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Cryptocurrency Knowledge

What is Stablecoin? Know Every Bit of Information In-depth

Giving a straight answer to the question of what is Stablecoin is that it is a kind of cryptocurrency with low price volatility.

Unlike the other cryptocurrencies such as Bitcoin and Litecoin, which are extremely volatile in nature due to their price spikes and collapses.

However, Stablecoins are resistant to price fluctuations. They can use as value stores or account units, also in other situations where volatile cryptocurrencies may be less attractive.

Stablecoin is a modern cryptocurrency segment that seeks to be the antithesis of bitcoin-like cryptocurrencies.

By acquiring a reserve commodity like the US dollar, gold, or some other international currency, Stablecoin aims to maintain market STABILITY.

Moreover, Stablecoins thus provide regular currency stability and the privacy and protection of cryptocurrency transactions.

Ultimately, this helps central banks to enable the use of cryptocurrencies and regulate them more comfortably.

To understand the use of Stablecoin, why it is so popular, and what are its limitations, we have to dive deeper into the pool of Stablecoin.

SO let’s get straight to the points.

What is Stablecoin?

As we explained above, Stablecoin is a type of cryptocurrency that is supported by fiat currencies like USD, Rupees, Euro, etc.

Stablecoins is a bridge between the advantages of cryptocurrencies and the steady nature given by fiat currencies.

It is also known as a crypto token because the value is linked to the price of the national currency to overcome its volatility.

If we talk about the market condition then the popular currency Bitcoin and Ether are highly volatile. It is not suitable for users and investors due to its unsustainability.

Stablecoins have now emerged as a new tool for driving the modern way of accepting cryptocurrencies.

Moreover, the use of fiat-backed currency has an advantage over the use of fiat currency.

Because the decentralized currencies do not require a certain authority to put trust in the system and therefore it reduces the additional costs.

Not only that but, cross-border payments can be made quickly with cryptocurrencies.

Supporting crypto tokens will add more value and create more trust between investors and users with secure fiat currency or properties.

Why Stablecoins are Popular and Most Chosen Over Other Cryptocurrencies?

When talking about Stablecoins then we can not forget the name Tether. After Bitcoin, it is one of the most traded cryptocurrencies.

Now the reason why people choose Stablecoin is that it is backed by fiat currencies.

If investors think that their Stablecoins are worth one dollar each, the price should represent that because the coin prices are influenced by the belief.

It’s always difficult for investors to cash out their cryptocurrencies quickly when things get rough. To do so they can have to transfer via multiple exchanges or even wait for a few days.

Now, this is the time where Stablecoins comes into the picture. After all, Stablecoins are cryptocurrencies, they stay up on the exchanges.

Nevertheless, since they remain true to the value of a single fiat currency, they serve as a sort of temporary refuge for investors in the bear market who are looking to protect their funds.

So the Stablecoins are similar to blockchain-enabled variants of the dollar in this way.

What are Stablecoins Used For?

The main use of Stablecoins is to store value and as a means of TRDAE.

Moreover, they give traders temporary relief from uncertainty when the market is crashing.

And this will use for things like yield-farming, lending, and liquidity provision in the increasing field of decentralized finance (DeFi).

By buying them from exchange platforms, most traders and investors gain Stablecoin exposure.

However, by depositing the necessary collateral with the issuing firm, such as US dollars with Tether or physical gold with CACHE gold, it is also always possible to mint fresh Stablecoin.

What are Some of The Stablecoin Examples?

Popular Stablecoins include Tether (USDT), True USD (TUSD), Gemini Dollar (GUSD), DAI, and more.

There are mainly four types of Stablecoin:

  1. Fiat-backed Stablecoins
  2. Cryptocurrency-backed Stablecoins
  3. Algorithmic Stablecoins
  4. Commodity-collateralized Stablecoins
1. Fiat-backed Stablecoins:

Crypto tokens associated with the value of a particular fiat currency are known as Fiat-backed Stablecoins. These tokens keep their value set at a ratio of 1:1.

Let’s take the Tether example, which is parallel to the US dollar at 1:1. 

To guarantee the life of a fiat-backed Stablecoin, Fiat currency is deposited as collateral.

As a consequence, to determine that the token still stays collateralized, it requires a financial custodian and time to time auditing.

2. Cryptocurrency-backed Stablecoins:

These Cryptocurrency-backed Stablecoins work exactly the same as a fiat-backed Stablecoin. 

However, instead of using fiat money, it locks up the cryptocurrency as collateral. For example, in order to build a crypto-currency-backed Stablecoin, Ethereum can be held as collateral.

Such tokens use a security guarantee to compensate for cryptocurrency uncertainty to use as collateral.

It asserts that Stablecoin will not be based on the crypto collateral’s 1:1 ratio.

3. Algorithmic Stablecoins:

When it comes to algorithmic Stablecoins then there is no fiat or cryptocurrency support for algorithmic Stablecoins.

Instead, algorithms and smart contracts that control the supply of the released tokens accomplish their peg entirely.

As the price falls below the price of the fiat currency it tracks, then an algorithmic Stablecoin system will decrease the token supply.

And if the price exceeds the value of the fiat currency, then the new tokens enter into circulation to reduce the value of the Stablecoin.

4. Commodity-collateralized Stablecoins:

Now, these commodity-collateralized Stablecoins are backed by stable assets, like valuable metals, real estate, gold.

Theoretically, this tells investors that these Stablecoins can appreciate their value at the same time as their underlying assets rise in value, thereby offering an increased incentive to retain and use these coins.

Anyone can invest in real estate assets or precious metals around the globe using commodity-collateralized Stablecoins.

Stablecoin Advantages and Limitations:

First, the advantage of Stablecoins is its ability to provide a means of exchange that complements cryptocurrencies.

Cryptocurrencies have been unable to gain widespread adoption in daily applications such as payment processing because of high levels of uncertainty.

These stabilized currencies have overcome this ongoing problem by offering higher levels of predictability and stability.

Furthermore, we now know how useful Stablecoins are in financial transactions, so traders and investors can take advantage to protect their investments.

It is an efficient means of reducing overall risk. At the same time, a successful tactic would be to maintain a store of value to purchase other cryptocurrencies as prices decrease.

Yet, Stablecoins have some limitations too. Like the regulations of fiat currencies, which undermine the efficiency of their conversion, restrict Fiat-backed Stablecoins.

If the economy collapses, then the fiat-backed Stablecoins will also crash, since they are so closely related.

Moreover, Stablecoins backed by commodities are less liquid, which means they are harder to redeem.

What is The Future of Stablecoins?

Stablecoins have been on the demand now. In view of the current situation, the volume of Stablecoin will certainly commence the peak in the upcoming months.

Also, there is a clear belief that sooner or later cryptocurrencies will become mainstream due to the support of Stablecoins.

Stablecoins have immense growth because individuals and companies are looking for quicker, simpler, and cheaper ways of sending payments globally.

Last Words

As we talked above its benefits and some disadvantages, Stablecoins will remain an essential element for the cryptocurrency industry.

These digital currencies can be stable at fixed prices through a range of mechanisms. It is apparent that Stablecoin applications extend well beyond trading.

So what are your thoughts about the Stablecoins, Will it survive or not in the coming times?

Do let us know in the comments!

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Cryptocurrency Knowledge

What is Ethereum 2.0?: All You Need To Know About

Ethereum is familiar to all of us, but now the bigger update “Ethereum 2.0” is on its way to launch on December 1, which will ultimately improve scalability, security, and sustainability.

Also, various teams of the Ethereum ecosystem are building these upgrades.

The long-planned Ethereum network update is on the horizon to address problems with the scalability and security of the network.

Ethereum 2.0 will come out in several “phases.” Each phase will boost Ethereum’s functionality and performance in numerous ways.

The beacon chain genesis of Ethereum 2.0 is now planned to take place on the earliest feasible launch date of December 1.

Let’s go deeper to understand Ethereum 2.0 and what significant improvements are coming out of it.

The Use of Ethereum

Ethereum is accessible to everyone. There is no involvement of the government or corporation in Ethereum.

Also, it is almost impossible for someone on Ethereum to prohibit you from collecting payments or using services.

Ethereum provides you convenient access to financial services and an internet connection is all you need to access its lending, investing, and savings services.

Moreover, to use an Ethereum application, your personal details are not required.

Without going through intermediary firms, you can also make deals and directly transfer cash to someone else with Ethereum.

All the time better apps and experiences are being developed because Ethereum products are by default compatible.

Moreover, customers have a secure, built-in assurance that if you provide what has been negotiated, funds will only change hands.

What is Ethereum 2.0?

