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May 22
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Smart Contracts Making Blockchain Transactions Easier

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Informing yourself about blockchain will inevitably take you to the exploration of new topics and terms. “Smart contracts” is one of those terms. It sounds very official and strict, and in a way it is. However, it appears that smart contracts are there to make our purchases, for example, easier, and the terms of the purchase (or any other transaction) more reliable.

How Do Smart Contracts Work?

Do you remember how various physical contracts have stipulations? A contract usually states that one party accepts to undertake certain obligations, and when that party executes them, the other will then provide something, etc. All parties in the agreement have to sign the agreement to show that they have no objections to the stated provisions and that they will comply.

When it comes to digital, smart contracts, users of the blockchain platform need to agree on the “rules of the game”, and to accept the way their data is represented, to agree with the rules of the transactions, as well as with the possible exceptions. Smart contracts also stipulate the ways in which possible disputes can be resolved.

What is unique is the fact that the entire process is automated. In order to enable the tasks to run smoothly, the developers have included “if/when…then…” statements that repeat themselves as long as needed or as long as there are conditions that need to be fulfilled.

In plain English: once a payment has been made, the network of computers will issue a ticket, for example. Or, once all the necessary docs have been provided, the system will register a new company, or a vehicle or whatever is in question…  After that, the system updates itself. In short, there are no credit card verifications, no filling out the forms, no additional fees, and no dealing with the third party. Above all, everything happens within seconds.

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Smart Contracts Overview

“Smart contracts” is the term used for lines of code that are stored on the blockchain.  Therefore, we could say that a smart contract is an application that executes automatically once the predefined terms are met. A smart contract makes sure that all parties involved in the purchase or supply, for example, are certain of the final outcome. Furthermore, being based on blockchain, smart contracts are easily traceable, and act instead of an intermediary.

As a quick reminder, blockchain is a shared ledger where information about each transaction is stored and linked together. The info on each transaction is stored after validation, to ensure the accuracy. The details are also protected by few layers of encryption. The information stored on blockchain is usually referred to as “immutable” – meaning it cannot be changed or reversed.

Recap of the Advantages

  • Saving on the fees for validation or verification of the data by a third party, as everything is done by the network of computers.
  • Automatization, resulting in quick transactions in accordance with pre-defined rules.
  • Accuracy, due to the exact terms stated in the app.
  • Encryption, which secures execution of the transactions to be done and shared across all participants, excluding the possibility for the data to be tempered with.
May 15
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All You Need to Know About Ethereum & ETH

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“Launched in 2015, Ethereum is the world’s leading programmable blockchain.” Its native currency is Ether (ETH), which is a cryptocurrency. As all other cryptos, Ether is decentralized, digital store of value. You can transfer it instantly worldwide. The number of ETH units in circulation is small.

Ethereum – World’s Second Largest Blockchain

Ethereum, on the other hand, is a blockchain network. Furthermore, it is a real community. And a very active one. What does it mean? Basically, it is open for developers to build applications on it. Such apps are considered to be reliable, as once uploaded to Ethereum, they will function as programmed.  Ethereum is a community, because it involves a great number of developers globally, who work on development of new applications. It also includes a significant number of contributors who work on improving the protocols, as well as apps. Ethereum is the place where most of the apps we are using today was built. Some of those include e-wallets, various payment apps, investment apps, entire crypto markets, popular games where you can own in-game items and trade them among other users. All this live on Ethereum.

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ETH & How to Purchase It

Going back to the cryptocurrency itself, the ETH, you should remember that it is a digital currency and shares basic features with other cryptos. Enclosed below is a step by step guide on how to purchase the ETH.

  • Create your account on either Gemini, Coinbase, or Kraken.
  • Verify that account by uploading a variety of docs to prove your identity, as requested. Verification will take a day or two, depending on the overall usage of the platform or price fluctuations.
  • The next thing you should do is secure funds in your exchange to enable you to buy ETH. This can be done by simply following instructions on the exchange platform.
  • Once you have purchased the ETH, make sure to withdraw the ETH to your e-wallet (secured with private keys) so you can have full control over your assets.
  • Private keys are actually passwords secured with other passwords, all in order to let you enjoy the safety and anonymity.  Make sure to open your account and set the passwords before you withdraw the ETH to your wallet. Once you have an account, you will receive the address – which you should enter on your exchange in order to transfer the ETH to your own account.

