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Ways to Store Your Bitcoin

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In this age of digitalization, technology precedes the expectations of human imagination. Financing and investment that started from the basic bartering system, has now metamorphosed into a cashless system where money can have no physical attribute, but a mere digital form of currency. Bitcoin is one such cashless form of currency that has taken the world by storm. Even in the casino industry, the best casino in the UK have accepted bitcoin as an alternative form of currency for deposit and withdrawal schemes. However, there is no one way to store this cashless economy. This article describes the gamut of options that lay ahead for gamblers and professionals who are proposing to invest in Bitcoins.

Electronic Wallets – the most preferred form of bitcoin storage:

On the advent of an emerging cashless economy and financial market, many investors were invested in the storage of such money in a digital format. And thus, electronic wallets came into existence where people no longer had to have a physical storage place but could store it into cloud computing software or on their desktop as well! And it didn’t stop there! These gave rise to a number of other forms of wallet as well:

Software and Online Wallets: One go destination where a wallet software could either be downloaded or Bitcoin could be stored on online servers through cloud servers. Users have the option to handle their own private keys in order to store their bitcoin in a safe way. These are mostly third-party sites that have the liability to store the user’s password and private keys for accessing wallets, as well.

Mobile Wallets: With the accessibility of mobiles and handset among millions of people around the world, it was perhaps evident that wallet software could be downloaded on one’s own private handset where the User has the liberty to use their own private keys for accessing without the intervention of a third-party site.

Hardware Wallets – devices for your privacy:

Hardware Wallets are basically small devices that can connect to the internet and could be used to carry out a bitcoin transaction. They are highly secure alternatives since they are mostly offline and thus hacking of such devices could be avoided substantially. 

Paper Wallets – easiest form of storage:

These wallets are perhaps the easiest form of storing bitcoins. They are merely pieces of paper that enlist the site of the bitcoin wallets (a generator issued link) and also a mention of a private key to access the link. Even though virtually inaccessible by hackers, these wallets do have the liability to get damaged over physical and environmental conditions. They should be kept safely since they are no longer just a cashless form of money storage medium.

Bitcoins have certainly paved a way to revolutionize financial storage mediums. However, one must consider the vices of such e-wallets since they are liable to get hacked by online criminals – those who can access such digital wallets illicitly. Wallets are the best way to store one’s bitcoins and so should be preferably considered over any other alternatives.

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Bitcoin: Crypto-Like Global Monetary System To Be a Boon For BTC

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On Friday, the Bank of England’s governor made a comment that was music to the ears of Bitcoin and crypto proponents.

According to reports from Reuters and Bloomberg, Mark Carney dropped a bombshell on a group fo central bankers and press at a meeting in Jackson Hole, Wyoming, stating that he believes that a Libra-like crypto asset is likely to replace the U.S. Dollar.

While he didn’t expound on the comment, he made it clear that the current system isn’t working in his eyes, saying that “in the longer term, we need to change the game”. Carney even explained that he believes the Dollar is playing a “destabilizing” role in the global economy.

Of course, this was not a recommendation to adopt Bitcoin, but it was an acknowledgment that traditional fiat monies are on their way out and digital assets are getting more and more viable.

Bullish for Bitcoin and Gold

According to Raoul Pal, the former head of Goldman Sachs’s hedge funds sales division and the chief executive of Real Vision, the implementation of a new monetary system is likely to be a boon for Bitcoin.

In a tweet published in the wake of Carney’s comment, the former Wall Streeter explained that while he doesn’t believe Libra will be the cryptocurrency to become the world’s next reserve currency, something similar will take its place.

The implementation of this system, he claims, will be “good for Bitcoin and gold”. In a sub-tweet, Pal further explained his thoughts, responding “exactly” to a comment claiming that a fiat digital asset will as an on-ramp for the cryptocurrency market.

Pal isn’t the first to have mentioned this theory. In a tweet, Jeremy Allaire, the chief executive of Circle, wrote that the launch of Libra (whitepaper) will be a “massive inflection point in [the] global adoption of cryptocurrency.”

It is important to note that this isn’t the only reason why the former Goldman Sachs executive is bullish on the leading cryptocurrency. As reported by NewsBTC previously, Pal claimed that today’s most popular asset classes make no sense for millenials with ten- to 20-year outlooks.

