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      "permlink": "wazirx-ceo-tweets-to-finance-minister-of-india-on-bitcoin",
      "title": "WazirX CEO tweets to Finance minister of India on Bitcoin",
      "body": "![0 RTAE4HMt1GPtkqMa.jpg](https://cdn.steemitimages.com/DQmcFWbfSkKw3Y2cAWuy5LXMdLxrffTFoyqT7uEpsPS2KEX/0%20RTAE4HMt1GPtkqMa.jpg)\n\nCryptocurrency are banned in India. You cannot use your bank account to buy cryptocurrencies in India. However, there are people who tell their friends in countries with cryptocurrency as a legal entity to buy for them and transfer it in crypto wallet. Sure, they lose a couple of dollars as fees in exchanges and transfers, but who cares? Cryptocurrency return exponentially.\n\nForgot? [**Bitcoin started 2017**](https://www.coindesk.com/bitcoin-price-1000-january-1-2017) around $1000 and [**ended up**](https://www.coindesk.com/900-20000-bitcoins-historic-2017-price-run-revisited) at almost $20k. This historic bull run was an eye candy for many. With all this happening, a serious FOMO has hit Indian audience so that we can multiply our investment 20 folds. Soon this news caught fire and did not take time to further excite the Indian audience. But the excitement did not last long.\n\nRBI (Reserve Bank of India) came up with a circular that [**declared cryptocurrencies as illegal entity**](https://www.bitfolio.org/cryptocurrency-in-gray-zone-in-india). Sure there were a lot of debates and discussions in the Parliament. But eventually, Finance minister Mr. Arun Jaitley was not stoppable.\n\nFast forward to Nov’18\n\nOn Nov 18 2018, WazirX CEO Nishchal Shetty twitted to finance minister. This was not just a tweet, Nishchal is adamant and has bigger plans with this.\n\nLet’s see what exactly is going behind these tweets and how is it churning out from this.\n\nIn a tweet made to the highest lawmaker in the country, CEO appealed to consider the potential of [**cryptocurrency**](https://www.bitfolio.org/what-is-cryptocurrency).\n\nWith proper regulations, a lot of control can be gained against so called ‘black money’. Sure there is privacy in cryptocurrencies that will hide details that helps trace the fishy transactions. Considering this fact and the corruption in the nation, the finance minister has declared the cryptocurrencies as illegal.\n\nWhile the finance minister has a valid point, people who’re into corruption or own black money would escape in a snip. Also, funding illegal activities would easily happen with cryptocurrency being legal.\n\nBut what Nischal has to say is that with proper regulations, cryptocurrency can be a really powerful weapon against black money and corruption.\n\nOff Internet, a group of Indian crypto companies led by Kali Digital Ecosystems, filed a case in Supreme Court of India against RBI for their decision of banning cryptocurrencies.\n\nNot going by this route, Nischal requested people to support his tweet by sharing it with their crypto enthusiasts friends and they further sharing with their friends. This way a lot of people would join this campaign and hence create pressure on deciding authorities.\n\nThis is what Nischal said in one of his tweets.\n\n> “We need to tweet to our minister every day till we get a reply. The more we tweet, the more chances of our voice being heard & crypto getting a positive regulation in India.”\n\nHere’s the whole chain of tweets that are important for all Indian crypto enthusiasts.\n\nApart from this, if you run your thumb through his [**twitter feed**](https://twitter.com/NischalShetty) you can find a lot of tweets appealing to retweet his tweets and share the campaign to more and more people.\n\nAny developing nation would know the importance of a stable financial economy. A country like India should definitely consider cryptocurrency, of course with proper regulations, for the regular expenses. Sure, this move will affect a large portion of the nation immediately which will be really hard to manage.\n\nBut we’ve already had the experience of demonetization and have experience in this regards. The fiat Indian rupees will still be in use as a lot of Indian rural areas are still not connected to the Internet, which gives zero chance for them to know and use cryptocurrency.\n\nTechnically, we as a nation still have chance to educate people about cryptocurrency. With almost 35 plus percent population being under 30 years of age, cryptocurrency will pick up like a forest fire. That’s why in many of his tweets, Nischal has clearly mentioned to come up with proper regulations so that no one gets to misuse the [**blockchain technology’s finest application**](https://www.bitfolio.org/blockchain-applications).\n\nThe ban has already created awareness among the youth which we can use to educate the older generation and rural crowd of the nation.\n\nThat being said here are some direct benefits cryptocurrency can have on India\n\n1.  Corruption can be reduced to a great extent as more and more people adapt to bitcoin and other cryptocurrencies. Since the digitization is already booming in the country, adapting cryptocurrency will not take long.\n2.  