Apr 042018
 

This is a sponsored press release

AirChain Network, a blockchain powered ecosystem designed especially for the air freight sector, is all set to revolutionize the industry by addressing long standing  problems such as transparency, safety, and flexibility. The platform’s mobile applications are currently available for download via the App Store and Google Play. 

Warsaw, Poland April 16, 2018 

AirChain Network is pleased to announce the official launch of their mobile application via the App Store and Google Play. The company reveals that the beta version of AirChain Network has also gone live recently. This blockchain powered ecosystem has been built by a team of experienced developers and blockchain experts with the intention of making the air freight sector more efficient by bringing transparency, safety, and flexibility. 

The global air transportation industry is a huge sector that plays an important role in people’s lives as well as industries all over the world. However, the constant increase in fuel price in the recent years has led to a situation where the air cargo is often beyond the financial capacity of an average individual, business or enterprise. At present, many companies are also reconsidering the use of air freights because of the rapidly rising security issues. Making things worse, this industry has always lagged behind in terms of transparency and the adoption of innovative technologies. 

AirChain Network has built a simple yet comprehensive ecosystem that provides access to the sophisticated tools and techniques of the freight industry without the stress and price. They are creating business opportunities for the investors by providing them free and direct access to a huge range of offers that were previously available only to the institutional investors. The goal of the network is to help the business and logistic companies deliver goods and services efficiently, while the use of blockchain technology removes duplication, ensures distribution and enforces transparency. The investors and businesses using AirChain Network are able to exchange goods and services for fiat or cryptocurrency in a transparent, tamper proof and immutable distributed ledger.

“Let us assume that Tom is flying from Berlin to Seoul and has 5kg of portable luggage available. Maria, living and working in Berlin, wants to send her friend in Seoul a 5kg gift parcel. If Maria sends her parcel by conventional means of transport, the cost will be quite high and the waiting time will be long. AirChain ecosystem allows Maria and Tom to meet and exchange their needs,” explains a senior spokesperson from AirChain Network.  “Maria’s package arrives at his friend’s place for the best cost, safely and quickly. Tom, on the other hand, earns an income without any effort due to the sale of his empty baggage.” 

The use of the just launched mobile application from AirChain Network involves the following simple steps. 

  • Choose location: Customer selects the arrival and departure of the package.
  • Start a conversation: After selecting the most appropriate traveler, the customers can start a conversation and finalize the deal. 
  • Check the package: Traveler receives the package and starts the trip
  • Delivery of the package: The customer receives the package.   

Using this mobile application, it is possible to track the parcels, goods and services sent over the network. The users will also be able to add friends, family and others and easily send and receive coins from people on the friend list. The app’s encrypted chat function allows the users to chat with their contacts.  There is also a 100% secure wallet to wallet chat function. The review history of all users can be seen, helping them build credibility on the ecosystem. 

The ANK token is the proprietary utility token of AirChain Network that allows the community members to send parcels on the ecosystem and make more income. Using the ANK token, it is possible to pay for parcels fee and exchange parcels and income on a peer to peer level without intermediary or regulatory fees. Before a contract, the sender and receiver are required to go through a KYC/AML process conducted by a reputable third party.  Once the order is accepted, smart contact for both sides is executed by the ANK application and committed by the ANK token. The senders receive the ANK tokens in their wallet after the recipients receive their package and confirm the same.

To find out more about AirChain Network, please visit https://airchain.network/

About AirChain Network: AirChain Network is a designed especially for the air freight sector. Its blockchain powered ecosystem addresses the most critical problems of the industry such as transparency, safety, and flexibility. AirChain Network has recently introduced their mobile application in two different versions for the Android and iOS versions.

Contact:

Marcin Tn
marcin@airchain.network

Website: https://airchain.network/

     

Dec 122017
 

This is a sponsored press release

PM7 is all set to start their Initial Coin Offering under smart contracts based on Ethereum, from December 17, 2017. This innovative affiliate marketing platform promises to revolutionize the concept of advertising for both online and offline projects by connecting the project creators directly to their customers, with no space for the advertising, marketing and PR agencies. 

