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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.
Card Review: ANXPro Bitcoin Debit
The popularity of debit bitcoin cards is growing on the world market in direct proportion to the growing popularity of cryptocurrencies. Along with them, the number of offers of debit bitcoin cards is growing. When choosing your card for the simple use of cryptoactive assets in everyday life, you should consider the features of the services offered. Most of the information about a company offering a bitcoin card is available on its official website. We offer a brief overview of the card offered by the Bitcoin exchange ANX International.
ANXPro cryptocurrency card is one of the most common at this time. Its main feature is a low commission rate: only 1.5% is charged for converting foreign currency (while other manufacturers of BTC cards take 2 times more for their services). Also, ANXPro can be noted a low fee for withdrawing cash from an ATM – 1%. At the same time, most of the existing Bitcoin cards currently charge a fixed rate for cash withdrawals – from 2 to 4 US dollars.
ANXPro Review
This Bitcoin card is currently supported by two systems – VISA (virtual only) and Mastercard (plastic with a PIN code and a special chip). GBP, EUR or USD are supported as major exchange currencies. Thus, users can pay for purchases / services (online and offline) almost everywhere and, moreover, without commission.
For the release of plastic will have to pay 17 USD. You can order it for 130 countries of the world (whether the card is supported in your country can be found on the official portal of this company), delivery takes about 1-2 months. To issue a card, you will need to go through a verification process, which will require several of your identity and residence documents (the identity verification process takes up to 10 business days).
Bitcoin card itself ANXPro was created in 2014. During all this time of promotion, the company has been actively developing and now users using this system even have the opportunity to synchronize their mobile and online BTC wallets with this debit card. When each card is issued, the BTC address of the user is written on it, this makes it possible to quickly deposit funds into the account or convert them to another currency.
Pros and cons of ANXPro
From the advantages of ANXPro, it should be noted that the founders of the company do not try to somehow hide the fees for their services or the particularities of using cards. The main feature of ANXPro is the provision of services for unverified users, although there are some restrictions for them. Verified users can make an unlimited number of transactions on the Internet, unverified users are limited to the amount of 1000 USD.
There are several downsides of the card and the main one is that the company issuing cards are located in US and for now company issues cards only in the region of their operation.
Charged fees
The commission for converting a cryptocurrency Bitcoin to other currencies in the ANXPro system is 1%, and for a transaction in fiat currency – 3%. Thus, in order to pay for the purchase you will have to pay 4% of the commission of the entire amount. Thus, although the commission for conducting operations using the ANXPro Bitcoin card is slightly above average, however, this company really treats its users honestly.
Review recap
The use of Bitcoin cards is increasingly growing among all ordinary investors in the world. Many crypto users currently prefer to keep their savings, not in fiat currencies, but in any known digital currency (for example, in Bitcoin). This allows you to save the capital from inflation, as well as multiply them several times over the long term. Previously, using cryptocurrencies to purchase / pay for services was inconvenient. However, cryptocards now allow you to actively manage digital assets around the world and pay for their purchases. And the commission is charged very small.
Card Review: SpectroCoin Bitcoin Debit
SpectroCoin, a cryptocurrency payment service, announced today that the virtual service of a prepaid card is available again. Now users can convert cryptocurrencies to euros and spend them in any online store where major debit cards are accepted.
On the SpectroCoin exchange, two cryptocurrencies are being traded – BitCoin and DASH. There is a possibility to replenish the balance from the card, which I think will be very convenient for many. It is also possible to order a plastic card to replenish the balance of which can be cryptocurrency directly from the account of the exchange!
As usual, all expenses are converted into local fiat currency, ideally at the most favorable rate and without other taxes. They are designed to simplify the direct use of cryptocurrency as needed, even if the seller does not accept payments in them.
How to get a card?
There are a few things you might have to check if you want to find a reliable service provider. First, carefully read the information on the site, it can save a lot of time and filter out options at the first stage.
You can order a plastic card of this exchange. This can be done in the “Order a card” section – you just need to fill in information about yourself and pay for this card, after which it will be delivered to you by mail to the specified address. Issuing one card costs only 9. You can top up a card from the exchange account with any currency or cryptocurrency without a fee.
