pool and adjust network settings. Using Easyminer you can enable ASIC hardware and start mining cryptocurrencies.
This software is also used to track the progress of other mining software used for mining Bitcoin and Litecoin like CGminer and CPUMiner.
If you are going to use Easy Miner, the only thing you need to remember is that it does not go well with Antiviruses. So, instead of using the software on Windows OS, it is recommended to run it on the Linux operating system.
MultiMiner
When we are talking about the best Bitcoin mining software, MultiMiner is a must to mention. So, the thing we need to highlight above all about this software is that it is really easy to use and setup. As soon as you’ll install the software on your device, it will guide you with the entire process about how to get the best of Multi miner and how it works. MultiMiner makes it easy to mine Bitcoins by providing you with software that is simple and intuitive.
Besides helping you with mining, it also secures your network and manages your transactions.
Conclusion:
Ready to mine Bitcoins using the above mentioned Bitcoin Mining software? Each mining pool has its own pros and cons, so before you choose any one of them we suggest you do complete research on the software individually. Which mining software would be best for you depends on various facts like which hardware you are using and what is the operating system of your device etc. So, don’t forget to check out the compatibility of your mining software before choosing it.
Some other Bitcoin mining software that are considered reliable are BTCMiner, DiabloMiner, Awesome Miner, BFG Miner etc.
As we said above, you must research about each software individually before using them. In case you are looking out for Bitcoin alternatives, you can read our guide about best altcoins to invest in 2020. Remember, cryptocurrency is subjected to risks and if you don’t want to look stupid, don’t invest more than you can afford to lose in any coin.
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It will not be false to say that blockchain has evolved so much in the last few years but the truth is that we are still dealing with the issue of scalability. Starting 2009, after the launch of Bitcoin, till now, the only issue that is standing in front of blockchain’s wide adoption is the issue of scalability. In this article, we are going to talk about the challenges blockchain is facing in scaling its network and then look at the list of its potential solutions. Let’s start with our guide about blockchain scalability issues right away.
Major Blockchain Scalability Issues
With cryptocurrencies coming to the mainstream, a major issue that’s emerging is its scalability problem. Many solutions have been tried but there are still not enough to tackle the issue once for all. So, what are these issues exactly that we are talking about? Well, the major issues are the transaction speed, block size, response time, and fees. If you know the reason why Bitcoin Cash was hard forked from bitcoin in the first place, then you must be aware of Bitcoin’s block size and transaction speed issue.
In order to compete with existing payment methods, bitcoin needs to step up its game and tackle its blockchain scalability issue. Now if you compare the transaction processed in these systems per second with the transaction processed in Bitcoin, you’ll find out the real issue. While the visa processes up to 1667 transactions per second, PayPal manages 193 transactions per second. The number is as little as 20 transactions per second for Ethereum and only 7 transactions for Bitcoin. This could only be improved by working on the problem of scalability. So, let’s get to know about the various scalability issues with blockchain presently.
Blockchain In The Danger Of Buckling
With each transaction, one more block is added to the chain and every block contains the information of all the previous blocks. Now as the system is coming to the mainstream or say more and more people are joining the network, the history of transactions is also increasing. This triggers the danger of buckling as each block has to carry the data of all the previous blocks.
Block Size, Transaction Speed
Initially, Bitcoin’s block was hard-capped at 1 MB which is somewhat equal to 2,020 transactions. But as you know, with the increasing interest of people in Bitcoin, there are chances that each coin will take part in an infinite number of transactions. Which means that there would be infinite records of transactions to be stored on each block.
With the increasing number of transactions, there’s a need for an increase in block sizes that exceeds any limit. Although Bitcoin has exceeded its hard cap limit and Ethereum does not have any cap limit, there’s still one issue left to be fixed i.e the time taken for a transaction to be processed. The more will be the size of the block, the more will the time taken by each transaction to be completed.
Time Taken In Verifying Each Transaction
If we talk about Bitcoin, each transaction requires peer-to-peer verification which is time costly. Initially, bitcoin used to verify or create one block in ten minutes. But now, the network is taking hours for the same due to the fact that there is more traffic. The more the transactions, the more time it would take to verify each block and eventually you would have to wait longer for your transaction to get processed. This clearly needs to be fixed if blockchain wants to be able to compete with other existing payment systems.