December 9, 2017

PM7 is pleased to announce that the upcoming ICO campaign for their groundbreaking affiliate marketing platform will start on December 17, 2017. Designed to be the next big innovation in the field of advertising, PM7 will bridge the gap between the project creators and their audience by eliminating the intermediaries such as the advertising, marketing and PR agencies. Based on the blockchain technology, the platform looks to redefine the professional experience in the field of MLM by making it transparent and decentralized like never before.

The PM7 team will launch their new platform in the rapidly growing market of ICO campaigns. The competition in this field has grown significantly over the last few years, forcing many campaign owners to opt for expensive marketing campaigns to attract the attention of the investors. In some instances, this cost may amount to more that 50% of the entire ICO budget. PM7 will utilize a marketing burst similar to that of multi-level marketing, for the dissemination of information related to ICO campaigns.

The primary goal of the approach introduced by PM7 is to create a win-win situation for all parties. It offers project owners the support they need to reach out to a large number of potential users and investors. On the other hand, in addition to the ICO products, the users have the opportunity to make additional earnings by recommending the ICO campaigns. The distribution capabilities of this platform will be available soon for all types of projects. The participants in the PM7 system will receive benefits and income from its functioning and development on a multilevel basis. The platform will also provide PM7+, a mobile application with unique content related to each project.

An important component of the PM7 system is the PM7 event, an indicator of the platform volume equal to the possible amount of revenue in the system. Another key system component is the PM7 digital token based on the ERC-20 standard that will be awarded to the backers supporting the ICO of PM7 platform and purchasing premium accounts with different number of events. These tokens perform infrastructure functions and they are the identifier, the unit of measurement of PM7 events, and quantity of updatable free PM7 events per month that the backers will receive by purchasing events during the ICO. The PM7 token is also a virtual currency that will be accepted and used by projects on the platform (and partners) and will be accepted later as payment for services on the platform and bonuses.

The PM7 users will also receive commission based bonus for everyone involved in the user system. In order to maximize their bonus, the users have the freedom to share information about projects through any communication channels, including messengers, letters, social networks, text messages, or anything else. PM7 has already introduced PSP, a payment service for circulation, transfer and payment by cryptocurrencies.  The platform has also established an exchange market for personal transactions between users in the crypto currency and project tokens, using trading analytics tools and signals.

The company’s roadmap for the future includes

  • Launching PM7 ICO
  • Development of iOS/Android/Web SDK
  • PM7 Blockchain Explorer development for platform net and events visualisation
  • Development of social community chat for platform users
  • Issuance of Visa/MasterCard cards for cryptocurrency payments
  • Adding the possibility to pay bonuses as tokens of projects
  • Integration of PM7 with other types of projects
  • Creating own exchange market

The token distribution structure of PM7’s upcoming ICO is as mentioned below.

  • Token Price: $0.05
  • Total token quantity: 1,000,000,000
  • Quantity of token to be sold: 500,000, 000
  • Minimum purchase: 400 PM7
  • Hard cap: $12,500,000

More about this project can be found at https://pm7.com/

About PM7: PM7 is a decentralized and innovative affiliate marketing platform, designed to radically change the advertising world for online and offline projects. The main idea of the platform is to reduce the gap between the creators of advanced projects and their customers by eliminating the advertising, marketing and PR agencies and allow all participants in this process to create progressive and groundbreaking technologies.

Contact: Vadym Yevtushenko

Website: https://pm7.com/

Email: v@pm7.com

 

Nov 292017
 

This is a sponsored post

Mining digital currency is certainly an attractive source of income. Plug in the GPU cards and let the digital gold pour. However, mining bitcoin alone consumes 0.13% of the world’s energy consumption. Fuelling such consumption with anything but renewable energy would have a devastating effect on the environment.

Fortunately, more and more mining facilities are switching to hydro and wind powered energy sources according to the latest Bitcoin News.

