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Card Review: TokenCard
In order for cryptocurrencies to be widely used and used, they must be easy and understandable to use, like ordinary money. Over the implementation of this direction, there are a lot of projects that create a lot of opportunities to use cryptocurrency. But perhaps the most important moment in the popularization of this sphere will be the provision of the opportunity to pay for goods with a credit card on which cryptocurrencies will lie. One such project is TokenCard (TKN).
TokenCard is a debit card and mobile app that runs around the world on millions of payment terminals / ATMs, which allows holders to use their real-time digital assets in the real world as real money. A card that allows its holder to spend ETH and other ERC20 tokens using a smart wallet contract.
What can you hold?
Users independently decide which tokens based on the Ethereum platform they would like to spend, and they will be able to set a mode in which several currencies participate in any transaction at the same time. Since the beginning of the project, the development team’s own token (TKN), Etereum (ETH), and eight other tokens are involved in it: REP, MKR, DGD, MLN, GNT, 1STб and SNGLS.
Contract Wallet
TokenCard users will be able to create their own wallet on the basis of a token contract and join the platform or provide such an opportunity to already existing wallets. The purse of the contract will act as a bank account on which funds are kept, and which provides security parameters, but all this is under the control of the user.
Mobile app
The mobile card application aims to eliminate the need to bind to a traditional bank account. The application allows users to manage their tokens, control costs, conduct transactions, and distribute tokens depending on each purchase they plan to make. The user can, for example, configure the card so that within any transaction 5% of funds are used in Etereum cryptocurrency (ETH), 40% in DGD and 55% in SNGLS.
Also, the Token Apps token application is the main tool for interacting with the wallet. The application manages the wallet and provides users with the ability to access their token portfolio and manage their own debit card.
Main features
It is difficult to name any features of this project. At its core, it is similar to how payment is made for services by conventional bank cards. But perhaps there is one difference. All processes on the card are controlled by smart contracts. Now we will try to explain how this happens. Suppose on your card, there are some tokens, the cost of which is equal to 2 dollars. You need to pay for the purchase – $ 100. When making a payment through the POS terminal, you will be charged 50 tokens + transaction fee from your account. The maximum commission of TokenCard is 1.5%. It is also worth noting that the activity of the team is not particularly happy because so far the project has not yet been launched. And in these market conditions, when there are a number of projects offering similar functionality, it will be much harder to make a breakthrough.
Original TKN token
TKN cryptocurrency is a digital token that is part of the TokenCard project. This project began one of the first to develop a technology that would allow paying for cryptocurrencies using debit cards. Work on TokenCard began about a year ago, in May 2017.
The TKN Asset Management Agreement provides for the accrual of 1% of the payment amount on a debit card using tokens from other issuers. For users who use TKN tokens when making payments, no fee will be charged.
Mining Ethereum
Many people often question how to mine Ethereum. They wish to understand the procedure involved in its mining and how it works. For starters, those who are aware of the procedure needed to mine Bitcoin will not find it very different. In fact, it is very similar to how Bitcoin is mined.
Despite popular opinion, blockchain miners don’t just collect cryptocurrency tokens. They are individuals who fill the function of the transitional people –a systematic approach, we don’t find in decentralized systems.
To fully understand the role played by an Ethereum miner, we first need to visualize how an orthodox monetary system works. PayPal and banks consist of checks and balances that ensure no fraud is being committed or mistakes made. Although very exceptional, these institutions run everything from one central point. All the transactions made or to be made have to run through this center in order to be processed further.
Now, one may again question, how these Ethereum miners differ from these institutions? In Ethereum mining, it is upon the miner to verify any changes in the established network. Whenever any modification or transaction is made, there are more than one computers that need to verify that modification or transaction.
For example, let’s assume there are ten computers that need to verify any modification made by a client. If nine of the ten computers verify the modification but one doesn’t, it is very easy to detect which computer didn’t. This makes spotting mistakes easier. Sadly, we don’t see any such system in banks. Whenever a mistake is made, there is no one to rectify it. This approach is what differentiates Ethereum miners from financial institutions. The record keeping model is far more superior to the one we see in centralized models.
Earning of Ethereum Miners
All banks charge a fee for the services rendered. These are usually charges spent on the internal confirmation system. However, when using Ethereum, clients pay the Ethereum miners for the verification services. Each of the modifications or transactions made by the clients are organized or tape-recorded in the form of blocks. Every time a block is completed on the blockchain, a miner earns 5 ETC.