Limitations
The site contains a table with numbers, with which you can choose the best way to deposit or withdraw money. You can use the affiliate program of the service, distributing information about its services or bringing new customers. Another advantage is the ability to use up to 10 thousand dollars daily without verification. These are the highest limits of all the services presented. Also, users can cash out up to 2 thousand dollars a day.
Pros and cons of SpectroCoin
SpectroCoin operates globally and sends cards to every country in the world, that is a big advantage. It has a mobile app for not only popular operational systems like Android or iOS but also for minor ones like Windows even if it is not used often lately. There are corporate cards available too for business customers.works in all countries of the world
The card has downsides too and biggest among them is being accused by the users as a scam and a lot of error reimporting. It is bad for the reputation to have complaints and bad reviews. Another issue is supporting just two fiat currencies, namely USD and EUR. In addition to that, it is very expensive to get the card and long shipment period is not a plus.
Transaction Fees
- $9 card issue for virtual and 50 for physical,
- Monthly maintenance fee $1,
- BTC withdrawal from the card 0.5% + $ 1,
- Cash withdrawal at ATM $ 2.5–3.5
- Conversion to other currencies 3%
Where to spend Bitcoin
Are you wondering where to spend Bitcoin or who takes Bitcoin? There are a couple of locations who have the answers to your questions. Such locations do not require any debit card or any ID. Rather you can just transfer the cash in both offline and online and off you go. This has come up with one solution; sign up for among the lots of Bitcoin debit cards. It enables you to spend your Bitcoin anywhere whoever accepts Visa or Mastercard.
If you want to get started, then here we have made a list. This list upgrades by the number of organizations starts accepting Bitcoin. Have a look at our list and discover where to patronize your Bitcoin. The list is enough to keep you amazed with all the availabilities. Inspect it out!
Legal Services
In the legal world cryptocurrency is still a new principle. The great thing is, a number of law firms are accepting Bitcoins to fight from your end.
Luxury Products
Say yes to the luxury products like a mansion, a private yacht or Lambo. Become a Bitcoin billionaire and earn the luxury.
Music
Well, this can be fast to leap on the Bitcoin Bandwagon for the musicians. Grab the opportunity and buy tunes and albums with digital tokens.
Online Sellers
Among a number of online retailers, Overstock was the pioneer to accept Bitcoin. Following them, many more online sellers considered this to be an advantage.
Online Services
Whether you are searching a domain to sign up or host a website or want extra security with a VPN, earn them all with Bitcoin.
Online Subscriptions
You can buy an online subscription by Bitcoin on many memberships from news to adult-themed outlets.
Physical Stores
Apart from the online stores, you should be updated about the physical stores that accept Bitcoins. You should inspect the interactive Bitcoin maps.
Real Estate
Want to purchase a property but not prepared to buy with cash? Try Bitcoin.
Dining
Now, look up at the closest dining establishment sites that accept Bitcoin.
Space Travel
Get the opportunity of space travel by the first commercial travel agency to take Bitcoin for your custom. To infinity and beyond!
Sports
What sports do you like? Planning to catch up the next Mavericks game in Dallas or thinking about shooting rifles at a range? Which one do you choose?
TV
Pay your Dish Network bills by Bitcoin. This has become the leading way to pertain your TV expanse now.
Travel and Accommodation
A huge number of travel firms appeared to take Bitcoin payments. Even some new travel firms are focusing on Bitcoin payment procedure.
Computer Game
Numerous numbers of crypto-enthusiasts are also gamers. Therefore, several video gaming platforms accept Bitcoin.
Accounting Services
Because of the monetary nature of Bitcoins, you may find many accounting professionals are jumping into this bandwagon.
Charity Contributions
Even a good number of established charities have started to accept Bitcoin.
Dating Sites
Meet with your someone special by the help of Bitcoin.
Education
Bitcoin can be helpful enough to get you through the education system from pre-school to post-graduate.
Junk Food
Paying through Bitcoin makes thing faster and simpler just like pizza delivery. You can also buy them using Bitcoin.