Europe’s largest Bitcoin ATMs provider and digital currency exchange Cointed is set to shake up the green mining industry in the later part of Q4/2017.

The team behind Cointed is inspired by always pushing the bar higher and being an example of innovation. To guarantee their clients the best possible service, all the Cointed mining hardware and software is custom made.

Collaboration with Nvidia

The company has already pre-ordered 125,000 custom-made GPUs in collaboration with Nvidia and Zotac that are especially designed for Cointed’s facilities. Of them 18,000 are already assembled in 2000 rigs of 9 cards each in a warehouse in Sweden and fully operational.

 

 

 

Optimized Mining Rig

The rigs and GPU cases are also improved to optimize performance. To alleviate the

issue of overheating the GPUs’ traditional fans have been replaced with heat sinks. Locating the fans on the case allows for optimal air circulation which improves cooling and makes maintenance easier. The motherboards are also customized to better synergize with the other components.

 

Inhouse Built Software

One of the biggest advantages, however, is the entirely inhouse built software. The team creates their own operating system to and GPU BIOS so that they get the optimal performance and synergy with their other custom parts.

You are the owner

The best thing about mining with Cointed is surely that you own the rig! Most of Cointed’s mining rigs are owned by the customers. The company is only operating and supporting them for a small fee. There are no small letters (is this the right expression?) whatever your GPUs mine minus the fee is what you will get.

CTD token

Right now, we are holding an ICO campaign to expand our business. The CTD token is the only opportunity to get access to the exclusive deals at Cointed. Some of the benefits are:

  • Discounts on ATM fees, software licensing as well as exchange
  • Mining: 15% discount on rigs and 5% hosting fees
  • Access to GPUs with 25% increased performance and inhouse BIOs
  • Discounts on crypto cards
  • PayCo discounts: 15% POS and 20% lower fees
  • 5% lower hosting fees
  • 15% off on mining equipment

For more information: www.cointedtoken.com or Whitepaper

Nov 292017
 

This is a sponsored press release

ICO market is growing at a tremendous speed. Since the beginning of 2017, 228 companies have raised $3.6 billion in ICO deals (according to www.coinschedule.com). And there are several thousands more tech startups that soon will compete for investors’ money.

Among them there will probably be some scam companies – it is only to be expected. There have already been several scandals in the sector, and probably there will be more. In November investors of Confido startup that raised $375 000 from ICO had an unpleasant surprise. Confido CEO and other founders vanished. All investors’ money disappeared with them.

It is not so always easy to tell genuine projects from scam in the dark waters of ICO market. But it is definitely safer to chose those projects that have a developed product and if lucky, even media coverage.

Rentberry is a blockchain-based startup that was established in 2015 in San Francisco. It helps landlords and prospective long-term tenants find each other and stay in contact after the rental contract is signed.

Apart from $4 million it raised from the investors in two seed rounds, it has also received significant media coverage. In April WSJ reported, citing Rentberry CEO Alex Lubinsky, that its platform helps tenants to save 5.1 percent on rent compared with what landlords asked. Business Insider wrote that Rentberry aims to streamline the rental negotiation process for both tenants and landlords by bringing the process online. According to SFGate, Rentberry aims to compete with Craigslist and other “Stone Age” rental services.

Well, just to be noticed, a startup needs to have a product. And Rentberry is one of few companies that in the process of doing its Initial Coin Offering while already having a product and successful business.

Rentberry allows tenants to bid, eBay style, on the rent. Landlords set a preferred rent and prospective tenants then bid below that figure to see if they can get a good deal. Winning bidders would sign the rental agreement through Rentberry. Rent will be paid also online and Rentberry’s platform will help tenants to stay connected with their landlords.

At present Rentberry is available in about 5,000 cities across the US. It has over 224,000 properties and has processed more than 4,000 applications. Rentberry’s services are transparent and easy to use both for tenants and landlords. By the company’s estimates, in 2018 it will have 1 million listed properties and expand in Canada and several Asian and European countries. By 2020 it intends to go globally.