So, how does the mining work? All the modifications made by the client on the DApp takes space –similar to an image storing on iCloud. Since data can be numerous, each set is compressed in the form of a hash. The hash is a string of the code containing all the information –like a zip file on a desktop.
Miners compete to determine the best hash for that specific block of information on the blockchain. This means that more than one miner can work on the same block of data simultaneously. Whichever miner cracks the hash code first is given the 5 ETC. All the other miners than stop working on that code. You can also calculate profitability here.
The Journey from Proof-Of-Work to Proof-Of-Stake
No one can really predict the future of Ethereum mining. Even though the current systems work well, the minds behind Ethereum are on the lookout to find a replacement. The current mining system is labeled proof-of-work. This label makes perfect sense since only Ethereum miners who have, in fact, hashed a block of information are given Ether for their contribution.
As predicted, proof-of-stake might be the future. This new approach may seem a bit harsh as it will limit miners in favor of Ether holders. This means that only those who own Ether towns will reach a consensus.
What Is A Hardware Wallet?
The main difficulty for users of Cryptocurrency is security. Crypto exchanges are ideal places to trade cryptocurrency, and they offer garage offerings, but there is a risk one suffers the loss of their asset in the event such websites get hacked. In the case the government takes the exchange down, it also prevents the recovery of these assets. A hardware wallet is among the best places to save your cryptocurrencies.
A cryptocurrency hardware wallet is a digital, physical system used to create and manage non-public keys. Compared to other substitute wallets, these devices can be said to be more secure in terms of security because they are not subjected to attacks from cybercriminals. These devices are used to separate non-public keys from getting damaged like those damage-prone online storages such as computers.
Some typical attributes of hardware wallets
– Information sharing screens can be found on most of them.
– Physical buttons are available on these devices and are used for command purposes.
– For security reasons, customers must set a PIN.
– The devices are used to generate and save private keys.
– They support about two to three critical coins.
– Transactions are performed on the device.
When you’re using a hardware wallet, it is recommended that you make sure no one sees your private keys. The loss of these keys can bring about the forfeiture of your assets. If you lose the device, you may lose your resources. You can improve the security of USB drives by making use of gadgets that require a PIN to access records.
Why use a Hardware Wallet?
Users of multi-currency hardware wallets are permitted to store various Cryptocurrencies in a single device, making it easier for customers to control their assets more efficiently. Since hardware wallets are cold wallets, this makes it problematic for programmers to go after them. In contrast, software and webpage wallets are permanently connected to the internet, making them easily accessible to cybercriminals.
Hardware wallets allow the operators to receive and send funds whenever they like. Sending cryptocurrencies from a paper wallet takes more time as it should, as it should first be imported into a hardware or programming application wallet. Hardware wallets permit owners over their public and private keys. Also, with some several other wallets other than paper wallets, users depend on third parties. In terms of exchange wallets, users could lose their assets if the website gets shut down for whatsoever reason.
The hardware wallets contain predefined encryption systems that ensure the devices doesn’t get compromised by computer infections and malware. Unauthorized persons cannot view the private keys kept on these devices. With hardware wallets, users can distribute cryptocurrencies uncountable times; this is different from paper wallets because they are only invested when security problems are anticipated.
Limitations of Hardware Wallets
Although it is considered one of the safest locations to keep coins, there are risks of you losing your cryptos from your hardware wallet. The hazards identified with these gadgets include:
Bugs
Like any other framework, the protection of hardware wallets depends on how you monitor them. Though this rarely occurs with these wallets, a firmware error may expose your stored crypto coins to invaders.
RNG
Hardware wallets use RNG to degenerate private wallet keys. The use of random characters makes it extremely difficult for someone to think or deduce your private key. It is sometimes difficult to guarantee the RNG generator’s randomness. By managing a non-random RNG that follows a specific pattern can reveal your wallet information to cybercriminals.
Cost
Although software wallets mostly come handy via free downloads, hardware wallets come with a price; this has prevented countless new crypto dealers from experimenting with these beautiful things. Regardless of their amount, they provide customers with a secure and feasible strategy for storing cryptocurrencies.
What Are Cryptocurrency Exchanges?