Black money will turn useless as it’s in very large amount and bringing it in the bank’s ecosystem would simply mean surrendering it to the Indian government. That’s the ultimate goal of Indian government behind digitization of payment. Initially, there will be a lot of centralization happening. But once the cryptocurrency gets into cash flow of the nation, decentralization will replace the traditional banking system.\n3.  Since there will be less friction between rupee vs dollar, the economy will slowly rise. Furthermore, with more and more people rely on cryptocurrency and fiat slowly disappearing (chances are higher that this will happen faster, we have the highest youth population in the world) the inflation will also come down. Things we export will get cheaper as we have crossed the barrier of traditional USD purchase. On a larger scale, its just imaginable that how much money we will be able to save that we used to spend as fees. Imagine the number of small businesses that will grow in length and breadth.\n\nThis is just a few of many things cryptocurrency can do for a developing nation. I as an Indian youth request everyone who’s reading this to share this post and join the campaign for the betterment of our own tomorrow.\n\nDid you know that you can support this website by reading it on [Brave Browser](https://brave.com/bit599). Enjoy private, secure and fast browsing with [Brave.](https://brave.com/bit599)\n\n* * *\n\n_Originally published at_ [_https://www.bitfolio.org/wazirx-ceo-tweets-finance-minister-india-regulate-crypto-india_](https://www.bitfolio.org/wazirx-ceo-tweets-finance-minister-india-regulate-crypto-india)_._",
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      "title": "Why I think all Bitcoin Bullish Predictions will fail in 2019",
      "body": "![740_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy82MDljMDU2N2RlNDY4MTgzYThjYTlhN2MyNTAyNDkyNS5qcGc=.jpg](https://cdn.steemitimages.com/DQmdjwaLoWgwwu9kByi77A1yDysDCmxM2erbjPNWAMXvjrG/740_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy82MDljMDU2N2RlNDY4MTgzYThjYTlhN2MyNTAyNDkyNS5qcGc=.jpg)\n\nBitcoin went past lowest 2018 last week. While it was flying around $20k last year end, it is [**currently priced**](https://www.bitfolio.org/) at $4557 at the time of writing. That price is ridiculously low when compared to the same time last year. There are so many [**bullish predictions**](https://www.bitfolio.org/bitcoin-predictions) made about the [**bitcoin price**](https://www.bitfolio.org/bitcoin-price-detailed-analysis-bitcoin-price-hovering-around-65k) that people have already started investing inch by inch in Bitcoin, but let me break your heart, all bullish predictions are going to fail.\n\nThis post will dicuss exactly this in detail and with data packed proofs. This post is both controversiol & eye-opener. I feel you, as a investor will definitely find this post useful.\n\nSo without further ado, let’s dive in.\n\n### Current Bitcoin Bullish Predictions\n\nSpeaking of industry expert, how can I not begin this post with an expert other than [**John McAfee**](https://www.bitfolio.org/bitcoin-predictions). He’s my personal favourite in this regards. The way he is supporting and promoting cryptocurrencies is second to none. Though he does’t own any cryptocurrency exchange platforms, or any cryptocurrency company, he is making sure that people visualize a world with cryptocurrencies ruling the payment systems.\n\nHe’s not the only one who’s religiously promoting cryptocurrency. While we posted an exclusive post on [**Bitcoin Bullish Predictions**](https://www.bitfolio.org/bitcoin-predictions), here are some fresh updates on the same.\n\n#### Bull run #1 by Chamath Palihapitiya\n\nChamath was the brain behind AOL Instant Messenger, who later was a executive at Facebook.This dude got involved too early into Bitcoin. He bought Bitcoin when it hovering around [**$100 a coin**](https://www.strictlyvc.com/2014/03/27/chamath-palihapitiya-dont-left-behind-buy-bitcoin/). Back in 2013, Chamath has $5 million in Bitcoins. Chamath has predicted that Bitcoin will reach $100k by 2020–21 and over a million dollars within 20 years.\n\n#### Bull run #2 by Tim Draper\n\nTim was a early investor in then a baby internet companies. In 1985, he has invested in Silicon Valley venture capital firm Draper Fisher Jurveston. Which then invested in Skype, Hotmail, Tesla, SpaceX, Baidu Inc, and many other emergid buds.\n\nOn April 12 this year Tim has [**predicted**](https://cointelegraph.com/news/im-thinking-250000-by-2022-tim-draper-reveals-new-bitcoin-price-target) that $250k by 2022\\. He also believes that bitcoin will [**replace everyday fiat currencies**](https://www.cnbc.com/2018/03/06/early-internet-investor-tim-draper-predicts-in-five-years-well-only-be-using-cryptocurrencies-to-pay.html) sooner or later. Sure, this will take time as Bitcoin is not adapted into our daily lives yet.\n\n#### Bull Run #3 John McAfee\n\nMy personal favourite is here. John, in my views has the most confident and mind blowing prediction among all. According to John, Bitcoin will be hovering around $500k (predicted in Jul’17) by 2020 & in Nov’17 he predicted that Bitcoin will jump to a whopping million dollars. He’s a mathematician & in an interview with Cointelegraph, he said that he has studied Bitcoin’s growth curve. With that study, he’s adamant for the predictions he has made. Here’s the video of his interview.