Rentberry has already received business offers from Australia, New Zealand, the UK, Cyprus and Canada to franchise or establish a partnership. It raised $4 million in two seed rounds. Among those who believe in Rentberry’s prospects are investors from a dozen countries, including Zing Capital, Ventures, Beechwood, Ventures, and others.

Rentberry plans to expand internationally by partnering with other companies in the real estate space, acquiring competitors, and doing extensive marketing. The marketing channels include traditional media and social media channels (Twitter, Facebook, Instagram), influencer marketing and word of mouth.

To increase deal volumes and expand in new cities and countries, Rentberry has launched ICO process. It will offer to investor Rentberry tokens (BERRY) at the exchange rate 1 ETH = 2,500 BERRY. The minimum purchase amount is 250 BERRY (0.1 ETH).

The sale starts on December, 5 and ends on February, 28. For “early birds” there will be a bonus: 33 percent on Dec 5 – 19; 27 percent on Dec 20 – 26; 20 percent on Dec 27 – Jan 16; 13 percent on Jan 17 – 26, and 7 percent on Jan 31 – Feb 13. The company will accept ETH and BTC.

There will also be bonuses for big purchases, but they will be discussed individually with potential buyers.

The proceeds from the sale of BERRY tokens will be allocated to IT development (30%), to marketing and sales (20%), to acquisitions and partnerships (15%), to international expansion (12.5%), to administrative and operational activity (10%), to development fund (5%), to legal expenses (5%) and to Bug Bounty program (2.5%).

Nov 202017
 

This is a sponsored press release from trade.io

21 November 2017, Zug, Switzerland, trade.io announces that as a result of community response, the company has decided to take steps to enable greater participation in its highly anticipated ICO.  This includes adjusting the entry price per Trade Token to a lower price to allow for broader participation and reflect the rise in Ethereum, which is used for purchase.  With the soft cap already achieved during the PRE-ICO, the price reduction lowers the upper level of the fund raise to approximately $135 million.  The result of this reduction will be net positive for existing and future Trade Token participants as it will provide existing token holders with a greater amount of additional tokens, and will allow new participants the ability to obtain a larger amount of Trade Tokens.  Additionally, the start of the ICO has been revised to December 5th, still concluding on the originally planned date of December 15th, 2017.

On the changes, CEO, Jim Preissler commented, “One of the primary factors that prompted the price reduction was the ongoing rise in the price of Ethereum.  We’ve been selling Trade Token based on the price of Ethereum, and the impact of the increase in its value has priced out many of the participants with a desire to get involved in trade.io.  The trade.io community now numbers in the thousands, and we felt it was only fair to lower the entry point to allow greater participation, and still allocate a large amount of Trade Tokens to our loyal followers.”

Preissler continued, “As previously announced, we have surpassed our soft cap of $5M in the first few days of PRE-ICO.  The modified market cap, as noted, leaves us with plenty of room to execute upon all original initiatives and milestones.  We’re anticipating some major announcements over the next 1-2 weeks and as a result, in order to communicate the updates, we felt it was in the best interest of the community to push back the ICO start date to December 5th.  This will allow a more uniform ICO sale of which we are gauging tremendous interest, and will be fair to everyone who wants to get involved.”

As a result of the lowered hard cap, current Trade Token holders will have their current allocation multiplied by a factor of 5 and this change will appear in their Members Area no later than close of business on November 22nd.  In addition, Liquidity Pool participation will increase by a factor of 5, which has been outlined in the White Paper.

PRE-ICO price will be modified to 1 ETH = 1,000 Trade Tokens for the remaining 3 days of PRE-ICO starting no later than close of business, November 22nd.  Any prior purchases will have the allocation multiplied by a factor of 5, so everyone is treated equally on a pro-rata basis.  ICO pricing has been modified to one standard price being 1 ETH = 625 Trade Tokens.

For further information visit trade.io

Nov 172017
 

This is a sponsored press release

The mobile money remittance system (MMRS) by Bank4YOU Group (https://www.bank4you.io) has closed its early supporter presale having raised two million dollars through its BFY token sale. MMRS is the first convergence of cryptocurrencies with mobile network operator’s accounts.