By market cap, Ethereum is the second-largest cryptocurrency. The team of Ethereum is now planning to give a major update to its network. It is going to roll out on Dec 1, 2020.

Moreover, Ethereum 2.0 can also be understood by Eth2 or “Serenity”. The coming upgrade of Ethereum 2.0 will be more scalable, fast, and safe by introducing new proof of stake (PoS) protocol, virtual machines (VM), sharding, and more.

What is New in Ethereum 2.0?

This is the upgraded version of Ethereum 1.0 so there are some changes and improvements in it.

This new upgrade “Ethereum 2.0” offers two major improvements such as Proof of stake and Shard Chains.

Proof of Stake:

Presently, the Ethereum blockchain works on the proof of work consensus protocol.

The current consensus relies on solving complex math problems via huge computing power.

Moreover, this uses a lot of energy on the blockchain to check transactions.

On the other hand, Proof of Stake (PoS) depends on ether validators and deposits, saving a significant amount of energy consumption.

Shared Chains:

Each blockchain node must save the entire copy of the distributed ledger, making the process of verification slower.

What shard chains do is that a transaction is broken down into shards (small bits of transactions) and distributed to the network.

Each node can operate side-by-side on verifying transactions, reducing the time taken overall.

EVM to eWASM:

Smart Contracts are pieces of code that run automatically when a specific event occurs.

Also, they are the Ethereum blockchain’s USP and are the network’s real foundations.

In Ethereum 1.0, on the Ethereum Virtual Machine (EVM), these smart contracts were executed.

The EVM is an environment that allows for the execution of the actual code of smart contracts and dApps, the storage of the database, and the documentation of transactions.

Furthermore, Ethereum 2.0 supports the use of the Ethereum Web Assembly or eWASM. The language of the web assembly allows the code to be executed anywhere in the web browser.

When it comes to strengthening security, eWASM is better than EVM. For writing code for smart contracts and dApps, it supports various conventional programming languages such as C, C++, and Rust.

Utter Security:

With security in mind, Ethereum 2.0 has been invented. There are a limited number of validators in most proof of stake networks, which allows for a more centralized system and reduced network security.

At minimum 16,384 validators are needed for Ethereum 2.0, making it much more decentralized and thus, stable.

For Ethereum 2.0, the Foundation is setting up a dedicated security team to study potential cryptocurrency cybersecurity issues.

The Phases of Ethereum 2.0 (Roadmap)

This Eth2 update will be released in phases in order to ease the transition for Ethereum users to the new platform. The date has come out of the Phase 0 launch on Dec 1.

There will be a total of four phases:

=> Phases 0, 1, 1.5 and 2.

Let’s commence by looking at the Ethereum 2.0 Roadmap.

Phase 0:

On December 1, Phase 0 of Eth2’s beacon chain will take place. Proof of Stake (POS) will be enforced by the beacon chain and the validator list will be monitored, which will begin to confirm the existence of blocks on eth2.

On November 4, the conversion of 524,288 Ethereum from 16,384 validators into the Ethereum 2.0 deposit contract was carried out.

However, the people who have participated in genesis will not withdraw their coins until Ethereum 2.0 hits Phase 1.5.

The actual Ethereum PoW blockchain will persist to operate as the beacon chain goes live and Proof of Stake is integrated.

Phase 1:

The launch of Phase 1 is scheduled to take place somewhere in 2021.

Implementation of shard chains is the primary creation of Phase 1. The information on shard chains is mentioned above.

Moreover, sharding would result in the Ethereum blockchain being split into 64 different chains (called shard chains) for Ethereum 2.0, which run parallel to each other and seamlessly interoperate.

Phase 1.5:

Phase 1.5 will be the temporary update in 2021. The Ethereum main net will officially become a shard and turn to the proof of stake.

Phase 2:

And in late 2021 or maybe in 2022, the final phase will roll out. As of now, not much has been determined about this phase.

Phase 2 according to sources, will include adding accounts, allowing transfers and withdrawals, developing development environments to create DApp on top of Ethereum 2.0, and having people use the updated blockchain.

And Ethereum 1.0 (based on PoW) will be fully gone by then.

The Bottom Line

In the blockchain ecosystem, Ethereum 2.0 has been long-anticipated and much debated.

Scalability, protection, and accessibility will be dramatically improved by proof of stake and sharding.

Ethereum 2.0 presents a new way for ETH holders to participate and gain rewards for sustaining the network.

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Cryptocurrency Knowledge

Yield Farming in DeFi: Everything You Need to Know

Yield Farming currently becomes a hot topic in the crypto world. Those who have a good understanding of Defi are possibly also acquainted with the Yield farming.

To simply understand, yield Farming is the method of efficient use of crypto tokens in a decentralized finance (DeFi) market in order to gain interest.

It is one of DeFi’s popular solutions that enable investors to get an interest in lending their tokens out.

With yield farming, one can generate passive income with that. One thing to note that, yield farming occurs on the Ethereum blockchain.

Let’s drive straight on the aspects of the Yield Farming.

What is Yield Farming?

The idea of yield farming has emerged from the decentralized finance division.

Understand Yield farming with the example of a bank. There is a purpose of gaining interest when you deposit your money to the bank.

The same goes for Yield farming, you can staking or locking up the cryptocurrencies in order to get a reward in return.

The basic concept is that people can earn a significant amount of tokens and in return for their involvement in DeFi applications.

Moreover, yield farming is also similar to liquidity mining. On top of that, yield farming can be correlated with staking.

In the background, though, there’s a lot of uncertainty going on. In some ways, it deals with users called liquidity providers (LP) who add funds to liquidity pools.

Now you may have wondered what the liquidity pool is?

SO basically the liquidity pool is a smart contract that contains funds.

LPs get a reward in return for adding liquidity to the pool. This reward may come from fees that the underlying DeFi network, or some other source.

Yield farming is normally done on Ethereum using ERC-20 tokens, and the rewards that genrated are also a form of an ERC-20 token.

Why Yield Farming is Currently The Hot Topic?

There are several reasons for this, such as in the midst of the Covid-19 pandemic, that all cryptocurrencies are generally seen in the long term as a non-correlated asset. 

In addition, it has also seen an increase in interest in many traditional assets in the light of high volatility.

Moreover, The launch of the COMP token, the governance token of the Compound Finance ecosystem can be attributed to a sudden strong interest in yield farming.

Tokens of governance give privileges of governance to token holders. But if you want to keep the network as decentralized as possible, how do you distribute those tokens?

There is a way with a decentralized blockchain is distributing these governance tokens algorithmically, with liquidity rewards.

SO, this draws providers of liquidity to plant the new token by supplying the liquidity to the protocol.

The Types of Yield Farming

There are basically several ways in which users can begin farming new protocol tokens.

It all started with the token Compound when the users can easily convert their USDT to USD and then place it on Balancer to help the Automatic Market Maker for traders.

Moreover, protocols have been innovating new ways to optimize the yield for their users. 

Currently, you are part of a major experiment that AIMED at eliminating intermediaries from financial transactions.

Token Farming

There are specific protocols that incentivize liquidity providers with fees, also some add the new flavor to the equation by adding a giveaway of protocol tokens as well.

Users can get a chance to earn NATIVE tokens from yEarn and Compound protocols but after giving liquidity to the pools.

The reward rate appears to be greater when the pool has less quantity, and hence draws more and more “farmers.”

Moreover, to start farming the protocol’s tokens, users need to add a collection of tokens to pools on Uniswap and then stake the Uniswap tokens on the network.

Each protocol using a different approach to reward its users. Many have different use cases for their tokens for the network as well.

How To Calculate Yield Farming returns?

The returns on yield farming calculated annually. It forecasts the returns that you might expect over the course of a year.

Annual Percentage Yield (APY) and Annual Percentage Rate (APR) these two are common matrics. 

The distinction between them is that the IMPACT of compounding is not taken into consideration by APR, whereas the APY does.

If we talk about compounding, it means reinvesting profits directly to produce more returns. It is advisable, although, to be aware of APR and APY because they can be used interchangeably.

One thing to note is that these are only estimations and predictions. Short-term rewards are pretty tough to figure out accurately.

Why is this difference? because the market of yield farming is fast-paced and it is highly competitive as well. On top of that, the rewards also can fluctuate quickly.

Suppose that the strategy of yield farming works just for a while, there are many farmers who are ready to jump for the opportunity and the chances that it will stop yielding high returns.

What are The Platforms of Yield Farming?

There is no set plan for yield farming strategies, it may change by the hour.

Before you step into yield farming, you should have an idea of how decentralized liquidity protocols operate.

Because every platform and plan will have its own guidelines and risks.

The fundamental principle is to invest funds into a smart contract and receive rewards in return.

