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What Is A Cryptocurrency Payment Gateway?
Cryptocurrencies and blockchain technology appeared on time. Our world is rapidly shrinking, and the distances in it almost do not play a role. People from all over the globe communicate regardless of borders. The blockchain technology may well replace all traditional payment and remittance infrastructure by providing anonymity and security to its users. It also helps to remove unnecessary intermediaries, thereby reducing the price of transactions. However, despite the advantages of decentralized payment gateways, there are challenges and problems that need to be solved.
Payment systems based on blockchain and cryptocurrency
Storm on the cryptocurrency market and legislative difficulties, of course, do not stop entrepreneurs and enthusiasts: various payment systems, processors, services and applications that offer services to receive payments and organize transfers, already appeared enough. The application is available both on stationary and mobile devices, with the ability to transition to remote access, since there are no restrictions on IP – no. The wallet is presented on both Android and iOS. At the same time, a two-factor safety check is maintained. The pre-sale of the ERO will start in less than a week, and the ICO from October 11. Thanks to enhanced security, innovative services and user-friendly interface, ErosCoin can be the next revolutionary step in this area.
Payment systems on the blockchain – who needs it?
Payment systems
The ubiquitous transition from cash to payments in a cashless form leads to an avalanche-like expansion of the structure of payment systems. Increasing complexity, reduced security, monitoring and maintaining the health of channels, network nodes and data centers require serious resources.
The peculiarity of the blockchain and cryptocurrency technologies is secure transactions, for which you do not need the institution of third, trusted persons. A distributed registry reliably stores transaction data and is deprived of the need to confirm transactions from a payment operator – this is the solution to the many problems of old payment systems.
To consumers
For transfer or payment via the blockchain and the cryptocurrency system, it does not matter at all how many state borders it crosses – this will not affect either the speed or the cost of the transaction.
Blokchain and cryptocurrency payments can be used by people who do not have accounts in the banking system – the presence of the Internet is enough and in most cases a simple smartphone.
To business
Sales points, online stores, retailers – for any type of commercial enterprises, the introduction of settlement systems in cryptocurrency or using the blockchain is easy and does not require significant investments.
To understand distributed ledger, we will start by understanding a ledger. A ledger is a record in which commercial accounts are recorded, which can be considered the backbone of accounting. Ledgers have existed in many forms, from when clay has been used to keep records, to stones, to the paper age and then this computer age where it is digitalized. The digitized record emulates the same accounting pattern used on paper during its early phase, but advancement in technology especially in the cryptography and algorithmic areas of computing lead to the production of distributed ledgers.
Understanding distributed ledgers
A distributed ledger is a digital type of accounting where performed transactions are recorded in multiple ledgers at different places at the same time. Rather than the conventional way of keeping record where there is a main ledger, the distributed ledger record are generated separately by each node in the distributed network.
Record distribution over the network is unique as each record in individual ledgers are generated autonomously and saved by each node without any main node’s instruction. The principle governing are:
1. Every node in the network is independent
2. The node processes every transaction and determines the validity of the transaction.
3. Other nodes try to validate the result.
4. the result of the majority wins.
How to implement a distributed ledger
The blockchain technology is a very popular type of digitally distributed ledger. It separates data into independent chunks of data, which are then linked together, with a rule that data can only be added. The blockchain technology has been making waves especially financial sector as it might change the future of the financial sector. It promises efficiency, security and addressing of current challenges in the financial sector. It might as well break through to other sectors like manufacturing and energy. Want to more about blockchain?
The distributed ledger is far more flexible than the traditional paper accounting method, it is safer and more secure. With distributed journals it possible to send valued assets digitally without getting a central authority, a middleman, or any third party involved since the users are the ones to keep track and confirm the validity of record. Making the records more secure as validated records are immutable.
How are distributed ledgers different?
As we can see from the explanation above, the validation and maintenance of records and data are in the hands of the individuals in the distributed network, removing the importance of middlemen, 3rd parties and central authorities, thus making it a very trustworthy, transparent form of performing transaction without the fear of record been changed.
These attributes have made people embrace the new decentralized technology, enhancing its use in the stock trading, money exchange, contracts, the unbanked and crypto trading and this seems like only the beginning.
Uquid Review
Uquid is a UK-based firm known for its issuance of cryptocurrency debit cards. For those who don’t know, Quid is slang for GBP. Uquid offers both physical and virtual debit cards. The debit card’s wallet can hold 3 fiat currencies as well as over 80 tokens. This feature alone makes it one of the most desirable and flexible option. However, there are also some limitations that allow its competitors to have a competitive edge. One of the biggest being not covering the US.
We shall further talk about its advantages and disadvantages in the brief review below.
Advantages
- Uquid supports more than just a single cryptocurrency. Users of Uquid can store Litecoin, Ethereum, Ripple, Monero, Dash and 80 different tokens.
- Uquid Bitcoin Debit card’s wallet allows users to deal in multiple fiat currencies like GBP, EUR, and USD.
- There is no issuance fee on the physical card.
- The debit card also ships fasts.
- Users don’t have to pay any additional charges when withdrawing money from an ATM.
