The majority of people TODAY knows about Facebook’s Libra because Facebook has shared almost everything of its Libra cryptocurrency.
Due to the COVID19 pandemic, Libra will most probably to roll out somewhere in 2021. Yet, there is no update for its launch from Facebook.
This Facebook Libra will enable billions of users to make financial transactions online across the globe.
Not only that but with Facebook’s Libra, people will able to purchase their stuff at local grocery stores or transfer money to others with almost zero fees.
On top of that, Libra lets people spend it via fully integrated third-party wallet apps or Facebook’s own Calibra Wallet that will be incorporated into Facebook Messenger, Whatsapp, and more.
There are a lot of things that you need to know about Libra. SO here we are to give you thorough information.
Let’s dive deep into the pool of Libra.
What is Facebook Libra?
Libra is the approved payment system built on the blockchain (the same technology used by bitcoin and other cryptocurrencies) which is developed by the social media company Facebook.
The aim of the organization is to create a simple global currency to provide financial inclusion for the billions of adults who do not have access to a bank account.
Moreover, Facebook Libra cryptocurrency can give you the opportunity to exchange for Libra in local currency and vice versa via wallet apps, including third-party apps, Calibra wallet from Facebook, and local resellers such as grocery stores.
Libra is being developed on an open-source blockchain, and a non-profit organization in Switzerland is leading its growth.
One of the most asked questions is that Libra is a cryptocurrency or not?
The answer is yet in between yes and no.
The blockchain of Libra is not decentralized the way Bitcoin is. Anyone can potentially run a node with the Bitcoin blockchain, regardless of how expensive it is.
Also, Libra’s nodes can only operate from the Libra Association’s members’ servers.
The official explanation for this make-up on Facebook is that Libra aspires to be a completely decentralized model that would not be strong or quick enough to provide the “global financial infrastructure.”
How Does Facebook’s Libra Work?
NOW you are already acquainted with the fundamentals of Libra, it is time to understand more in deep.
In order to bring trust among users, Facebook formed a management team, known as the Libra Association.
SO what exactly the Libra association?
Facebook thought people would not trust the project, so it hired the association’s founding members to manage token production and real-world asset reserves.
A minimum $10 million has been spent by each Libra Association member to connect the network and become validator node.
Moreover, Members of the Libra association have also received one vote and are entitled to a share of the dividends from the Libra reserve’s earned interest, where users pay in fiat currency to get Libra.
There are 28 companies that have been associated with Libra. Below we have listed these companies by its category.
And the team Libra agreed to come up with a new blockchain platform on the basis of three criteria, based on the process of analyzing existing blockchain platforms:
Highly protected in order to guarantee that the financial data and the funds are safe.
Ability to scale to billions of accounts requiring low latency, storage system with high capacity, and high throughput of transactions.
Flexibility to power regulation of the Libra ecosystem and future financial services innovation.
What features we can expect from the Libra Blockchain?
Libra utilizes a byzantine-fault-tolerant (BFT) consensus approach.
Also, it can emphasize universally accepted blockchain data structures.
For implementing custom transaction logic, it uses Move Programming Language.
As a pseudonym, Libra Blockchain enables users to have one or more addresses that are not associated with their identity in the real world.
How Distinct is Libra From Other Cryptocurrencies?
Like other cryptocurrencies, Libra transactions are recorded on a software ledger that checks every transfer, known as the blockchain.
The Libra blockchain will be run by founding members in initial stages but later evolve in the future to a fully open system.
However, there are similarities too like Libra is somehow similar to other cryptocurrencies.
Such as bitcoin and Ethereum, Libra exists entirely in the digital platform. You won’t be able to get a note, or a coin, for a Libra.
Libra would be connected to real money, a format generally known as a ‘stablecoin,’ unlike bitcoin, Ethereum, and some other cryptocurrencies, which are not backed by anything and swing wildly in response to the speculation.
Does Libra Need to be Centralized?
If the Libra would become centralized then it will make the system less prone to hacks or shutdowns but takes time.
For instance, the Bitcoin blockchain can only process about seven payments every second.
If we compare it with the Visa payment network then it currently supports up to 24k payments each second. So for the initial stages, we can estimate that Libra should be able to handle around 1,000 transactions every second.
It has been projected by the white paper that over the next five years, Libra will change from a “permissioned” blockchain to a completely decentralized or “permissionless” blockchain from the current proposed model. However, there is no certainty about that.
