OneBit Brings Bitcoin to Mastercard Paypass Terminals ...

A Bitcoin primer (please help critique this draft)

UPDATE Finally published!
I am writing a very elementary explanation of Bitcoin, explicitly geared to people who know nothing about it, but know how to use a wallet and paper money, and read/write at 6th grade level.
Please critique this writeup. I'll be posting it on a site of mine with thanks to everyone who helps me improve it.

What is Bitcoin?

Bitcoin is money. People give stuff to you, and you give them Bitcoins. You give stuff to people, and they give you Bitcoins. That is: you can buy and sell things using Bitcoins.

How does it work?

It's actually pretty simple. Let's say you want to buy a banana from a farmer's market, using Bitcoins instead of dollars.
You have a Bitcoin wallet. You carry some Bitcoins in it. The farmer also has a Bitcoin wallet. His wallet has an address (or more) tied to it. Bitcoins sent to that address appear in his wallet.
You ask the farmer to buy one of the bananas. The farmer says, "Sure, it'll be 1 Bitcoin" and hands his wallet address to you. You give 1 Bitcoin from your wallet to that address; this transfers your Bitcoin from your wallet to his wallet. He gives you the banana. That's it. Now you have your banana, and the farmer has his Bitcoin.
If you want to get paid, this works exactly the same but in reverse. You give your address to the other guy, and he sends Bitcoins to that address. You can even give a different address to each person. This is usually a good idea.

Isn't that a bit complicated?

At a glance, Bitcoin does sound more difficult to use than cash.
But in practice, the farmer won't actually give you a long number in a paper card. What he'll do is he'll show you a barcode. You'll take a picture of it with your Bitcoin wallet in your phone, key in a number of Bitcoins to send, then tap "Send".
As you can see, this is faster than opening the register and making change for cash. It's also faster than keying in your debit card PIN, if you pay with a card.
So, what if you're buying things with your computer? Then you will copy the address of the sender to your clipboard, and paste it on the Send box of your Bitcoin wallet.
And what if you don't have your computer with you? No problem. There are several Web sites that can keep your Bitcoins stored in "online wallets". With them, you can send and receive Bitcoins to other people and between your other wallets too.
And if you don't have a phone or a computer with you, you can pay with physical Bitcoins too.

How do I get one of these Bitcoin wallets? Are they expensive?

Bitcoin wallets are usually free. You get a wallet by:
  • Installing a computer program in your computer.
  • Getting an app for your phone.
  • Opening an online account in any of the Web sites offering wallets.
You can have more than one wallet. You can freely move your money between your wallets, just as easily as you can send money to someone else.
There are also companies that sell physical Bitcoins. These are actual coins with a redeemable Bitcoin address inside them, good for as many Bitcoins as you choose. You do have to pay a bit of a premium for them, but they work if there's no electricity where you are.

Why not just use a credit or debit card?

Two reasons:
  • Cards involve a middle man called a "credit card processor". This middle man complicates everything for everyone.
  • Bitcoins work worldwide, without currency conversion or international payment fees.
If you're selling stuff: you have to pay the middle man a very high fee (~3%) on every sale you make. You also need special equipment. This agreement limits what you can sell, and how you can sell it. You also have to prepare for people who dispute payments, especially from stolen cards.
If you're buying stuff: you end up paying extra money because of the difficulty added by the middle man.
If you want to just send or receive money: you simply can't do that with a credit card. You could "give" money to a friend by buying him dinner. But what if you want to, say, sell a computer to him? Now he has to withdraw cash from an ATM (inconvenient), or use PayPal (and pay a fee)... it's a mess. "I'll pay you later" turns into "meh, I'll buy it from the store".
And if you're abroad: your card will usually let you buy stuff, but you will be paying through the nose in middle man fees.
If you use and accept Bitcoin, none of this is a problem. All you need is a Bitcoin wallet, and presto. It works everywhere.
So why involve a middle man at all?

Isn't cash safer? What about credit cards?

Bitcoin is safer than cash and cards. Let's compare.
A thief who steals your regular wallet can ruin your credit statements and spend your cash freely.
Not so with Bitcoin. Bitcoin wallets can be protected by a password; the thief can't pry your Bitcoin wallet open, and your Bitcoins can be recovered if you backed up your wallet. Why would a thief steal something he can't use?
This is especially true of PayPass ("wireless" or "no-swipe") credit cards. Clever thieves can wirelessly swipe everything from those, just by walking near you. Name, home address, card number, expiration date and security code. This can't be done to Bitcoin wallets.
About the only thing that someone could steal from you and then spend, is physical Bitcoins. They are like cash in that sense.