\n\nIt’s not that McAfee is biased of Bitcoin only. He is bullish for privacy coins like Monero, Verge & ZCash. Here’s a tweet directly from McAfee twitter feed.\n\n![](https://cdn-images-1.medium.com/max/1600/0*y-5iF-j0pWee2YLO.jpg)\n\nOkay, the list goes on with people like Elon Musk (suspected to be a supporter for now) James Altucher etc. Let me share three reason why I felt these predictions will fail, at least delay these predictions by at least a year or two.\n\n### 3 reasons why bitcoin bullish predictions will fail\n\nI have been following Bitcoin closely since it missed touching $20k mark last year end. Since then, the continuous falls have both disappointed me & surprised me. Disappointed because, just as anyone, I badly wanted Bitcoin to crush all records. Surprised because how unpredictable these technologies are.\n\nThat being said, let me share the three reason that made say “All the Bitcoin Bullish Predictions will fail”\n\n#### Reason #1: Bitcoin cash fork\n\nUnless you’re Jon Snow (who knows nothing), BCH is not “BCH” anymore. Yep, it’s more heart breaking than anything else. To make it worse, it’s a [**hard fork**](https://www.bitfolio.org/understand-bitcoin-fork), which means that there’s no coming back. Bitcoin Cash has split in two individual coins, which will go by the name, Bitcoin ABC(Classical Bitcoin cash) & Bitcoin Satoshi’s Vission (BSV), the new fork of Bitcoin Cash.\n\nJust like Ethereum & Ethereum Classic, this hard fork has divided the cryptoverse with both the groups having valid points to put on the table.\n\n![](https://cdn-images-1.medium.com/max/1600/0*xiytAd39kgCF2lXj.png)\n\nThis hard fork has deeply affected the momentum of Bitcoin’s price. Bitcoin Price losing the pace soon after the fork happened, is not a coincidence. Not only this, even Bitcoin cash, the classical one, dropped by 40% which is not a good start they had imagined.\n\n#### Reason #2: Bakkt delayed it’s launch\n\nAnother news that hit cryptoverse hard was Bakkt’s delayed launch. [**Bakkt is delayed**](https://dailyhodl.com/2018/10/01/bakkt-launch-set-for-next-month-institutional-investors-far-more-involved-in-bitcoin-and-crypto-market-than-many-realize/) untill next month. Which clearly indicates that this will affect Bitcoin’s price. If not already known, Bakkt will be dlivering Bitcoin Futures. With this happening, I think Bitcoin will fluctuate between $4000-$4800 for the rest of november.\n\nDecember will be a good month in terms of price. Bitcoin is like to reach $6000 mark and by mid decemeber, the prices are likely to grow to $8000\\. According to [**CoinMarketCal**](https://coinmarketcal.com/en/?form%5Bdate_range%5D=31/12/2018+-+31/12/2018&form%5Bkeyword%5D=&form%5Bsort_by%5D=&form%5Bsubmit%5D=&page=18) there are over 200 events scheduled on Decemeber 31st.\n\nUntill Bakkts launches, it’s is less likely for the Bitcoin price grow at it’s full potential. Apart from this, Bakkts can also control Bitcoin price soon after it’s launch. However, it’s hard to predict if it’s going to push the price bar up or the price will crash again.\n\nThese are just theories, predictions in other words. The main reason why I think Bitcoin price will not meet the predictions made by the industry experts is absolutely practical and will make sense.\n\nLet’s see it right away.\n\n#### Reason #3: HODL, Cold Storages\n\nOne of the biggest hurdle any commodity has to corss is getting in flow into the market. Be it fiat currencies, stocks, contracts, bonds or any such systems for that matter. Similar is the case with cryptocurrencies, and with respect to this post, Bitcoin.\n\nI’ve known Bitcoin since 2011 and I’m closely following it since 2015\\. The time since it has become ‘next big thing’, I’ve not seen anyone talking about adapting Bitcoin into streams of our daily lives.\n\nMost people find Bitcoin as investment that returns not immediately but in long term. Therefore, people buy it & forget it unless the price explodes. In past it has happened in 2017 too. The price almost touched $20k mark. But that wasn’t the real potential of Bitcoin. The main problem here is Bitcoin isn’t flowing in the market, which is why the prices are hovering around $6.5k or put in other words, not reaching it’s maximum potential.\n\nThe solution?\n\nBitcoin needs to penetrate through various markets & enter the cash flow. This is only possible if the consumers use Bitcoin for their daily expenses & not keeping just as a investment.\n\nUnlike other commodities, you can use Bitcoin to pay for so many things. These cryptocurrency are both an insurance for your return & reliable source for expenses. And this exactly is the problem right now, we are using just bitcoin as a powerful source of ROI.\n\nBring it in a flow & reap profits eventually.\n\nNow we’ve read & heard many people say that why isn’t fiat currency as valuable as cryptocurrencies? They’re in flow for decades now.