Everything You Need to Know About Bitcoin

Everything You Need to Know About Bitcoin

Many netizens have heard of bitcoin, the digital currency. This means it exists electronically. To be more precise, bitcoin is a type of cryptocurrency – the implication of security and encryption is important. Cryptocurrency, or digital currency, is an invention of the Internet. Basically, someone out there thought, "hey, what if…Read more. In this post, we attempt to identify 10 questions about Bitcoins that can give you a clearer understanding of what it is, what it does and how you can use it to buy products or services online.

What are bitcoins?

Bitcoin (capitalized) refers to the software or network (ie: the Bitcoin Network), while bitcoin (not capitalized) refers to the digital currency itself (ie: two bitcoins). he price fluctuates, depending on what people were willing to pay for it. It traded for as low as pennies (during the infancy stage) to as high as USD1200 during its peak in 2013.

Who developed the idea of bitcoins?

The idea of Bitcoin was conceptualized by Satoshi Nakamoto, an anonymous figure. In May 2008, he shared a white paper [PDF] about Bitcoin, a peer-to-peer cryptocurrency. Without disclosing who he was, Satoshi outlined how the currency would work: bitcoins would be ‘mined’ by computer software, transferred directly amongst users and recorded in an untamperable ledger without the need of a third party.

Part of Bitcoin’s appeal is Satoshi Nakamoto’s anonymity, who many view as a selfless act towards a new era of financial revolution. Online detectives have identified a few candidates, including a real-life Japanese person sharing the same name. Some even theorized that Satoshi Nakamoto is a pseudonym for a collective.

In May 2016, the Bitcoin community was shocked when Australian entrepreneur Craig Wright identified himself as Satoshi Nakamoto. Some people believe his claim, some didn’t, but on the whole the Bitcoin community is unaffected – the Bitcoin ecosystem is decentralized, and cannot be controlled by any person(s), including the creator.

What is so special about bitcoin?

Bitcoin is a peer-to-peer currency and runs on a system which allows you to send and receive bitcoins without a third party. To put simply, fiat currencies rely on third parties, such as banks or payment processors like Visa, to verify the transaction. This is how you and I can ensure payment sent was indeed received. However, bitcoin transactions are recorded in a public ledger called the bitcoin blockchain. This information are permanent and publicly viewable on Blockchain.info and cannot be edited or deleted.

This means that the transaction records act as proof of transaction. Bitcoin is also programmed to be non-duplicable, which means double spending is highly unlikely.

What is decentralized currency?

Bitcoin is also a decentralized currency, as in no one government, individual or group holds authority over it. This makes bitcoin spendable anywhere in the world as long as the receiver accepts bitcoins as payment.

Decentralised currencies are a unique concept. Similar to the internet, it is free from geographical boundaries – this is why bitcoin is also dubbed ‘the currency of the internet’.

Due to lack of control and regulations, many countries are understandably wary of bitcoin – and other cryptocurrencies in general – but some progressive countries such as Japan have started to recognize it as currency.

Is bitcoin anonymous?

Bitcoin’s anonymity is a myth. Or rather, it is now much harder to make anonymous transactions with Bitcoin. Because as the ecosystem matures, many bitcoin service providers have started implementing KYC/AML regulations. KYC/AML stands for know your customers/anti-money laundering . This requires users to submit proof of identity and proof of residence.

It is also fairly easy to trace bitcoins. Bitcoins are usually bought from bitcoin exchanges, received as payment, or donated. With transaction details publicly viewable online, it is possible to trace where the bitcoin came from.

 How do you use bitcoins?

Bitcoin can be used for spending, similar to money. Some people also keep them for investment purposes, while others prefer to use them as a method to make international money transfer.  Bitcoin exists electronically and is kept in ‘bitcoin wallets’. There are many types of bitcoin wallets: desktop wallet, mobile wallet, online/web-based wallet, hardware wallet and even paper wallet.

To read more about bitcoin storage, check out this article by CoinDesk. You can have as many wallets and bitcoin addresses (where you receive money from others) as you like.

How many people are using bitcoin?