A nice piece of advice is not to deposit blindly in order to hope for a high return. You need to have a good understanding of risk management.

BELOW are some of the best yield farming platforms that need to be considered.

Compound Finance:

The compound is a money market algorithm that enables users to loan and borrow funds.

Now you can earn interest straight and easily, all you need is the ethereum wallet and an adequate amount of funds.

The compound is the first among the other platforms that come to provide support for Yield Farming.

Aave:

Aave is yet another protocol that offers lending and borrowing token. 

It is a system of smart contracts that operating on the Ethereum blockchain, which enables these assets to be operated by a distributed network of computers operating its software.

The tokens lent instantly begin to earn interest.

Aave’s other feature is flash loans, which enables users to borrow any amount of capital if it is repaid in the same deal, helping to seize immense opportunities for arbitration.

MakerDAO:

MakerDao is a decentralized lending facility built on the Ethereum blockchain.

Maker is a decentralized credit network that supports the development of DAI, an algorithmic stable coin linked to the USD value.

Users may open a Maker Vault where they lock the collateral assets like ETH, BAT, USDC, or WBTC. Moreover, They can produce DAI as a debt against this locked collateral.

Over time, this debt incurs interest that referred to as stability tax, whose rate is determined by MKR token holders.

Uniswap:

Uniswap is a crypto exchange that is based on Ethereum to allows everyone to swap ERC20 tokens.

To create demand, liquidity providers deposit the equal value of two tokens. Then traders will sell against the pool of liquidity. 

Liquidity providers receive fees from trades that happen in their pool in exchange for providing liquidity.

Many platforms designed to work with yield farming strategies that enable users to add liquidity to the pools and then stake those LP tokens for yield farming.

Synthetix:

Synthetix is a protocol for synthetic assets. This enables everyone to lock up Synthetix Network Token (SNX) or ETH as collateral against it and mint synthetic properties.

Talking about the asset. Then it is something with a stable feed rate.

However, This allows the Synthetix platform to be applied to almost every financial asset. Virtually everything can be used as a yield-farming commodity.

Yearn.finance:

Yearn.finance is a shared aggregator ecosystem for loan services like Aave, Compound, and others.

It aims at optimizing token lending by identifying the most profitable lending services algorithmically.

Upon depositing the periodic rebalance to maximize benefit, funds are converted to yTokens.

Moreover, Yearn.finance is beneficial for farmers who want a protocol that selects the best strategies for them automatically.

The Advantages and Risks of yield farming

Last but certainly not least. The advantages of yield farming are instantly obvious: benefit. Yield farmers who are early in adopting a new project will benefit from token incentives that can appreciate value quickly.

They can gain some important gains if they sell certain tokens at the right time. In other DeFi programs, these profits can be reinvested to generate even more yield.

In order to produce any meaningful income, yield farmers typically have to put down a large value of initial money, even hundreds of thousands of dollars could be at stake.

Yield farmers are exposed to a substantial risk of liquidation if the price unexpectedly drops, as it did with HotdogSwap, due to the extremely volatile nature of cryptocurrencies and particularly DeFi tokens.

However, there are risks like yield farmers take chances with the project teams and the smart contract code underlying them.

Many developers and entrepreneurs who bootstrap projects from scratch or even copy their predecessors’ code are attracted by the potential for gains in the DeFi space.

Although, the code is always unaudited, even though the project team is truthful, and could be subject to bugs that make it vulnerable to attackers.

Another RISK is BZx, which endured a number of hacks earlier this year and, most recently, lost an extra $8 million, which was later returned due to a single misplaced code section.

There so many risks like these are around with yield farming.

Conclusion:

So we have covered almost all the questions related to yield farming that you need to know.

DeFi money markets will help build a financial system that is more open and transparent and available to anyone

Let us know about how this yield farming is useful to you and what else do you want to know.

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Cryptocurrency Knowledge

Setup ERC20 Payment Gateway With Coinremitter

Why don’t you take an advantage of ERC20 Payment Gateway to integrate it on your site?

There are ample benefits of embracing the ERC20 token on your website.

It is time to implement something new. You will be the one out of your competitors who accepts the Payments in ERC20.

It does not only give a new shape to your business but also it will expand your business to a GLOBAL level. Just another payment option and you are good to go!

Coinremitter has already started to give support to the ERC20 token. It will allow businesses within their platform to accept their tokens as payment.

Let’s go deep down to understand more about Tether USDT ERC20.

What is the USDT ERC20 token?

If you belong to the crypto world then you must have heard about the ERC20 Token.

ERC20 is a blockchain-based asset and has the same features as the other crypto coins such as bitcoin, litecoin, ether, and bitcoin cash.

The protocol standard used by the Ethereum network is ERC20. 

There are some guidelines and requirements in the protocol that must be complied with in order to publish tokens on the network. The Ethereum network operates on a large number of tokens.

The key difference between ERC20 tokens and other cryptocurrencies is that on the Ethereum network, ERC20 tokens are generated and hosted. Whereas bitcoin and bitcoin cash are the native currencies of their respective blockchains.

What does the ERC20 token stand for?

In order to differentiate this standard from others, ERC stands for Ethereum Request For Comments, and 20 stands for the specific ID number.

It can be compared to the Internet HTTPS protocol that websites need to stick to. Similarly, tokens must also follow all the specifications laid down in the ERC20 norm.

In smart contracts, these criteria are implemented. You are not ERC20 compliant if you do not comply with these standards, and the token is not considered to be ERC20.

Let’s quickly head to the benefits of ERC20.

What are the key benefits of USDT ERC20 for merchants and customers?

USDT ERC20 optimizes account usage and makes transactions much easier. 

If you are a merchant then the ERC20 token will bring a plethora of benefits to your company. 

Now you will receive your payments more instantly (compared to the conventional method) in USDT ERC20 after your customers send it.

ERC20 is the same as the other cryptocurrencies, the transactions through the ERC20 token are irreversible. 

Once you sent the payment, it will not be possible to recover it unless the beneficiary decides to repay your fund at their own convenience.

Moreover, transactions are fluid with this token, and even for a second, when the traffic is heavy, they are not obstructed.

For customers, USDT ERC20 utilizes complete anonymity for transactions that secure wallet addresses of senders and receivers across the network.

It’s easier to pay with an ERC20 token, although no need to carry credit/debit cards. Users just need to type their name and detail about shopping and they’re good to go.

Furthermore, due to its decentralized nature, there are no intermediaries running the network.

Start accepting ERC20 payments:

Now it’s time to start accepting your daily payments with the USDT ERC20 token.

In order to do that, you need a crypto payment gateway that handles all your ERC20 transactions securely and seamlessly.

Consider Coinremitter: ERC20 Payment Gateway to receive your daily payments.

The API will connect with a payment receiving gateway (Coinremitter) to the company’s checkout system.

All you need to do is an initial setup only, and you will be on your way to accepting ERC20 payments and other payments for cryptocurrencies in no time.

Integrate the ERC20 payment gateway on your website:

Before we head to the integration process, you first have to understand what the Coinremitter is and how it is different from the other gateways.

Coinremitter is a merchant friendly crypto payment gateway that offers quality services around the world to merchants and large/small organizations.

With Coinremitter, you can easily store, send, and receive crypto coins online safely around the globe.

There are a lot of features that Coinremitter offers to merchants such as currency swap, multi-currency wallet, No KYC requires, and create an invoice.

On top of that, the reason for the Coinremitter separates its presence from the other gateways is its low transaction fee which is just 0.23%.

Just because of its merchant-friendly functions and low transaction fees it becomes one of the top most acquired payment gateway among merchants. 

NOW you can integrate the payment gateway in just a few steps:

  1. Simply creates your ERC20 wallet on Coinremitter by filling up your details such as wallet name, password, etc.

    Soon after you fill out the details, your wallet will be created.
  1. Now you’ll need to have an API key and password after successfully creating a wallet.

    In order to get the API key, you just need to click on the ERC20 wallet that you have just created. Take a look at this API Doc for proper understanding.
  1. Finally, install the Coinremitter plugin on your platform.

However, Coinremitter supports well known open-source plugins such as Magento, Laravel, WordPress, and more, before you take a step, check that your platform is compatible.

There are different integration processes for every platform.

Conclusion:

Once you start accepting payments in ERC20 and in other cryptocurrencies, you will understand how it is beneficial for my company.

Some of its vital advantages such as:

  • Fast transaction.
  • It more effectively confirms the transaction.
  • Also, it reduces the probability of breaking contracts.

Remember not to forget to place a button “ERC20 Accepted Here” next to your other gateways, as a result, you will get the attention of your customers.