- There is also no extra cost on any purchases
- Unlike its competitors, the Uquid debit card can easily be linked with PayPal, making it extremely handy.
- Uquid Debit card also offers the most flexible market rates for cryptocurrency exchange.
- Uquid also supports payment of bills. Cryptocurrency tokens can be used to pay household bills.
- It also features an option to top-up your mobile credit which is seriously very cool.
- Although it doesn’t cover the US, it is accessible for use in over 178 countries.
Disadvantages
- Previously, the Uquid Bitcoin debit card converted cryptocurrency into fiat money –a feature that has disappeared in today’s debit cards. This truly is a shame.
- Today’s Uquid debit card is, in actuality, a prepaid card which needs top-up before use.
- The third biggest drawback is that the debit card still doesn’t cater to the US population which could serve as its biggest market. They do promise to offer its services to the US, but it hasn’t happened so far.
Uquid Bitcoin Debit Card Charges
- There is a monthly $1 service charge
- The actual card costs $16.99.
- It is shipped for free around the world.
- There are no POS transaction charges.
- International ATM withdrawals cost $3.00 whereas domestic ATM withdrawals cost $2.50.
- It costs 3% when withdrawing cash to a bank.
Summary
- Physical card: Yes
- Virtual card: Yes
- Card type: Visa
- Mobile app: Yes
- Supported fiat currencies: GBP, USD, and EUR
- Supported cryptocurrencies: Bitcoin (BTC), Ripple (XRP) Ethereum (ETH), Litecoin (LTC) and 80+ different cryptocurrencies
- Anonymous: No
Final Word
Uquid is amongst the many cryptocurrency firms affected by the ceasing of partnership with Visa due to the WaveCrest. This is one big reason, the firm had to make many changes to an almost-perfect debit card. But not all of its features have turned worse, there are still some that make it stand out from the rest of the crowd. The card offers both affordability and flexibility to its users. When compared to price-wise, it is more or less priced the same as its competitors.
Any owner of Bitcoins or Altcoins, of course, thinks about where to put them. And since you have acquired a cryptocurrency, appreciating its advantages, you must also take time to study the issue of storage, so as not to fall for scammers and hackers. Most incidents in the world involving hacking and theft of cryptocurrencies could have been avoided if the owners of the crypt took security more seriously, which we propose to do to you. After all, you can never trust your money to anyone. Recently, there are a very large number of various services that accept digital coins, store, transfer, exchange, etc. So, what kind of wallet for cryptocurrencies to choose in the end? We will try to help you understand this diversity and make the right choice.
What is cold and hot storage
So, first, you need to understand the fundamental difference between the so-called hot and cold storage of tokens. What is the essence of these opposing methods:
Hot storage, or as it is also called hot wallet, or online storage – can be described in one word – “online”. It includes all online wallets that are connected to the network around the clock and give instant access to your funds at any time of the day or night.
Cold storage (in other words cold wallet, or offline storage) is a completely offline method. It could not be better suited for very wealthy people who have huge amounts, or just for people who are shaking over their savings, very afraid of losing them.
Wallets for PC
You can download and install an electronic wallet for cryptocurrency directly on your computer – the so-called desktop version. As a rule, such multicurrency versions, for example, Exodus, with the built-in platform ShapeShift. Protection through private keys, although the choice of currencies is small – only about a dozen of the most famous.
As for the interface, it is not complicated, the control is clear, the design is beautiful. Bitcoin Core product provides a good level of protection, as it is quite independent. As easier to use as compared to a Bitcoin wallet, Electrum can be considered, it runs on Windows, Linux and Mac supports basic hardware store, and will be convenient for beginners.
Advantages and disadvantages
Software wallets are mainly used for long-term storage of cryptocurrencies. However, they are also convenient for conducting large-scale calculations. Such wallets can be called the optimal ratio for safety and ease of use.
Private keys are stored by the user – this is a significant plus, but there are also disadvantages to such wallets. For example, binding to one device, as well as the loss of funds due to breakdown or theft of a computer (if there was no backup on removable media).
As for the features of using software repositories, we will highlight the following:
- Wallets for cryptocurrency need to be downloaded only from official sources and timely updated to new versions. Do not neglect the updates, even if you like the old version more. Often, developers eliminate flaws and vulnerabilities, because to ensure maximum security, it is important to timely download the latest version.
- Although software wallets are considered the most secure, it is also important for the user to monitor the security of his computer. First of all, you should take care of a high-quality and reliable anti-virus.
- You should not download a client or store a backup on devices that someone else has access to. This applies not only to computer workers but also to those devices that other family members have access to.
- After downloading the storage and replenishing the balance, it is important to make a backup copy in order to recover funds in case of computer breakdown or other unpredictable situations. Backups need to be done every time after new transactions.
Best wallet for every coin
Consider the most popular desktop wallets for main cryptocurrencies:
Bitcoin – Bitcoin Core, GreenAddress
Litecoin – Litecoin Core
Ethereum – Ethereum Wallet, Mist
Bitcoin Cash – Electron Cash
XRP – Toast