As in the case of traditional financial assets, exchanges play a key role in the cryptocurrency market. Exchanges can become an obstacle to the rapidly emerging world of digital assets. At first glance, they are very similar to stock exchanges – they reduce sellers with buyers and participate in the pricing process. However, they also have serious differences that expose investors to risks that they are not fully aware of. This worries regulators and leads to the emergence of new types of exchanges, devoid of these shortcomings.
What is the difference and difference between stock and cryptocurrency exchanges?
They perform the same function – provide asset turnover – but that is where their similarity ends. Cryptobirds keep investors’ assets and charge fees. In normal markets, these functions are performed by brokers. As a result, the profitability of cryptocurrency exchanges significantly exceeds traditional profitability.
For example, in 2017, Japan’s second largest crypto birth, Coincheck, was almost equal in terms of profitability with Japan Exchange Group, the operator of the country’s largest equity and derivative markets. Another important difference is in regulation: the supervisory authorities strictly monitor the stock markets, while digital in most jurisdictions are left to their own devices.
What risks arise from these differences?
Protection characteristic of stock markets does not exist on cryptocurrency ones. The biggest potential danger for an investor is the possibility of losing all your money due to a hacker attack or a bankruptcy exchange. So, in January, Coincheck lost nearly $ 500 million of tokens, and in June two crypto birds were hacked in South Korea. Since mid-2014, several exchanges have closed, including after hacking (including Mt. Gox, once the largest cryptocurrency exchange in the world), the activities of others have been stopped by the authorities.
How can investors protect themselves?
They can keep their digital tokens in personal wallets or so-called cold stores. However, they are usually not inclined to do so. Active traders act differently: they divide their assets into several parts and distribute them among various exchanges. Some platforms are trying to improve the security of trade. For example, the Gemini Trust used the services of the Nasdaq corporation to monitor potentially dangerous transactions with bitcoins and others.
What do regulators do to protect investors? Investors often hear warnings from authorities, especially with regard to volatile prices and the possibility of losing all assets. Many regulators require exchanges not to list the tokens, which are securities and are subject to relevant laws. In March, the head of the Bank of England, Mark Carney, said that it was time to put an end to “cryptocurrency anarchy” and bring the industry to the standards characteristic of the rest of the financial system.
How do the exchanges react?
Fundamental changes. There is a new generation of sites, closely adhering to the libertarian ideals of the blockchain. Known as decentralized trading platforms, these exchanges do not store customer funds and simply bring buyers together with sellers, allowing investors to conduct transactions. At their core, such exchanges are peer-to-peer platforms. According to Kelvin Wong, an enthusiast of decentralized exchanges and director of public relations fund OAX, this structure increases the transparency of work and the structure of commissions compared with the current model. The Foundation is developing decentralized trading platforms.
Decentralized exchanges
The answer to this question depends on who you ask it to. Sam Tabar, an AirSwap strategist who opened his own decentralized exchange in April, believes that the main theme of this year will be the migration of traders to new sites. Chia Hawk Lai, President of the Singapore Fintech Association, notes that the new type of exchanges has its drawbacks, for example, less user-friendliness and low technical support. David Lee, the author of the Handbook of Digital Currency (“Handbook of Digital Currency”), is convinced that in 5–10 years, the vast majority of cryptocurrency trading will take place on decentralized sites.
Blockchain Oracles looks like something of ancient Greek folklore, and somehow, they are doing a similar job. Legends have it that oracles were depended upon by people to provide data beyond their comprehension, as there were no sufficient data to settle on choices.
Likewise, Bitcoin and Ethereum Blockchains do not organize access to out-of-chain information. Therefore, there is no straight method for determining the conditions under which good contracts are based. An Oracle interprets the data provided by an external source.
Oracles provide the basic information necessary to enter into good contracts when the terms of the original agreement are fulfilled. These conditions could be anything associated with the excellent deal – installment end, temperature, changes in value, etc. These oracles are the primary way to make reasonable contracts link with data outside the Blockchain condition.
How important is the oracle?
Oracles are crucial. Just as old stories may not have been possible without important external information; smart contracts cannot function without a source of information. Without access to these data sources types, the capability of intelligent agreements cannot be utilized fully. However, with these frameworks, smart contracts have real applications in almost every area. By the time information reaches the Blockchain, the data can be used to integrate agreements and suggest use cases that may interest companies at all levels.