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Cryptocurrency Knowledge

Top Trends in Cryptocurrency to Follow in Late 2020

The trends in cryptocurrency are changing. It’s almost a year-end and we are come up with the latest crypto trends that are going to affect businesses soon.

People have been embracing digital currencies since the launch of Bitcoin. As they become more familiar with the crypto world, the crypto industry is also blooming up.

Every month this industry comes with more opportunities for businesses. 

Let’s get on this quickly to check out what’s new?

Expanding Crypto Payments:

As more and more people began to accept crypto, which resulted in the impact of cryptocurrency on large/small businesses.

The Investments in cryptography have soared. Now that more people are using cryptocurrencies than ever before, customers will continue to expect from more companies to accept them.

This is a trend that is now at its peak to grow, such as the big billion company Facebook is also moving into crypto spaces.

It is very vital for every business in late 2020 and beyond to stay updated in the crypto world. 

By accepting crypto payments they can take their businesses to the next level. With the growing demand of crypto users, companies will have to give another payment option for their users.

Merchants can start accepting crypto payments with the Coinremitter: crypto payment gateway, that will help the business to grow, stand out from the competition, and bring more potential users from around the globe.

Global Market Improvements:

This is considered to be one of the MOST important cryptocurrency developments in its rising adoption by the government.

For example, China has already started to work on its first digital currency. As the digital Yuan sees broader use, foreign corporations may have to adapt to the use of cryptocurrencies.

The most renowned food companies like Subway and Mcdonald’s are participating in the trial of this currency.

This national support for crypto gives the cryptocurrency incredible credibility and publicity. As a consequence, digital currencies could soon become the standard for international trade.

Cryptocurrency support would have to be embraced by businesses who want to protect their international future.

Latest Rules From the Government:

This is another major one from the recent trends in Cryptocurrency.

With the rise of cryptocurrencies, authorities have imposed NEW tax rules on cryptocurrencies and their valuation. Crypto-asset firms will have to react to these latest legislative trends.

Indeed, the SEC classifies crypto tokens as securities, but some state legislation is modifying them.

Companies may take advantage of these shifting regulations and implement crypto without significant tax disruptions. These regulations could also make crypto investment a safer choice for more companies.

Most businesses were hesitant to invest in the concerns about uncertain regulations. 

Businesses may feel more comfortable adopting crypto now that governments are taking a firmer position on the matter.

Banking with Blockchain:

As crypto has accumulated more strength, similar innovations have emerged more commonly in banking.

In order to validate transactions and handle financial data, more banks are using blockchain technology these days.

Businesses out there may encounter technology more often because of the higher popularity of blockchain banking.

Moreover, banks are explaining the benefits of blockchain to the public, so the public can embark to demand in other fields.

It could mean more security and upward mobility for crypto firms, with big players investing in crypto.

Some Vital Trends in Cryptocurrency

Consider these trends which are going to elevate businesses, as well as help grow the crypto market.

DeFi:

Defi (decentralized finance) has become one of the most popular trends in the crypto world since last year.

The companies already in the field of blockchain have launched their DeFi products.

Investors who are looking for deep liquidity, varying risk-reward ratios, and exciting, affordable advanced financial tools have a whole new world of crypto opportunities.

Because of these popular protocols like Compound, Balancer, Curve, and other platforms have opened the door for them.

The role of Ethereum in the evolution of decentralized finance is once again shifting the paradigm of the blockchain.

This could affect not only the interest levels of both retail and institutional investors; technical considerations could also be affected.

In particular, as the ecosystem migrates to Ethereum 2.0 the underlying technology is undergoing a deep transformation.

Stablecoins:

It is commonly believed that rates on fiat-based stablecoin are never relevant to the underlying currency (like the dollar).

This is just a misconception, they are linked to a fixed unit, but their market prices fluctuate around that level.

This is where the arbitrage opportunities come into play. In which investors can buy at a low cost and sell at a high price. Eventually, they earn an adequate amount of revenue.

Derivatives:

After the advent of derivatives, It has become one of the key occupations of many market seekers.

The demand for derivatives has seen the evolution from equity to commodities to currency to futures of interest rates.

Derivatives derive their meaning from the underlying value. Yet, there are times when derivatives position perception would suggest a possible trend in the underlying.

Conclusion:

These are some of the popular trends in cryptocurrency in late 2020 that businesses should consider.

Let us know which trend did you find the most prominent and will be helping the businesses in the future.

Categories
Cryptocurrency Knowledge

Why it is essential for merchants to accept cryptocurrency in eCommerce store

Every business should know the importance of Cryptocurrency in eCommerce.

So if you are the one who is totally unaware of the effectiveness of cryptocurrencies for your website or you have just started your business and want it to be recognized worldwide.

Then, you just landed on the right spot!

Embracing cryptocurrency in eCommerce as a payment method can enhance your customers’ journey and extend your consumer base by providing more options at the checkout.

Here we are going to give you complete information on how the integration of cryptocurrencies is going to give your business a huge SUCCESS.

Stay tuned with us because we have a lot more to cover.

Quick info about cryptocurrency & crypto coin

Cryptocurrency is a digital payment method for verifying transactions that do not rely on banks.

It is peer-to-peer digital money that can enable anyone to send and receive payments around the globe. Yet it has no physical presence, it’s all online. 

Like any other currencies, cryptocurrencies are also used to purchase goods and services.

However, the difference here is that cryptocurrencies use cryptography to offer encrypted online transactions.

The transactions are registered in a public ledger when your consumers send you cryptocurrency funds. You store your cryptocurrency in a digital wallet.

Cryptocurrencies run utilizing a blockchain called technology. Blockchain is a decentralized technology that manages and records transactions distributed over many computers.

You definitely heard the name “Bitcoin”, well it is a crypto coin. There are so many this type of crypto coins out there. Some of the popular ones are Litecoin, Ethereum, Ripple, Tether USDT, etc.

Now you have got an idea about what is cryptocurrency and how it works.

What are the popular currencies to list on the website?

Cryptocurrencies that came after the launch of Bitcoin called Altcoins (alternatives to Bitcoin).

Let’s get to the details about the popular currencies that most of the people use to sell and buy products.

1. Bitcoin:

One of the most popular and widely used cryptocurrency. 

With Bitcoin, users are able to easily transfer the amount from one digital wallet to another digital wallet.

Many well-known brands currently using Bitcoin that includes Microsoft, AT&T, Boatsters Black, and more.

So you can imagine how popular and useful it is.

2. Ethereum:

Another extremely popular currency after Bitcoin is Ethereum also known as Ether. It’s managed by an open user network, just like Bitcoin.

There is no need for documentation to be processed because the smart contracts of ethereum are faster and simpler.

Hundreds of other users are able to validate transactions. In addition to getting verified, your transactions are also encrypted and stored on a public ledger.

3. Litecoin:

Litecoin is also yet another renowned cryptocurrency. It is faster than bitcoin in terms of process transactions which takes about 2.5 minutes compared to Bitcoin’s 10 minutes.

Moreover, Litecoin’s algorithms are less complex than Bitcoin. Litecoin has easier-to-crack algorithms. This can facilitate the settlement of mining transactions.

4. Ripple XRP:

Ripple uses the currency called XRP.

XRP was developed for users to digitally transfer money and not be exposed to bitcoin’s high transaction costs and conversion times.

Money is transferred to the XRP token to be sent through the Ripple network and then converted back to money when it is withdrawn. 

5. Bitcoin Cash:

The reason to develop Bitcoin Cash was to boost the scalability of Bitcoin. This has prompted Bitcoin Cash to grow in popularity.

Bitcoin Cash has increased each block size from 1 megabyte (MB) to 8 MBs to help boost transaction speed.

Moreover, a list of transactions that need to be checked is defined by each block.

List of Benefits for your business after integrating Cryptocurrency In E-Commerce

Here are the listed advantages of integrating cryptocurrencies as a payment mode on your website.

1. Top-level security:

The reason why people use bitcoin and other cryptocurrencies is its security. 

When making a transaction with cryptocurrency, you can not initiate a reversal when you approve the transaction or send the compensation.

The use of blockchain technology protects the privacy of users and offers protection from account tampering.

2. Reduced Fraud:


Overall, companies that accept Bitcoins are fairly free from fraud. From production through payment, Bitcoin is all-digital, so it is also remarkably linked to cash.

They will need to be more careful and cautious if businesses accept altcoins to turn them into dollars or another fiat currency. 

However, their system is likely to carry minimal fraud risk if they have suppliers to whom they can pay in coins.

3. Lower Fees:

Compared to other digital funding sources, one of the best things about cryptocurrencies is that it has lower overall fees due to no intermediaries such as banks.