Transaction Charges
Here, also we will talk about Bitcoin in major. After all, bitcoin is still the leading cryptocurrency. So, with the increasing traffic on Bitcoin’s network is increasing the number of transactions and hence the need for more nodes to process the transaction. The running costs for nodes aren’t any cheap and even miners show significant interest in high transaction fees. Partly, this is due to the fact that they have to work and put a lot of money themselves to verify transactions. That being said we are referring to the increase in transaction fees during the peak times. Many new cryptocurrencies have tackled this issue either by using different protocols or other means among which some altcoins even provide zero-fee transactions.
These aren’t the only issues blockchains are facing as it varies accordingly. But we gave you the outline so that you would be aware of what types of blockchain scalability issues we are talking about. Now, let’s talk about the solutions that have been implemented or going to be implemented to fix these problems.
Potential Solutions
Not only Bitcoin but Ethereum have come across many many solutions to fix its blockchain scalability issue. The major ones are listed below:
Proof of Stake: Bitcoin is based on proof of work protocol which is very costly and also requires a lot of energy. There are many limitations of proof of work algorithm which is covered up by the alternative new protocol proof of stake. Actually, proof of stakes comes with its own list of limitations and drawbacks because of which several other protocols are created like delegated proof of stake etc.
Segwit: The idea of a segregated witness aka Segwit was proposed by Dr Peter Wiulle of Blockstream. Segwit is only applicable for Bitcoin blockchain and is a process to increase the block size limit of the blockchain. This is done by removing certain data of transactions that would free up some space so that more transactions could be added to the chain.
Other such solutions include increasing the block size, plasma and sharding. If you want to know more about all these solutions, read more of our guides for these processes individually.
Conclusion:
There are many issues that blockchain needs to tackle in order to come to the mainstream and compete with existing payment methods. We hope you’ve got an outline of blockchain problems and solutions. You can find more such guides on our official cryptoknowmics.com portal.
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It’s been a decade since blockchain is taking over the world driving various industries crazy. The new technology has already transformed many sectors that include, Finance, Real Estate, Healthcare, Retail, Supply chain and whatnot. Blockchain was introduced with the first-ever cryptocurrency, Bitcoin and then within a few years, it took the attention of Entrepreneurs all over the world. Many Big firms have already started accepting blockchain as their core technology That includes Amazon And Bitfury.
Now if we talk about AI, you are no alien to the term. We now have AI on our mobile phones and pretty much everyone is aware of this new technology now. But, it’s not only the mobile industry that has adapted this technology but many others that again includes health care, finance, retail, travel etc.
In this article, we are going to talk about these two technologies and how the combination of Blockchain and AI can do wonders to the world. But before that let’s learn about what these technologies are, how they work and their use cases.
What Is Blockchain Technology
Also known as distributed ledger technology, blockchain can be defined as a record book that can record all data while maintaining its security, transparency as well as decentralization. All the data is stored in the form of chains of blocks that are not controlled by any third party.
A good example of how Blockchain works is to see how Google Docs or sheets work. Most of you must have used Google docs already and even if not you must be well aware of it. The beauty of Google Docs is that when you create a document or a sheet, write something on it and share it, it is shared in real-time. That means, unlike words where multiple versions of the documents are created when you share it with people, the docs sheet or document is shared and edited in real-time. If the person you shared the document with, edit your document, changes would be updated in the original document and there would be no extra copies created. That’s how exactly blockchain work, everything there can be edited in real-time where the new modifications are transparent to everyone.
However, you must remember Google docs doesn’t use blockchain. The distributed ledger or say docs is transparent and secure but it is not decentralized. That being said, everything there is maintained and controlled by Google. You are relying on a third party for the maintenance and security of your document whereas, in the blockchain, you don’t need to trust any third party or central authority.
What Is Artificial Intelligence Technology
Now, on the other hand, you can think of Artificial intelligence as the mimicry of human intelligence or mind. AI enables decision making in machines by using data stored in its memory. AI machines are programmed to analyze like humans and accomplish set goals. Siri and Alexa are good examples of AI.
AI works according to the data stored in it and it is different from robotic automation. AI applications can perform regular tasks like setting up alarms, reminding you of taking medicines, giving you daily news about the things you are interested in and many more without fatigue. Although, at first you will need to set up AI to do all these things for you.