\n\nBut that’s now how it works. Fiat currencies aren’t a commodity as bitcoin is. Bitcoin is a commodity, far better currency than the fiat currencies in so many ways. Furthermore as a [**cryptocurrency**](https://www.bitfolio.org/taxonomy/term/100), Bitcoin has potential to solve one of the biggest problems in the financial industry — Security.\n\nAbove this, Bitcoin is being watched by many big heads and have made predictions that would attract a lot of investors. This is also a good and bad news for Bitcoin’s growth.\n\nThe bullish predictions made by John McAfee has already caught a lot of limelight. Here’s a tweet for you,\n\nSee the confidence? Not even him, Even Elon Musk has been showing interest in Bitcoin as a currency, which caught fire rapidly.\n\nPredictions are fine, there are many such big names doing this and this has already brought a lot of hope among ‘Investors’ that Bitcoin will rise.\n\nConsidering these predictions has already started benefiting Bitcoin. As aforementioned, people will buy it and store in Cold Storage until the price hits that mark. This way, the price predicted will never become a reality.\n\nBottom line, the value of anything depends on number of people use it in day to day lives. Why do think Petroleum/Crude Oil or Pharma industry is a trillion dollar industry?\n\nCash Flow!\n\nHowever, you can invest in fractions of Bitcoin. Try get your investment in parallel with the percentage of fluctuations. This will not only reduce the risk of loss, but also help you learn taking calculative measures for your ROI.\n\n### Conclusion\n\nI’m no expert, but I’m a observer. In my opinion, if we want Bitcoin price to rise & shine and reap the investment in coming time, we must push the usage in our daily lives. Doing this will not only help us manage our money under our supervision, but we can also bring down the price inflation. At least, save a lot of fees and time.\n\nMore and more we use Bitcoin in our daily lives, it’s going to help us as a investor. I won’t be surprised to see investing in terms of bitcoin. I won’t be surprised to see fiat currencies wiped out completely, just like old princly currencies did. Recently, Sundar Pichai’s son was mining Ethereum on a PC built by Sundar himself. In an interview, [**Sundar said he had to explain**](https://www.businessinsider.in/Sundar-Pichais-11-year-old-son-is-mining-for-Ethereum-on-a-computer-the-Google-CEO-built-himself/articleshow/66482696.cms) his 11 year old son how fiat currencies work.\n\nWe’re heading towards this an economy of this kind. To welcome it, we will have to adapt bitcoin & other cryptocurrencies in our daily lives before we can reap the fruits of investing in it.\n\nIf you liked this opinion, please share this among your social network and make a difference.\n\n* * *\n\n_Originally published at_ [_https://www.bitfolio.org/bitcoin-bullish-predictions-will-fail_](https://www.bitfolio.org/bitcoin-bullish-predictions-will-fail)_._",
      "json_metadata": "{\"tags\":[\"cryptocurrency\",\"bitcoin\",\"blockchain\",\"altcoins\",\"technology\"],\"image\":[\"https://cdn.steemitimages.com/DQmdjwaLoWgwwu9kByi77A1yDysDCmxM2erbjPNWAMXvjrG/740_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy82MDljMDU2N2RlNDY4MTgzYThjYTlhN2MyNTAyNDkyNS5qcGc=.jpg\",\"https://cdn-images-1.medium.com/max/1600/0*y-5iF-j0pWee2YLO.jpg\",\"https://cdn-images-1.medium.com/max/1600/0*xiytAd39kgCF2lXj.png\"],\"links\":[\"https://www.bitfolio.org/\",\"https://www.bitfolio.org/bitcoin-predictions\",\"https://www.bitfolio.org/bitcoin-price-detailed-analysis-bitcoin-price-hovering-around-65k\",\"https://www.strictlyvc.com/2014/03/27/chamath-palihapitiya-dont-left-behind-buy-bitcoin/\",\"https://cointelegraph.com/news/im-thinking-250000-by-2022-tim-draper-reveals-new-bitcoin-price-target\",\"https://www.cnbc.com/2018/03/06/early-internet-investor-tim-draper-predicts-in-five-years-well-only-be-using-cryptocurrencies-to-pay.html\",\"https://www.bitfolio.org/understand-bitcoin-fork\",\"https://dailyhodl.com/2018/10/01/bakkt-launch-set-for-next-month-institutional-investors-far-more-involved-in-bitcoin-and-crypto-market-than-many-realize/\",\"https://coinmarketcal.com/en/?form%5Bdate_range%5D=31/12/2018+-+31/12/2018&form%5Bkeyword%5D=&form%5Bsort_by%5D=&form%5Bsubmit%5D=&page=18\",\"https://www.bitfolio.org/taxonomy/term/100\",\"https://www.businessinsider.in/Sundar-Pichais-11-year-old-son-is-mining-for-Ethereum-on-a-computer-the-Google-CEO-built-himself/articleshow/66482696.cms\",\"https://www.bitfolio.org/bitcoin-bullish-predictions-will-fail\"],\"app\":\"steemit/0.1\",\"format\":\"markdown\"}"
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      "parent_permlink": "cryptocurrency",
      "author": "bitfolio",
      "permlink": "coinbase-review-2018-know-coinbase-well-before-using-it-daily",
      "title": "Coinbase Review 2018: Know Coinbase well before using it daily",