Gambling
Both casinos and gentlemen’s clubs accept Bitcoin in Las Vegas. You can even trade your tokens for vouchers as well. Bitcoin patronizes the most popular ways of presenting cards.
Gift Cards
Present gift cards through Bitcoin as an easy solution to make someone happy.
Gold
You may have various significant properties which will never go away as a financial investment chance. Gold is not different from that. There are many traders who choose to invest rather than a store with Bitcoin.
From the entire list above, you can observe that there more than a few places that accepting Bitcoin in both online and offline. This list will have updates as we find more businesses adds Bitcoin in their payment methods.
Bitpay Review
When talking about the big fishes in the cryptocurrency space, one can’t miss to include Bitpay Bitcoin debit card onto the list. Being a well-renowned company, Bitpay enjoys a good reputation. It guides its customers at every step of the way to ensure their utmost satisfaction. The card is Visa-powered and works whereas Visa is accepted. Its fee structure is almost like that of XAPO Bitcoin debit card. However, they don’t have the same diverse features than most of the other debit cards in the market. They only cater US clients and holds only Bitcoin exclusively. That being said, there are many debit cards that don’t offer its services in the US. In this regard, Bitpay is a decent choice for US citizens.
In this review, we shall take a look at what the Bitpay Bitcoin debit card has to offer to its customers.
Advantages
- Bitpay is a well-reputed and well-known firm. Since they have a reputation to maintain, they ensure their services are always up to the mark for their customers.
- When a customer signs up with Bitpay, they offer a secure online wallet.
- If located in the US, you can get a prepaid Visa card. This makes management of your spending quite useful.
- The card is accepted worldwide.
- There is no transaction fee when domestically using the debit card.
- It offers solutions to both businesses and private customers.
Disadvantages
- It is exclusively for Bitcoin users only. It is a shame that it doesn’t support other cryptocurrencies like altcoin.
- The debit card is only available for the US market, leaving the rest of the world left out.
- Surprisingly, you will notice that the card doesn’t come with a pin or a chip. Let’s hope Bitpay changes this in the future.
- Signing up can be a stringy process as it asks for requisites such as address, social security number, and government-issued ID. This doesn’t leave any room for privacy. The debit card is stricter with its verification –something not many cards have.
- The maintenance fees are 5x higher than what most cards charge. This makes it a very expensive card to have.
Bitpay Bitcoin Debit Card Charges
- The issuance fee of the Bitpay Bitcoin debit card is $9.95.
- It takes less than a week to ship.
- There are zero transaction fees, making it extremely viable. But, using the card outside of the US costs 3% as for conversion rates.
- The Bitpay’s free packages offer 30 transactions/month. Each transaction, however, costs 1% in the transaction fee.
- The maintenance fee is $5/month.
- There is a $2 withdrawing charge when withdrawing cash from an ATM. International withdrawals cost $3.
Summary
- Physical card: Yes
- Virtual card: Yes
- Card type: Visa
- Mobile app: Yes
- Supported cryptocurrencies: Bitcoin (BTC)
- Supported fiat currencies: USD
- Anonymous: No
Final Word
If you are looking to invest in a debit card in the US whose company enjoys a good reputation then this debit card is for you. They rely on their good reputation to ensure their services always exceed their customer’s expectations. The card takes less than a week to arrive and is cheap too. Since it only supports Bitcoin, it does limit the user’s preferences. Some users also complain about preloading the card. The security it offers is exceptional but comes with a bothersome verification process. Its maintenance fee is higher than most of its competitors. While others charge $1/month as a maintenance fee, Bitpay Bitcoin debit card charges $5/month.
What are Bitcoin debit cards?
With the increasing popularity of cryptocurrency, many people have a question – how can Bitcoin be cashed? One of the most popular and already available methods is plastic bitcoin cards.
Thoughts about creating a debit card, linked to cryptocurrency, appeared long ago – back in 2011. The prospects were obvious – the card could significantly simplify the use of bitcoin in real life – to exchange, replenish, buy cryptocurrency using the card would not be difficult for the user. At the end of 2013, the first debit cards with digital currency support appear. And in 2015, rapid growth in the number of services offering users various types of bitcoin cards begins.