Estimates vary – it is hard to find out the exact number of people who use Bitcoin. One way to measure number of bitcoin users is by measuring the number of bitcoin wallets. According to CoinDesk’s State of Bitcoin and Blockchain 2016 report, bitcoin wallets doubled to 12.77 million in one year, from the end of 2014 to the end of 2015. Even though many bitcoin users have more than one wallet (it is common to hold a few wallets), this is an indication that the number of bitcoin users worldwide is increasing.

Another way to estimate bitcoin usage is by the number of bitcoin transactions, which has steadily increased. Although this could mean that the same people are simply making more bitcoin transactions, it is fair to assume that there are new bitcoin users in the mix, too.

How do I acquire bitcoins?

There are three main ways to get bitcoins: mine them, buy them, or work for them.

Bitcoin Mining
Bitcoin mining used to be really profitable. However at the current time it is no longer cost effective for the average individual. One will need to buy specialised Bitcoin mining equipment, get/rent dedicated spaces for them, and pay their associated costs (rental, electricity and cooling costs).
Buy Bitcoins
You can buy bitcoins from many online exchanges. There are a lot more options now than ever before – there are global bitcoin exchanges and also country-specific bitcoin exchanges. You can also buy them from other people via Localbitcoins.
Work for Bitcoins
Some people get paid in bitcoins, instead of cash currencies. Websites such as XBTFreelancer… and Coinality list jobs with bitcoin payments.There are other less effective ways to acquire bitcoins. You can get (very) small amounts of bitcoins from bitcoin faucets, which pay you to look at advertisements. You can get them as donations. There are also bitcoin ‘investments’ but if you wish to not lose money, Badbavoid companies that are listed in itcoin Badlist.

How do I send/receive/spend bitcoins?

Bitcoin wallets come with bitcoin addresses, which represent a destination, similar to an email address. Bitcoin addresses are alphanumeric, between 27-34 characters in length. Many bitcoin service providers have user-friendly user interface which allows users to generate bitcoin addresses, send and receive bitcoins.

To send bitcoins, users simply have to ensure positive balance in their bitcoin wallets, insert the receiver’s bitcoin address, and hit send. There is a small miner’s fee to process the transaction – miner’s fees are given as a reward and incentive to Bitcoin miners for maintaining equipment. Bitcoin transactions usually take less than an hour to arrive, but it can take longer or shorter depending on the fee amount and the bitcoin service provider.

You can spend bitcoins anywhere that accept bitcoins as payment. You can also use a Visa/Mastercard-linked bitcoin debit card issued by companies like Wirex or Coinbase.

What are bitcoin’s disadvantages?

Depending on who you ask, you’ll get different answers. Coders and programmers might argue that bitcoin is already an outdated network, compared to some of the newer cryptocurrency networks available. Here we will concentrate on bitcoin’s disadvantages to the casual user:

Advanced digital knowledge is necessary

Bitcoin can be stolen in many ways. It is the bitcoin owner’s responsibility to keep them safe, and this meant implementing additional layers of security such as 2-factor authentication. Keeping them in web wallets can be dangerous. If you have a significant amount of bitcoins, you are advised to keep them in hardware wallets such as Trezor or Ledger.

Bitcoin service providers can be hard to trust

The biggest names have failed the Bitcoin community. Who can forget the Mt. Gox incident in 2014. It was the biggest bitcoin exchanger at the time and practically disappeared overnight along with almost 745,000 bitcoins. More recently in 2016, thieves stole almost 120,000 bitcoins during the Bitfinex hack – and experts still don’t know how they did it.

Lack of acceptance

Cold hard cash is still the widest and most used form of payment – it’s acceptance is second to none. By contrast, bitcoin is only accepted at a handful of shops. However, bitcoin debit cards help to address this issue – linked to payment processors, they help make bitcoin spending a bit easier.

Lack of protection

In general, bitcoin is not considered legal in most countries around the world. Therefore, theft or scam victims have almost no option for recourse. However, the legal landscape is ever-changing and one of the best spots to update yourself on where bitcoin is acceptable or not is Bitlegal.io.

Anti-bitcoin politicians

While many countries around the world mainly cautioned the public against the risky nature of Bitcoin, some politicians or political parties have extreme views about bitcoin. Russian and French lawmakers are considering banning it altogether.

Wrap Up

Bitcoin is cool, but the underlying technology behind it – the blockchain – is even cooler. Turns out, having a method to record data in a way that cannot be tampered or deleted is a good thing. It is also a cost-effective method to store information. Many companies including major banks have expressed interest in the blockchain technology.