Why can’t decentralized applications without oracles communicate with the normal world?
The Blockchain is determined, implying that it is an impression of a particular series of actions which occurs makes progress in the subsequent request – a chain of exchanges. To get data outside the chain would call for non-continuous information, which in turn cannot be used or understood by the Blockchain.
However, the off-chain world is not deterministic; that is, there is no chronology of the sequence of events, which creates problems of transparency. Data can be generated and consumed at any time. This critical contrast creates a conflict among the two universes, and the very existence of an oracle can permit two-way communication between them.
What development happened lately?
The developers of Blockchain are endeavoring to enhance the coordination of Blockchain with the outside world. Because Oracle itself is a smart contract designed to provide the Blockchain connection by providing the required data, developers with decentralized fields and off-chain experience are needed.
The present need for external data on Blockchain has produced new and intriguing improvements. For instance, Oracle would allow Blockchain connections with current APIs, allow installments with Blockchain’s traditional installment systems and allow the relationship between different Blockchains and smart contracts.
What organization is on the threshold of oracle’s progress today?
The market for these specialized middleware programming applications is on the rise, and as innovations, strategies are systematically considered to optimize the use of Blockchain innovation thereby leading to an increase in demand. Currently, the market for this type of contracts is growing and being managed by a business that is involved in building up oracles. Oracle is the leader in oracle innovation.
What pattern should we expect in the future?
With the growing number of smart contracts, the need for new Oracle facilities is also increasing, this increases investment and design in the commercial areas and makes communication with Web Blockchain simpler and easier to use.
Future development under the new model will include a platform that will allow Blockchain to communicate with the outside world. Intuitive interfaces and tools make the task of Blockchain architects and customers more comfortable; this means that we are likely to have an extraordinary challenge among many suppliers until one or more of them are recognized again.
Bitcoin is an ordinary computer program. Only it is located not on any separate computer or server, but directly on the millions of computers that communicate directly with each other through this program.
Torrents work according to a similar principle. You install the program, and someone else does the same. After that, you can transfer files to each other directly, without the participation of any servers, and almost without control. This feature made torrents the main breeding ground for piracy on the Internet. So the bitcoin system works the same way. Only the task of this program is not to transfer files between users, but to give them “virtual points”.
Table of contents
- What is Bitcoin: Understanding The Basics
- Bitcoin Benefits
- Bitcoin Wallets: Everything You Need To Know
- 5 Ways To Buy Bitcoin
- How To Sell Your Bitcoin
- Inside Bitcoin Transactions: How It All Works
- Where Can You Spend Bitcoin? Here Are The Places
- How To Accept Bitcoin Payments For Your Business
- The Best Bitcoin POS Terminals For Your Business
- Can Bitcoin Scale?
- Bitcoin Law: What Are The Rules?
- Who Created Bitcoin? An Overview of Satoshi Nakamoto
- Understanding Bitcoin Charts
- Bitcoin Mining: How It Works
- Want To Mine Bitcoin? Here’s How To Set Up
- Bitcoin Mining Pools: Collective Mining Power
- The Most Popular Bitcoin Mining Pools
- Bitcoin Forums: Where To Discuss Bitcoin
- What Is Bitcoin Cash?
The Ultimate Guide To Bitcoin
Bitcoin is an ordinary computer program. Only it is located not on any separate computer or server, but directly on the millions of computers that communicate directly with each other through this program.
Torrents work according to a similar principle. You install the program, and someone else does the same. After that, you can transfer files to each other directly, without the participation of any servers, and almost without control. This feature made torrents the main breeding ground for piracy on the Internet. So the bitcoin system works the same way. Only the task of this program is not to transfer files between users, but to give them “virtual points”.
How does Bitcoin work?
A certain character under the pseudonym Satoshi Nakamoto (or a group of characters) introduced the world to Bitcoin. In the already legendary research work, it was defined as “peer-to-peer electronic payment system”. In other words, Bitcoin is a decentralized peer-to-peer digital currency system. The whole system works thanks to the actions of a group of people called miners.
Adding transaction information to blocks
When a group of miners creates a new block, they become the temporary owners of this block. Imagine that Masha sent Pete 5 Bitcoins. Of course, she physically does not send anything, just users add information about this operation to the blocks in the blockchain, and only at the moment when the block is added, this transaction will become perfect, and Bob will receive her 5 coins.
