Posts Tagged ‘Cryptocurrency’

How to send and receive digital currency?

Tuesday, October 13th, 2020

Sending, receiving and exchanging digital currency is easier than ever before. OPOLO wallets give you one platform where you can send, receive, manage, and even exchange different cryptocurrencies all in one place. How? Just keep reading and find out for yourself.

When you want to send or receive cryptocurrency, it is important that you first get a cryptocurrency wallet. Once you have your wallet set-up and ready to use, you will first need to type in the public address of the one receiving the digital currency or give your public address to the recipient, who will put it into his/her cryptocurrency wallet to receive.

This is a very simple task, some wallets have a QR code scanner for this purpose, and on others, you can simply copy and paste the address. After this, chose the amount that you want to send (some wallets require additional information, add as asked), and then press send (or whatever your wallet has named the send button).

For the user, this is as much as they need to do. Once the transaction is made, it is sent to the public ledger, also known as a blockchain, for verification. When, the transactions are verified through cryptography, they are unable to be reversed.

Advice for the anxious user:

If you are one of the anxious types of people and are worried about the status of your transaction, you can check the status of it on the blockchain using block explorer of the coin you have sent. Certain wallets have this feature built in to their wallets as well.

Let us talk about the process in more details for the more novice individuals:

It is important to note that managing, receiving, and sending digital currencies may differ in some wallets. As each has its unique system. However, almost all hardware wallets have the following process in general:

  1. First, log in to your hardware wallet
  2. You will see an icon that says send, receive, or transfer. Click on that button
  3. Choose the required option. Whether you want to send, receive, or trade cryptocurrency. One thing to remember is that you can receive and send only to similar coins. For example, litecoin to litecoin, bitcoin to bitcoin, and so on, this means you cannot send litecoin to a bitcoin wallet and vice versa.
  4. For senders: First type in the public address of the person you are sending the digital currency to and then select the amount you would like to transfer (some wallets may charge a transaction fee, so make sure you have the needed amount). After your type in the required information, double check them for complete accuracy. You do not want to send crypto to the wrong person now would you? Because once a transaction is made, you can not reverse it. After doing so, press send, after which you confirm your transaction one more time.
  5. For receivers: Receivers only need to send their public wallet address to the sender. This can also be done through a QR code in some devices.

Tips for happy digital asset sharing:

  • Before sending a large amount of digital currency, first, do a test run and send a small amount of cryptocurrency. This is to make sure that you are indeed sending your digital currency to the right receiver.
  • Try not to use third party applications and services, as many of these applications and services are frauds. Only use verified and well known systems for your transactions.
  • When buying a new wallet, look for certifications. These certifications are proof that the given statements about the product in question are indeed true.

Why did the transaction not go through?

New users of digital currency are often asking this question on the web. They usually get their problems sorted on their own. Because there was a never a problem, to begin with. Sometimes your transactions requires patience, sometimes these transactions are instantaneous. All of this depends on the server traffic. Remember how miners are supposed to confirm each transaction that occurs? Well sometimes there is an overwhelming number of transactions, and it may take some time for the miners to come towards yours.

So just remain patient; your job was done the moment you made the transaction. However, for the transaction to be complete, it needs to be uploaded on the blockchain, and this can sometimes take a certain amount of time. The time can range from a minute to several hours. There is no need to worry!

OPOLO hardware wallets let you exchange Cryptocurrencies

Most individuals exchange coins through a third party. Which means that there is a middle man making money off each exchange that you do. It is like giving free digital currency to someone for a task you can do yourself. OPOLO wallets allows you such power that you do not need anyone but your own wits to manage your digital currency.

You can exchange your cryptocurrency on the wallet and its application. The feature is built into the OPOLO wallet.  

Why choose OPOLO:

OPOLO hardware wallets is relatively new in the market. But it already has a better user interphase and secure element than many others. First of all OPOLO wallet feels like an android device, thanks to its 3.2inch touch screen and interphase. The relatively big screen makes it a hundred times easier to log into your device as well as manage your cryptocurrency.

OPOLO hardware wallets is the only crypto wallet to have an EAL6+ security certification for both software and hardware. Most wallets only have EAL5+ or less certification, and it is never for both the software and hardware. OPOLO wallets also has the capability to send, receive, manage and exchange your digital currency on one platform.

Moreover, OPOLO hardware wallets has a 124 character long passphrase and key phrase option. Which means you can set a very long security passkey.

For more details click here.

What is The Future of Cryptocurrency?