There are apps that can help you do all this by simply following the steps. One of those apps is MyCrypto Desktop App.  Dealing with cryptos for the first time can be confusing until you get used to it. That is why we suggest you try the smaller amounts first. After all, it is better safe than sorry. With cryptocurrencies, there is no going back and reversing the transfer. However, the platforms, the software and the protocols are all there to protect the users and make your assets handling easier than ever before.     

Editor’s Note: Check out QBDirect, the new deposit method at Casino Brango.

  

May 05
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Litecoin – Crypto That Provides Really Instant Payout

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As almost all leading cryptocurrencies today, Litecoin is the means of payment meant to be accessible globally, working as an open source on a decentralized peer-to-peer network.

One of the most important features of cryptos, and Litecoin is not an exception, is the ability to provide instant payments with low to zero costs. In addition to this, Litecoin is said to have faster confirmation times than other leading cryptos. Litecoins Are Mined. Litecoin miners are usually rewarded with 25 new Litecoins per block. Litecoin network is purportedly predicted to produce 84 million Litecoins, a lot more than BTC units are supposed to be produced.

How Does Litecoin Works Comparing to Bitcoin

Litecoin is functioning on the basis of blockchain technology, and we have seen so far that blockchain is revolutionizing the industries around the world by providing transparency in tracing all participants in the process within seconds, as well as by securing anonymity of the individuals behind the accounts.  When compared to Bitcoin, LTC’s blockchain can handle higher transaction volumes, due to more frequent block generation. What does it mean for regular persons like you and me, or any random merchant using it? Well, basically, it means that we can be provided with faster confirmation times, and at the same time – be able to wait for additional confirmations if selling on a larger scale.

Litecoin Stored in Wallets

Digital wallets are programs that enable you to send and receive cryptocurrencies. As with all other cryptos, Litecoin wallets exist in several versions: paper wallets, software wallets, hardware wallets. One thing is for sure: security is the first feature you should look for when choosing the right wallet to store your assets. This is a quick overview:

Paper wallets – It may sound strange, but “paper wallets” are the ones to consider for maximum security. This basically means that you would right down the passwords, i.e. your private keys, the old-fashion way – on a piece of paper. This is by far, the safest way to store your keys. The downside to this is the fact that once you wish to send the money, you would need a software wallet to import the funds to. You can check out the detailed explanation here.

Software wallets – These types of wallets are considered to be a bit safer than web wallets. Software wallet enables you to store your funds on your desktop or mobile device. However, each wallet used online is prone to hacking. Therefore, software wallets are recommended for smaller amounts of money.

Hardware wallets – This is the most frequently recommended wallet, due to its ability to provide maximum security possible. It means that your private keys are stored offline, which is very important. Once you wish to send or receive funds, you should connect your hardware wallet to your computer via USB and enjoy the ride. This also means that all of the confidential tasks, such as signing transactions, for example, would be done offline. The cozy thing about the Litecoin wallet is the fact that it enables you to see your balance but asks for the password before transferring the funds, keeping you safe from yourself, so-to-speak. The downside to this type of wallets is the price, while all of the above-stated wallets are free. For example, Ledger hardware wallet can be found at app. $59-$269 and Trezor hardware wallets come with the price of app. $80 – $170. For further info on Ledger, you can explore here.

What is your experience with Litecoin?

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Apr 29
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Dogecoin – crypto with most passionate fans

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A pet among the cryptos. Dogecoin, a steady cryptocurrency with no meaningful advantage over other cryptocurrencies, but with the most passionate community of fans.

What Is a Dogecoin

The same as Bitcoin, Dogecoin is a decentralized cryptocurrency working in a peer-to-peer network. It is actually one of the oldest cryptos that endured the test of time, mostly due to the support of its passionate community. It was initially designed as a digital currency for higher trading volume and instant transactions. One of its specificities is the fact that there is no hard cap on the number of Dogecoins that can be produced. Dogecoin is functioning on blockchain, but it uses a different algorithm than Bitcoin does.

Its current position as 26th by market capitalization among cryptocurrencies, says that it may not be the leading crypto, but it has proved its ability to keep steady in stormy weather.