Bitcoin card features
Crypto cards work in MasterCard or Visa payment systems and have accounts in Fiat (USD, EUR, GBP) and virtual currencies, so the exchange between them within the service is automatically at the internal rate. Also, the cards are tied to a bitcoin account opened in the service where the card is issued, so the speed of transactions increases.
Why do many people prefer Bitcoin cards to exchangers and exchanges?
- Lack of intermediaries in the exchange of Bitcoin for Fiat
- Many services offer anonymous cards that do not require verification.
- 24-hour access to funds
- Convenience and ease of use, you can pay wherever Visa / MasterCard is accepted
The most popular cryptocurrency cards
Among the many Bitcoin cards, there are several, the most popular:
TRASTRA card
TRASTRA is a cryptocurrency VISA card available for residents of the European Union and UK. It supports Bitcoin as well as multiple Altcoins and new currencies are regularly added. This card has some of the lowest fees on the European crypto market. With a monthly fee of 1.25EUR and initial card cost of 9EUR only users get access to numerous features including crypto wallets, exchange and buy services, and a personal IBAN account. TRASTRA doesn’t have any card top-up fees, commissions for making purchases in euro, and external transfers. All this makes TRASTRA incredibly profitable debit card for daily transactions.
The Shift card
The Shift card has a number of advantages – it is relatively inexpensive ($ 10), free transactions within the country (USA), a convenient mobile application, non-commissioned transfer of Bitcoin to Fiat. But this card has quite low limits for withdrawal/replenishment, it only works with BTC and USD and only in the US (even not in all states).
The BitPay card
The BitPay card (based on the Visa payment system) is perhaps the most popular Bitcoin card in America. BitPay card can be used by residents of all states of America and many other countries (Turkey, Switzerland, Slovenia, Monaco, Poland, etc.). Like Shift, BitPay works with only one fiat currency (USD) and only with BTC, but it has quite high limits that do not require additional confirmation. Users of this card note the high speed of transfers (less than a minute is the transfer of dollars to bitcoins and vice versa), competent technical support service and ease of application. At the moment, this debit card can only be bought for Bitcoins.
The Bitwala card
The Bitwala card is the result of the work of the European cryptocurrency startup Bitwala. This card can be virtual (cost 2 €) or plastic (cost 8 €), verified (in this case, the transfer limit is increased to € 50,000 per month) or not (the limits are significantly reduced). In addition to Bitcoin, the user can replenish the Altcoins card, which has become possible thanks to the Bitwala collaboration with the Shapeshift exchanger. The disadvantage is the presence of a commission of 0.5% of the amount for depositing funds on the card, for reissuing the card, monthly maintenance fee.
The Xapo card
The Xapo card is the “old” crypto map in Europe, produced since 2013. The advantage is the presence of a personal bitcoin wallet and the ability to use cold storage, that is, the service itself is responsible for the safety of your funds. The Xapo card supports BTC, EUR, GBP, USD, does not have a fee for the completion of the card. But there are a number of “minuses” – a commission for service, low limits on withdrawals, the high cost of the card and its reissue, mandatory verification.
EPayments card
EPayments card (MasterCard payment system) – the card was developed by the British Electronic Payments Association. The ePayments card is quite popular among cryptocurrency owners, as the Electronic Payments service is constantly “adjusted” to the needs of card users. Thus, from April 2017, the one-time annual maintenance fee was canceled (now the maintenance fee is charged monthly (2.95 USD), but the first two months are free), the issue price has significantly decreased – 5.95 USD (and from 2.10 to 9.10 of the current year you can order for 2.95 USD), SMS informing became free, PayPass support appeared.
WageCan Review
The company WageCan is a Taiwan-based which opened its doors in 2014. It is hosted by some of the most prominent people in the cryptocurrency space. These individuals have a vast understanding and experience in the technical world. WageCan opted to partner with MasterCard instead of Visa which differentiates it from most of the Bitcoin debit cards issuers in the market today. The debit card is most popular among freelancers on the go and digital nomads
What other features make it stand out from the rest? Hopefully, this review will highlight them in detail.