Tuesday, October 13th, 2020

A cryptocurrency is a form of digital cash, which is made and managed through the use of cryptography techniques. This form of cryptography makes digital currency encrypted and prevents any frauds from occurring. Cryptocurrency owes its advancement to the development and success of bitcoin. Bitcoin set the trends for all cryptocurrencies that exist and has given the framework for all future cryptocurrencies to come. Bitcoin captured the attention of many investors and the media when its value suddenly increased to $266 in 2013, and from then on, its value kept on increasing to around $30,000 until it started to drop significantly by almost more than 50%.

This sparked outrage and debate over the future of cryptocurrency and its stability in the market. But, now, as people begin to understand the concept upon which its value is determined. Things have calmed down, and people have begun to use a digital currency like normal FIAT money.

But the question on everyone’s mind remains the same. That will one day digital currency succumb to the Euro, Pound, and Dollar? Or cryptocurrency like a trend, which will simply fade away with time?

The future; what does it have in store for cryptocurrencies?

We all saw that bitcoins price plummeted to $3000 during the coronavirus pandemic. But it then quickly rose back to over $10,000 in a matter of a few months. There have been different views on the subject. Some believe that the ongoing pandemic is like a fresh start for the bitcoin market. At the same time, others believe that the pandemic has shown us just how unstable the value of the currency is. Tiwari is very positive about the bitcoins value, and he predicts that the cryptocurrency will reach a value of around $100,000 during the pandemic. He was explaining that global panic will eventually make the currency more valuable.

Speculations have suggested that, there is a big possibility that crypto will be added to Nasdaq. This will add credibility to the digital currencies and its use as a more conventional form of currency.

It is important to note that cryptocurrencies are still a fairly new concept. Adopting new concepts take a lot of time, sometimes even generations. This does not mean that cryptocurrencies will take generations to be adopted. It is all about the ease of use and how willing people are to adapt to the new change.

The backlash and scrutiny associated with Crypto

Two of the main reasons for the success of bitcoin are also the two things that bring bitcoin and other digital currencies under the scope of governments and judicial notices in negative limelight. The decentralized system and the anonymity associated with digital currency has made it the go-to currency for hosting illegal activities and transactions. Money laundering, drug dealing, and overall payment for illegal goods and services on the dark web are all made through digital currency.

Institutions such as the Financial Crimes Enforcement Network (FinCEN), the FBI, and homeland security have all expressed concerns about bringing digital currency in accordance with government regulations. This problem is not going away anytime soon.

Countries are finding ways to integrate cryptocurrencies in their economies

European countries such as France and Italy are finding ways to make the use of digital currencies more common in their countries. They believe that this will allow for more investment and faster transfer of currencies among their citizens. However, they are currently coming up with new policies and measures that will make digital currency more assessable to the general public. These countries are also working on security issues so as to prevent money laundering and other illegal activities that can be committed by using cryptocurrencies. When one country creates a working system that covers the transactions and fixes the issues of security. Then that country will create a role model for all others to follow. The acceptance of digital currency worldwide will follow, with countries accepting the change as fast as the falling of dominos. However, all of this is still a maybe, and things can fall through. But, it seems more likely that cryptocurrencies will soon be more accepted throughout the developed countries, at least.

Cryptocurrency is third world countries:

There are many ways in which people still trade cryptocurrencies is countries where they are banned. But their use is limited and can come with risks. Third world countries are the last ones to accept technological change. Factors such as poverty and the non-availability of technology make it difficult for new changes to be incorporated. Furthermore, corrupt governments also makes this a difficult task.

Even if we see the acceptance of Digital currencies worldwide, we still may see many countries as such reluctant to accept the change. North Korea is one example.

Digital currencies success and failure also depend on the public:

The value of the digital currency is based on the demand and supply curve. This means that if more and more people want to make their transactions through bitcoin, its value will increase if fewer people want to hold or use bitcoin, its value decreases. There are a finite amount of digital currencies created, their value and their supply depend upon their demand and their mining.

As more transactions are made, more bitcoins are created to reward the miners. This means that in the long run, we might see a more stable value for digital currencies. But, it all depends on how quickly everyone will adapt to this relatively new form of currency. If future generations are more inclined to use, then we will see a boom in the market. Moreover, people might ditch traditional currencies altogether at one point and move towards digital currency. The opposite can also occur, future generations might lose trust in the new system, with less and less people accepting cryptocurrency as payment. Its value may fall so much so, that people might forget this concept ever existed. So our acceptance is the real basis for the success and failure of this currency.

 

What is the Difference Between a Coin and a Token?

Tuesday, October 13th, 2020

Table of contents:

  • What is a coin?
  • What coins are used for?
  • What is a token?
  • How are tokens made?
  • What are tokens used for?
  • How do tokens benefit companies?