David Ogden
Entrepreneur

David

Cash Is No Longer King: The Phasing Out of Physical Money Has Begun

Cash Is No Longer King: The Phasing Out of Physical Money Has Begun

(ANTIMEDIA) – As physical currency around the world is increasingly phased out, the era where “cash is king” seems to be coming to an end. Countries like India and South Korea have chosen to limit access to physical money by law, and others are beginning to test digital blockchains for their central banks.

The war on cash isn’t going to be waged overnight, and showdowns will continue in any country where citizens turn to alternatives like precious metals or decentralized cryptocurrencies. Although this transition may feel like a natural progression into the digital age, the real motivation to go cashless is downright sinister.

The unprecedented collusion between governments and central banks that occurred in 2008 led to bailouts, zero percent interest rates and quantitative easing on a scale never before seen in history. Those decisions, which were made under duress and in closed-door meetings, set the stage for this inevitable demise of paper money.

Sacrificing the stability of national currencies has been used as a way prop up failing private institutions around the globe. By kicking the can down the road yet another time, bureaucrats and bankers sealed the fate of the financial system as we know it.

A currency war has been declared, ensuring that the U.S. dollar, Euro, Yen and many other state currencies are linked in a suicide pact. Printing money and endlessly expanding debt are policies that will erode the underlying value of every dollar in people’s wallets, as well as digital funds in their bank accounts. This new war operates in the shadows of the public’s ignorance, slowly undermining social and economic stability through inflation and other consequences of central control. As the Federal Reserve leads the rest of the world’s central banks down the rabbit hole, the vortex it’s creating will affect everyone in the globalized economy.

Peter Schiff, president of Euro-Pacific Capital, has written several books on the state of the financial system. His focus is on the long-term consequences of years of government and central bank manipulation of fiat currencies:

Never in the course of history has a country’s economy failed because its currency was too strong…The view that a weak currency is desirable is so absurd that it could only have been devised to serve the political agenda of those engineering the descent. And while I don’t blame policy makers from spinning self-serving fairy tales (that is their nature), I find extreme fault with those hypnotized members of the media and the financial establishment who have checked their reason at the door. A currency war is different from any other kind of conventional war in that the object is to kill oneself. The nation that succeeds in inflicting the most damage on its own citizens wins the war. ” [emphasis added]

If you want a glimpse 0f how this story ends, all you have to do is look at Venezuela, where the government has destroyed the value of the bolivar (and U.S. intervention has further exacerbated the problem). Desperation has overcome the country, leading women to go as far as selling their own hair just to get by. While crime and murder rates have spiked to all-time highs, the most dangerous threat to Venezuelans has been extensive government planning. The money they work for and save is now so valueless it’s weighed instead of counted. The stacks of bills have to be carried around in backpacks, and the scene is reminiscent of the hyperinflation Weimar Germany experienced in the 1920s. Few Western nations have ever experienced a currency crisis before, meaning many are blind to the inevitable consequences that come from the unending stimulus we’ve seen since 2008.

In order to keep this kind of chaos from spreading like a contagion to the rest of the world, representatives are willing to do anything necessary, but this comes at a cost. Instead of having to worry about carrying around wheelbarrows full of money, the fear in a cashless society will likely stem from bank customers’ restricted access to funds. With no physical way for consumers to take possession of their wealth, the banking interests will decide how much is available.

The level of trust most people still have in the current system is astonishing. Even after decades of incompetence, manipulation, and irresponsibility, the public still grasps to government and the established order like a child learning how to swim. The responsibility that comes with independence has intimidated the entire population into leaving the decisions up to so-called ‘experts.’ It just so happens that those trusted policymakers have an agenda to strip you and future generations of prosperity.

Some of the few hopes in this war against centralization are peer-to-peer technologies like Bitcoin and Ethereum. These innovative platforms have the potential to open up markets that circumvent state-controlled Ponzi schemes. The future development of crypto-assets has massive potential, but being co-opted is a real danger.

The greatest threat to individual freedom is financial dependence, and as long as your wealth is under someone else’s control, it can never be completely secure. Unfortunately, private blockchains are becoming increasingly popular, creating trojan horses for those just learning about the technology (in contrast, Bitcoin’s transaction ledger is public) . Without the decentralized aspect of a financial network, it is just a giant tracking database that can be easily compromised like any other.