Combination Blockchain and AI
Now that you know how both the technologies work, let’s talk about what the combination of blockchain and AI will do. Blockchain is good at keeping data while AI is good at using them to perform tasks just like humans. If both technologies would be combined, not only it will enhance the working of AI but also blockchain’s underlying architecture. Blockchain can clearly make AI more reliable and logical. Some of the advantages of AI and Blockchain convergence are given below:
- Improved decision making
- High reliability and accessibility
- Better management of smart contracts
- Secure and Immutable personalized experience
Impact of AI and Blockchain Combination on Industries
The combination of Blockchain and AI can do wonders in industries like Healthcare, Supply Chain, Retail and Finance. Let’s know about the impact of these technologies on various industries individually.
Healthcare
Although both AI and blockchain are working to revolutionize the services in Healthcare independently. not only for the patients but for healthcare service providers. But if both the technologies have to work together, it would be the next level of everything. While blockchain will help to secure medical data against theft or cyberattacks, AI will help the patients and service providers get a personalized experience.
Retail
AI is already trying its best to improve the retail business with all its capabilities and combining it with blockchain will only double its impact. Retailers will now not only be able to personalize their experience but also better manage the customer’s data as well as everything in the process. Moreover, it will also secure payment processes by reducing the risk of frauds.
Finance
The combination of blockchain and AI will help predict human emotions and what needs to be done next while still building trust in the industry. Both the technologies will take the Finance sector to the next level in terms of performance as well as automation.
Conclusion
The combination of Blockchain and AI is largely undiscovered but it seems like both the technologies somehow belong together. While blockchain is still in its initial days and attracting more businesses day by day, AI is there for years and has earned the attention of the mainstream. What AI needs is data in order to work properly and as accurate as possible which can be dealt with blockchain.
That’s all for now! In order to better understand how both the technologies will work together, you might want to know about blockchain in detail. Learn about the working, use cases and advantages of blockchain through our guides and how it can be the next big thing in the world. You can also learn more about cryptocurrencies as blockchain is their base technology.
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If you are mesmerized by the recent talks of Bitcoin Halving 2020 and looking forward to learning more about it than you are at the right place. Here in this article, we are going to tell you everything about what is Bitcoin halving and the Bitcoin halving that happened recently on May 11th. If you are new to cryptocurrency, you might not know about Bitcoin halving but have heard about it a million times around. Anyways you must have figured out already that it refers to something essential and yes it is one of the most important events concerning bitcoin miners.
Let’s start with introducing what is bitcoin Halving.
What Is Bitcoin Halving 2020?
When the number of bitcoins circulating every 10 minutes decreases by half, it is known as The Halving. Bitcoin halving occurs every four years, the previous date was 9 July 2016. In simple words, according to halving, the reward for creating or mining new Bitcoins is cut by half and it happens after every 210,000 blocks. Initially, when Bitcoin was created, the reward amount for mining new Bitcoins was 50 BTC, which was then cut down to half after four years to 25 BTCs and then to 12.5 BTCs. Now in May 2020, the third halving occurred and the rewards were again halved to 6.25 from 12.5.
Understanding How Halving Works For Bitcoin
To understand this let’s understand how Bitcoins are mined first. It’s not easy to mine Bitcoin and it requires time, resources as well as enough technical knowledge to solve puzzling equations. Bitcoin is based on proof of work mechanism which is one of the most time and capital expensive protocols. To participate in the process of mining, one needs highly expensive machines and computers. The better and the faster your computer will be, the more will be the chances of earning Bitcoins. Miners are rewarded for solving mathematical equations eventually verifying the transactions. Once, the block is filled with the verified transactions, miners are rewarded for their work with Bitcoins.
The rewarding system remains the same until a total 210,000 blocks are completed and then after that as we said above the rewards are cut into half. This also means that after every four years, the Bitcoins released into the circulation is reduced by half. The process will continue until all the Bitcoins are released into the circulation which will be by 2140. After that, miners would be rewarded only with the transaction fees paid by users and the network will still keep on going. At present, there are 18,381,843 BTCs in circulation which means that only 2,618,157 more are left to be mined in upcoming years.
There have been two halvings in the past, once in 2012, then in 2016 and after both these halvings, the prices of Bitcoin soared high. In Nov 2012, after the first halving, the Bitcoin price rose to $1,150 from $11 and then in Dec 2017, Bitcoin’s price rose to the all-time high at $20,000 from $650.