How to Buy and Where to Store Libra?
Unfortunately, Facebook’s Libra coin is currently not available to purchase as it’s under development.
When it releases, new coins will only be created when users buy them through apps like Messenger or WhatsApp.
Libra is a kind of stable coin, which implies that its value would be fixed to a fiat currency like the US dollar.
Each time new Libra is generated, the money of the consumer will be kept in reserve to protect its value.
Moreover, there is a wallet to store Facebook Libra which known as Calibra. The company said that sending libra is as easy as that sending a text message from one to another.
Over time, the cryptocurrency is supposed to be used to pay taxes, purchasing daily groceries, and can be the substitute for bus and train passes.
Facebook said that they are highly concerned about privacy. Calibra will be kept separate from its social network, which ensures that the buying preferences of a consumer will not be used to generate targeted ads.
Are you taking enough safety measures to keep your Bitcoin wallet safe?
If you are doing, then it is a GREAT thing.
But, if you are not, then it would become a serious problem for you or you even might lose everything from your wallet.
But that day will never come into your life because we are here to give you some solid actionable tips that you can consider to keep your Bitcoin wallet safe.
Although, there is no doubt that Bitcoin is a very much safe currency and nearly impossible to hack.
Still, it is your job to implement good practices in order to protect your money.
It does not matter whether you use hardware, mobile, or a desktop wallet.
Your Bitcoin will always be attractive to scammers, fraudsters, and thieves, especially if you are holding or making purchases with a huge amount.
So, without any further due, let’s jump in.
What are the security risks if you do not take enough precautions to your Bitcoin wallet?
During the Coronavirus pandemic, the security risks have been increased. The hackers and fraudsters are trying to find new ways to access your wallet.
But do not worry, the crypto market can not be affected by such scams.
However, the risks are there. Below are the possible security risks that merchants could encounter.
1. Do not get overwhelmed
Yes, it can be the reason for your loss. Do not tell someone if you have profited from Bitcoin that you invested in a couple of years back.
This exposes you to all sorts of attention and makes you a target out there for really bad people.
Use common sense, you can be an easily targeted person both digitally and physically.
2. Scams involving phishing
During the pandemic, emails claiming to come from reputable sources such as charities and government agencies have increased.
How do these scams happen? This allows individuals to click on links to donate or buy personal protective equipment.
These links are HIGHLY vulnerable from malicious websites where personal information can be leaked to hackers, such as private keys of crypto exchanges.
3. Scams related Investment
There are fraudsters who will act as a crypto-trader and tell you the high returns are now on cryptocurrencies just to make you fool.
They take the help of social media and emails to target users.
The predominant cryptocurrency on the market is now “Bitcoin”.
4. Never forget “Ransomware”
Ransomware can restrict a user from accessing a computer and its files, most commonly in Bitcoin, until the ransom is paid to hackers.
They also request payments via Bitcoin or other cryptocurrencies.
If you do not want to get into these troubles then install not just any but a legitimate anti-virus on your computer that protects your pc from any kind of current and upcoming viruses.
Now, let’s understand the ways that you can protect your Bitcoin wallet.
12 actionable advice that can keep your Bitcoin wallet safe
Despite these security risks, using crypto wallets is one of the best options to secure your cryptocurrencies.
If you take these tips into account, you will be free from any scams and security problems and your money will be out of any danger.
NOW, take a look at the safety measures you should take to protect your Bitcoin wallet.
1. Online Wallet:
Using online wallets can store your private Bitcoin key online. It is a web-based wallet that can place great power into the hands of the organization that runs your online wallet because they have the private key.
It is always good to have access to your online wallet so that you can use your Bitcoins anywhere at any time.
There are some good legitimate online wallet providers one such example is Consider “Coinremitter”. It offers a bit more security like (2fa) and also encrypts your private keys.
It is essential to have two-factor authentication to your wallet, you need to take an additional security step rather than using only one password to access the crypto wallet.
3. A trusted password manager:
It might be challenging for you to remember the code of your private keys, which gives you access to your crypto wallet.
Now in this case you need a reliable password manager that can store and retrieve your code.
And you will be free out of the hurdle to remember your private keys.
4. Use a solid password for your Bitcoin wallet:
It will be not any random password which generally includes birthdates, names, phone numbers, etc. You need to create a tremendously strong password for your wallet.