Following the presale, the Group’s CEO David Agar and CCO Sin Chee Saw presented a demo version of Bank4YOU app with MMRS at the recent international fintech conference Finovate Asia 2017 in Hong Kong. The ICO campaign was welcomed by the regional community who found the future development of the project inspirational.

The implementation of MMRS functionality into the Bank4YOU app will provide each user with an account where tokens can be stored in different local currencies as well as in the BFY token. Users will be able to use available tokens for money remittances, to exchange them for other tokens and local currencies through an agent network, or use as payment for goods and services. Created especially for those keen on long-term profit from system activities, the BFY ICO token, presented on the Ethereum platform, will allow profit on transactions and also through other financial operations in the system.

The Group is now focused on developing its MMRS project, which is expected to roll out in Q3 2018. The team is working hard on creation of a mobile network operator consortium, which will provide the digital infrastructure for implementation of MMRS. This would allow token purchasers the opportunity to use the system by next year-end. The BFY tokens can be purchased at a fixed price of $0.21 each. There is, however, a discount of 15% available in the first round, which is currently taking place. You can join the campaign by signing in at the Investor’s Cabinet.

Nov 172017
 

With the technology development, an increasing scope of human activity becomes automated, and an increasing number of processes are transferred to a virtual basis. On the one hand, progress may look like a threat to the workplaces of specialists, but there is a back side which opens up new horizons for them. The greater the desire of society to increase turnover, the greater the need for machine-based performance of activities. In this case, the role of a person does not decrease, but simply changes. Cardinally.

While the Internet has already penetrated all spheres of our life, the blockchain technology is gradually picking up the slack. In addition to the obvious interest of people in everything new, the idea of decentralization and transparency covers a wide range of tasks in the economy, finance and related fields. Smart contracts can change the market of legal services. Automation can deprive notaries, registrars, secretaries, drivers, realtors of work, as well as other professionals whose activities are related to mediation. Imagine, you act as guarantor of your transaction, its technical support and storage of information about it.

Despite all the advantages of technology, the introduction of smart contacts requires a person who understands the legal subtleties to competently make up the contract terms. Therefore, blockchain will replace the third party systematically, with a speed proportional to the professional development of specialists, adjusted for new technologies. The giant potential of blockchain in existing implementations is still not used to the maximum. For example, the average transaction time is 10 minutes in Bitcoin, and 5 minutes in the Ethereum network, while credit card transactions take seconds. As of 2017, there is no platforms that completely satisfy the needs of users and businesses.

This is the main problem, which prevents a wide use of blockchain in various branches, financial in particular. And now the team of Credits project is working hard on it. This is a new blockchain generation with technical capabilities of a higher level. The project, in addition to concentrating on the financial industry, offers simultaneous processing of up to 1 million transactions per second, an average operation time of 3 seconds, data compression to 90%, transaction cost of about 0.01%.

Reduced processing time is provided by the transfer of transactions to the main node where they are processed and recorded in the ledger. Each node can be a master or trusted no more than once. To increase data security and other performance indicators, the CREDITS platform uses its own combined consensus protocol, as well as an algorithm of the last stored ledger search, different from the tree-like. The working prototype is already completed which confirms the serious intentions of the project team to make a worthy product for the financial market. Find out more at https://credits.com/.

The project launches ICO in November 2017. The total number of tokens is one billion. The developing market and the lack of working analogues promises great prospects to our development. More and more countries are showing an interest in legalization of cryptocurrencies. This means that the time is near when financial institutions and regulators will have to seriously reconsider and modify their activities. Large-scale retraining of personnel, new professions and new opportunities await us in the future.

Nov 122017
 

This is a Sponsored Post

Bitcoin has recently surpassed the value of Goldman Sachs Group Inc. and hovers above $100 billion. However, the wider public is yet to be introduced to Bitcoin and cryptocurrencies.