Problems of scalability
To solve the problems of scalability, two ways were proposed: Soft fork and Hard fork.
Fork (fork) – in the practice of software developers, the so-called project cloning followed by changing its code. Thus, the original code of the project remains unchanged, and its new version can exist in parallel with the old one.
What is Soft Fork?
A soft fork is easiest to imagine as a software update with backward compatibility. What does it mean? Suppose you are using MS Excel 2005 on your laptop and want to open a spreadsheet created in MS Excel 2015. It will still open in Excel 2005 because MS Excel 2015 is backward compatible (with older versions).
What is Hard Fork?
The main difference between the soft fork and the hard fork is that the hard fork does not have backward compatibility. Once it is implemented, there will be no way to return to the original state.
What transaction data does the block body contain?
- Any transaction consists of three elements:
- The sender information is input.
- Information about the recipient – exit.
- Digital signature.
The digital signature is very important because it confirms that the sender has the necessary amount of funds required to complete the transaction. As you can see in the diagram above, it is part of the input. And although this is very important data, a big problem arises with them – they take up a lot of space. In a block of 1 MB in size, the signature takes up almost 65%!
What will happen to Bitcoin in the future?
If we talk specifically about Bitcoin, then it will be the same as with any other financial bubble. He will burst. But it will last for a long time because the system is “sharpened” under the automatic reduction of the issuance of coins to miners.
But if we talk about the idea of cryptocurrency in general, then it seems to me that everything is much more promising. The financial situation in the world is increasingly heating up due to a small flaw in the modern monetary system. Namely, the Fed issues the currency as they want, and they also demand to return this money with interest.
1. What is Bitcoin: Understanding The Basics
2. Bitcoin Benefits
3. Bitcoin Wallets: Everything You Need To Know
4. 5 Ways To Buy Bitcoin
5. How To Sell Your Bitcoin
6. Inside Bitcoin Transactions: How It All Works
7. Where Can You Spend Bitcoin? Here Are The Places
8. How To Accept Bitcoin Payments For Your Business
9. The Best Bitcoin POS Terminals For Your Business
10. Can Bitcoin Scale?
11. Bitcoin Law: What Are The Rules?
12. Who Created Bitcoin? An Overview of Satoshi Nakamoto
13. Understanding Bitcoin Charts
14. Bitcoin Mining: How It Works
15. Want To Mine Bitcoin? Here’s How To Set Up
16. Bitcoin Mining Pools: Collective Mining Power
17. The Most Popular Bitcoin Mining Pools
18. Bitcoin Forums: Where To Discuss Bitcoin
19. What Is Bitcoin Cash?
How To Use Smart Contracts
We tell how smart contracts appeared, how they work, where they can be used and what are their advantages.
What is a smart contract?
A smart contract (or smart contract) is a special protocol designed for parties who can participate in negotiations, check their conditions, implement agreements and monitor contract performance.
How did the smart contracts come about?
Some may argue that the blockchain is notable for its applications that record various data and events. Others believe that the greatest value of the blockchain is in its ability to process transactions. All these functions of the blockchain, like many others, can be combined to create an extremely useful application – smart contracts.
How do smart contracts work?
The basic principle can be explained by the example of a vending machine that implicitly executes instructions. The fulfillment of the obligations of the parties is checked automatically.
What do you need to create a smart contract?
The subject of the agreement
The program must have access to the goods or services about which the contract is concluded, and be able to automatically give or close access to them.
Terms of an agreement
Conditions of a smart contract in the form of an exact sequence of operations. All members must sign these terms.
Decentralized platform
The smart contract is recorded in the blockchain of this platform and is distributed on its nodes.
What are the benefits of smart contacts?
Security
The smart contract is encrypted and stored distributed, which guarantees protection against loss or unauthorized changes.
What are the disadvantages of smart contracts?
Human factor
The code is written by people, and they can be wrong, while the smart contract is recorded in the blockchain, and therefore can not be changed. A good example of such a mistake is the story of DAO. Errors of developers have cost dearly to users, and companies – hackers took advantage of the vulnerability and stole about $ 60 million.
Undefined legal status
Today, smart contracts are not regulated by governments, so if the government decides to create a legal framework for smart contracts, problems may arise.