Your strong password should have contained the letters, numbers, punctuation marks and must be at least 14-18 characters long.
The safest passwords are those created specifically by programs designed particularly for that purpose. Remember your password or keep it in a very safe place.
5. Never give away your private key:
As its name depicts, your private key should be limited to yourself.
Your private key is highly confidential. Do not share it with anyone and do not ask for transactions to be made for you by someone else.
Moreover, do not trap into the proposals or requests that involve a third party or person asking you to share your private key.
6. Save your private at a safe place:
Secure your Bitcoin wallet by saving its private key in a safe place.
It is recommended to write down the private key on a piece of paper and hide it to the location which can only be accessible to you.
Do not take the risk of saving on an electronic device, rather you have a very safe alternative.
7. Separate your wallet for daily transactions:
A very smart idea to separate your wallet if you use Bitcoin for your daily transactions. It also helps you in your time of need.
One great thing is that there is no limit on how many wallets you create.
The benefit is that the protection of your entire portfolio can be strengthened by sorting your transactions and keeping the most important ones apart.
8. Take backup your Bitcoin wallet from time to time:
Backing up your Bitcoin wallet regularly will protect you from computer crashes and a lot of human mistakes. It also helps to recover the data (only if you encrypted the wallet) if your device gets stolen.
It is less likely that any bad incident will keep you from recovering your wallet if your backup is not based on a single location.
Make sure that by periodically backing up all recent Bitcoin address changes and new Bitcoin addresses that you’ve created should be included in your backup.
9. Always verify the Bitcoin address:
You should always carefully check the recipient’s Bitcoin address when making transactions.
When you copy and paste a Bitcoin address and change the pasted output to another address, there are malware programs that can ‘intervene’.
You will end up giving your Bitcoins to someone else if you do not take enough care checking the wallet address.
10. Stay away from the suspicious links:
Whenever you surf the internet, just make sure to not click on any unknown or strange link.
Internet scammers are everywhere they can duplicate entire websites and use URL addresses that are almost identical to the legitimate ones.
If you use an online wallet or a similar service where you are required to enter the private key, make sure to verify that the website address is the authentic one.
11. Update your device software and antivirus:
Check for the update of your antivirus regularly.
A daily upgrade of the software and antivirus solution is one of the best ways to improve the system to reduce vulnerabilities.
To prevent data breaches, you should always use the right security measures. The tips offered will enhance your protection online and help secure your Bitcoin wallet.
12. Use a VPN (a virtual private network):
Another way to improve your security is by using a Virtual Private Network app.
Using VPN you can encrypt your online connection, blocking hackers from tracking your crypto exchanges. To ensure their privacy online, many crypto traders use this method.
These are the security risks and the possible precautions that you can take to keep the Bitcoin wallet safe and not let the scam happen to you.
No one is responsible if something happens to the security of your Bitcoin wallet.
The cryptocurrency scene is continually changing day-by-day and security systems are becoming more enhanced.
You should take all appropriate security measures and keep up-to-date with the latest changes and security upgrades.
Kotak Mahindra Bank is the second-largest bank in the country by market capitalization.
It provides banking products and financial services in the fields of personal finance, investment banking, life insurance, and wealth management to corporate and retail clients.
Ripple, which has already set up an office in Mumbai city and, it has collaborated with the country’s multiple financial institutions.
Kotak will use the xCurrent to monitor immediate remittance transactions in the region. Moreover, the benefits include prompt cross-border payment settlement, end-to-end monitoring, and decreased time and expense.
UBS Group AG is a Swiss multinational investment banking and financial services firm, founded and headquartered in Switzerland.
Swiss multinational bank UBS is the world’s leading bank among Swiss banks. However, it controls the world’s largest amount of private wealth including nearly half of the world’s billionaires.
In 2016, UBS developed a research laboratory for blockchain technology to improve cybersecurity and the encryption of client activities. In Addition, it works with Ripple’s technology to build cross-border payment solutions, however, it is still looking at other alternatives.
The National Bank of Kuwait is the largest financial organization, with branches and subsidiaries such as, in China, Geneva, London, Paris, New York, and several others.
Kuwait’s National Bank, one of Kuwait’s most popular banks, joined RippleNet in mid-2018,saying it’s keen to use Ripple’s innovative tools to provide optimum customer service.