Halving’s Effect On Bitcoin Price
We’ve already discussed what happened in the last two halvings and it is believed that the trend would continue. However, nobody can tell for sure if this time also the price is going to increase only. We saw the first demonstration of how people would react to Bitcoin halving in 2012 when the prices started to rise after some time. Then on the second halving initially, we saw little drops in the prices of Bitcoin but it gradually increased over the course of the year.
So, the theory of Bitcoin halving is that when the Bitcoins supply declines but the demand stays the same, it pushes its price up. Now, if this theory has some truth, we would see an increase in the prices of Bitcoin this year as the halving has started showing its effects on the prices of Bitcoin already.
Although, as of now not most people aren’t aware of Bitcoin halving 2020 and its effects, it is likely if enough people know about it in advance, the prices would instead increase before halving.
Halving 2020 Initial Effect on Bitcoin’s Mining Difficulty
The reduction of mining reward after the third Bitcoin halving in 2020 pushed back many miners from participating in the process. Eventually, to curb this issue, Bitcoin adjusted the difficulty level of mining by 6% to bring more miners in the process. Bitcoin’s mining difficulty determines how difficult it is to earn block reward i.e. to verify transactions. It was the first adjustment in the difficulty level of Bitcoin mining after the Bitcoin halving 2020 event.
Moreover, this difficulty level is adjusted every 14 days, accurately after 2,016 blocks so that the block interval continues to be around 10 minutes. If this time is somehow increased, maybe because of the less participation of miners in the process, Bitcoin’s network decreases its difficulty to promote more participation.
This is what happened after Bitcoin’s third halving after the completion of the 2,016 blocks.
Last Words
It’s been a few days since the third Bitcoin halving took place and we’ve started to see its effect on the market already. As said above, the Bitcoin network adjusted the difficulty of mining to encourage miners for participation in the process. At present, it’s hard to tell if the prices would rise again or if we’ll see a new pattern or a new change. As the world is suffering from a new pandemic which has affected the world’s economy in a great way, there’s a lot of uncertainty for what will happen to Bitcoin. What will be the impact of Covid-19 on Bitcoin halving 2020? How will the effect of halving turn out this year amid the corona outbreak? For now, nobody has a certain answer to this question and only time will show how things will turn out after the third Bitcoin’s halving.
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If you are reading this, then we suppose you are already aware of cryptocurrencies or at least heard of Bitcoin and Ethereum. Nevertheless, in this article, we are going to review a platform that offers services for crypto trading, wallets and many more. Yes! We are talking about Coinpayments platform. Many of you must have heard about Coinpayment wallet, but it’s not only the wallet that it provides but many other services which make it stand above its competitors. Whether you are a HODLer, trader or a business accepting crypto payments, you should read this complete review of Coinpayments platform to learn about the very benefits of it.
Actually, the thing that makes this platform unique is that it provides services for businesses to accept crypto payment, eventually helping in wider adoption of crypto. And as you know there are many options available when it comes to trading services as well as crypto wallets but not the services for business accepting cryptos. The reason behind that, you can say, is the fact that there are thousands of cryptos out there and while someone wants to pay using Bitcoin, others want to pay using ripple or cardano. CoinPayments is indeed working hard to work on this problem by supporting a wider range of crypto coins. Let’s start with our guide to Coinpayments platform.
What Does the Coinpayments Platform Offer?
Coinpayments is a platform that offers services for crypto trading, wallets, vault service, shopping cart plugins and many more. The platform is currently accepting Bitcoin and more than 1,900 altcoins, which is quite impressive as compared to its competitors. If you’ll check out its platform, you’ll find out that it has an intuitive interface with many easy to use plugins. Moreover, the crypto platform has millions of vendors worldwide which make it one of the widely adopted crypto service providers. Now, you might think that there are numerous crypto wallets and trading platforms out there, what is special about this one? Well, it’s not just a crypto wallet or trading platform, it is an all-in-one crypto payment gateway, which means you can use it to accept crypto payment on your website or platform through its merchant tools, make use of its POS facility, purchase gift cards, and many more. Now, let’s review the Coinpayments platform features and services right away.