Why to use smart contracts
Smart contracts can optimize and automate a wide variety of transactions that occur in any professional sector. They can help businesses establish trust with their customers and ensure maximum transparency of transactions. And, most importantly, they are unchanged, that is, eliminate the risk that someone will change the contract in order to take advantage of the benefits at the expense of others. These features can be very valuable, especially in industries such as the financial sector or public administration. Although smart contracts are a simple concept, the nuances associated with their use, in reality, can complicate matters.
UPayCard Review
It is a British-based company with its headquarters in London. UPayCard was established in 2013. Today, it regulates by the UK Financial Conduct Authority. The company is involved in activities like prepared payment systems and international payment transfers. Like its rivals, UPayCard Bitcoin debit card features an e-wallet that goes along with the respective virtual and physical cards. This one feature separates it from its competitors by giving it a competitive edge. They also issue both business and personal cards, making it a great investment for entrepreneurs interested in Bitcoin and also blockchain startups.
In the beginning, the company did face some setback due to its high fee structures. But it has learned from its mistakes and reduced their fees vastly.
In this brief review, we shall highlight the advantages and disadvantages of the UpayCard Bitcoin debit card and further learn what this debit card has in store for its users.
Advantages
- UpayCard Bitcoin debit card is mastered up with MasterCard, making it acceptable in 99% of the stores worldwide.
- The debit card has a user-friendly mobile app along with an e-wallet facility. This allows easy access to users as they can track their balance when on the go.
- UpayCard Bitcoin debit card is also very secure. Its customers can enable a two-factor authentication system and also a PIN-code/password.
- There are no bank transfer charges involved when transferring money amongst pay cardholders.
- A majority of their services are up for grabs free of cost. UpayCard doesn’t have a monthly maintenance fee. Setting up an account is also free of cost. Moreover, the user doesn’t have to pay any extra charge for inactivity and neither when topping up via bank transfer.
Disadvantages
- Despite being charge-free on top-up, there is still a 1% fee associated when dealing with Bitcoin.
- Sadly, UpayCard Bitcoin debit card doesn’t offer anonymity. The users must verify their identity, proof of address and other requisites in the Know your Customers section.
UPayCard debit card Charges
- Most of the services offered with UpayCard Bitcoin debit card are free of cost, but not all. When topping up with a MasterCard or Visa, users are faced with a setback of 1.2% to 2.9%.
- Transfer services like Wechat, Alipay or UnionPay costs about 1.2%.
- ATM withdrawals are quite expensive too. Jus the tracking of your balance on an ATM will charge you €1.
- No matter where you are, withdrawing cash will cost €3.5.
- When converting payments, there is a 3% standard foreign exchange rate with UPayCard.
Summary
- Physical card: Yes
- Virtual card: Yes
- Card type: MasterCard
- Mobile app: Yes
- Supported fiat currencies: EUR, GBP, and USD
- Supported cryptocurrencies: Bitcoin (BTC), Ripple (XRP) Ethereum (ETH), Litecoin (LTC) and 80+ other cryptocurrencies
- Anonymous: No
Final Word
When established, the company specialized in international money transfers and prepaid debit cards only. Today, they also feature Bitcoin as an option. The reason why UPayCard has such a big following is that customers are reassured of its services as it previously dealt in debit cards. On the downside, many still find its fees quite pricy and Bitcoin as the only cryptocurrency option as a limited opportunity.
CoinsBank Review
Located in Edinburg, CoinsBank was established in 2013 by Ronny Boesing. The company offers Bitcoin debit cards and also supports Litecoin. The firm also offers exchange services along with digital wallets for its users. The company has an up and running mobile to track your balance on the go. One of the biggest features that differentiate it from other debit card issuer firms is that it allows its users a wide range of supported fiat cryptocurrencies.
In this article, we shall review what more it has to offer to its clients, drawbacks and fee structures associated.
Advantages
- It has an e-wallet for keeping tabs on the balance.
- The user-friendly mobile app also makes it convenient.
- Users enjoy strict security measures to ensure their cryptocurrency remains safe.
- The debit card allows cryptocurrencies to convert instantly.
- The debit card supports a number of fiat currencies including USD, EUR, GBP, AUD, RUB, and JPY etc.
- The biggest perk is that users can receive instant crypto cash-back when using it in store.