Why should I use Bitcoin rather than, say, dollars or Euros?

You don't have to choose one or the other.
For example, you can buy or sell some things using dollars, and other things using Bitcoins. You can buy and sell Bitcoins for dollars too. In fact, you can trade Bitcoins using practically any major currency out there.
Also, you can "top up" your Bitcoin wallet at many online places.
But the best reason to buy and use Bitcoins is actually unique to Bitcoin: they cannot be "made up" by punching numbers on a computer or a printer, and they cannot be counterfeited either. Thus, Bitcoin protects your money much better than any other currency.
See, with any other national currency in the world, the Central Bank of that country can (and often does) arbitrarily "make up" more and more money.
This means that the money you saved is worth less and less as time goes by. Remember that $50 supermarket bill last year? Today, you're either paying $80 or getting less food. Tell me it ain't true.
This gradual but terrible tragedy simply can't happen with Bitcoin. Bitcoin has a hard mathematical limit. This limit cannot be fooled by any means. Not by a Central Bank, and not by a private counterfeiter either.

I have some Bitcoins now. How were they made?

Bitcoins aren't made by anyone. They are "mined" (like gold in the real world, or diamond in Minecraft).
"Mining" is a mathematical race. It's about randomly guessing big numbers and doing calculations with them. Whoever gets to an undiscovered number first, "wins" the race. Everybody else in the race uses the same math to verify the win. Then the winning miner gets some confirmed Bitcoins.
As you might have guessed, numbers games are best played with computers, and lots of people (called "miners") happily play it. They play it for two reasons:
  1. To win newly "mined" Bitcoins.
  2. To confirm and profit from Bitcoin transfers that pay (very small) fees.
As time goes by, "mining" gets harder and gives miners fewer coins. The Bitcoin system does this to prevent newer and faster computers from mining too many coins at once.

Why can't anyone just "invent" their own Bitcoins and throw them into the world?

The short answer is:
Because Bitcoins must be "mined". Mining involves very hard math that cannot be faked.
The somewhat longer answer is:
Bitcoins mined with one computer are checked by millions of other computers to see if they are genuine. The mined Bitcoins are only valid after several computers confirm "yes, these Bitcoins are genuine".
The checker computers verify that the mined Bitcoins:
  1. didn't re-use previously discovered numbers
  2. didn't use fraudulent or faulty calculations
Checking Bitcoins for authenticity is much, much faster than mining. It's much like checking a password -- it's also much faster than trying to guess it.

How many Bitcoins are there?

Right now, about 8 million Bitcoins have been mined. The hard limit is 21 million. 99% of it will be mined by 2036, according to estimates.

Only 21 million? Bah, that's not nearly enough for the entire world!

Unlike dollars (with 100 cents to a dollar), Bitcoins can be divided beyond millionths. The smallest amount of money you can make with Bitcoins goes down to 8 decimal places. There's no practical reason why a pack of gum can't cost 5 microBitcoins (μBTC).
If 1¢ was equivalent to 0.01 μBTC, then:
  • $1 would be worth $1 μBTC,
  • $1,000 would be 1 mBTC (milliBitcoins),
  • a million dollars would be 1 Bitcoin,
  • a billion would be 1,000 Bitcoins (U.S. "billions" here, sorry for that),
  • a trillion would be 1,000,000 Bitcoins,
  • 21 trillions would be 21,000,000 Bitcoins (the total carrying capacity of Bitcoins),
And that's just for Bitcoins themselves. The amount of debts and promises to pay Bitcoins has no limit, just like it doesn't have any limit with any currency today.
Now that you know this... 1 Bitcoin sounds like a helluva lot of money to pay for a banana, right?
submitted by throwaway-o to Bitcoin [link] [comments]