Trivia

The mascot of Dogecoin is a Japanese dog bread called Shiba Inu, symbolizing friendship. This could be the fact that the designer had in mind – that this cryptocurrency will become one of your best friends. Shiba Inu is the small, but very fast dog from Japan, which is said to adapt well to difficult terrains. At the beginning, he was used for hunting. It likes to be cleaned like no other dog breed. Sometimes aggressive, it is recommended not to let them close to children. Perhaps the most interesting characteristic of Shiba Inu is the scream this dog can produce. It is very high pitched and loud, and it is usually produced if the dog is being handled in a wrong way.  Similarly, when Shiba Inu is happy, it will let you know.

How to Use Dogecoin

The same as with Bitcoin, the first thing that you need to do is get yourself an e-wallet. Different Dogecoin wallets come with different features. Whichever you choose, your assets would be more secure than keeping them on a platform. Software wallets are free, while hardware wallets require some investment. However, great number of users decide on a software wallet, because its free, and because so far, we have all been accustomed to keeping our private keys, i.e. passwords in physical form, rather than online. This brings us to another matter: once you get yourself a Dogecoin wallet, you will need to set up the Dogecoin address. For detailed instructions on getting the wallet and initial set up of address, you can watch the video below.

The next thing to do is finding an exchange that trades with Dogecoin. Most of the Dogecoin fans use Kraken, Changelly, Poloniex, YoBit. Remember to always check out the reviews of cryptocurrency exchanges before signing up and buying, as some of the terms & conditions may change rapidly.

Buying Dogecoin itself can be tricky because you cannot buy it directly with a credit card, or a debit card for that matter. Nevertheless, you can buy another cryptocurrency using this payment method (on Coinbase or Coinmama), and trade it for Dogecoin.

A very important step in dealing with cryptos is to withdraw the coins you have bought, from the exchange into your wallet. By doing this, you are taking control over your assets.

Editor’s Note: Check out how cryptos and blockchain are changing the world.

Apr 19
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Why Bitcoin is So Attractive

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Incomparable Anonymity of Bitcoin

The thing that makes Bitcoin crypto accounts so attractive and reliable is the fact that although transactions are transparent and BTC flow can be traced among the users, the anonymity of individuals behind the accounts is fully secured and extremely difficult to break. This is not the case with storing money in the banks, for example, or transferring money via any other online platform.   

Bitcoin is highly liquid

You know how they say that cash is the most liquid asset comparing to, for example, real estate, jewelry, etc.? Well, bitcoin is the most liquid asset among cryptocurrencies. This actually means that when trading with it, you will not lose substantial value, and you will retain most of its inherent value when converting to fiat currencies, such as the U.S. dollar.

Extremely Lower Transaction Fees and Less Paperwork

Bitcoin transfers abroad are way easier and less expensive than transactions of fiat currencies. This type of transaction is freed from transaction charges or paperwork usually imposed on transactions using credit cards, ATMs or international bank transfers. Everyone will agree that it is an advantage if you can save up to 10% or even 15% of value, which you would otherwise let slip into various fees. Bitcoin transaction fees rarely cost above 1% of its value.

Limited Number of Units

We have been measuring wealth by gold, for centuries. Until we stopped. Remember the program of quantitative easing? Therefore, the majority of traditional (fiat) currencies controlled by national governments are non-scarce.

Bitcoin (BTC), on the other hand, has a “mathematically-fixed scarcity” of no more than 21 million, as demanded by the blockchain protocol. Crypto enthusiasts believe that this is the thing that will secure its long-term value and advantage over fiat currencies.

Bitcoin as a Payment Method is Becoming Mainstream

A growing number of retailers accept Bitcoin payments. Nowadays, you can buy any kind of goods or service using Bitcoin units. Also, Bitcoin is a highly-recommended deposit method at our online casino, among many others. If you have never used it before, now may be a good time to check out our step by step guide to making your first Bitcoin deposit.

Decentralized feature

By now, most of you know that BTC was not created by any government entity and that there is no central bank controlling its flow. This feature makes BTC harder to control by traditional means. This is probably the characteristic that is difficult to grasp and only time will show to what extent this type of decentralization is feasible. If it proves to be so, the impact of cryptocurrencies on all other aspects of our lives and economies will be massive.