The World Economic Forum released a report on the future of financial infrastructure. Giancarlo Bruno, Head of Financial Services Industries at WEF stated:

Rather than to stay at the margins of the finance industry, blockchain will become the beating heart of it. It will help build innovative solutions across the industry, becoming ever more integrated into the structure of financial services, as mainframes, messaging services, and electronic trading did before it.”

The list of countries who are exploring integrating blockchain technology into their central banking system is extensive. Just to name a few; Singapore, Ukraine, France, Finland and many others are in the process of researching and testing out options.

For those who appreciate more tangible wealth, diversifying into hard assets like gold and silver is a great first step. It’s not about becoming a millionaire or getting rich quickly, but rather, using precious metals as vehicles for investment in the long-term. Regardless of what events unfold over the decades to come, the wealth preserved in physical form is more secure than any other asset. Forty years ago it was possible to save your money in the bank and accumulate interest over time, but that opportunity no longer exists. Those who fail to adapt to this new financial twilight zone will likely find themselves living as slaves to debt for years.

Control and confidence are two of the most important things in the system we live in. Once these digital spider webs have been put into place, the ability for an individual to maintain privacy or anonymity will all but disappear. Only through understanding the subversive actions being taken can people protect themselves from having to put their future in someone else’s hands. The cash that allows free transactions without tax burdens or state scrutiny won’t be around much longer. There will be many rationalizations for a cashless society in the years to come, but without fixing this broken financial system first, this will only ensure that despotism gains an even sturdier foothold.


This article (Cash Is No Longer King: The Phasing Out of Physical Money Has Begun) by Shaun Bradley is free and open source. You have permission to republish this article under a Creative Commons license with attribution to Shaun Bradley andtheAntiMedia.org. Anti-Media Radio airs weeknights at 11 pm Eastern/8 pm Pacific. If you spot a typo, please email the error and name of the article to edits@theantimedia.org.

 

David

Take Cryptocurrency As Payment On WP Site

Take Cryptocurrency As Payment On WP Site

Free multi-cryptocurrency accounts with instant exchange

There are WordPress plugins that are gateways to the Cryptonator exchange. The GoURL series on WordPress.org or the website (https://gourl.io). I have been using these for about 8 months and have had no problems.

Cryptonator is an all-in-one online Bitcoin wallet which supports multiple cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE) and others. It enables fast and easy direct transactions and allows instant exchange between different cryptocurrencies in one personal account. Combining usability with high level privacy , anonymity and security, Cryptonator offers free multi-cryptocurrency accounts, which are accessible 24/7 worldwide on your laptop, desktop or mobile devices alike.

Cryptonator lets customers checkout in cryptocurrency, automatically convert received payments to USD or EUR and withdraw it to your bank account. Or just leave your received cryptocurrency payments on your Cryptonator account for future use. It`s up to you!

Sign up for a free account

https://www.cryptonator.com/auth/signup/101069939

Due Diligence

http://www.scamidentifier.com/review/cryptonator.com/

Mike Prettyman,
Chief Information Officer at Green Fire Engineered Reclamation
For more information come to the website

Children of the Landfill Project

Green Fire Engineered Reclamation

Join our active groups on Markethive

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Green Fire Engineered Reclamation

David

The Cryptoconomy Cryptocommerce and Cryptofunding

The Cryptoconomy Cryptocommerce and Cryptofunding

Expanding the implementation of my cryptocommerce pursuits, I now have 2 sites started. One, as I have said in the last article, is an cryptocommerce WP website for retail. The other is a crytpofunding WP site for a worthy project.

Setting the crypto donation system up has become rather interesting process. The site, the “crypto” payment gateway, they all come together rather normally. The crowd funding campaign, using cryptocurrencies to fund, has a different kind of aura about it. It developed while I was creating my own unique currency basket.

Think about the opportunity an entrepreneur has with the ability to create a unique personal or business alternative means of business exchange.

Setting up the wallets takes time.

I have, in my business exchange, 7 wallets for 7 cryptocurrencies; Bitcoin, Litecoin, Dogecoin, Dash, Reddcoin, Paycoin, Peercoin. Each of them has a little different personality, some are focused on trade, some social and some just as a currency of value.