He claimed that with equities and real estate pushing extreme valuations, and bonds posting “virtually zero yields”, the best alternative is something like Bitcoin, which he believes will be the backbone of an alternative/parallel financial system.

Pal added that buying Bitcoin now is like buying bonds and equities in 1982, which is prior to the absurd asset inflation bubble that has inflated since then.

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Mining Hashrate on Litecoin’s Network Drops By 28% Since August 5

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Since the last Litecoin halving event, the Litecoin network has not remained the same. The Litecoin halving event 2019 took place on the 5th of August. The event saw the reduction of the mining reward on the network by 50%, from 25 LTC down to 12.5 LTC. Since the reward on the network was slashed, the mining hash rate on the Litecoin’s network has dropped by 28 percent.

Litecoin Mining Difficulty Has Dropped to 11.4 million from 15.93 million prior to the Halving – Litecoin News Today – Cryptocurrency News Today – Crypto News Update

The mining difficulty of Litecoin (LTC) was 15.93 million a day before the halving of the reward on the network – August 4. However, that number has gradually reduced to about 11.4 million as of August 22. This data was gotten from a BTC.com – a mining pool. According to the data from the mining pool, the hash rate of the Litecoin network has plunged by 28 percent since the block mining reward halving occurred.

Mining difficulty and hashing power are a measure of the amount of computing power being contributed to the network of a digital currency, including securing transactions on the blockchain. Mining difficulty and hash rate also give a snapshot of the rivalry involved for miners looking for the reward of a block.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
Litecoin$72.84-3.17%

Litecoin (LTC) Is Feeling the Aftermath of the Halving – Litecoin News – Crypto News – Cryptocurrency News Update

After the Litecoin halving event, miners on the Litecoin network now receive only 12.5 LTC for mining a block. This reward value is half of what they used to receive prior to the halving event. In addition, LTC USD price has been on a downward trend since the beginning of this month. A few weeks to the halving, LTC to USD price was over the $100 mark. However, the beginning of this month saw LTC to USD price fall below the $100 level. On the day of the halving, the price of Litecoin (LTC) surged to a high of $107. However, the digital currency has plunged heavily below that level and it is now struggling around the $74 range.

Some crypto analysts predicted that the digital currency market would experience turmoil after the Litecoin halving event. The supply of Litecoin has reduced in form of regular block rewards. However, the uncertainty around profitability and mining has caused the price of Litecoin to dip. The founder of Litecoin – Charlie Lee – predicted that an event like this would occur. However, he also said that the readjustment in mining difficulty would smooth things out for Litecoin to a large extent.

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Send Token Payouts With Ease Using Bitcoin.com’s SLP Dividend Calculator

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On August 23, Bitcoin.com released a new application called the SLP Dividend Calculator. The new platform allows users to build a transaction to make dividend payments to any Simple Ledger Protocol (SLP) token holder.

Testing the New SLP Dividend Calculator From Bitcoin.com

Over the last year, SLP tokens have been extremely popular among BCH proponents, and so far supporters have made thousands of unique coins on the BCH chain. As time has progressed, the SLP ecosystem has matured a great deal and there are many third-party solutions supporting the token infrastructure. This week, Bitcoin.com added a new platform to our Tools.Bitcoin.com portal called the SLP Dividend Calculator. The application provides users with the ability to make grouped dividend payments to specific SLP token holders. For instance, if you distributed fractions of an SLP token to a group of three people, then you could enter the token’s ID and send funds to all three holders at a specific point in time. With the ability to pay BCH dividend payments to SLP token holders, the new tool opens the door to all kinds of real-world use cases.

Send Token Payouts With Ease Using Bitcoin.com's SLP Dividend Calculator
To use the new Bitcoin.com SLP Dividend Calculator simply add an SLP Token ID, the desired dividend payment in BCH, and when you want the payment to be sent. After you are happy with the customization, press “Build Tx” to start the process.

After the new tool was released, I decided to test the service in order to highlight just how easy it is to use the new Bitcoin.com SLP Dividend Calculator. I tested the app with my cousin, Andrew Brow, because back in June I sent him some custom SLP tokens called “Andy Coin (ABC)” just to show him how simple it is to create tokens. At the time I created 21 million ABC coins and sent 10 million to my cousin’s Badger wallet. Last night I opened up the SLP Dividend Calculator and pasted the token’s unique ID number into the first window.