But, there can be fees to convert the currency into a fiat currency, and so can a digital wallet that holds your coins.

Although fees are low, many will use a third-party service to create and retain their bitcoin wallets, such as Coinremitter.

4. Fast Transactions:

Cryptocurrencies can process immediately, giving you instant access to funds, unlike the credit card systems that take a couple of days to batch out and process.

The removal of intermediaries implies that, upon your approval, the transaction is completed.

And you will receive the payment instantly.

5. Attract more customers:

It will attract consumers from around the world. There are many who prefer to make purchases through crypto.

So, if you are the one who allows them to make purchases through the crypto then it can DRAW the attention of many consumers.

6. Separate from the competition:

Yes, it will separate your business from the competition, because if your business does something out of the box, then it will have an impact on competition.

How to accept payments through cryptocurrency in eCommerce

Now you might be thinking how do I start accepting?

So, there are generally two methods in which you can start accepting your day to day payments via your preferred cryptocurrencies.

In the first method, it requires your personal wallet. Now, what do I mean by your personal wallet is that you’ll have to set up a virtual wallet.

You can download it to your phone or computer, or you can also get a physical safe on a special hard drive that stores the cryptocurrency on the drive.

It really is the only protected hardware system that allows you to store the private key of a user.

Furthermore, the second method is preferable by many merchants. It will require the use of a third-party payment processor.

You can go with the payment gateway provider “Coinremitter” which will handle all your payment processes.

However, there will be an advantage for you if you use the second method which is that you can instantly convert your cryptocurrency payments into fiat. It will protect you from any price fluctuations.

Why Coinremitter is advisable is that it is currently giving the best to merchants as it’s also called merchant friendly gateway. 

Start accepting your payments in Cryptocurrency with Coinremitter

To begin the process, you need to know a bit about the Coinremitter: crypto payment gateway.

Coinremitter offers the integration facility into the supported plugins like Magento, Laravel, Opencart, WordPress, and more.

Not only that, but it also supports the most popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and more.

You can select the currency according to your desire. Moreover, you can even list more than one cryptocurrency on your eCommerce platform.

Look at some of its best features.

Coinremitter gives 100% when it comes to its functionalities. It offers great advantages and features over the other gateways.

It provides multi-wallet support, digital wallet, no KYC requires, currency swap, and invoice creation.

And the most notable one among the merchants is its lowest transaction fee which is only 0.23%.

Coinremitter is the only one that offers a low transaction fee to its merchants. 

It is very pocket friendly to every trader and small/large organization.

Let’s head straight to the integration process of cryptocurrency in eCommerce that you can complete in a matter of minutes.

  • Initially, you need to build a wallet for whichever cryptocurrency you want. You can set up your wallet on Coinremitter’s website.

    All you need to require is to fill the details like wallet name, password, etc, and you are good to go.
  • Soon after that, set your API key and Password. To get an API key, click on the crypto wallet that you’ve just created.

    The new page will be open and it will take you to the credential tab where you’ll get the API. Read the API Guide here.



  • Finally, install the Coinremitter plugin on your website. Check this integration guide for Coinremitter.

All things considered

As a viable potential option for online payments seems to be a bet that will depend on the development of the current commercial scene.

It is essential for eCommerce traders to be up to date with the latest trends.

In order to change the strategy quickly and achieve a strategic edge over the competition, this is the most important thing.

However, you can set your business presence apart from the competition by accepting cryptocurrency in eCommerce.

Not only does it work as a payment gateway but it will also bring various opportunities and take your business to new heights.

Categories
Cryptocurrency Knowledge

Crypto Payment Gateway Integration For Your Website

Here we have come up with how crypto payment gateway integration is essential for your website these days.

As the world goes digitally day after day, the vast improvement in the shopping experience has been implemented.

It doesn’t matter whether your business is an online store, traveling business, an organization, or any kind of business. 

You must need a crypto payment gateway that is fast, secure, affordable, and offers a seamless checkout experience. Because many people nowadays tend to shop online rather than going to the store. 

This means that every merchant who wants to increase sales and wants their business recognized worldwide should consider crypto payment gateway integration.

Since these payment gateways handle very important transactions on your site, you want to ensure that everything happens seamlessly & perfectly.

In this article, we are going to address the important points related to the crypto gateway that you need to know.

So without any further due, let’s get straight to the quick understanding of the crypto payment gateway and the way it works.

What is a crypto payment gateway?

People have been using cryptocurrencies extensively for many years, and many companies around the world have already adopted crypto payment processing services on their websites.

To simply understand, the payment gateway which accepts cryptocurrency as payment is known as crypto payment gateway. 

One can make a payment through various types of cryptocurrencies like Bitcoin, Litecoin, Ethereum, Ripple, etc.

Using a crypto gateway can eliminate the intermediaries involved in the process, which ultimately fastens the payment process.

The crypto payment gateway’s unique feature is transparency. This gateway makes payments easy, ensures the privacy and security of transactions.

If you frequently make transactions then this is the gateway that allows you to send and receive money instantly across the globe.

Furthermore, as we have already mentioned above that there is no involvement of a third-party. The amount will go straight to your wallet without any chance of being hacked or theft.

Let’s look at some of the questions that need to be addressed prior to the integration of the crypto gateway.

How does the cryptocurrency payment gateway work?

There are mainly two major differences. 

First, a client pays through a digital wallet, not with the credit/debit card. 

Second, the transaction needs to done via cryptocurrency, not with the fiat currencies like USD, AUD, RUPEES, etc.

Let’s understand it step by step.

  1. In the first step, your customer will go to your website and places an order through submit or its equivalent button on the checkout page.
  2. After that, the website or the e-commerce platform takes the customer to a crypto payment gateway where the customer will enter all the relevant information about the coin. (Like wallet address and key)
  3. However, then the customer will have to enter the wallet address and private key in order to send the amount. (The private key is similar to the bank account password.)

    (NOTE: Keep your private key as confidential as you can. If someone steals it, or if you lose it, your amount is at high risk of being stolen. Keep it safe.)
  4. Once the payment has been made and validated, then the transaction will be posted on the (coin’s) blockchain public ledger showing payment from your customers’ public address to your public address.

ISN’T IT SIMPLE?

This whole process is highly secured and payments are made without the need for intermediaries.

Now let’s talk about some of the advantages if you’re integrating the crypto payment gateway to your web.

Know the advantages your business can gain from using the crypto payment gateway

It has been observed that merchants from a variety of industries are turning to accept payments into cryptocurrency to enjoy a number of advantages that are not provided by conventional payment methods.

Here we’ve highlighted some of the most significant benefits that businesses can gain by adding crypto as a payment option. 

1. Unmatched security:

Customers are not required to share any personal data when making cryptocurrency payments. The payments are completely anonymous, so hackers don’t have any identifying data to steal.

In addition, many companies greatly value their privacy, so they use cryptocurrency over other payment options simply because the buyer is not identified by any means.

2. Extremely low fees:

If we talk about the payments through credit/debit cards or banks, then there are tons of fees associated with them. In short, they all charge some type of fees which usually ranges between 3& to 6%.

However, cryptocurrency payment gateways like Coinremitter charges the lowest fee (only 0.23%) compared to other gateways. This can save you a significant amount of money.

3. Take your business globally:

Now even the smallest companies can now internationally sell their products and services or buy their supplies and equipment.

Business owners can avoid the hassles and costs that come with foreign currency transaction fees and exchange rates, with the help of cryptocurrency.

4. Attract consumers across the globe:

There are numerous crypto fans out there who are specifically looking for digital currency-accepting companies.

You can also gain a serious advantage over your competitors that don’t accept crypto by adding this new payment option.

5. No chargebacks:

There is no turning back in the case of cryptocurrencies. Once a transaction has occurred, the funds will go straight from one wallet to another, and the transaction will be recorded and can not be reversed.

Chargebacks are intended to STOP frauds.

Easy payment gateway integration with Coinremitter

If you have made up your mind to integrate a crypto gateway on your website then you must need to know about the Coinremitter.

Coinremitter is a crypto payment gateway in which you can start accepting your payments via cryptocurrencies.

It is a merchant friendly payment gateway with a large user base. Coinremitter has overall processed 6k+ Bitcoin with 2.3M+ total transactions.

Talking about its features, Coinremitter comes with loads of essential features which include a Digital wallet, multi-wallet support, no KYC & ID requirement, currency swap and invoice creation.

The most notable feature, and one of the reasons for many traders to accept Coinremitter, is its lowest transaction fees. 

Coinremitter charges 0.23% transaction fee which is the lowest among other crypto gateways.