Review Of CoinPayments Platform Services
From shopping cart plugins to buying gift cards with cryptocurrencies, vaults services, and point of sale facility, Coinpayments platform offers it all in a single platform. If you are someone looking for any such services for the growth of your business or offline store, read about the many features of Coinpayments.
Shopping Cart Plugins
CoinPayments allows you to add crypto plugins and buttons on your website. You can use this service if you want to accept cryptos for payment of the service or products provided on your platform. You can find almost all the famous and mostly used webcarts like Shopify, OpenCart, WooCommerce etc. check out all the shopping cart plugins supported on Coinpayments from its official web page.
Digital Gift Cards
Don’t get surprised to know that now you can buy gift cards using your crypto coins because Coinpayments has made it possible for you. All you need is to sign up on the platform and purchase the gift card of your choice. CoinPayments enables you to buy digital gift cards from almost all the famous retailers like Best Buy, Adidas, Hulu, Uber etc.
Point Of Sale (POS)
Accept crypto payment on your offline store making use of Coinpayments point of sale facility. The platform lets you accept payments in cryptocurrencies with an easy to use and interactive POS interface.
Vault Service
Use Coinpayments Vault service to securely store your cryptocurrencies until you don’t spend it. It is an extra layer of protection for your cryptos and their private keys.
Multi-Coin Wallet
Coinpayment multi-coin wallet is among the top and most reputable crypto wallets out there. It lets you store, send and receive thousands of supported coins using its online wallet. Coinpayments is doing great by providing all these services in a single platform, although, we recommend you to not use online wallets for security purposes.
GAP600 Confirmations
Crypto Payments through CoinPayments would be faster than before as the platform uses GAP600 Instant confirmation feature. Because of this, you would be able to process payments in less time and wouldn’t have to wait for hours for the confirmation.
CoinPayments Mobile App
Make use of all the services offered by Coinpayments simply by accessing its application on your Smartphone. You can download this app on both iOS and Android operating systems.
Is CoinPayments Safe?
Now that we are done with the review of Coinpayment platforms features, let’s step to its security. So, is CoinPayment Safe? Not as safe as you think but not that bad either. Why are we saying this, because the platform suffered a security breach back in 2017 and a lot of users got hacked of their ripple coins. That was it, the one moment when CoinPayments lost the trust of a lot of its customers. So, we can’t give you a 100% positive review about the platform’s security but surely the platform has improved in all these years. But the fact is that when it comes to crypto services, you can actually trust any platform entirely.
Moreover, CoinPayments managed to repay the victims of the breach that happened in 2017 within a few months which represents how well it has dealt with the situation.
Conclusion
That was it in the review of Coinpayments platform. If you are worried about how to trade on Coinpayments platform, let us tell you it is really simple and you can do so by simply signing up on the platform. You can make use of the platform for various purposes like adding shopping plugins on your website, using its vault service, buying gift cards using cryptocurrencies and many more. As we also said above, we don’t recommend using Coinpayments wallet for storing cryptos as it is an online wallet and prone to attacks. If you are looking for the best cryptocurrency wallets, we suggest you only trust hardware wallets and not software wallets.
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Ever thought about the people who bought Bitcoin when it was hardly worth some pennies and didn’t sell it for years? Yeah! They must be millionaires now! Bitcoin is touching sky high prices now and it is kind of hard to even buy 1 BTC at this time. So, what is that you can do to take benefits from cryptocurrency and be the next crypto millionaire? Here, in this guide to penny cryptocurrencies, we are going to tell you, about how you can get the crazy drive of crypto by investing in coins that are worth less than even a dollar. Let’s start with the definition of what are penny cryptocurrencies.
What Are Penny Cryptocurrencies?
In simple words, penny cryptocurrencies are the cryptocurrencies that are worth less than a penny. As you know even the industry’s leading cryptocurrencies like Bitcoin, Ethereum was once penny cryptocurrencies. It is the main reason why everyone was so interested in cryptocurrencies in the first place because it actually made people millionaires in just a few years. However, not every crypto is alike and definitely not every cryptocurrency is Bitcoin. So, now the question is how to know which penny cryptocurrency is worth it and what are the factors that you should consider while investing in them?
Indeed investing in penny cryptocurrency is going to be highly risky like if you are riding a sea-saw but this time in the sky so if you go down, you’ll go dead. Not actually dead in this case but you’ll definitely suffer huge losses if things wouldn’t happen as you expected. This is why you should learn everything about these cryptos first and the risk associated with them to have a safe and enjoyable ride of profits.