      "body": "![](https://cdn-images-1.medium.com/max/1600/1*jqKhK0Az6m5v2oz_efSuBg.png)\n\nNumbers speaks volumes and coinbase has some fantastic numbers that backs it to reach greater heights. Coinbase is a exchange platform where you can buy & sell cryptocurrencies in exchange to the fiat currency. This post is dedicated for beginners, investors & anyone who want to know about coinbase in detail.\n\nWithout further ado, let’s begin right away.\n\n### What is Coinbase?\n\nWith interest in cryptocurrencies growing through the roof, there’s a super high demand for platform that doesn’t sabotage the user’s privacy, funds & most importantly, trust. That’s where Coinbase gained a lot of lime light and trust among the cryptoverse citizens.\n\nCoinbase serves the services in 33 countries as of now and it’s already most trusted exchange platform in the world. Sure, there are many other exchange platforms, but coinbase is a player of totally different league.\n\nCoinbase is a secure online platform for buying, selling, transferring, and storing digital currency. The mission is to create an open financial system for the world and to be the leading global brand for helping people convert digital currency into and out of the end user’s local currency.\n\n*   Coinbase makes buying and selling digital currency easy.\n*   Sending or receiving digital currency between online wallets, friends, or merchants on Coinbase is free!*\n*   Coinbase handles security and backups so you don’t have to worry.\n*   Coinbase is a “one stop shop” — we offer a wallet, an exchange, and merchant tools within one simple interface.\n*   Coinbase is a platform on which many applications are being built using their API.\n\nTo summarize coinbase’s overall architecture, here’s pros & cons to brief you before beginning the article.\n\n**PROS**\n\n*   High buying limits & liquidity\n*   Easy for beginners\n*   Buy with credit card\n*   Top notch security (with 2FA)\n\n**CONS**\n\n*   Limited number of cryptocurrencies available for exchange\n*   Limited payment menthods(but most reliable methods are available)\n*   May track the spending habits of the users\n*   Inconsistent in paying for the referrals\n\n> [**_Buy Bitcoin from Coinbase_**](https://www.coinbase.com/join/594626d06785cd3c25b20a62)\n\n![](https://cdn-images-1.medium.com/max/1600/0*OMzn7sd5X2Rydy79.png)\n\n### Is Coinbase safe?\n\nBeing the best exchange platform(in terms of trust of the end users) Coinbase is considered to the be the safest exchange platforms available right now. Though it’s not [**decentralized exchange**](https://www.bitfolio.org/decentralized-exchange), security provided by coinbase is pretty awesome. However, there have been instances where [**users lost their funds from coinbase**](https://www.bitfolio.org/coinbase-hacked).\n\nNo centralized system has been absolutely safe in this internet era. There’s always some void to penetrate through. Coinbase has grown it’s security by a very huge degree & hence it’s really difficult for anyone to breach. However, it’s not impossible but it’s extremely difficult to hack through the coinbase database.\n\nFurthermore, you shouldn’t completely trust a centralized system, it can be compromised anytime but you can take security measure for yourself to keep your own funds safer & under your control.\n\nWe will discuss more about the security in subsequent sections.\n\n### How Does Coinbase Work?\n\nCoinbase’s simple & user-friendly user-interface makes it really easy for the end users to make a purchase cryptocurrencies. Depending on your country you may or may not be able to buy from coinbase. Currently only 33 countries are supported coinbase. Check out the supported countries from the [**list here**](https://www.coinbase.com/global). For those who’s coutries aren’t listed can [**subscribe to coinbase blog**](https://blog.coinbase.com/) to know the availability. This list will also help you understand if “Instant buy” feature is enabled for the country or not.\n\nFor those who’s countries are in the list, can readily [**buy any of 8 cryptocurrencies**](https://www.coinbase.com/join/594626d06785cd3c25b20a62) that are available on coinbase. Just link payment methods you are comfortable with and start buying specific amount of cryptocurrencies. Once you buy it, the amount you purchased will be updated in the respective wallets.\n\nIt’s that simple.\n\n### What payment methods you can use on Coinbase? What about the fees?\n\n![](https://cdn-images-1.medium.com/max/1600/1*SQg3NbvlzQo3qq3kCjHSow.jpeg)\n\nHere are a few things that you need to know at this point\n\n1.  Deposit of any amount is free. However, coinbase charges 1.49% per purchase, so deposit accordingly.\n2.  If you’re a US citizen and have credit card as your back up payment method, you will be able to utilize “_Instant buy_” feature. Moreover, this feature will enable the user to buy $1000 worth of bitcoin a week.\n\nIf you want to lower the fees, you can use [**GDAX**](https://pro.coinbase.com/) which is otherwise known as Coinbase Pro. If you want to learn more about the difference between the two, [**refer this guide here**](https://www.buybitcoinworldwide.com/gdax-vs-coinbase/).\n\n![](https://cdn-images-1.medium.com/max/1600/0*93JYoULRUJw7-E1Y.png)\n\n### Coinbase Services\n\nBeing one of the biggest exchange platform in the world, Coinbase finds a lot of people making their first transaction on their platform. Sure, there have been incidents in the past like that of [**Mt.Gox**](https://www.bitfolio.org/cryptocurrency-hack-mt-gox) but coinbase hasn’t been unfortunate enough to face similar situations. Moreover, coinbase seems to have learned from that hack and have filled those voids with security features.