The REASON behind its lowest fee is that it is created specifically for traders and small/large businesses to make them grow worldwide.

Moreover, the integration process of Coinremitter will not be a daunting task for you.

Follow our steps to Easy payment gateway integration in just three steps.
  1. It’s all starting with a wallet. As coinremitter provides a digital wallet service, you can start by making a wallet of whichever coin you want to list on your website.

Just fill out the details (wallet name, password, etc.) and you are good to go.

  1. After that, you’ll be required an API key & password in order to start accepting crypto payments on your website.

    To get that, click on the wallet that you have just created, and you’ll be redirected to the credential tab where you’ll get the API.

Consider this API Guide to understand deeply.

  1. Finally, just install the Coinremitter on your website.

    Coinremitter supports a number of popular open-source plugins so you can install it according to your platform.

    Check this guide for the installation process for Coinremitter.

That was all about the Coinremitter payment gateway integration.

Categories
Cryptocurrency Knowledge Tutorials

Integrate Dash Payment Gateway With Coinremitter

Have you ever thought about integrating the Dash payment gateway on your website and how your business is going to stand in upcoming times?

The “Dash Coin” becomes one of the world’s biggest cryptocurrency around the globe for the last few years.

Why does the Dash become much popular? The reason is that it offers a higher transaction speed and better privacy than Bitcoin due to its Masternodes feature.

Integrating the Dash payment gateway will give your consumers what they’ve been looking for and couldn’t get on your website.

So, if you give an option to make payments through Dash then the chances are that your business will attract customers from across the globe. Which eventually helps in growing your business globally.

SO, let’s first get to know what the dash is.

A quick idea about Dashcoin

Dash is a cryptocurrency similar to Bitcoin, which is a digital currency used for sending or receiving payments.

It developed on top of the blockchain technology that Bitcoin uses, but it has undergone some substantial changes.

However, Dash has many features that give it an edge over other cryptocurrencies such as Bitcoin and Litecoin.

Dash can be used to make transactions more privately and speedily way due to its three features: Masternodes, PrivateSend, and InstantSend.

Dash uses these Masternodes as a supplementary layer for its network. Reducing the need for trusted third parties to approve transactions that could potentially threaten the anonymity of any payments.

NOW, you’ve probably got what is the Dashcoin, which brings us to the next point which about its advantages for online businesses.

How accepting dash payments benefits your business

Dash is a quick and inexpensive way to accept your payments, whether it is an online store or any other business.

It offers significant advantages, in terms of transaction times, fees as well as security over credit cards, and other similar services.

Here are the benefits of Dash that both merchants and their consumers can get.

1. Lightning-fast transactions:

When it comes to transaction speed, Dash is much more obvious because it has a service called “instantsend”. This ensures that Dash is transferred from one wallet to another within 1 to 3 seconds.

Whereas, bitcoin takes an hour to complete. 

Moreover, in the case of unofficial wallets, the transaction speed is always the same.

2. Top-notch security:

In some cryptocurrencies, the individual can be connected to the transaction they made through an IP address and their wallet details. 

However, this isn’t the case with Dash. It has a feature called “PrivateSend” that allows users to transact entirely anonymously, unlike the pseudonymous Bitcoin.

3. No payments conflicts:

The blockchain system verifies that funds are available prior to the completion of the transaction. This making it almost impossible for consumers to make a payment without enough dash in their account.

Moreover, unlike most of the systems that accept credit cards, there are no holdbacks. When anyone pays with Dash you automatically receive all the funds.

4. Lower Fees:

As every financial transaction, there are fees paid for network support, which also happens with cryptocurrencies.

There are varying transaction fees within each of them, which are typically lower than conventional banking rates, in the case of Dash, they are lower than those of other cryptocurrencies.

Start integrating dash payment gateway your website

In order to integrate the dash payment gateway in your eCommerce store, you need a Dash payment API required.

The API will connect to the checkout system of the company to a payment receiving gateway.

This new payment infrastructures are technologically sophisticated and provide many features such as the ability to allow purchases in your smartphone, as well as access to real-time buying data. 

This can be used to help you plan ahead and make major business decisions.

The success and development of Dash as a mode of payment has made it a wise business decision to add a merchant account.

The process of integrating the dash payment gateway is easy and fast.

Install coinremitter: the dash payment gateway

Coinremitter is merchant friendly dash payment gateway that merchants can easily integrate on their site to offer another payment option to their consumers.

The range of features that Merchants can offer their consumers is secure checkouts, faster transaction experience, no hidden charges, and more.

Apart from that, as coinremitter is made to consider the need of merchants to offers some insane features which set it apart from the rest.

Speaking about features, like multi-wallet support, no KYC requires, currency swap, create an invoice, and most notable is the low transaction fees 0.23%.

The installation of Coinremitter can be done in a matter of minutes. Starting with setting up a DASH wallet.

Afterward, you need an API key in order to accept Dash payments. You can get it by simply clicking on the dash wallet that you have just created.

And in the last, install Coinremitter. As coinremitter supports the majority of open-source platforms so that you won’t encounter any difficulties regarding that.

Install according to your platform.

Categories
Bitcoin Cryptocurrency Knowledge Tutorials

How Integrating Bitcoin Payment Gateway Benefits Your Online Store

Now accept bitcoin payments is way much easier & quicker than before.

“Bitcoin”, a very much popular name across the globe, has been providing a highly secure and transparent way of transferring currency for several years.

Every day the value of Bitcoin keeps growing. Nowadays, the pace of growth in cryptocurrencies and the adoption of blockchain technology has sparked a revolution in the financial industry, taking the online payment sector to a new dimension.

Giant corporations are currently INVESTING their capital and resources in Bitcoin. So you can estimate the value of Bitcoin.

It becomes common that many small and large businesses around the world have already begun to accept bitcoin payments. 

Now it is time for you to consider accepting bitcoin payments for your business because you have to keep up with the trend.

This will make your presence as you are at the forefront of technological growth, drawing new clients, and keep your business safe from a number of scams.

We know that being an eCommerce merchant you may have a number of questions running on your mind like how can I start accepting BTC payments, will it benefit my business or not, and more. 

Isn’t that the case?

However, we are going to cover all the necessary points that you need to know about your business. You will get a clear understanding of BTC payments and more at the end of this blog!

Down below is our in-depth guide to implementing this new payment system for your online store.

SO, let’s hop into…

What benefits merchants can get from adding the bitcoin payment gateway

Using BTC payments on your website helps you to process lower fees payments and receive payments instantly.

This currency is also ideal for sites involving foreign payments, as it is much quicker than bank transfers from one country to another.

Here are the key benefits that every merchant could get.

1. BTC will expand your customer base:

Integrating cryptocurrency payments into your online store checkout will set you apart from your competitors as well as help attract new customers to your business.

Adding another payment gateway will allow your customers to make a payment through. Ultimately, the customers who prefer to make transactions via cryptocurrencies are more likely to go with the crypto option.

You will notice a significant improvement in your sales.

2. It will eliminate chargebacks:

Transaction through credit/debit cards is reversible. That means the merchants get all of the cardholder’s sensitive information to drag money from the account.

However, this isn’t the case with Bitcoin. Once the funds have been transferred, the party that sent the payment is unable to retrieve the transferred payment without the merchant’s permission.

Every transaction in bitcoin is guarded by the Bitcoin network. That means merchants are able to accept bitcoin payments without having to worry about the threat, fraud, or charges.

3. Provide you the low transaction fees:

Cryptocurrencies are used more often for regular transactions. Merchants may use this to reduce the costs of collecting transactions for their company.

As you already know that Bitcoin is not government regulated. Transactions occur exclusively between the buyer and the seller, so there are no intermediaries who can hold your funds. 

More significantly is the fees for processing BTC payments are lower than credit cards.

4. Offering the utmost security:

Bitcoin uses blockchain technology it means blockchain holds the data and is linked to each other. If anyone tries to change a portion of the chain, the entire chain will be alerted and alarmed. That is the level of security.

Speaking of security, coinremitter, a bitcoin payment gateway provides its merchants with multi-layer security. 

Therefore, there is no longer a chance of identity fraud or any other security concerns when verifying a transaction.

Criteria to consider when choosing a bitcoin payment processor

So, you have made up your mind accepting bitcoin payments on your store. You can promptly begin accepting cryptocurrencies by implementing a bitcoin payment processor into your existing business platform. 

Consider Coinremitter, it works best with the eCommerce platforms. 

But BEFORE integrating any payment processor onto your store you must have to check out the following criteria.

1. The transaction fees:

First and foremost you have to check for the transaction fees charged by the Bitcoin payment processors that you are considering. 