Advantages
- Since it is partnered with MasterCard, it is acceptable in 99% of the stores worldwide, making it exceptionally practical to carry.
- Another perk is the cheap foreign conversion rate it offers to its customers. It only costs 1.5% as for conversion fee which is half of what most of the debit card issuers charge.
- ATM withdrawal costs are also significantly lower when taking small amounts. Where most debit card issuers charge $2.5 or $3.50, it only charges 1%.
- The debit card features synchronized desktop and mobile wallets along with the card.
- The address of the wallet is printed on the card, making it easier to deposit new tokens.
- The card is accessible in 210 countries with over 30 million ATMs worldwide.
- The individual’s credit history isn’t checked, making it easier for everyone to order one.
- The firm offers a one-of-a-kind e-Residency option –something which is very progressive of them.
- There is a first-load award for users which no other debit card offers.
- Users also have the option for domestic currency withdrawals.
- Users can reap bonus awards as well in the form of referral credits to friends and upon top-ups.
Disadvantages
- When planning to take out large sums of cash, the 1% fee per ATM withdrawal may seem costly to some.
- The issuance fee of the physical card is higher than most of its competitors at $15.40.
- The virtual card costs $8.50
WageCan Bitcoin Debit Card Charges
- There are no monthly maintenance fees associated with the debit card. The foreign conversion fee is 1.5% only.
- Each ATM withdrawal costs 1% from an ATM.
Summary
- Physical card: Yes
- Virtual card: Yes
- Card type: MasterCard
- Mobile app: Yes
- Supported fiat currencies: USD, EUR, and GBP
- Supported cryptocurrencies: Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), and Litecoin (LTC)
- Anonymous: No
Golden Card –Another BONUS
Although in its Beta phase currently, the WageCan Golden will soon be available for the general public for use. There is a hefty $162 issuance fee associated. The card has a high withdrawal limit (up to $25,000). The company also plans to launch its very own Gift Card service. The Gift card will be able to hold up to $350 as cryptocurrency tokens. The company also features a HashCan card. It serves as a mining pool users can easily join with their mobile phones. It allows users to earn direct money spendable right away.
Best POS Treminals to Integrate Into Business
One way to integrate and popularize usage of cryptocurrencies in everyday transactions in physical stores of small businesses is POS Bitcoin terminals. In this article, we reviewed the top 10 bitcoin terminals that are available on the market for you to consider.
BitXATM
Most experienced traders know BitXATM very well from their ATMs and now the company behind those ATMs are entering POS terminal market. The machines do accept a very wide range of normal currencies and offer almost all coins.
Coinify
The company Coinify creates terminals for the purchase of virtual currency. The terminal accepts not only familiar dollars, but as manufacturers say, it allows you to buy bitcoins for currency from more than 200 countries.
Revel Systems
At Revel Systems POS terminals, you can buy BTC, LTC, and DOGE or exchange them back for cash. They are also known to work with the help of iPads and a scanner. Lately, terminals of the company are becoming more popular in the western part of Europe.
XBTerminal
XBTerminals are the best known for providing many options to make payment, users offered to scan a QR code or with the same terminal pay with NFC or Bluetooth. And it is very helpful for store owners since every paid coin may be instantly converted to fiat money.
BitPay
Many organizations and charities prefer using BitPay terminals for their transactions for its reliability and convenience. BitPay also released API that can be integrated to any other terminal it does work with Quickbooks system as well.
CoinBox
Some store owners may not understand the whole system of cryptocurrencies or basically lack funds to invest in another terminal. For such situations, CoinBox offers a Bitcoin wallet that works the same as many other systems that can accept money transfer as payment like Paypal. CoinBox uses very popular QRcode system for the transaction.
Blockchain Merchant
This option is very like by most store owner for having no commission fee. The main aim of the Blockchain Merchant app is to be user-friendly for beginners.