These icons are linked to the home site of each.

Establishing your “basket of currencies” should be a careful process. Do you Due Diligence. Know your exchange. The wallets take time to established.

I follow a simple rule when asked if I take a different cryptocurrency than I have listed. My answer has become, I do if it is listed on an established cryptocurrency exchange.

I like Cryptonator, Take a look here: https://www.cryptonator.com/

For Cryptocommerce payment gateway I am using GoUrl plugins for WordPress. GoUrl is the only cryptocurrency payment gateway that I found and was comfortable with managing.

GoUrl.io is an automated payment processing system for the bitcoin, dogecoin, litecoin, reddcoin, feathercoin, vertcoin, potcoin, vericoin, darkcoin, speedcoin currencies. It enables online merchants to accept cryptocoins, as a form of payment, just as easily they accept payments from credit cards, debit cards, or Paypal.

This is the official website: Gourl.io

I am using the Woocommerce shopping cart on my cryptocommerce site with GoUrl as the payment gateway.

For the cryptofunding site I am using the GoUrl Bitcoin Paypal Donations – Give Addon plugin for WP.

Bitcoin/Altcoin & Paypal Donations on Your Website. Provides a Bitcoin Payment Gateway for Give 0.8+ – wordpress donation plugin. Easy to Use!

It is easy to use but only when you have a donation campaign designed. It is flexible enough to fit almost any campaign. The campaign dictates elements that have to be considered when developing the cryptodonation platform.

This site is not being developed to engage any of the established crowdfunding websites.

Both projects highlight how cryptocurrency provides a new way for consumers and investors to support interesting projects.

I am raising funds through my own platform seeking funding from a distributed group of backers for an ecological project.

A great thing about cryptocurrencies is that each wallet has the capability to generate and unique hashcode that can be identified to a campaign or to a person or a unique instance as needed to receive payment. In this case, I use different sets of my cryptocurrencies for the cryptocommerce site and crowd funding/cryptofunding project.

I can track the purpose of the different currencies by campaign or source of payment received.

 

David

After Endless Demonization Of Encryption, Police Find Paris Attackers Coordinated Via Unencrypted SMS

from the anonymous-sources-say dept

In the wake of the tragic events in Paris last week encryption has continued to be a useful bogeyman for those with a voracious appetite for surveillance expansion. Like clockwork, numerous reports were quickly circulated suggesting that the terrorists used incredibly sophisticated encryption techniques, despite no evidence by investigators that this was the case. These reports varied in the amount of hallucination involved, the New York Times even having to pull one such report offline. Other claims the attackers had used encrypted Playstation 4 communications also wound up being bunk

Yet, pushed by their sources in the government, the media quickly became a sound wall of noise suggesting that encryption was hampering the government's ability to stop these kinds of attacks. NBC was particularly breathless this week over the idea that ISIS was now running a 24 hour help desk aimed at helping its less technically proficient members understand encryption (even cults help each other use technology, who knew?). All of the reports had one central, underlying drum beat implication: Edward Snowden and encryption have made us less safe, and if you disagree the blood is on your hands

Yet, amazingly enough, as actual investigative details emerge, it appears that most of the communications between the attackers was conducted via unencrypted vanilla SMS:

"…News emerging from Paris — as well as evidence from a Belgian ISIS raid in January — suggests that the ISIS terror networks involved were communicating in the clear, and that the data on their smartphones was not encrypted. 

European media outlets are reporting that the location of a raid conducted on a suspected safe house Wednesday morning was extracted from a cellphone, apparently belonging to one of the attackers, found in the trash outside the Bataclan concert hall massacre. Le Monde reported that investigators were able to access the data on the phone, including a detailed map of the concert hall and an SMS messaging saying “we’re off; we’re starting.” Police were also able to trace the phone’s movements.

The reports note that Abdelhamid Abaaoud, the "mastermind" of both the Paris attacks and a thwarted Belgium attack ten months ago, failed to use any encryption whatsoever (read: existing capabilities stopped the Belgium attacks and could have stopped the Paris attacks, but didn't). That's of course not to say batshit religious cults like ISIS don't use encryption, and won't do so going forward. Everybody uses encryption. But the point remains that to use a tragedy to vilify encryption, push for surveillance expansion, and pass backdoor laws that will make everybody less safe — is nearly as gruesome as the attacks themselves.