Bitcoin transaction fees are lower than credit card fees. Coinremitter, however, offers only 0.23% which is the lowest among other gateways.

2. Supported plugins & currencies:

It is advisable to check that the Bitcoin payment processor should support the currencies & plugins that your business requires.

Coinremitter provides all the popular open-source plugins, so you don’t have to look for the other options. Nevertheless, it also offers the most renowned & widely used cryptocurrencies that you can integrate into your store.

3. Features:

You should look for the features of a payment processor that you want to install such as security, digital wallet, multi-currency support, currency swap, etc.

Choose what is best suited to your business requirements. Coinremitter comes with all the features that merchants should need in their business.

4. Customer support:

Last but not least, the payment processors should be available to solve your queries 24/7. This is crucial to your company as issues could hamper your sales processing capability.

Must look at what kind of support is there like is there any live chat support? Or do they offer via mail? Consider those criteria prior to making any decision.

Accept bitcoin payments in just 3 steps

To begin the process,

As we talked above, choose the gateway that suits your business needs according to its features, transaction fees, customer support, etc.

Let’s take an example of Coinremitter for your better understanding.

1. Create your bitcoin wallet:

In order to create your bitcoin wallet, you need to have a coinremitter account. To do that, you can simply create your account by filling your details in the signup form and you’re all set.

After you log in to coinremitter, you’ll have to select a Bitcoin (you can even create other coin wallets too) and then have to fill up the details such as wallet name, password, etc.

Your wallet will be created soon after you fill out the details.

2. Get API key & password:

After successfully creating a wallet, you’ll need to have an API key and password in order to start accepting bitcoin payments on your site.

You’ll get the API key on the wallet page by clicking on the bitcoin wallet. You can consider the API Guide for a better idea.

3. Install a bitcoin payment gateway:

The last you have to do is install the coinremitter on your eCommerce platform.

You can integrate it according to your platform, as coinremitter supports well known open-source plugins, but you can still check before you take a step that your platform must be compatible with coinremitter.

Each platform has a different integration process that you can use to better understand the integration process.

Final words:

So, you’ve got the idea of how HELPFUL it is to integrate a bitcoin payment gateway into an eCommerce store.

A nice piece of advice is that you can indicate to your customers that you accept Bitcoin payments. 

Just put a button “Bitcoin Accepted Here” next to your PayPal, MasterCard, Visa which can get the attention of your customers.

Categories
Cryptocurrency Knowledge

Which Cryptocurrencies Have The Lowest Transaction Fees?

The first question that comes to mind when deciding to invest in cryptocurrencies is that which is the lowest transaction fees offering cryptocurrency. It is a very common question that comes in the mind of every investor.

Many crypto options are priced high, while others are not as dramatic. If you want to find something worthwhile you will need to look around to find the cryptocurrency with the lowest transaction fees on the market.

Moreover, there are various types of cryptocurrencies, all of them have their own distinct functionalities.

However, you should know how to find a decent fee that works. Keep in mind that, knowing what works is of crucial importance to your progress.

So, let’s dive in to understand everything about the cryptocurrency with the lowest transaction fees.

What is the actual mean of the transaction fee?

Transaction fees are charged inside a blockchain in the cryptocurrency. The fees go hand in hand with the amount of every currency you transfer.

The fee will vary depending on the current currency rate and how much you are attempting to transfer.

The fees must go forward to guarantee that the blockchain can continue to develop and run properly.

The value of the fee will change depending on how many transactions are going on and how scarce tokens may become in a chain.

List of cryptocurrencies that have the lowest transaction fees on average

The cryptocurrencies that people are able to find today include those that have different fees.

Kindly remember that what the charges are for different currencies, especially as some of those charges have grown late.

Here are some of the cryptocurrencies that offer the lowest transaction fees.

  1. TRON:

Source: https://bitinfocharts.com/comparison/tron-transactionfees.html

The average transaction fee for TRON is around $0.0000901. Although on the TRON chain, an average token is around a penny, the extremely low transaction fee makes it easier for TRON to transfer between parties.

  1. Ripple:

Source: https://blockchair.com/ripple

      The Ripple transaction fee is also on the minimal side, the current average transaction fee of ripple is around 0.00092 XRP, compared with the high fees charged by banks for transboundary payments.

  1. Dash Coin:

Source: https://blockchair.com/dash

      Dash can be used to transfer money to anyone in the world without any intermediary.
As per blockchair.com, the average transaction fee of the dash coin is $0.0030, which is far lower than other cryptocurrencies.

  1. Bitcoin Cash:

Source: https://blockchair.com/bitcoin-cash

The value of the Bitcoin Cash fee is marginal at around average $0.0072, as compared to the currency’s value itself. Although a token is valid for $200 or more, a transaction fee is about 10 cents.

  1. EOS:

Source: https://support.exodus.io/article/1316-eos-about-eos-transaction-fees

Although EOS has a value of about $2.50, handling a transaction costs only a penny. The overall EOS currency makes it worthwhile but one thing about the transaction costs is that there is no EOS available for expenditure.

  1. Bitcoin:

Source: https://blockchair.com/bitcoin

Bitcoin has a high price worth thousands of dollars per token, and a transaction fee is much more than a dollar. As per the current average transaction cost of bitcoin is $2.75.

  1. Ethereum:

Source: https://blockchair.com/ethereum

Ethereum average transaction fee calculates the average USD fee when a miner process and approves an ethereum transaction. The average transaction cost of Ethereum (ETH) is currently $5.8342.

Which parameters to be considered for the cryptocurrencies fees?

The percentage of the fee can be calculated depending on the value of the fee and how much the currency is now worth.

It can be clearly seen that the popular cryptocurrencies have high transaction fees as compared to others on this list. Like Bitcoin and ethereum with the average transaction fees $2.75, and $5.83.

Miners on these networks understand how common these digital currencies are with businesses and customers, so when setting their validation fee, they have some price control.

Moreover, Tron and Ripple are currently offering the lowest transaction fees. The niche focus of Ripple on financial institutions kind of narrow the use of the XRP tokens as a widely accepted currency.

However, Dash and Bitcoin cash are also next to the Ripple, which making them worth the investment by cryptocurrency investors.

How you can grasp the benefits of these cryptocurrencies?

As you have seen the transaction fees, now how you can get the potential benefits from these cryptocurrencies?

Take one step forward and look for the cryptocurrency exchanges. You can choose it according to the lowest transaction fees and the functionalities that suits your business needs.

Categories
Cryptocurrency Knowledge

Which Cryptocurrencies Are Offering The Fastest Transaction Speed?

When it comes to transaction speed, each of us has experienced the fastest transaction speed with fiat currencies. However, with cryptocurrencies, you can’t expect the same.

What does transaction speed mean? 

It refers to the rate at which data transmission occurs from one person’s account to another. Moreover, the transaction speed is deemed high if a transaction gets verified immediately, within the shortest period of time.

If we talk about the current banking systems, then it will be a complete nightmare, because it takes around 4-5 days to validate the transaction. Whilst, the cryptocurrencies have the SOLUTION.

Moreover, the speed of cryptocurrencies varies, many are the slowest ones and yet they are lightning-fast compared with conventional payment portals. 

Let’s take an example, the Bitcoin transaction speed is comparatively slower among the other cryptocurrencies which are insanely faster than Bitcoin.

However, regardless of the amount size, your transaction will be verified within 60 to 85 minutes. Nevertheless, it is still faster than the traditional banking systems that take a few days.

Why is transaction speed important?

The transaction speed does matter because customers come onto the crypto platform with the expectation of fast transactions to get verified within seconds with the highest security from a particular crypto-coin.

However, merchants can list out the cryptocurrencies on their website in order to offer their customers a fast and secure checkout option.

It does not only helps the company to expand but it also extends its reach to many potential customers around the world.

So, every year developers come up with numerous new developments allowing both the speed and transaction cost on the negligible side of the continuum.

Transaction speed straight impacts the transaction cost on a network. For instance, Bitcoin has already mined 85% of its total block, so the mining difficulty is extreme and the fixed block period of 10 minutes makes it one of the most costly networks as per the present day scenario in crypto space.

On the flip side, other altcoins such as ripple have concentrated on offering blazing fast banking solutions, and a transaction time of seconds definitely helps.

Transaction speeds have been so essential for any system that many hard bends in decentralized space have been a cause for this.

List of cryptocurrencies with the fastest transaction speed

The Bitcoin handles around 5-6 transactions per second which are nowhere near to its counterpart “fiat currencies” which handles a few thousand transactions per second with a scale capability of up to 24,000 transactions per second (tps).

However, there are some of the popular cryptocurrencies that are much faster than Bitcoin and manage adequate transactions well enough.

