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Jun 25
Stellar Lumens (XLM)

Stellar Lumens (XLM)

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One of the stars in the crypto sky is Stellar Lumens (XLM). The home of the Stellar Lumens (XLM) is the Stellar network. This is the network on which XLM was built and where it acts as an asset.

Stellar Network and Stellar Lumens Overview

The Stellar network is an open-source, distributed network. It was developed in order to connect payments systems, banks and individuals. Stellar network is also owned by the community. The main focus of Stellar network is facilitating cross-asset transfers.

This means that it enables users to trade across platforms, as well as to do microtransactions. The stellar network is also on a mission to provide everyone with significantly low-cost financial services at maximum speed.

In order to transfer the assets across platforms and to send the money to anyone in a different currency, a user would need to use Stellar Lumens (XLM). It is the official intermediary currency of Stellar network.

Stellar.org is the non-profit organization behind the Stellar network. The network itself was founded in 2014 by the co-founder of Ripple, Jed McCaleb.

The Easiest Way to Buy XLM

Buying cryptos on Coinbase is the easiest way to get your XLM. First, a user must obtain Bitcoin or Ether and then use these currencies to buy XLM. Once a user opens the account on Coinbase there should be a deposit section with a list of selection of coins or tokens to deposit. Choosing either BTC or ETH is the first step in buying an XLM.

The Speed of XLM

As stated above, Stellar Lumens is really fast, as the creators were aiming for speed to be one of the two main advantages of XLM. Therefore, the transaction speed is approximately between 2 and 4 seconds. The other advantage, the transaction cost, is less than 1 cent.

Overview of Advantages of Stellar Network and of Using XLM

People often compare Stellar Lumens  to either Ripple  or Ether. Possibly because of the many similar features. However, no two digital currencies are exactly the same. Therefore, Stellar Lumens has certain advantages. Here they are:

  • Stellar network functions as a blockchain application development platform. This means that this network can serve as a generator of decentralized Apps.
  • Using the Stellar blockchain, new cryptocurrencies can be created – the same as with Ethereum.
  • Stellar is considered to be a rival to Ethereum, due to the fact that initial coin offerings can run on Stellar blockchain. Rivalry and competition in general can be a driving force for advancement and improvement.
  • Stellar network is extremely fast. This provides for no delays and instant transactions.
  • The transaction fees are unbelievably low and cost less than a cent.
  • Transaction gets verified by decentralized servers. This means that there are no miners competing against each other. All this creates no possibility for delays or high transaction costs.
  • Initial Coin Offerings (ICO) are less expensive and faster, enabling businesses to run ICOs on their network, increasing the demand and value of XLM.

 

Do you have any experience with XLM? Tell us about it.

 

Jun 21
Facebook new project LibraCoin

Facebook Revealed Plans for New Project LibraCoin

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Facebook has revealed its plans for their new project, a stablecoin, which is now officially called LibraCoin. The public launch will reportedly happen in the first half of 2020. The media went frenzy and we are now witnessing the opposing views on LibraCoin’s future. But, first, let us explore LibraCoin.

What is LibraCoin

What is LibraCoin is the frequently asked question these days. As majority of other cryptocurrencies, LibraCoin is a digital currency that serves as a means of payment. As expected, the transaction fees that apply to LibraCoin are near to zero. Facebook reportedly announced that the users would be able to buy LibraCoin or get their cash from LibraCoin either online or at local exchange spots.

Facebook has also developed its Calibra wallet. Apparently, it will be governed by Facebook, as a subsidiary of its own. This wallet will be integral part of Messenger, WhatsApp, and other Facebook’s apps. However, it appears we will wait a few more months to be able to use Calibra.

The Libra currency is represented by a 3 wavy horizontal lines character ≋

Advantages of LibraCoin

We all expect LibraCoin to have some advantages over other cryptos. Facebook did not disappoint us in this respect. LibraCoin is fast and less expensive, especially if we use it for international transactions.

Apparently, the companies which accept LibraCoin as means of payment will have discounts or rewards.

This new stablecoin is powered by the Libra Blockchain. This ecosystem is announced as an open-source. It is developed in Facebook’s own Move programming language.

Libra Vs. Bitcoin

With Bitcoin being the leading crypto, we cannot avoid comparing the two . Bitcoin has proved itself as the master of decentralization. On the other hand, LibraCoin is controlled by Facebook and the Libra Association. Furthermore, Facebook declared that they would not have full control over LibraCoin. Other members of the Libra Association will participate in decision making. Among many companies, there are Visa, Uber, Andreessen Horowitz, etc. These members invested more than $10 million each in the project.

Bitcoin’s and Facebook’s blockchains also differ. Bitcoin runs on permissionless blockchain. This means that the miners do not have to ask for approval before they start their mining. LibraCoin’s block chain is permissioned.