Even so, on October 2013, Bitcoin ATMs made their debut at the Bitcoiniac`s kiosk in one of Vancouver’s coffee shops. Today, just four years later, there’s more than 8 million Google search results for “Bitcoin ATM near me’’.

But how does a Bitcoin ATM work?

In this guide, we present you with the most important things to know before using a Bitcoin ATM.

There’s more than one type of ATM

There are two varieties of Bitcoin ATMs, depending on the operations they allow for: One-way or two-way transactions.

Around 70% of the ATMs worldwide only support the depositing of fiat money into the wallet and buying bitcoins. These are called vending machines. There’s less legal scrutiny around them, that’s why they’re more popular.

The other 30% are two-way ATMs. They have more KYC/AML requirements like ID or palm scanning. This helps preventing illegal traders (such as weapons’ dealers), cash in on their Bitcoin.

The future will see ATMs that support bank-like features, like providing users with different types of accounts – savings, deposits and payments. However, there is still no company that offers those services

Know the manufacturers

There are three leading producers of Bitcoin ATMs: Genesis Coin (with around 44% market share), followed by General bytes – with almost 26%, and Lamassu, with 16%.

BrandGenesis CoinGeneral BytesLamassu
One-way Price$6 800$2 999$6 000
Two-way Price$14 500/$8 900$6 999$11 000/$5 000
Fee1% of volumeOptionalOptional
Unique featureSupports Litecoin and DogecoinPOS functionalityMore compact

 

Genesis Coin ATMs are pricier, but offer increased functionality. Lamassu position themselves as the cost-efficient choice, and General Bytes as value for money. This holds true for both one-way and two-way ATMs.

The only difference is that Lamassu offers their two-way model as an extension to the one-way model. So, existing clients have to pay only 5000 USD for a two-way ATM, the best price on the market. For new clients looking for a two-way machine, however, General Bytes are more cost-efficient, and offer a good functionality-price ratio.

Genesis Coin is the best choice for those who want increased functionality, as they offer the only ATM that supports three digital currencies.

Lamassu is in a rather weird spot: they market themselves as being the cheapest – however, their price for a two-way machine does not reflect that. Our suggestion: if you already use a one-way Lamassu ATM, upgrading it is a good call. Otherwise, go for the alternatives.

Providers are the key

What matters most for individuals is the Bitcoin ATM provider rather than the manufacturer. Providers determine the location of the machines and the bulk of the transaction fee.

According to CoinATMRadar, buying fees for Bitcoin are 9.67% and, selling costs around 6.23%.

There are 7 Bitcoin providers with more than 50 operating ATMs, and only two with around 100 devices. Yet, their main interest is not market share or sheer number of machines. For them, the game is mostly about location and functionality.

Consider the top four countries in terms of number of Bitcoin ATMs (presented by CoinATMRadar): there are 1000 devices in the US, and 433 in the next three countries (Canada, the UK and Austria). This saturation in the US means that, in this case, market share numbers should always be taken with a grain of salt.

Our suggestions for providers are based on number of locations and new locations added in 2017 as reported by CoinATMRadar.

CoinSource seems to be the leading provider in the US – with 127 ATMs (104 one-way, 23 two-way). In 2017 alone they added 9 new locations, ranking them second in growth. Their buying fee is 8% and their selling fee is 4%.

Although there are many providers, Bitcoin ATMs are clustered in the states of Pennsylvania, California and Illinois. In the states Wyoming, the Dakotas and Montana there are almost no Bitcoin ATMs.

In Canada, there’s less variety. InstaCoin is the main provider of Bitcoin ATMs, with around 55 locations, and ranks 4th in terms of growth, with 7 new locations this year. However, they only have a few buy-sell ATMs and do not support other digital currencies. Unlike most Bitcoin ATM providers, InstaCoin calculates its fees in the same way traditional Forex exchanges do – they quote a selling price and a buying price and the spread in between makes up the fee.

In terms of newly added machines in 2017, the Austrian provider Cointed topped the chart with 11 new locations. This reflects a significant growth of 64.7% and translates to 53 locations.