 

If you are new to the cryptocurrency scene, then there must be a lot of terms that leave you in a confused and anxious state. Don’t worry; the OPOLO wallets team has you covered. One of the most common confusion among new crypto users is spotting the difference between a coin and a token.

You must be thinking, coins and tokens; they are all just cryptocurrencies? Well, the answer is yes, but there are differences in both.

Today, through this guide, you will learn the differences between coins and tokens. You will also be able to distinguish between the two of them with ease easily. I will provide you with the definition, the key differences, and give you examples.

So let’s begin!

What is a coin?

A digital currency coin is a cryptocurrency asset that has its own blockchain. It does not require someone else’s blockchain to function. For example, Bitcoin, Ethereum, and Litecoin.

Each of the examples mentioned above works on their own blockchain. Their entire network is made from scratch, using the same framework of past technologies that were availed first by Bitcoin.

To make the statement above simpler:

  • Bitcoin works and is mined on the Bitcoin blockchain network
  • Ethereum works and is mined on the Ethereum blockchain network
  • Litecoin works and is mined on the Litecoin blockchain network

Transfers of these digital assets can be made from one individual to another individual. But, no form of physical currency is transferred. Each and every coin exists on its own blockchain, which is a global database. This database is accessible worldwide to anyone with a computer. Moreover, each transaction that occurs needs to be verified on the blockchain as well.

What coins are used for?

Digital currency or coins are used in the same way as regular coins are used, just like money. You can imagine that each coin is just like the currency in your wallet. Just like normal currency, these coins are a store of value, a medium of exchange, and a unit of account.

For example, you can use bitcoin to buy goods on the internet, such as things from an online store. You can keep your bitcoins safe for use on a rainy day. These days’ things are also priced according to BTC.

Some digital currencies do provide additional benefits to the ones mentioned above. For example, people who have acquired dash as their digital currency can vote on important decisions that occur within the company, such as software updates and investment planning.

Tokens are paid for and transferred through the use of digital currencies. For example, Ether is paid for Ethereum based token transfers.

What is a token?

Tokens are somewhat the opposite of coins. While coins use their own blockchain to make transactions. A token uses an already made blockchain and are created through the very same blockchain that they use.

Tokens made from NEO blockchain can only use the NEO blockchain, and tokens made from Ethereum blockchain can only use the Ethereum blockchain. The most widely and commonly used blockchain for this purpose is Ethereum. Tokens that are made from Ethereum, are known as ERC-20 tokens. While tokens made from NEO are called as NEP-5 tokens.

How are tokens made?

Anyone with programming experience can make a token. All it needs is a little bit of technical abilities and some of the native coin on which the token is being made. A token is like a piece of code running on the blockchain. And anyone can put that immutable (non changeable) code on the blockchain.

For example, if the token is made on a NEO network then the developer will need to spend some NEO to confirm the creation of his or her token.

A thing to note is that a fee needs to be made for each token transaction on the particular blockchain. Which means that any NEO token transfer will require you to spend some NEO coin. This is just like how fees are paid for the transaction of each coin on the network.

What are tokens used for?

Tokens are made so they can be used by dApps, which is an abbreviation for Decentralized apps. Developers have the option to create as many tokens as they want and then where these tokens will be sent. They will pay for this service using the digital coins they hold of the blockchain they are using to create these tokens.

When these tokens are created, they are used to access a variety of features of the application they were made for.

These features can either be discounts, paying bills, and using different services such as music or navigation. Often, tokens are also made to represent a physical asset such as a house. People sell houses using smart contracts, and physical properties are represented using a token.

For example, WePower (WPR) allows its users to buy and sell electricity units on its dApp. Each token is a representation of a certain amount of electricity.

How do tokens benefit companies?

Companies and developers do not have to create a blockchain for themselves nor find users to mine them. This saves them a lot of money and time. Moreover, they get a secure system to get all their transactions done from.

Another important factor is that for a blockchain to be secure, you need a lot of miners. This would be a near impossible task for companies if they weren’t using digital currency blockchains.

The process of creating tokens from these blockchains is also quite simple and requires minimum coding experience. Moreover, companies such as Ethereum and Dashcoin offer good incentives.

Digital currency blockchains are also a more trusted system for users, and it is not hard to attract them to the prospect of using tokens for dApps.

 

What is Cryptocurrency? (A beginners guide to all you need to know)

Friday, October 2nd, 2020

Cryptocurrency is an online digital currency that is used for the exchange of goods just as fiat/paper currency is used. Cryptocurrency is backed by cryptography, making it impossible for these coins/tokens to be double spent, copied, or faked. In more simpler terms, cryptocurrencies are a finite number of entries on a database, and these entries cannot be changed until certain conditions are met.