Challenges LibraCoin Faces

When launching plans for the new financial ecosystem that has impacts worldwide, it is expected to face certain challenges. As stated above, LibraCoin is centralized and supported by government-backed currencies and securities. They claim that this should secure low risk and avoid fluctuations. Nevertheless, there are voices raising questions. Experts claim that LibraCoin is challenging banking systems, although they doubt this would be the end of the traditional institution. What we can predict at this stage is that LibraCoin will seek to exploit the weaknesses of banking transfers and offer more convenient solutions.

One of the main concerns mentioned in the media is over Facebook’s ability to secure the financial information of their clients. The concern is justified due to the previous breach of users’ personal information. With information about financial transactions, Facebook will now definitely have unrivaled advantage over all other companies in the industry.

Concerns from regulators include the ways LibraCoin will be regulated and in what way exactly Facebook and the Libra Association will be fighting money laundering.

Apparently, making LibraCoin the new leading crypto would take some time. As Facebook Inc. Chief Operating Officer Sheryl Sandberg said, this project is a “long way from launch.” She also added:

“Regulators have concerns. We’re already meeting with them. We know we have a lot of work to do, but this was an announcement of what we would like to do with a roadmap for people to jump in and help us do it.”

 

We would appreciate your thoughts on LibraCoin.

Jun 13
Monero wallets

The List of Frequently Used Monero Wallets

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In the world of cryptocurrencies, Monero is a synonym for privacy. This distinct characteristic of Monero made it a subject of various interpretations. Some regard it as the ultimate “privacy coin”, while others think Monero is suitable for covering the tracks and handling highly questionable transactions. Either way, when handling assets, safety and privacy are something everyone demands and appreciates. And Monero has been developed with these two categories in mind. Once you come into the possession of Monero, the question is where to store it. As with all other cryptos, there are multiple solutions. We tried to compile the available information on the most frequently used Monero wallets.

Monero GUI Wallet

This is the official wallet of Monero. The app itself can be downloaded and installed, as per instructions from this site.

It is compatible with Windows, Mac, and Linux. It is available in Ubuntu version, and experts claim that this version has the best performances. Once you install it, you will see it is basically a very user-friendly desktop app, containing all the features users need. “Monero GUI Wallet” is easy to use and therefore recommended for less experienced users. It is an e-wallet which makes sending and receiving XMR easy.

Ledger Nano S

Many crypto enthusiasts believe “Ledger Nano S” is the most convenient e-wallet there is. It is small and resembles USB stick, but also features a small screen where you can check the details of your transactions by double tapping. Your assets would be safe and sound offline as well. This e-wallet does not actually store your cryptos. What it does is track your Monero through the blockchain. Developers of “Ledger Nano S” thought about the users’ safety as well.

This wallet features a secured PIN code, 2-step authentication, and recovery seed accessibility. Apart from XMR, it also supports Stellar, Ripple, Ether, Bitcoin, Ethereum Classic, just to name a few.

My Monero

“My Monero” is a web-based wallet developed by Monero’s team. The reviews say that is very user-friendly. However, it is web-based, which means that you need to have an account on the website in order to use it, and this – many claim – could be the downside to this wallet. If you are familiar with creating accounts, logging in and following the instructions, you should try it out.

Monerujo

“Monerujo” is an Android app and an open source, which enables you to use a few different wallets at the same time and to transfer funds.  By using “Monerujo”, all your data will be stored on your Android advice. The advantages of “Monerujo” include QR scanning for sending and receiving XMR, as well as a very easy-to-navigate interface.

Monero Paper Wallet

This type of wallet is usually considered to be one of the safest if stored properly. Its advantage is in the fact that there are no risks of being hacked. “Monero Paper Wallet” includes QR code for generating a public address and one QR code which contains the private key.

Guarda

“Guarda” is the wallet which supports various cryptos, such as Monero, Dash, Bitcoin, Bitcoin Cash, Stellar Lumens, Ethereum, Zcash, Ripple and many other altcoins.

It can be used on mobile devices in addition to a web version. The main feature of “Guarda” is the fact it does not store any client data, wallet data or private keys.   As for the private key, it is stored in device’s memory and can be deleted automatically when logging out from the wallet.

Which Monero wallet have you tried to use?

Jun 04
monero crypto cryptocurrency

Monero – The King of Anonymity Among Cryptos

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Monero is most probably the king of anonymity among cryptos. When handling payments online, apart from fast transactions, the highest demand is always for mechanisms that can provide full anonymity. And this is the field where Monero rules – both features combined in one crypto.

It is a secure, private and untraceable currency system. The ability to stay “below the radar” so to speak, is of high importance if you ask crypto enthusiasts. This is also the character that has put this currency in the spotlight of the latest May review of Monero published by Reuters. The  Monero Outreach, a workgroup of the decentralized Monero, defended the Monero feature which intrigues many, in this post.