Then I decided to pay $1 to the Andy Coin token holders, which means it will be split in half between both of us, because we are both ABC token holders. The SLP Dividend Calculator can pay a lot more than just two addresses, but for this test two was enough. After making sure the SLP token ID and the number of funds I wanted to send were correct, I decided to make the funds available at the last confirmed block height. You can also choose to broadcast it as is in the latest mempool state or you can choose a custom block height as well.

Send Token Payouts With Ease Using Bitcoin.com's SLP Dividend Calculator
After the dividend transaction is built the tool will display all the specifications tied to the payment alongside a QR BCH invoice that uses a unique Pay.Bitcoin.com URI. You can use the Bitcoin.com Wallet to pay the invoice or you can use any wallet that supports Bitcoin Payment Protocol for payments.

The service gives you two choices after the customization is complete: you can either press the button “Start over” or “Build the transaction.” After I chose to build the transaction, the application showed me exactly what would happen after I paid the unique payment invoice. The SLP balances were scanned at block height 597121 and I sent a dividend payment of 0.003176 BCH, which would be paid to the token holders of the Andy Coin token ID number. The platform also told me that two addresses would receive a BCH dividend payment after I paid the QR invoice code through Pay.Bitcoin.com. Any wallet that supports invoices, like the Bitcoin.com Wallet, can pay the invoice by copying the URI scheme or scanning the QR code. I used the Electron Cash wallet to pay the invoice, because I had some available funds in the wallet and I wanted to see exactly how the transaction was built and executed from the client perspective.

Send Token Payouts With Ease Using Bitcoin.com's SLP Dividend Calculator
The Pay.Bitcoin.com invoice can be paid using a wallet that supports invoice payment features like the Bitcoin.com Wallet and Electron Cash.

Opening the Door to a Decentralized Stock Market, Trust Payments and Bearer Bonds

After paying the invoice, the transaction broadcasted and my cousin Andrew and I were both sent $0.50 in BCH each. The transactions confirmed in the following block and the entire test can be seen on Bitcoin.com’s Block Explorer or Simpleledger.info as well. The tool could be used for a variety of interesting dividend payment ideas. For instance, Bitcoin.com’s executive chairman, Roger Ver, recently sent BCH dividend payments to Cashgames.Bitcoin.com Dividend Test Token (CGT) holders for being Cashgames.Bitcoin.com patrons.

Send Token Payouts With Ease Using Bitcoin.com's SLP Dividend Calculator
After pasting the URI code into the Electron Cash wallet you can then choose to execute the dividend payment.

A person with four children could create four separate non-fungible (NFT1) tokens with the kids’ names attached to them and call them Trust Tokens. After a specific block height, the Trust Tokens can be sent a BCH dividend payment in order to leave an inheritance to the children. Or a business could have people invest in the company by initiating an initial coin offering (ICO) and token holders could reap the profits in the form of dividend payments over time.

Send Token Payouts With Ease Using Bitcoin.com's SLP Dividend Calculator
The Electron Cash wallet shows you the specific details of the dividend transaction.

The sky’s the limit when it comes to the variety of concepts that can derive from people using the Bitcoin.com SLP Dividend Calculator. Since the application was launched, a bunch of BCH supporters have tested the platform to send funds to certain token holders. “Fantastic,” one BCH enthusiast wrote on the Reddit forum r/btc. “[This] gives us decentralized stock market… dead easy to use.”

Send Token Payouts With Ease Using Bitcoin.com's SLP Dividend Calculator
This my transaction sending a dollar’s worth of BCH to my cousin’s address and my address.

“Holy crap the new SLP dividend tool is awesome. Just played around with it and sent all holders of the MIS token their share of .01 BCH just to test it out,” another BCH user said on Twitter. “This is magic internet money for reals.” If you have created SLP tokens you can try sending a dividend payment to token holders by using the SLP Dividend Calculator. The process takes less than two minutes to complete and you don’t need to be a tech wiz to use the new tool. Check out the platform at Tools.Bitcoin.com and send your first BCH dividend payment today.

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