Different Types Of Penny Cryptocurrencies
Now that you know what are penny cryptocurrencies, let’s know about their types. Penny coins are classified into four categories, newly minted cryptos, plentiful cryptos, stagnant cryptos and crashing cryptos. While newly minted cryptocurrencies and plentiful cryptocurrencies can be beneficial for investing, stagnant and crashing cryptos have rare chances of success. Let’s learn about each category individually.
Newly Minted Cryptocurrencies
As the name suggests itself, newly minted cryptos are the new cryptocurrencies in the industry. Investing in new cryptos can provide you with high returns. Although, it’s hard to judge these cryptocurrencies as they don’t have much of history. Do thorough research on such cryptos before investing in them to stay away from fraud schemes.
Plentiful Cryptocurrencies
Plentiful cryptos are the coins with large supplies, for example, Ripple. It is their large supply that keeps their prices low and these types of coins can make a great investment.
Stagnant Cryptocurrencies
These types of cryptocurrencies are the one that has been in the market for a while now but haven’t seen any growth in prices. Stagnant cryptocurrencies are not recommended for investments for it is very rare to see improvement in such coins.
Fallen Cryptocurrencies
Also known as crashing cryptocurrencies, they are the coins that used to be valuable at a time but aren’t anymore. There are chances to see growth in such coins again but it is not likely.
Things To Remember When Investing In Penny Cryptocurrencies
Finding the right penny cryptocurrency to invest can be a hard nut to crack and of course, there are always risks. Read these points to know about what to look for in cryptos before investing and what to avoid.
Why Cryptos Were Created In The First Place?
When you start looking for new cryptocurrencies to invest in, always remember the basics such as crypto coins are supposed to be decentralized and better than the existing payment methods available. If you see the history of some successful crypto coins you’ll find a few things like the motive behind the creation of Bitcoin was to bring a P2P payment system that involves no third party. Ethereum brought more to the blockchain such as the ability to build smart contracts and dApps.
So you see, a good cryptocurrency should offer something new and practical that’s missing from the market right now. Why would anyone want a new payment system that offers nothing more than the existing one?
Learn Everything About The Coin First
Already found the one coin that you think could provide you with benefit? Have you researched it thoroughly? Do not invest in any coin before researching everything about it that includes what technology it is based on, about the company, the team included, read its whitepaper, know what people are saying about it and check out its roadmap. If the coin has a bad reputation or the founders have a shady past, stay away from it. Also, make sure, whether the technology they are talking about is viable or not.
Stay Away From Pump And Dump Coins
There have been many cases in the past when the prices of coins were increased artificially. These kinds of scams are famous in crypto space where companies earn profits by increasing their sales and then run away with profits. When the price of a coin increases all of a sudden, instead of acting right away check the history and observe its price changes for a few weeks. This is the only way you can stay away from the pump and dump schemes. Don’t invest in coins that seem shady or too good to be true.
What Else To Avoid?
- Projects with no or unclear whitepaper.
- The one with no website at all or a website that doesn’t convince you.
- Not much available about the coin on the web.
- Projects with anonymous founders or team members.
- No social media accounts.
Best Penny Cryptocurrency To Invest In 2020
- Ripple (XRP)
- Stellar Lumens (XLM)
- Cardano (ADA)
- Tron (TRX)
- IOTA (MIOTA)
- Raven Coin (RVN)
- QLINK (QLC)
Many of these cryptocurrencies have been around for a while and have gained a lot of attention already like Ripple however others are still struggling to find its place in the market. No matter what penny cryptocurrencies you choose to go with, first, research them thoroughly and compare them with the other competitors. You are putting your money at risk, do everything possible to ensure you won’t suffer loss.
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Cryptocurrencies are steadily becoming the next big thing in the market with more than 5000 coins already out there. In no time this number will increase to 10000 and then there would be thousands of crypto coins in the market. Although, there’s no way that all of these would get the same amount of attention and most of them would only suffer failure. Like you can see, almost 90% of crypto coins developed till now is a failure with only 100 to 500 seems to survive the market. Among these coins are some successful stablecoins projects like Tether that maintained a good reputation in the market. In this article, we are going to know more about the concept of stablecoins and see how they are important for our economy. So, let’s get started with it right away.