\n\nHowever, there’s one thing that has caught the end user’s attention & found it annoying. Coinbase doesn’t let the end user control their own funds. Once you buy it, your funds are more of theirs. You don’t even get [**private keys**](https://www.bitfolio.org/bitcoin-private-keys) that could give you the control over your funds. Coinbase strores the coins for you and manages it remotely — similar to what traditional banks do when you put your money in it. You don’t own it, they do.\n\n#### Coinbase Pro\n\nInitially known as GDAX, Coinbase pro is a trading platform that operates at comparatively much lower fees than regular coinbase does. However, as the name suggests, this platform is for more experienced user who are used to trading. Therefore the tools & data is not so user-friendly. It’s just an advanced cryptocurrency trading platform with pro level tools to make more educative decisions on the trade.\n\nCompared to the 1.49% fee charged in regular coinbase, Coinbase pro charges fees ranging from 0.30% to 0.10% which incredibly lower than 1.49% that regular coinbase charges.\n\n#### Coinbase Wallet\n\nStarting this year, Coinbase rolled out wallet service for the end users that stores the funds they bought in it. Surprisingly, it also allowed having private keys that allows the users own their funds, at least have a proof that they own it.\n\nHowever, since the system is centralized & third party, it’s obvious that your private keys are visible to the central database, or worst, store it. If the central database is comprimised, all the private keys will be visible to the hacker. This would lead to cryptocurrency hack bigger than Mt.Gox. Thanks to the security features, the data is safe & there have been no such breach in past.\n\nThe wallet is available on [**Android**](https://play.google.com/store/apps/details?id=org.toshi) & [**iOS**](https://itunes.apple.com/app/coinbase-wallet/id1278383455?ls=1&mt=8) & you can even send & receive the funds through this wallet. Which makes it even more convenient. Speaking of security of this wallet, you can also set in-app security pin to login to the app. To add extra layer of security, you’ll need to authorize the device in a email sent to your registered email account.\n\n#### Merchant Solutions\n\nTo penetrate through market even deeper, coinbase serves the merchants too. As a merchant, you can accept bitcoin on your website via a dedicate plugin. The plugin is available on some of the biggest CMSs like [**Shopify**](https://commerce.coinbase.com/shopify), [**WooCommerce**](https://github.com/coinbase/coinbase-commerce-woocommerce), [**Magneto**](https://github.com/coinbase/coinbase-magento) & [**WordPress**](https://wordpress.org/plugins/coinbase/) etc.\n\n> _You can find more details in the official_ [**_Coinbase Commerce page_**](https://commerce.coinbase.com/) _here._\n\n### Additional products from Coinbase\n\n*   [**Coinbase Wallet**](https://wallet.coinbase.com/) — Easiest way to send & receive funds across the world\n*   [**Coinbase Custodity**](https://custody.coinbase.com/) — Digital Asset Custody for Institutions\n*   [**Coinbase Prime**](https://prime.coinbase.com/) — Coinbase’s professional trading platforms for instituitional clients\n*   [**Coinbase Paradax**](https://paradex.io/) -Trade tokens directly from your wallet\n*   [**Coinbase + Earn**](https://earn.com/) — Earn bitcoin by replying to emails and completing tasks. Keep the money, or donate it to charity.\n\n### Other Coinbase Features That You Need To Know\n\n#### Privacy with Coinbase\n\nAs we’ve discussed in earlier part of this article, privacy is an issue in all centralized cryptocurrency platforms. Unless and untill we have reliable decentralized exchange platforms, we’ll have an element of surprise or fear that’s gonna keep us on edge of our seats.\n\nFor now Coinbase is very secure. However, you need to share your personal details for KYC & AML proceedings which more or less is similar to traditional banking. Moreover, if the system is compromised, all the data will be compromised with that. Everytime such things happen, there’s little difference that’s seen between traditional bank and such exchanges.\n\n#### Limits & Liquidity\n\nCoinbase offers comfortable limits for users to not attract attention & get the work done at the same time. If you have a fuly verified profile, i.e. you’ve given all the information asked by coinbase. You can easily see your current level and how to increase it by heading to the [**Account Levels**](http://www.coinbase.com/settings/account-levels) section of your Settings. Depending on your current level, you can follow these quick steps to increase your account level:\n\n*   Verify phone number\n*   Verify personal information\n*   Verify photo ID (valid state ID for US customers)\n\nIf you have verified your personal information at Level 2, you can now trade up to $25,000 a day via ACH from your bank. If you wish to trade more per day, you can wire funds into your Coinbase USD wallet.