IntlCoin – a stable cryptocurrency for humans, not speculators

Hello World! I am Alex Kundin, CEO of the non-profit organization IntlCoin Inc. I want to hear your opinions on our project, IntlCoin ( – a stable cryptocurrency with its own infrastructure.
It’s no secret that at the moment, most cryptocurrency users are speculators. But we believe that cryptocurrency has a potential that’s incomparable to the Forex. People can use cryptocurrencies for purchases, transfers and savings. What prevents them from doing this now?
  1. Unstable rates. No one will buy a burger with Bitcoin because the value of the currency may double tomorrow. You won’t invest all your savings into Ethereum because the crypto-bubble could burst at any moment, and you could lose everything.
  2. Bad infrastructure. Ok, so let’s say you really want to buy a cheeseburger with X cryptocurrency. How can you do this? Of course, your favorite snack bar does not accept X cryptocurrency. If it’s particularly trailblazing, maybe it accepts Bitcoins, but if X cryptocurrency is not Bitcoin, you’re almost certainly out of luck. And, ok, maybe X cryptocurrency is Bitcoin – then what? There is no Bitcoin credit card or PayPass terminal. There are thousands of not-always-compatible wallets and it can take ages to confirm a given transaction. The faster the seller wants to serve the buyer, the higher the risks. Therefore, he is forced to wait for minutes, or even hours...
  3. Input and output problems. Ok, so you found a pioneering snack bar and your X cryptocurrency is Bitcoin. How do you buy Bitcoins? Let’s say you have a $5 bill in your hands. In order to convert that into Bitcoin, you’ll have to transfer that $5 to a bank account, then to some e-wallet, then to the exchange which (might) convert your money into Bitcoin. You face hours-long waits for each of these steps. And those awful commission charges! Wouldn’t it be nice if you could connect your smartphone with an ATM and instantly have the cryptocurrency in your wallet? Now, imagine something went wrong. The snack bar ran out of cheeseburgers and now all you want is to get rid of your Bitcoins and get your $5 back. Believe me, the food chain of middlemen will be even worse. For a system that prides itself on rising above the middleman, don’t you find this a bit contradictory?
There are more problems, but these, I think, are the major ones. And our project is aimed at solving each of them. You can read our Whitepaper for details, and here’s a summary:
  1. IntlCoin is linked to an index of a large number of stable currencies. The majority of these currencies are fiat, but we’ve included some particularly stable cryptocurrencies as well. It’s impossible to mine or forge our cryptocurrency from nothing: every token is backed by units of the index, and purchased with fiat money. The US dollar and the euro account for the largest portions of the index. By virtue of the proportions and diversity of constituent currencies, out index is extremely stable; it could fail only in the event of a global economic collapse (although even in this case, the index would remain propped up by cryptocurrencies). This link to the index and full backing with fiat money are key features of the project. The price of one IntlCoin will vary little with time. It’s a bit like Tether, which is linked to the US dollar, except our cryptocurrency is more reliable. We also surpass Tether in technical and infrastructural aspects; we learned from their mistakes. A negligible amount of our costs will go toward company capitalization. This is necessary in order to get a good start on our ICO, and to foster subtle but consistent growth of the currency over time, comparable to the way savings accounts gain interest as time passes. This also solves the inflation problem, enabling users to keep their savings in IntlCoins.
  2. We will create simple and effective tools that can be utilized by end-users and merchants alike, as well as by other financial sector players. We are developing apps that will make it possible for a buyer to simply touch his or her phone against the merchant’s phone to make a purchase. Our goal is to create something akin to Apple Pay for the cryptocurrency world. But our apps are not only for money transfers. We will develop smart contracts so users can sell digital content securely and automatically, without any middlemen. And real goods can be linked to digital tokens too, with physical marks, for example. Combined, all of these factors will streamline the purchasing process and slash transaction costs. Furthermore, thanks to our Graphene technology, each purchase will take milliseconds.
  3. We will work with local financial structures in order to simplify fiat money input and output to the extent possible. It is our goal to make it possible for IntlCoin users to seamlessly utilize ATMs and banks. No need to convert the local currency to the US dollar, then to Bitcoin or Ethereum, then to IntlCoin. Users can just make purchases with their preferred currency on our site to buy INTLCOINs directly. Also, it will be simple to withdraw IntlCoins in fiat money. Of course, we have a ton of work to do to make this real, but we have a team of seasoned financial specialists who have no doubt we can accomplish this.
Now, I will provide you with a few real world examples of how IntlCoin could change the game: In the series of examples below, the subject is Bob, a guy who doesn’t know much about blockchain technology and who lives in country X – a country that struggles with currency volatility and has taken measures to limit the flow of international currencies within its borders.
While our key features are related to our financial and infrastructural solutions, our technological underpinnings are also worth highlighting. We don’t plan to launch our own blockchain: instead we are designing a cryptocurrency with smart contracts via the Graphene-based blockchain EOS. Why Graphene and not the more popular Bitcoin or Ethereum? Graphene uses Delegated Proof-of-Stake consensus, which provides fantastic performance: tens and hundreds of thousands, even millions of transactions per seconds, according to tests. No alternatives can rival this performance, and it’s a key feature for mass currency. Also, Ethereum smart contracts are over-low-level, and it can be difficult to create and understand big projects, whereas EOS smart contracts are high level with “batteries included”, and ascertainable to non-specialists, which is crucial when it comes to fostering user confidence. EOS is incredibly promising, and we hope to become one of the first major projects using it, and also to become one of its delegates.
In our name IntlCoin, Intl stands not only for International, but also for Intellect. And I hope by now it’s clear to you why this name felt right. I will be glad to read all your comments, answer any questions and dispel any doubts! Each of your voices is invaluable for us. And I want to thank everyone who has read up to this point.
IntlCoin is currently offering a pre-ICO campaign, and at the moment, anyone can buy our future tokens with a huge discount. We are grateful to each of our investors. We believe this project will have a monumental future, and with this article I hope I have also instilled this faith in you.
You can view the pre-ICO campaign and participate here:
submitted by IntlCoin to u/IntlCoin [link] [comments]