What’s impressive about them is that they not only provide digital currency ATMs, but also manufacture them, have a digital exchange and offer mining services. This makes them the only full-fletched service provider for obtaining and selling digital currencies.

Having everything under one roof makes Cointed quite competitive compared to other companies in the industry. They are the only major Bitcoin ATM provider that supports 5 different digital currencies – Bitcoin, Litecoin, Ethereum, Zcash and Dash.

Their complementing businesses allow them to have the most competitive rates, ranging from 1% to 3.5%. Compare that to the 4% of the second cheapest provider on this list.

Also, their exchange business allows them to process transactions of all sizes. Other ATM providers can’t handle transactions in the ranges of tens of thousands of dollars or above.

Being both a provider and manufacturer allows Cointed to have better synergy between software and hardware. They also serve as a one-stop customer support as all issues are handled by one company. Other providers must investigate whether any problem is in their software or in the manufacturer’s hardware.

Can I pay for pizza with Bitcoin?

At the moment, probably your local pizza restaurant has not heard of Bitcoin. Yet, the popularity of digital currency is rising and it is getting more widely accepted. Using ATMs is certainly the most user-friendly way to purchase digital currencies. However, it’s still limited. The fees are still rather high and there is not much variety in the digital currencies offered.

By combining complementing businesses like mining, digital exchange, in-house manufacturing as well as other payment solutions, Cointed exploits the benefits of economies of scale and scope.  That’s why they can afford to give their customers the lowest fees (compared to their only ATM provider competitors). Offering many ways to acquire and trade digital currencies is the way to go as it allows for better pricing, a more versatile service and more complete customer support.

A pending issue remains geographic saturation. Even in the US where there are 1108 Bitcoin ATMs, in many states there are none. In Europe and Canada the situation is quite similar.There are two main reasons for this saturation: legislation getting in the way and, mainly, low interest in Bitcoin in general

Nevertheless, more and more countries are making room for Bitcoin and other digital currency to shine. Despite some of the issues Bitcoin ATMs are the quickest most convenient way for buying and selling digital currency.

 

Jul 272017
 

This is a sponsored post

Normally when you hear about transaction fees, you associate them with a large national bank or banking conglomerate that attaches arbitrary fees to transactions for no real discernable reason. Bitcoin is not centralized to any one government, therefore it skates by without transactions fees being applied by the merchants and business that allow cryptocurrency transactions, such as online retail sites, travel agencies and gambling sites that accept Ethereum and bitcoin. These e-commerce markets trade goods and services for crypto and charge no fees in the transaction. The only fees that are common with Bitcoin and other digital currencies are a result of how the currency is mined and recorded into the blockchain.

First, I need to explain a little bit about how bitcoins are mined for us to really understand where these transaction fees come from. Each bitcoin transaction comes with a transaction fee that is both processed and received by the miner. The miners themselves utilize powerful computers built specifically for mining bitcoin. These computers are what makes up the network. They make the decisions on what transactions to add into the blockchain and in what order they will be included. They make those decisions based on several factors and one of the most significant ones is how big the mining fee is.

The miners themselves go through the effort of mining bitcoin because it promises financial reward. Every time a new block of transactions is recorded and included into the blockchain, the miner that was responsible for it collects a bounty in the form of new bitcoins. This is how each bitcoin is created. The miners then keep the fees and are incentivized to comprise their blocks with transactions that have higher fees. You can see the fees that have been paid out by the difference in the inputs and outputs of your transaction details. The larger the transaction, the larger the fee that should be associated with it.

Typically, it’s the sender who pays the fee and they can choose to pay as little or as much as they would like.  The bitcoin miners never have to accept and mine a transaction just because it is out there so the fees turn into a way to incentivize the miners to include these transactions into their block. This then turns into a decision for the miner that’s made based off of the time it would take to mine the block and the amount a miner would receive in fees for doing so. Larger transactions require more time to mine and are sometimes not worth the work if they have less than the recommended fees associated with them. Some people may pay a higher than average transaction fee in order to see their transactions on the block in a shorter amount of time.