\n\n#### Speed of transaction in Coinbase\n\nDepending on your country, the time taken to deposit/transfer happen would vary. In case of deposit, Coinbase has partnered with a lot of top performing payment solution companies that makes it easier & safer to carry out the transaction. However, the norms layed by the intermediate systems slow down the process a bit.\n\nConsidering the cluster of centralized systems involved in this process, the overall speed of transaction is as slow as a typical traditional transaction. On average it takes 3–4 days for a deposit to happen & depending on the cryptocurrency transferred the speed would vary. Once the cryptocurrency is transferred, it enter their respective blockchain and after that it’s the miners who take care of the bitcoin. However, if you’re sending funds to a coinbase user it’s going to be instant & free forever.\n\n> **_Read more on this on_** [**_coinbase official help page_**](https://support.coinbase.com/customer/en/portal/articles/2489501-how-long-does-a-purchase-or-deposit-take-to-complete-)\n\n#### Past Issues\n\nSure, coinbase is a great platform for the beginners but the platforrm hasn’t been free of issues. Here are some issues that we kept track of\n\n1.  Coinbase user’s account was hacked remotely. The loss wasn’t huge but still it did caught a lot of attention. Read more about the a [**coinbase security breach**](https://www.bitfolio.org/coinbase-hacked).\n2.  There were reports stating [**Coinbase keeps tracks of the spending behavior of its users**](https://support.coinbase.com/customer/en/portal/articles/2489501-how-long-does-a-purchase-or-deposit-take-to-complete-). This is not a good news, at least considering the core motive of cryptocurrency is privacy & security.\n\n#### Coinbase wallet\n\nStarting this year, Coinbase rolled out wallet for the users that’s a mobile based app.If you’re creating a wallet for the first time, you will be asked to write down password recovery phrase of 12 random words. That’s to let you recover your account in case you lose your mobile phone.\n\nIn the next screen, you will be needing to verify the recovery phrase by tapping on the words in same order. Make sure you tap in right order or this step will not pass. Once you tap all the 12 words in same order, your wallet is ready to rock & roll.\n\n![](https://cdn-images-1.medium.com/max/1200/1*SU2zus5RbL4uWP5-oRXSYw.jpeg)![](https://cdn-images-1.medium.com/max/1200/1*GvJOMIjUB9k91Slua9EOxw.png)\n\nYou can double the security by having a app lock(some android phones have it in built) or have trusted third party app lockers.\n\nWith this wallet, users can control their funds as they get a private key with the wallet. Coinbase wallet, formerly known as Toshi is available on [**Android**](https://play.google.com/store/apps/details?id=org.toshi) & [**iOS**](https://play.google.com/store/apps/details?id=org.toshi).\n\nDiscover everything about the wallet [**here**](https://wallet.coinbase.com/).\n\n#### Coinbase Vault\n\nIf you own Bitcoin in large amount then you have a great solution to utilize. Coinbase vault works by adding multiple users for approving a particular transaction. When you want to withdraw a particular amount you’d need to get it approved from all the participants.\n\nOnly when all the participants approve the transactions is processed. Once the transaction is approved, it will take 48 hours for the transaction to process. This delay in time is for security reasons so that you can reverse it if it’s accidental or someone else has unauthoratatively approved it.\n\n![](https://cdn-images-1.medium.com/max/1600/0*6gnyrq_-3MzMtjKt.png)\n\nAgain, you will need to trust your funds to coinbase as they may shut the service down, might get hacked or compromised.\n\n### Final thoughts on Coinbase — Is it safe to use?\n\nYes & No. We’re are at dilemma to answer this. We love coinbase but the fact that it’s centralized system kills the core motive of using cryptocurrency. Furthermore, not having access to private keys further disrupts our emotions. One thing to note here as a user is that if you’re just starting out and want to get look & feel of cryptoverse, coinbase is the best place to start out.\n\nOne of the best thing we like about coinbase is that it lists only regulated cryptocurrencies irrespective of their price & market cap. There’s [**Bitcoin**](https://www.bitfolio.org/what-is-bitcoin) on the list & then there’s [**0x (ZRX)**](https://www.coinbase.com/price/0x). The company has focused & invested a lot of time & money to bring it to where it stands. To a lot extent, it has earned the reputation it has right now. While the world is in a transition phase & we’re used to waiting for the funds to reach its destination & security breaches, coinbase has a pretty safe spot right now.\n\nBut the coming generations will not even know that there was something like centralized financial system even existed. With this in mind coinbase should be planning their shift towards decentralizing their whole ecosystem. We cannot emote enough for the power this would bring to coinbase. Coinbase already has a lot of reputation and using that they can grow to a level which we can only imagine.