Cryptocurrencies are backed by blockchain technology, which is an online public ledger where all transactions related to cryptocurrencies are stored and are completed by a collection of computer networks. People who make these transactions happen are called miners. These miners receive a small amount of cryptocurrency for their services. For example, a bitcoin miner will receive payment in bitcoin, while an ethereum miner will receive payment in ethereum.

 

Background: (history of digital currency)

 

You may be surprised to know that bitcoin wasn’t the first digital currency to exist in the world. Back in the ’90s, technological boom companies tried to produce and distribute digital currencies but failed. Digital currency systems such as Flooz, Beenz, and Digi cash stepped up in the market but eventually failed. There were several reasons for the failure of these currencies; some of the most common ones were; frauds committed by companies claiming to be them, lack of resources, and tension between company employees and their bosses.

 

Crypto History

All of these companies also used a reliable 3rd party approach, which means that companies supporting these currencies were trusted, verified, and facilitated transactions. However, because of the failures of these companies. People just did not trust digital currencies anymore, and this idea was seen as a lost cause for a while.

But, innovation needs only a few or one committed and skilled individual. A man people can get behind and make magic happen. For a digital currency, this man or group (still unknown) went by the alias of Satoshi Nakamoto, who gave the world bitcoin, the very first successful cryptocurrency in the world. Satoshi developed a person to person electronic cash system. A system that is 100% decentralized, which means there is no controlling authority or hidden servers. This currency is for the people, run by the people, and is visible for everyone to see.

 

How does cryptocurrency work?

 

A decentralized network such as bitcoin requires each individual to do his/her part to make it work. This is where the term Blockchain comes in. A blockchain is a public ledger of all the transactions that have ever happened on the network and will happen. This ledger is publicly accessible, meaning anyone with a computer and internet connection can get access to it.

 

Cryptocurrency

Each transaction that occurs is made up of senders and receivers public keys (a combination of random computer-generated numbers & alphabets) and the number of coins transferred. The sender must also sign off the transaction by his generated private key. This process is known as cryptography. Then after a bit of time, this transaction is made public. However, for this transaction to be completed, it first needs to be confirmed.

Now, this is where the cryptocurrency miners come in, and only miners can confirm a transaction. This is done by solving a cryptographic puzzle. The miners make these transactions legitimate and then spread them along with the network. After which this transaction is added to the database. When this transaction has been confirmed, it becomes unchangeable and cannot be reversed no matter what. For doing this, the miner receives a reward and a small transaction fee.

The entire cryptocurrency network is based on trust and the agreement between all parties involved over the legitimacy of all balances and transactions. Each individual acts as a cog in a machine; without one cog, the entire machine breaks down. But there is no reason to worry, as rules are built and programmed into this network, these rules prevent this system from breaking down.

 

The legal side of cryptocurrencies:

 

As digital currency is becoming more common around the world, financial institutions of almost all the countries in the world are trying to understand this fairly new concept of money better. These law enforcement agencies, tax collectors, and judicial systems are all finding ways to incorporate these currencies in their economic system.

Legal Cryptocurrency

Ever since the emergence of bitcoin as the first useable and trustable cryptocurrency. There has been a lot of concern over its decentralized nature and the anonymity that comes with its use. Financial institutions around the world are concerned that people will use these digital currencies to obtain illegal services. These institutions are worried that individuals can use this form of currency to do money laundering, tax evasions, and purchase illegal items without any fear of being caught.

There are a few countries in the world that have banned cryptocurrencies in their economy. A few examples are Bangladesh, China, Russia, Vietnam, and Bolivia.

 

How to store cryptocurrencies?

 

If you are a user, fan, or just a geek, you must have heard that millions of dollars’ worth of cryptocurrency have been stolen through online frauds and hackers. The digital currency being virtual is stored differently than standard currencies.

Technically, when you store cryptocurrencies, you are actually storing its private keys, these are used to sign off transactions. These keys need to be securely stored. People write these keys on pieces of paper, save them in USBs or files in their computers.

However, the safest way to store cryptocurrencies is through the use of a hardware or cold storage wallets. Hardware wallets have become very popular in recent times, as these wallets are completely offline. Moreover, these hardware wallets are encrypted with passwords and key phrases.

Even though these hardware wallets are safe. Some are safer than others.

 

How to choose hardware wallets?

 

OPOLO Wallet

 

Here is a list of things you should look for while choosing a hardware wallet:

⦁ It should have a minimum of EAL6+ security certification for both hardware and software( most only have it for one)

⦁ It should have multiple currencies integrated within it.⦁ It should have a screen size that is easy to use.
⦁ It should have long passphrases and keyphrases for access
⦁ Its mnemonic system must be secure.
These are the basis upon which you should choose your cryptocurrency wallet.

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