Bitcoin passed $10,000 on November 28, 2017. People spend money to buy airline frequent flyer miles. Sometimes it requires 15,000 miles to buy a one way ticket and other times the price is increased to 30,000 miles. Paper currency is a relatively new invention. The United States dollar was not backed by a precious metal during the Civil War and War of 1812. After 1971, it was no longer backed by gold. Bitcoin can be used as an international currency free from local economic risks.
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Bitcoin has increased in value ten times in 2017. It's relatively easy to buy or accept payments with Coinbase, which is available as an app. Bitcoin is an electronic currency.
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Getting started with Bitcoin, ethereum, and litecoin was relatively easy with Coinbase, which recently received significant funding by venture capital firms. They require identity verification by scanning in your license. It's probably best to link to a secondary bank account. They also accept credit cards for purchase but charge 2.5%. Cryptocurrencies can revolutionize finance.
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Finished reading the Big Short which went into the details of the financial collapse of 2007. It dovetails well into the recent interest in Bitcoin in 2017, an electronic currency with a limited supply. A large amount of government money was used to clean up the subprime mess in 2007. This also could increase the money supply in the United States.
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Bitcoin passed $10,000 on November 28, 2017. People spend money to buy airline frequent flyer miles. Sometimes it requires 15,000 miles to buy a one way ticket and other times the price is increased to 30,000 miles. Paper currency is a relatively new invention. The United States dollar was not backed by a precious metal during the Civil War and War of 1812. After 1971, it was no longer backed by gold. Bitcoin can be used as an international currency free from local economic risks.
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With a Coinbase wallet, it's relatively easy to accept payments with Bitcoin, Ethereum, or Litecoin. Download the app for iOS or Android. Open the wallet for the cryptocurrency, then hit send on the upper right. Copy the text code and send it out. The other option is to have another phone with the Coinbase app scan the bar code and send money. Transaction fees are relatively small for bitcoin about 2%. Between Coinbase accounts, there are no transaction fees.
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Litecoin.org has a wallet available for download to multiple platforms including PC. Downloading all the transactions on the Litecoin network is about 10 gigabytes at this time but it's part of setting up your wallet. To receive money, go to File > Sending Addresses. Copy the sending address into another wallet like Coinbase and send the money. For $10, the transaction fee was $0.05 and it finished within a few minutes. This was quicker than a Bitcoin transaction.
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Despite all the technological advances made with websites and mobile apps in the last twenty years, the cost of accepting a payment online can still be up to 2.9% and $0.30. For items less than $10, this is a significant fee. Cryptocurrencies including Bitcoin and Litecoin can decrease these transaction costs. Recently sent 0.05 litecoin from a PC wallet to a Coinbase wallet. This was about $4.50. The fees noted BlockCypher was about $0.02. Financial transaction fees are the last friction point in commerce reduced by technology.
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Will cryptocurrencies save writing? Micropayments for reading articles was an early idea of the internet. However, advertising has become the most widely used method to monetize content. Paid subscription is the second option. A third option was to accept small payments for each article written. However, the fees associated with prior payment methods were prohibitive. Cryptocurrencies have gained significant attention in 2017 with Bitcoin surging in price by 1700% to $14,000 in early December 2017. Now, an easier method is available to accept micro-donations is available. Bitcoin transaction fees can be prohibitive. Litecoin transaction fees have been smaller, as little as 0.4%. Write your own post by clicking reply.
Donate with Bitcoin:
1Juq1ULc41vcy1ksJ1HcHrsMKnT1bywsy2 ||
Donate with Litecoin at Lb5yfdMvvRDJZLDqkmLhLBTJPXa2QKCBMC
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Patreon allows monthly subscriptions for creators. Can donations be enough to help writers or video makers? The business model would be that people would continue to create as long as donations continue to flow into their digital wallets. Cryptocurrencies such as litecoin have low transaction fees and allow donations with a block of text such as the one at the end of this paragraph. The block of text can be entered inside a Coinbase wallet to send money. Money does not have to be aggregated at a central site. The other model is to create a bill for content consumers and then release content to people who have paid. This would be the traditional billing model used by newspapers and magazines. Would there be writers at major newspapers interested in trying this model? Write a better article on here for a chance to get litecoin.
Write your own post, click reply.
Donate with Bitcoin:
1Juq1ULc41vcy1ksJ1HcHrsMKnT1bywsy2 ||
Donate with Lite
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Japan's bitcoin exchange bitflyer allows cryptocurrency investors to borrow 10 times their capital to bet on bitcoin. This could explain why litecoin went up another 50 points to 256 as night sets on America. A Financial Times article states that bitFlyer sells positions once 50% of a person's initial capital is lost. This means a significant crash can occur overnight in Bitcoin or any cryptocurrency if there is basically multiple margin calls. This is an unregulated 24 hour market without circuit breakers.
Donate with Bitcoin:
1Juq1ULc41vcy1ksJ1HcHrsMKnT1bywsy2 ||
Donate with Litecoin at Lb5yfdMvvRDJZLDqkmLhLBTJPXa2QKCBMC
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