David

Cryptocurrency and the Cryptoconomy

 

A peculiar feature of Cryptocurrency — and a reason why so many people have a hard time wrapping their brains around it – is that it is both a payment system and an emerging monetary system.

Those two systems are usually separate.

The payment aspects of Cryptocurrency is the financial backbone of the cryptoconomy.

Cryptocurrency is uniquely suited to a digital age. Real property is exchanged, not just a promise to pay, and it is done person to person, without having to go through banks and large institutions. This is crucial for ending the plague of identity theft, forgeries and online fraud.

When you really think about this you'll come to understand what a profound change this really is.

The payment dimension might not seem that important in the United States, but when you broaden the perspective to global commerce, you can easily see it. There are huge swaths of the planet in which you cannot use credit cards at all. Even now, if you try to buy something on Amazon with a home address in one country and a delivery address in another, your transaction is likely to be refused. The anti-fraud measures have been necessary, but they have frustrated the development of the global marketplace. It was at this point that it finally struck me.

This is not a currency only for the rich tech world; it is a currency for the world’s poor, who are desperately trying to become part of the global division of labor. It allows anyone from anywhere to buy or sell anything securely, privately, and reliably.

It suddenly started making sense to me why Cryptocurrency is so wildly popular in Africa, Latin America, and the outer reaches of the Russian empire. But even domestically, it is clear that this market is expanding.

As of only a few weeks ago, you could pay for anything at hundreds of mainstream merchants with Cryptocurrency.

One example is BitPay uses a smartphone application called Gyft. You buy a gift card from Gyft with Cryptocurrency and the merchant scans the card. The operation takes under a minute.

I have been watching this happening, it’s fascinating. It was only a few months ago that people were saying, “Oh, this stuff can’t really be money because I can’t spend it at Target.” Well, now you can. Where are these doubters now? Are they taking back their previous rebuff?

The payment system benefits of Cryptocurrency are clear enough, but there is a much broader vision at work here, one that goes to the heart of the development of money itself. The basic premise is that humankind needs money to facilitate trade, and many goods have served that purpose.

At the dawn of modernity in the late Middle Ages, precious metals were universally seen as the best tools for this. But there was a problem with precious metals. Namely, they are really heavy and not very portable in daily use. Thus did banking institutions come along, and with them paper money.

Paper money dominated the world economy until the end of the gold standard in 1971. Since then money has taken a digital form and is backed solely by debt obligations.

The great innovation of Cryptocurrency was 20 years in coming.

There were many attempts to make a new currency, but they faltered repeatedly because of the problem of double spending. A currency should behave just like the real characteristics that gold and silver once had.

What about the deflationary implications of Cryptocurrency. The usual belief is that a currency rising in value is an incentive to hoarding and that makes business impossible. This not true, experience so far is that people spend Cryptocurrency more when the exchange rate value is rising.

As I build my cryptocommerce WordPress business site, I’ve found something curious about using Cryptocurrency. I'm beginning to think in terms of a new pricing system and sense a real change of entrepreneurial psychology.

The goal is simple: to build a better entrepreneurial process as a means to a better world. There is a beautiful idealism at work here, the kind of thing that people look for from charities and universities. Actually, the world of cryptocommerce on this level represents an embodiment of this idealism.

Bitcoin and cryptocurrencies are succeeding, not by attacking the current financial system, nor by asking permissions from the regulators and gatekeepers. This new economy, the cryptoconomy, is simply the next economy and will not attempt to take over the current financial services system, nor wait for consumers to transfer fiat money into cryptocurrency wallets; rather it will emerge by creating its own wealth, via new types of services and businesses that extend beyond money transactions.

The implementation of Cryptocommerce is a next step in the evolution of global commerce and trade that is in process. History show that about every 40 years the monetary system changes. We are past due and I believe that cryptocurrency and cryptocommerce are next entrepreneurial environment to emerge into business dominance.

Add cryptocurrency to your business today.

David

The Cryptoconomy – WordPress, Carts and Currencies

We have entered the Cryptoconomy. If you are an ecommerce entrepreneur please read on.

I started an  cryptocommerce site based on WordPress, the backbone of the entrepreneurs of Markethive. My site will take 6 cryptocurrencies. There may be more in the future.