So, here are some of the fastest crypto coins that you can consider, particularly when making payments to other parties. Moreover, faster transaction times eliminate friction from the process and make cryptocurrencies more attractive.

  1. Ripple:
    Capacity: 1500 (TPS) Transactions per second
    Reference link:
    1. https://ripple.com/xrp/
    2. https://blockchair.com/ripple
  2. DogeCoin:
    Capacity: 33 (TPS) Transactions per second
    Reference link:
    1. https://blockchair.com/dogecoin
    2.https://www.reddit.com/r/dogecoin/comments/2vvzqz/how_many_transactions_per_second_can_be_processed/
  3. Dash:
    Capacity: 56 (TPS) Transactions per second
    Reference link:
    1. https://www.dash.org/
    2. https://coinsutra.com/transaction-speeds/
  4. Monero:
    Capacity: 1700 (TPS) Transactions per second
    Reference link:
    1. https://www.daytrading.com/monero
    2. https://www.bitdegree.org/tutorials/zcash-vs-monero/
  5. Ethereum:
    Capacity: 12.91 (TPS) Transactions per second
    Reference Link:
    1. https://blockchair.com/ethereum
    2. https://coinsutra.com/transaction-speeds/
  6. Litecoin:
    Capacity: 56 (TPS) Transactions per second
    Reference Link:
    1. https://bitcoinexchangeguide.com/top-10-cryptocurrencies-with-the-fastest-transaction-speeds/
    2. https://currency.com/what-is-better-litecoin-or-bitcoin
  7. Bitcoin:
    Capacity: 3-4 (TPS) Transactions per second
    Reference Link:
    1. https://en.wikipedia.org/wiki/Bitcoin_scalability_problem
    2. https://www.snapperbuzz.com/blockchain-scalability
  8. Bitcoin Cash:
    Capacity: 116 (TPS) Transactions per second
    Reference Link:
    1. https://coinanalysis.io/how-many-transactions-per-second-bitcoin-cash
  9. Bitcoin SV:
    Capacity: 5 (TPS) Transactions per second
    Reference Link:
    1. https://medium.com/two-hop-ventures/bitcoin-sv-growing-exponentially-likely-to-permanently-overtake-ethereum-in-q1-2020-3747f42729cf
  10. EOS:
    Capacity: 4000 (TPS) Transactions per second
    Reference Link:
    1. https://cointelegraph.com/news/who-scales-it-best-inside-blockchains-ongoing-transactions-per-second-race
    2. https://thenextweb.com/hardfork/2018/11/01/eos-blockchain-benchmark/
  11. Cardano:
    Capacity: 1000 (TPS) Transactions per second
    Reference Link:
    1. https://www.crypto-news-flash.com/cardano-one-million-transactions-per-second-hydra-paper-published/
  12. Stellar:
    Capacity: 1000+ (TPS) Transactions per second
    Reference Link:
    1. https://www.lumenauts.com/blog/how-many-transactions-per-second-can-stellar-process
    2. https://medium.com/lendledger/why-lendledger-is-a-stellar-project-2403724b91d2
  13. TRON:
    Capacity: 2000 (TPS) Transactions per second
    Reference Link:
    1. https://tron.network/
    2. https://en.wikipedia.org/wiki/TRON_(cryptocurrency)

To Sum Up

Cryptocurrencies offer a much faster transaction speed than conventional payment mode.

It offers better security, speed, and convenience. Though, you can choose the cryptocurrency from this list as per your preference.

Listing these crypto coins onto your website, you can offer a secured and fast checkout system to your consumers.

This makes your business sets apart from your competitors.

Categories
Cryptocurrency Knowledge

How Ethereum Helps Financial System to be Decentralized

In recent times, Ethereum has become the most widely known platform based on blockchain technology. Furthermore, its aim is to create an alternative protocol that will create decentralized applications. Ethereum makes highly programmable digital money, allowing distributed users to execute code in the form of smart contracts.

In addition to speculation and value storage, Ethereum allows many aspects of traditional finance to run on open networks, with on- and off-ramps allowing for greater compatibility with fiat currencies, other cryptocurrencies, and conventional resources.

To understand it briefly…

You must have an idea of DeFi (Decentralized finance). Moreover, it is a combination of traditional banking services with decentralized technologies like blockchain.

Many of us now have a well understanding of ethereum, bitcoin, and other cryptocurrencies. However, there are very limited people out there who do not know that it can also be helpful to use it as a decentralized system.

Decentralized finance Ethereum is one of the identities that assisted to make the essence of mainstream open finance.

Ethereum can also be used as a portal for payment, simply implementing the ether payment gateway helps to expand the business and attract potential customers.

What’s the Importance of DeFi?

DeFi continues to play an important role in financial sector development for a variety of reasons. Moreover, the potential for expanding the global economy is huge. 

As a result, analysts see this sector as one of the crypto space’s most important currently under development.

It is easy to recognize that commitment to developing a DeFi ecosystem. Certainly, it is the fastest-growing blockchain sector.

Moreover, since this period depicts the start of this stage of integration, the market now has the unique opportunity to see a completely new industry blossom.

Know the Difference Between Traditional vs Decentralized Finance

Decentralized Finance (DeFi) is just an advanced version of the finance system with the same root of work in obtaining and giving capital.

Here, we’ve outlined some of the major differences:

  1. A centralized governing body manages conventional financial institutions. Moreover, DeFi apps, run on smart contracts, ensuring that dApps operate without any human barrier.
  1. A public blockchain is permitless, that means the ecosystem doesn’t have gatekeepers to keep track of who gets to create dApps and who doesn’t. However, DeFi dApps can be developed and used by anyone.
  1. The dApps is another form of blockchain application used in the DeFi environment, and it has been built from day one to function globally. Regardless of the geographical area to which you belong, the DeFi network and service connectivity are the same.
  1. The app is based on a public blockchain and its code is transparent and open for everyone to see. Moreover, this is in sharp contrast to mainstream financial institutions. Though, in a DeFi ecosystem, everyone can help make the software bug-free & smooth.
  1. The fact that decentralized funding is more open and transparent than conventional finance, is still a factor. Moreover, the lack of entry barriers means anyone with programming skills can participate in building financial services and tools alongside public blockchains.

What Decentralized Applications Offer?

Ethereum dApps communicate with the blockchain to create entirely new ways of quality exchange and collaboration on the network.

Moreover, DeFi users can borrow, lend, exchange, invest, and make payments nowadays without the need to serve as an intermediary for a financial institution. Instead, it replaces the position of financial institutions with decentralized smart contract protocols.

So, let’s understand what are the services that DeFi offers.

Lending:

Crypto holders can lend on decentralized lending platforms to earn additional income via interest charges paid by borrowers on their holdings.

However, this is an enticing option for lenders, as they are able to earn relatively low-risk interest on their current holdings without entrusting their private keys to a centralized third party service.

Here are the dApps that provide the lending facilities.

Investing:

Investment tokens are in accordance with SEC regulations on financial securities. While this module won’t dive into regulation and compliance, the simple thing to understand is that these tokens provide the token holder with an array of financial rights.

Payments:

DeFi payment applications, protocols, and solutions concentrate on developing an open financial ecosystem that addresses institutional requirements as well as underbanked and unbanked populations.

Insurance:

Insurance is a procedure or agreement whereby a company offers compensation assurance for a defined loss, damage, illness, or death in return for a premium payment.

Prediction Markets:

Prediction markets make it easier to exchange event securities. They have been around since the 1990s and are also sometimes referred to as markets for knowledge, futures ideas, and markets for decision making.

Synthetics:

A synthetic is a financial asset that imitates other tools. In other words, any financial instrument’s risk-reward profile can be simulated using a mixture of other financial instruments.

DeFi Dashboards:

It is a Dashboard that assists you to analyze and track all of your Decentralized Finance activity. Furthermore, add an Ethereum address to track! It lets you track your activity across the various dApps that you are using.

Tokenized Securities:

Security tokens are virtual assets that are subject to federal security rules. Moreover, in layman terms, to simply, the intersection between digital assets (tokens) and conventional financial products.

The Bottom Line:

To sum up, this blog comprises every information regarding the role of Ethereum that helps the financial system to be Decentralized. Moreover, DeFi differs from the traditional finance system by providing value, security, and much more. 

At Coinremitter, merchants and every business owner can give the facility to its users by implementing the Ether payment gateway on the website. It helps users to make payments through cryptocurrencies as well as, business owners can get potential consumers from worldwide.

NOTE: 

Coinremitter doesn’t endorse anything. However, it only provides information for the user to better understand the fundamentals of DeFi and dApps.

Investors are advised to check and verify all information on their own.