Disadvantages
- The company lacks transparency when it comes to determining who runs the firm.
- The prices are considerably higher, which makes the card inconvenient for many users. Many users have also lodged online complaints regarding this. However, the company hasn’t done anything so far to resolve the issue.
- The company offers free shipping but only to premium cardholders, which is, again, a drawback.
CoinsBank Bitcoin Debit Card Charges
- The company offers more than one type of debit card. The prices range from $2.95 to $1,000 as issuance fee.
- To use the physical debit card, users have to pay $14.95 as an activation fee.
- The CoinsBank debit card also has a monthly maintenance charge ranging from $0.95-$2.95.
- There is a $3.95 charge for domestic ATM withdrawals which is one of the highest we have seen so far. International ATM withdrawal costs $4.95.
- There is also a POS charge that ranges from $0.95-$1.99.
- Finally, currency conversions cost at 2.5 to 3%.
Summary
- Physical card: Yes
- Virtual card: Yes
- Card type: Visa
- Mobile app: Yes
- Supported fiat currencies: EUR, GBP, RUB, AUD, YEN, and USD
- Supported cryptocurrencies: Bitcoin (BTC) and Litecoin (LTC)
- Anonymous: Yes
Final Word
If we talk about versatility, this debit card has a lot to offer. Professionals and travelers find is an extensive range of currencies to be extremely handy and practical. The users also have the choice to decide which type of card they want. There are premium features for premium users. However, if we compare its prices with other debit card issuers, CoinsBank debit card is quite pricy. There is even a shipping fee for the card which is mostly free of cost with other debit card issuers. Only premium cardholders can get free shipping. Not to mention, the POS and ATM withdrawal charges, which are hefty too. However, all these drawbacks can’t stop the people from investing in one since it also allows users to take cryptocurrency cash-back when using it in a store.
Bitcoin cash mining confirms a block of transactions every 10 minutes as compared to Bitcoin. But before this block is validated all the Bitcoin cash minors have to repair a cryptographic puzzle. The puzzle isn’t like a regular puzzle, in fact, it is impossible to solve by the human mind alone. It requires extensive processing power to repair it.
Ever biotin cash minor contends to become the pioneer to solving it. The prize of this pulse-solving is the mining benefits. Yes, it is true, whichever miner succeeds in repairing the cryptographic puzzle first claims all the associated benefits. As per the rules, any miner who successfully mines the block earns 12.5 BCH. This remains in location till April 2020. After this date, the benefits are cut into half the actual reward and down to 6.26 BCH.
Bitcoin Mining –Successful or not?
But are the rewards worth the efforts? Well, it all comes down to the gadgets used for mining. Since you are paid in BCH, you must think about the actual market cost of mining Bitcoin cash before diving into it. If the rate is higher, so will the reward be. Thus, its success solely depends on what objectives you have in mind and also if you think mining is a long-term investment or not.
Hardware Requirements to Mine Bitcoin Cash
The first and foremost hardware device required to mine Bitcoin cash is the ASIC (Application-specific incorporated circuit). It isn’t the only variation available –some are even better. But there isn’t a point to consider another since ASIC is the only way you will ever have a chance of winning the benefits.
Software Applications for Bitcoin Mining
There are a number of third-party software applications available for download when planning to mine Bitcoin. However, if you have carefully gone through the article, you would know that neither of the gadgets is suitable for Bitcoin mining. In order to mine Bitcoin, the user will have to use an ASIC. Furthermore, the user will also have to enter the Bitcoin wallet address to proceed.
Bitcoin Cash Mining Pools
Mining pools allow Bitcoin miners to pool in their resources together, share a joint hash and distribute the winning reward equally. Users with more shares win more and vice versa. Bitcoin mining pools allow a great deal of control to the users. Since they are easy to set up, there are many rip-offs in the name of authentic Bitcoin mining pools. Therefore, it is important that users carry out extensive research before joining a mining pool. If they aren’t sure about which one to join, they can always choose a public mining pool.
Below is a list of the top 5 Bitcoin mining pools as ranked here. Readers can read more about these in detail and then decide which one to opt for.
- BTC.com
- Antpool
- Slush
- F2pool
- ViaBTC
Final Word
Though it seems like a good opportunity to invest in mining Bitcoin cash, it is merely upon the miner whether to pursue it or not.