What do I need for a cryptocommerce business?

I need WordPress, the shopping cart, the currencies and the payment gateway.

WordPress is easy however the shopping cart is unique. My discovery process led to only one cart that will do the job, Woocommerce, a highly rated and very extensible free shopping cart. Woocommerce works great for all standard sales of products and services but how does it work with crypto?

A further search in the WP plugins yielded GoUrl WooCommerce – Bitcoin Altcoin Payment Gateway Addon. The search keyword was “cryptocurrency”.

Official GoUrl.io Bitcoin Payment Gateway Plugin for WordPress. Provides Pay-Per-Product, Pay-Per-Download, Pay-Per-Membership, Pay-Per-View and bitcoin/altcoin payment gateways for – WooCommerce, WP eCommerce, Jigoshop, MarketPress, AppThemes, Paid Memberships Pro, bbPress, Give Donations, etc.

This payment gateway accepts Bitcoin, Litecoin, Paycoin, Dogecoin, Dash, Speedcoin, Reddcoin, Potcoin, Feathercoin, Vertcoin, Vericoin, Peercoin, MonetaryUnit payments online. No Chargebacks, Global, Secure. All in automatic mode.

So far so good, I've gotten the site up, the cart installed, the payment gateway, all major functions in place. However,there is one unwritten site requirement , the theme. Yes, I went to my old favorite themes and low an behold they showed an incompatibility in the admin panel.

The plugins didn't quite meet the functional requirements. Woocommerce requires compatible themes. A quick search in WP Themes and you discover several. Most of these themes require upgrading to the “Pro” version. They cost.  The price of an upgrade runs from $18.00 upward some are near $100.00. But, this is the cost of complete functionality.

I tried several but decided to work with one that I normally used (non-compatible), it seems to be working.

Now it looks good and it functions but we can't get paid, yet.

The payment gateway requires the entering of your wallet information for each cryptocurrency.

I chose the following 6 currencies: Bitcoin, Litecoin, Dogecoin, Dash, Reddcoin, Peercoin. for my cryptocommerce business. There is a couple of reasons for this selection, these currencies are acceptable to the payment gateway and they are listed on the cryptocurrency exchanges.

These wallets are for the most part are the same. They look the same (derived from the bitcoin core) and they act the same. They are available to download in almost every flavor of operating system from their home websites.

bitcoin: https://bitcoin.org/en/choose-your-wallet
litecoin: https://litecoin.org/
dogecoin: http://dogecoin.com/
dash: https://www.dashpay.io/downloads/
reddcoin: https://www.reddcoin.com/
peercoin: https://www.peercoin.net/

For my website, I chose to install part of my wallets on a Windows computer, the rest on the Ubuntu/linux OS.
The download and installation are of no real consideration, however, installation instructions are pretty scarce or not there at all. I went through each of them until I found one with instructions and followed those with each of the other wallets. The wallets can be set to activate on startup with Window but has to be called toactivated through the termeinal on linux.

There are three steps to installing and creating a wallet.

  • Download and install.
  • Synchronize with the network. Until your wallet is synchronized  with the currency's private network it doesn't work. This happens by default and it takes time.  My Dash wallet took about 20 hours to complete the synch'ing up, the bitcoin wallet took over 8 days and is still in process, so be patient and anticipate this. If you interrupt this, you will have to start over, however, the restart is not so severe as the wallet stores each block as it is synched and does essentially a review of what is stored on your harddrive.
  • Encrypting your wallet. After getting in-synch you are ready to encrypt your wallet. Care should be taken! The information you create for the encryption process is valuable.  It is your key to your wallet. If you lose this information you lose everything.

I use an online strong password generator to create a 16 character password then use an encrypted email service to send this information to an encrypted data vault in Iceland for safe keeping.

Strong password generator, http://passwordsgenerator.net/

Creating a cryptocommerce business website is just the same as a normal ecommerce site only different.  You take normal then add crypto.

Once I have all the wallets I can load the catalog.

As I work through this, I will blog about it.

Things to look forward to are; the loading of the products in the cart, normal currency and cryptocurrency, testing the clearing house, and exchanging the crypto for USD.

Follow along in the Markethive New Monies Group. https://markethive.com/group/newmonies

David