A further significant financial organization in the region, the Kuwait Finance House, has also embraced Ripple’s solutions, having introduced a cross-border remittance program that allows users to make such transactions for the Saudi Riyal.
Axis Bank is the third-largest Indian bank in the private sector, offering a variety of financial services.
The bank announced in 2017 that it would join RippleNet, using the technologies to raise foreign payments.
The bank has also launched a retail customer service to receive payments from the RakBank in the UAE. Also, its corporate customers to receive payments from the Singapore Standard Chartered Bank.
Solutions that Ripple XRP is Providing:
RippleNet now primarily offers three types of solutions. Moreover, it is using the xCurrent solution from RippleNet, banks can process cross-border payments for their clients.
Ripple uses a dynamic conversion technique for the currency which allows Ripple to always give the lowest exchange rate.
Ripple currently recognizes a few fiat currencies such as USD, GBP, etc. Resources such as gold, silver, and a range of common cryptocurrencies, for instance, BTC, LTC, the native cryptocurrency XRP, etc.
If you want to make a transaction through Ripple, you can install coinremitter the crypto payment gateway to send, receive store, exchange Ripple, and other cryptocurrencies.
However, the pace of the transaction is very fast, and it could be done within a minute.
Now it’s easy to install Coinremitter opencart extension into your opencart store. We have created this guide for merchants so they can easily understand the coinremitter integration process on their opencart store.
Requirements for integration
For the Integration process of Coinremitter opencart extension, users must require to have Opencart version 3.0+
If you don’t have an account on Coinremitter, then make sure to make it one. Signup
Installation of plugin
First! Download coinremitter opencart plugin in ocmod from opencart marketplace (downloaded file name will be coinremitter.ocmod.zip)
Go to opencart admin left panel -> Extensions -> installer -> click on upload -> select coinremitter.ocmod.zip from your path and upload it.
Go to opencart admin left panel -> Extensions -> Extensions -> select ‘Payments’ from “choose the extension type” dropdown. You will see all payment methods extension there. Find ‘Coinremitter’ and click on ‘+’ at the end of the same line to install it.
Now, go to opencart admin left panel -> Extensions -> Modification -> click refresh button (top right corner). You will see that ‘coinremitter’ menu will be added at the bottom of your opencart admin left panel.
Greate!! Plugin installed in your opencart store, Follow below instructions to configure coinremitter.
Go to admin panel left panel -> Extensions -> Extensions -> select ‘payment’ from “choose the extension type” selection. Find ‘Coinremitter’ payment extension and click on the edit button (pencil icon button) at the end of the same line to edit it.
On that page, you will find Configuration options.
In the ‘Edit Coinremitter’ box, you will see multiple options to fill in.
Extension Status. Make sure it is Enabled.
Title which will display to the user on the checkout page
Description option, you can add some notes to tell your customer some meaningful things before the customer makes any step during checkout.
Exchange Rate. The default is 1. It is a price multiplier. Let’s say if you set it to 1.10 then price in cryptocurrency will increase by 10%. and for a 5% discount, you can set it 0.95 in this text box.
Set Invoice Expiry. It is in minutes. So if you set to value 30 then the created invoice will be expired after 30 minutes.
Order status. When Customers successfully make payment using cryptocurrency, the order status will change to this
Create a Wallet
Click Coinremitter menu on the left panel of admin panel
You’ll find the Add Wallet button on the top right corner of the page. Click on it.
After clicking on the add wallet a new page will appear where you’ll see multiple options like Coin, API key, Password.
In the first option of Coin select your coin from which you want to add your crypto wallet.
Now go to Coinremitter website and login to your account and get your API key from there. If you find any trouble to get your API key and password then click here to get the idea.
Get back to the Opencart coinremitter page and select one of your Coin. Paste API key in the box and fill your Password in the box.
Click on the Save on the top right of the page.
How to make Payment
After completing the above steps you can test first order using Test Coin.
Now add some product in your cart and navigate to the checkout page. Select Payment Method “Payment With Cryptocurrency”. If you have modified title text in the coinremitter configuration page then it will display as an option here. Click on the continue button
Now you can select coin that you want to pay by it. Make sure you have added a wallet in your opencart admin panel. Follow the above guide if you haven’t added a wallet.
On the very next moment, the system will automatically create an Invoice which will appear on your screen
Copy Payment address from generated invoice and pay the exact amount from another wallet. Once you transfer to this address, it requires enough confirmation to mark the order as paid. It will automatically redirect to the success page once payment is confirmed on the blockchain. And you will see the following screen
Congratulations! You have now successfully paid for your product.