Everyone just RELAX!!!! hold onto your coins and keep your shit together...patience

Im not sure why everyone is flipping out over the price of bitcoin. Im a new bitcoin investor, i transferred some cash through last week with the possibility of buying when i felt fit, and today when it hit a cool 80$ i bought. i hope alot of other people did to. i Know its tumbled back a bit, but im not worried...heck i couldnt care less if it went down to 40$ over the next week or so. Ill probably put through another 4-5k into it if it sticks between 40$-120$ in the next month or in it for the long run.
The problem with the internet is it breeds histeria, i've been watching bitcoin since the beginning of this year, forgot about it for a while and picked up on it about 8 weeks ago and saw it hit a nice 100 odd dollars or so?. I thought this might get interesting. i was surprised when it went up to 240 - 250$. At this point the media got involved which was a big problem for bitcoin. because then tom dick and harry and his speculator buddies started buying and selling which is why i think we are seeing the after effect of that, lots of buying and selling, panic, confusion, uncertainty and losers sitting at their computers 24/7 on mt.gox....are you one of them? :)
Well, maybe not a loser if you got a mil or two waiting to get through the banks. ;-) or you were silly enough to invest everything you had in bitcoin.
Everybody just needs to relax, hold onto your coins. Dont think about the next few hours, weeks, or even months. Im in it for years, and i might start buying other internet chips? the more businesses that wake up and realize that paypal etc, banks , are ripping them off, and their loyal customers. do the math, how many millions of dollars a day in trade from just one website like amazon, and paypal taking a % and visa or MC taking theirs. People will get tired of this and adopt bitcoin. OF course its unstable at the moment!! its new! 2009 it was like a dollar....and it was mostly illegal markets that fueled its rise. its risen up to the double digits! Of course there is the big question of confidence, i remember hearing stories of wallets getting broken into, phising sites getting your accounts, and even drug slingers who had top rankings on silk road, offering a sale, taking a quater million dollars worth of coins in a weekend and as they say...."going out with a bang" gone is their sellers account, and all their coins.
But all this nasty, volatile, black market image will soon fade, it already has started. Sure theres nothing to regulate it accept the fine people who use it, but it will stabilize once it picks up, and its young, very young...its like the internet became a country and invented its own currency....Awesome!? what you have to remember is yes, there is a huge surge up and down in price, but there is also a HUGGEEE amount of new people trading, especially on Mt. gox.
At the moment it takes 1 couple to tell a story of selling their car for coins, or a reddit post of someone giving away 13 000 coins (..whhaat a load of shiiit) to send the price up or down, but remember, bitcoin is new, and its idea too. But so was google. At the moment its impossible to predict what will happen to bitcoin. But just remember a few things:
  1. The more people start trading online the more the exchanges will invest into security and hence drive up confidence, and more businesses will adopt, and so happy bitcoiners.
  2. over time more infrastructure will be established. IMO the coin network itself in all its complexity and elegance its just the beginning of many programs, networks, businesses etc that will come about by trading, exchanging bitcoins for other currencies and what have you.
  3. the chinese are making mining machines and could quite possibly open up a whole new market for yee ol' micro chip. Its awesome when the chinese get involved in these types of things, and i think this will be beneficial for bitcoin. lets just hope the algorythms keep getting harder and the coins really can be mined for 30+ years.
  4. Dont worry about its enemies - The government(s) cant even barely stop illegal movies for god sakes!! you think they can stop the coin revolution! the hell with banks, they are already charging me 35$ to transfer money into a trading account,.... i thought we were getting past all that crap...occupy wall street? the hell with the system!
IMO everyone just needs a little faith, i hate seeing people on reddit 'what the hell the price is [email protected]! AHH" its posts like this, and journalists who paint a volatile and uncertain future for bitcoin. But not for me, im in it for years, i have faith in bitcoin and bitcoins best friend right now is faith in it, and PATIENCE. Just sit back with your coins, as safe as you can keep them, hold on tight for a few years, it will rise back up, more businesses will adopt it, and hopefully we can all make something out of it.
Its a very unpredicable future, so only put in what you can afford to loose, ive taking a real shining for the coin, its a new and better way of doing things online and i think its just a matter of time before we will hear sentences everyday from people "how many bit cents does that cost?" ....i hope to see a future where you could transfer coins onto some kind of electronic chip, card, app and use them in everyday life a bit like "paypass" (banks suck). Stop staring at the price and think of the possibilites, the future, the doors it can open... this could be the next big thing.
submitted by internetsurvival to Bitcoin [link] [comments]