No One Can Track Your Transactions

Monero gives you the chance to have complete control over the crypto transaction. This means that no one is able to see where your assets go, and you can basically hide all of your tracks. All transactions with this crypto are private. Apart from securing total privacy, this is an important advantage of Monero because the assets you use always appear to be “clean”. Even if at any point in the past, the Monero which is now in your possession, had been used in any kind of shady business, the network will not show the details, and the value of your Monero will not depend on it. Other cryptocurrencies, allowing for transparency while protecting anonymity, are subject to visible previous transactions. This is the point where the distinction is made between so-called “clean” and “tainted” cryptos.

Monero Is Fungible

Many experts accentuate the fact that this crypto is fungible. An odd word, don’t you think so? To tell you the truth, I had to look it up as well to grasp the exact meaning. What it comes down to is the fact that Monero is compatible or convertible, if you wish. Furthermore, since it does not succumb to the concept of “clean” or “tainted”, it is considered to be fungible.

Public and Private Keys

Monero has multiple keys. So far, we have all got acquainted with bitcoin or ether, for example, that have one public and one private key. Again, “multiple keys” is the feature which should secure that the senders’ and users’ identities are kept well hidden. The public view key, as the word says, is used for generating public address. The private view key is used by the receiver for scanning the blockchain and finding the funds sent to him.

Signatures and Full Protection of Identity and Transactions

In order to fully protect your privacy of a sender, Monero has “Ring Signatures”. There is an interesting explanation of this term which I came across and it says that when you are sending the check you need to sign it and everyone will recognize your signature, because the handwriting is unique for each person. However, if you were to combine your own handwriting with a few more people, you would create a unique, but unrecognizable signature. This is what Ring Signatures do. They make a unique reference to the sender without any lead toward his identity.

Monero developers also pride themselves with what they refer to as “stealth addresses”. This means that the transactions between addresses are not traceable, i.e. only the sender of funds would know who the receiver is.  Furthermore, the transaction amount can also be fully hidden, depending on your preferred settings.

Looking forward to hearing your experience with Monero.

Editor’s Note: Check out all you need to know about Ethereum & ETH, or Dogecoin – crypto with most passionate fans.

May 28
BitPay crypto

How Does BitPay Fit Into Crypto Tax Law

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“…In this world nothing can be said to be certain, except death and taxes”. Throughout time, there have been many references to this phrase by Benjamin Franklin. And it still stands today. However, we are witnessing a tremendous moment in time, when boundaries are pushed, new currencies evolve and the law is trying to keep up with reality. So, what is the story about cryptos and taxes, and how does BitPay fit into this?

Most people are aware of the importance of filing taxes, and they do it regularly. With cryptos, things got a bit challenging. The IRS has reportedly received complaints from its citizens and officials asking for clarifications regarding the way cryptocurrencies are treated, and claiming that they are in constant risk of being marked as individuals who try to evade taxes, all due to the volatile nature of the existing law.

At the moment, the law states that a taxpayer should file each transaction executed when using a cryptocurrency because each transaction is considered to be a taxable event. At the same time, in the US, cryptocurrencies are also taxed under capital gains law that applies to property investments. The current regulations issued back in 2014 state that cryptocurrencies should be treated as property, meaning that they fall under statutes that apply to property transactions. However, the IRS appears to be reconsidering the nature of cryptos, as the IRS Commissioner has reportedly claimed that the situation has changed since 2014 and that cryptos are developing both as “a medium of exchange and as an investment vehicle”. Now, I am not an expert, but this sounds to me like the lawmakers are about to officially characterize cryptos as currencies.  Furthermore, the IRS has announced the issuing of clearer guidelines on how to treat cryptos and how to properly file taxes.

On another note, what we found a bit more interesting, and equally important is the news coming from BitPay. It is about the option given to income tax payers, allowing them to receive the federal and state refunds in bitcoin. This very fact could be seen as getting a foot in the door on a way to officially accepting cryptos as currencies, instead of just property. Blockchain payment processor, BitPay has reportedly announced that the firm had partnered with Refundo – which is a US based taxation services provider, in order to secure this option for tax payers. The users of Refundo will be able to receive either a fraction, or entire tax refund in BTC, using its CoinRT. All they need to do is open an account, following instructions and to provide the required background info and a bitcoin wallet address. Then, when the IRS (or state) deposits the refund, BitPay will process it and transfer the bitcoin to the taxpayer’s wallet. The CoinRT service is said to cost app. $34.95, regardless of the amount which is being transferred. Above all, this should be the only fee paid by the user.

As a quick reminder, BitPay was founded in 2011, and this is not the first time they are dealing with cryptos. Previously, they co-operated with Florida county tax collector, as well as with Ohio State, when Ohio needed some input into accepting taxes in cryptocurrency. They claim to have processed over $1 billion worth of transactions last year.

Do you think that the tax law would change significantly in favor of crypto lovers?