CoinKite
CoinKite is known for its terminals that are designed in very similar ways as the terminals used in normal stores. The company produces Bitcoin terminals that remind normal credit card terminals. CoinKite has a well-developed system of ATMs, terminals and bitcoin debit cards that made integrating very easy and convenient. Payment is accepted in Bitcoins but can be transferred simultaneously to fiat money.
Coin of Sale
Coin of Sale does have name sounding very similar to Point of Sale (POS) and that is not a coincidence. It is a very young start-up company with innovative technology. Store owners can download the Electrum wallet app and use it for payments. It utilizes the same QR code system as many other terminals.
PayStand
PayStand actually stands out with their 0% commission fee for the store owners for any transaction. The company normally produce credit cards terminals as well as bitcoin terminals.
CoinBase
CoinBase is well known US based cryptocurrency exchange, but the company behind the brand also offers POS bitcoin terminals for business owners. The company generally cooperate with e-commerce sites and provide them software codes that can be integrated into customers web site as well as many website building platforms like WordPress.
The basic understanding of anything begins with a definition; so what is Bitcoin? Well, Bitcoin is the pioneer of cryptocurrencies. It is the most valuable and renowned one among the entire cryptocurrency world. Though there are some controversies which says that the only existing cryptocurrency is Bitcoin and others are the tokens called Altcoins. However, Bitcoin is not an alternative of any currencies; rather it is a record of a transaction between two parties.
History of Bitcoin
The history begins with the creator of Bitcoin. An unidentified identity named Satoshi Nakamoto is the creator of Bitcoin. Now, Satoshi Nakamoto is an individual programmer or a team of programmers, never been discovered. There has been a lot of speculation regarding the true identity of the founder but none ever come to a confirmed conclusion.
Functioning of Bitcoin
Bitcoin functions through blockchain technology. The blockchain is a digital ledger for recording transactions stored individually in a block of data. All the data turns into a chain form of blocks and becomes a blockchain. It is a decentralized system without any governance of any single personnel or institution.
Storing Bitcoin
Like physical currencies, storing Bitcoins also require wallets but this wallet works differently than the conventional wallet for your cash. It stores a private key rather than storing Bitcoin tokens. The private key enables the access of Bitcoins which is stored on the Bitcoin blockchain. So you can receive your Bitcoins to your wallet passing through a public key or genuinely known as Bitcoin wallet address.
Acquiring Bitcoin
You can find several ways to acquire Bitcoin tokens. The most popular method is to purchase them from cryptocurrency exchanges. These exchanges will allow you to trade your fiat money for instance USD or EUR or any other cryptocurrencies for Bitcoin barter. You can try another method. This involves direct purchase from the buyers and sellers on a peer-to-peer exchange platform just like LocalBitcoins. Even you can find Bitcoin ATMs in larger cities to give you the opportunities for buying and selling Bitcoins. Lastly, you can go for a personal meeting with a trader and trade Bitcoin for cash.
Mining Bitcoin
Bitcoin mining is the practice of verifying the transactions of Bitcoin engaging power computers. This operates with a machine referred to a node along with a driving force behind the Bitcoin network. As soon as a Bitcoin transaction is made the Bitcoin miners will compete of crunching the transaction data down to a ‘hash’. The hash is basically a string of code containing all the information relating to the transaction. Once a miner generates a hash, the Bitcoin holder gets a reward for their efforts.
Advantages of Bitcoin
Bitcoin has a good reputation because of its security and cheaper transfer capability. The decentralized nature of the cryptocurrency makes it totally difficult to hack. The transactions are verified by the use of consensus from the various nodes on the network. If any of a node becomes corrupted or manipulated, the entire system needs to be rectified for the mistake.
Disadvantages of Bitcoin
The one and biggest issue which you can face in the Bitcoin network is the lack of scalability. Even though Bitcoin works fine for most of the users but there are some huge gaps between Bitcoin and the likes of Visa and MasterCard. The Bitcoin network has the ability to handle seven transactions in every second compared to any Visa transactions which is 40,000 transactions in a second. Also, there are some problems in the scalability and decentralization lead to a scramble solution for the community.