MasterCard debuts digital wallet services How to create a Bitcoin wallet online? - YouTube Offline Wallet on Bitcoin Cash ( Bitcoins Erklärung: In nur 12 Min. Bitcoin verstehen ... PayPass Wallet

PayPass Online offers a simpler check-out process by eliminating the need to enter detailed shipping and card information with every purchase. PayPass Wallet – Offers a suite of e-wallet solutions enabling banks, merchants and partners to white label their own wallets. It enables consumers to store payment and shipping information in one secure place. The wallet is open, which means that ... Startup OneBit is developing a Bitcoin wallet app that lets users pay at any store with contactless mobile payments via the MasterCard PayPass payment netw... Carte de crédit PM is an online wallet system that makes it possible for most people from worldwide to shop as well as spend money online. PAYEER is a settlement system such as PayPal, Neteller or Moneybookers with which you pay cash globally as well as can receive. The result is a free e-wallet that you can make use of like a checking account to pay on the net. Repayment providers such PAYEER are coming to ... Startup OneBit is developing a Bitcoin wallet app that lets users pay at any store with contactless mobile payments via the MasterCard PayPass payment network. OneBit securely converts bitcoin on the fly at market rate into any major local currency using BitPay, and pays the merchant via their NFC payment terminals. OneBit will permit users to pay at any MasterCard PayPass-accepting merchant ... Bei den PayPass Wallet Services handelt es sich um eine neue, globale Wallet-Lösung, die den elektronischen Zahlungsverkehr vereinfachen soll. Durch sie können Käufer sowohl am POS als auch online sicher und „mit nur einem Klick“ bezahlen. Kundenvorteil: Sowohl Zahlungsdetails als auch Lieferinformationen (im E-Commerce) werden in einer einzigen, sicheren und kundenfreundlichen Lösung ...

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MasterCard debuts digital wallet services

Hi,MOM! I need now you send me a small Bitcoin! Thank you so much! Will see soon. Bye! Bitcoin für Anfänger einfach erklärt! [auf Deutsch] Bitcoin-Börse (erhalte 10€ in BTC) *📱 Sicheres Bitcoin-Wallet... This is my guide to the best bitcoin wallets of 2019. Of course, the best bitcoin wallets are totally based on opinion, but with that said, these are my favo... This video is unavailable. Watch Queue Queue. Watch Queue Queue Im neuen Video stellen wir Dir die verschiedenen Bitcoin Wallets vor und wo die Unterschiede liegen. Manche sind sicher, andere eher weniger. Da Du bestimmt ...