Check order details
Go to your Admin Panel menu and click on Sales, dropdown opens, and click on Orders.
Once you reach the Orders page you will see your multiple orders list. Select one of these orders. Make sure that the order is paid using the coinremitter payment option.
Click on the view from one order and you will be redirected to the order view page.
Scroll down to Order History. In the History tab, you can see the details about payment in the comment column.
Now you are ready to accept cryptocurrency payment on your opencart website. Don’t forget to remove Test Coin wallet from your admin panel and add another coin wallet other than test coin
To understand blockchain technology, a blockchain Is usually known as a group of blocks that are bound to each other by using cryptography. Computer networks can maintain all of these blocks that call peer to peer networks. These networks are either centralized or decentralized.
The main purpose of blockchain technology is to contain information in every block. There is a digital key that protects the block.
Since the crypto-coins market commands its peak these blockchains are principally used among these markets. Moreover, the decentralized cryptocurrency market means there aren’t many Influences of centralized agencies like banks and central government.
Sometimes to perceive Blockchains may become delicate for folks. However, in exceedingly traditional words centralized agencies open largely Information that might be simply accessible to everyone.
There are ample crypto payment gateways accepted blockchain technology to send/receive coins, save invoices, and alternative details to store.
What is transaction fees? Or withdrawal fees?
Transaction fees are basically a charge you have to pay if you transfer coins from your wallet to someone else’s wallet.
There are many crypto coins gateways that charge withdrawal fees according to their circumstances. Some of them take charges individually according to multifarious countries also payment gateway like Coinremitter takes only onecharge in order to send coins across the border and no matter where that user is from.
In addition, these transaction fees are the main revenue of some gateways. in contrast, it doesn’t apply on other gateways because they have also found other ways to earn more than their revenue.
The individuals are paid to those minors who make transactions possible. Eventually, they paid them from revenue.
However, each and every transaction history will be saved in blockchains whenever users made their transactions within the border or across the border.
Minors can see all these transactions to avoid errors which create resistance when transfers between the process.
What is cryptocurrency wallet? – Where to store crypto coins?
What is the crypto wallet?
A crypto wallet/crypto coin wallet is a function that every crypto coin holder can use to sends/receives coins into their wallet. In addition, it only accepts that one coin in a wallet, which that wallet would make from that coin.
Each wallet holds its private keys and the only owner of that wallet would have accessibility in order to open wallet. It also holds a public address in order to send coins within their wallet.
If someone accidentally deletes their wallet, then all the remaining funds from that deleted wallet will not transfer because users have the full authority about what to do with the wallet.
Moreover, blockchain technology can save all your funds and wallet information securely.
How to accept coins on websites?
The types of services provided by Individuals are subtle sometimes. There may have one route to accept crypto coins within the website is to create a wallet of crypto coins.
Coinremitter provides the simplest way to create a wallet and start accepting or sending coins on individuals’ wallets.
How many types of crypto coin wallets are available on the internet?
There are eventually 5 types of cryptocurrency wallets available on the internet.
1) Hardware wallets
2) Paper wallets
5) Web wallets
From the starting of hardware software, this type of wallet is mainly unique because it comes in the form of a USB device that contains an LED screen on it where it displays a kind of native desktop. It cost money but it’s worth it.
Paper wallets are basically not for every cryptocurrency user. In general, it requires some of the high cautions in order to make transactions. On this wallet, your private keys and public address will go to print on a piece of paper yet this may be a good way in order to protect your data. Thus, all private keys are offline while utilizing it.
A desktop wallet is one of the most trustworthy and needlessly, far more superior wallets among these wallets because users have all the rights to operate this wallet including their private keys to keep an eye on every transaction. However, there is one desktop wallet available called coinremitter is the most valuable wallet across all its users.
In today’s world making an online payment through mobile is at its peak. Moreover, mobile wallets are easy to operate this wallet supports Android and iOS so sleekly. Nevertheless, it contains a lot of caution because the security would become less to protect users’ information in order to make the quickest transaction and cut the most time. Therefore, it’s optionable for users.
Web wallets are always connected to the internet and can be simply accessed through web browsers. This wallet also called a hot wallet. These wallets are not for all users so it’s good to maintain a distance from this and stick to the trustworthy wallets.