What Is The Concept of Stablecoins?
The thing about stablecoins is that it is pegged to fiat currency. For example in the case of Tether, the cost of 1 Tether = 1 USD. As you can tell by its name, stablecoin is a cryptocurrency that is stable in value. Unlike Bitcoin and other cryptocurrencies whose prices keep on changing every day, the stablecoin has a stable value equal to its backed fiat currency.
This is the reason stablecoin is taking the world by storm because it doesn’t suffer from the issue of Volatility like other cryptocurrencies. Also, because of this, it is said that Sablecoins has the potential to become the universal currency.
Different Types Of Stablecoins
The definition we provided above covers only a type of stablecoins i.e. fiat-backed stablecoin. When these stablecoins were created, it got the attention of the world although they are not perfect either. Given below are the various types of stablecoins:
Fiat Backed Stablecoins
Stablecoins indeed come over the issue of volatility but now it has to deal with the issue of centralization. The need for these stablecoins to be kept equal to the value of its fiat currency, makes it dependent on central authorities again. Now, what’s the whole point of a cryptocurrency which is not decentralized at all and if we still have to trust a third party.
This is why two more types of Stablecoins came into existence that is crypto-backed Stablecoin and gold-backed Stablecoin. Some of the top fiat-backed stablecoins are Tether (USDT), USDCoin and Maker. All these coins are backed with US dollars and can be used to purchase used as a store of value or for trading in cryptos.
Crypto-Backed Stablecoins
As the name tells itself, these types of stablecoins are backed by other cryptocurrencies. The idea behind the creation of crypto-backed stablecoin is simple i.e. to maintain the decentralized nature of cryptocurrencies. If stablecoins would be crypto-backed then everything would still be on blockchain and no central authority would need to maintain the stability of fiat-backed stablecoins. But what about volatility? Aren’t we again where we started from? Cryptocurrencies were volatile which is why stablecoins were created. Now if we’ll peg stablecoins with cryptos, wouldn’t it make it even more volatile?
Asset-Backed Stablecoin
These types of Stablecoins are pegged with assets like gold so that the value of it remains stable. The example of one such cryptocurrency is G-coin in which 1 G-Coin = 1 Gram Gold. This gives us the ability to store digital gold, use it as a store of value or as a digital payment method like other cryptocurrencies.
Why Stablecoins Are Important?
Cryptocurrencies have come far beyond, from when it was created but it still needs more adoption and support to grow. The reason digital currencies are not getting all the value it should is that people are not able to trust it and there are other issues surrounding the industry like regulatory confusion etc. The ability of cryptocurrencies is constantly questioned due to its volatility and it is the reason it can’t take place of cash yet.
For instance, if we take the example of paying employees with cryptocurrencies like Bitcoin or Ethereum. Can you imagine what will happen? It would be more like a lottery than an actual payment because the value of your salary would fluctuate every minute and day. If you are being positive, you can wake up as a millionaire one day but if we consider its negative scenario, you can find yourself out of money also if the value of cryptocurrency crashes. Moreover, using these cryptocurrencies for purchasing small things like a cup of coffee can cost you a lot due to price fluctuations.
Considering all the above-mentioned issues it is important for the crypto industry to develop a coin that is free of all these price fluctuations and can be used for daily purchases. The concept of Stablecoins seems to fit in this scenario as they are backed with reliable and stable assets like USD, Gold etc.
What Qualities An Ideal Stablecoin Should Have?
The concept of stablecoins is to provide the world with a better digital alternative of cash which people can trust and use for daily purchases. The qualities a stablecoin should possess in order to replace cash are:
- Stable in value and free from market volatility
- Serve as a convenient payment method
- Enables low-cost transactions
- Be a scalable option
- Should be decentralized
- Maintain the privacy of users
- Should be able to withstand regulatory and other global changes
These are the qualities that will make a stablecoin perfect to use for daily use and replace cash and other costly alternatives.
Conclusion
After all these years, people are still having a hard time accepting cryptocurrency as an actual payment option which is due to many reasons but mainly because of its volatility. Bitcoins and altcoins volatility are what is stopping them from being the next universal payment instrument. To encounter the issue of volatility came the concept of Stablecoins but it still has to improve to be the ideal digital payment tool for the world.