\n\nRight now, coinbase is the safest centralized platform to rely your funds, personal information on. There are many other exchanges but coinbase is way ahead that those. For now, you can use hardware wallets to keep your funds safe instead of having them in coinbase wallet. Use hardware wallets like [**Trezor**](https://trezor.io/[email protected]) & [**Ledger**](https://www.ledgerwallet.com/r/e368d7fe3510).\n\nWe hope this post has helped you expose yourself to Coinbase and decide who to trust your funds on. We’d love your feedback, put them in the comment section below. It can be a hi too, we’ll wave back.\n\nWe shared your concerns & thoughts on coinbase, we want you to share this post with everyone in your group who’s looking for this information. This keeps us motivated. We will be coming with exclusive article on how to create account with coinbase & use it like a pro. Till then help this article reach more & more people.\n\n* * *\n\n_Originally published at_ [_https://bitfolio.org/coinbase-review_](https://bitfolio.org/coinbase-review)_._",
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      "body": "Wow this was a very well written post. LTC is one of few alts that I still have in my portfolio along with BTC and Steem. I've been considering increasing my core position in LTC going forward because I like how the transactions are faster than with BTC and your post has given me more confidence that I'm doing the right thing holding onto my LTC. I've moved most of my BTC off the exchanges and into a hardware wallet and it looks like I'll be doing the same with my LTC here shortly.\n\nThanks for the info! I don't really post any more but I've followed you and look forward to seeing more great content like this. It's nice to find quality reading on steemit. It used to be really difficult but it seems that lower quality posts (and the number of posts per day) are declining in frequency as the price of steem has dropped. In a way maybe it's a good thing.",
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      "permlink": "litecoin-review-know-everything-about-the-silver-of-cryptoverse",
      "title": "Litecoin Review: Know everything about the silver of cryptoverse",
      "body": "![](https://cdn-images-1.medium.com/max/1600/0*uAvavgP-qTemJqVp.jpg)\n\nWhile there are cryptocurrencies popping out in the market like popcorn, as investors/users, it’s really difficult to cope up with all those coins. And as a cryptocurrency, it is really difficult to compete. As every other [**cryptocurrency**](https://www.bitfolio.org/what-is-cryptocurrency) promises speed, security and less fees. But there’s some flaw in the structure of architecture of the coin at its core. That flaw is speed & fees. Which Litecoin is attempting to solve and we think its already solved. This post is all about that.\n\nWithout eating much your time, let’s jump in right away.\n\n### What is Litecoin?\n\n> _Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. Litecoin is an open source, global payment network that is fully decentralized without any central authorities._\n\nThis is how the official website describes Litecoin. Take a look at the table below for the Litecoin price and it’s market cap.\n\nLitecoin has shown tremendous growth since the time it was launched. We did some digging and have found out that Litecoin price has grown by a whopping 8000% since early 2017 till date.\n\n![](https://cdn-images-1.medium.com/max/1600/0*foBdMFylwgKdyK3X.png)\n\nIf you are looking for [**cryptocurrency trading,**](https://www.bitfolio.org/buy-cryptocurrency) we would definitely recommend Litecoin. As a comodity, Litecoin has proved time and again that its not a lite bird in the park.\n\nBefore we dive deep into Litecoin’s core, let us have a look on a bit about Litecoin. It’s dense ahead, let’s start smooth.\n\n### The Origin Of Litecoin\n\nCharlie Lee, an ex-Googler, who had a vission of creating lite version of Bitcoin which would be much more powerful than the prime cryptocurrency. Charlie Lee is super active on [**social media**](https://twitter.com/SatoshiLite) and through his blog.\n\n![](https://cdn-images-1.medium.com/max/1600/0*dmKgKosAFH9Vw0LJ.jpg)\n\nLitecoin was pushed to the market on October 7 2011 via github and the network went live on October 13 2011.\n\n### How does Litecoin Work?\n\nSince Litecoin is a hard fork of Bitcoin core client, it has inherited a lot of its properties, the most major one being the mining procedure.\n\n> _If you are totally new to cryptoverse, we recommend you reading our detailed guides on_ [**_Blockchain_**](https://www.bitfolio.org/what-is-blockchain)_,_ [**_Cryptocurrency_**](https://www.bitfolio.org/what-is-cryptocurrency)_, &_ [**_Cryptocurrency Mining_**](https://www.bitfolio.org/mining-cryptocurrency)_._\n\nAt the core of most of the cryptocurrencies, it’s the blockchain that power its operation. To brief you on how blockchain works, here’s a easiest explanation.\n\nImagine blockchain as a kitty party, where 5 ladies get together have fun, gossip, eat & win prize at the end. Each of the ladies put in $100 and one of those 5 ladies will will $500 in a lucky draw.\n\nIn this case, if you are one of the lady, who are you trusting your money on? Is it the Bank? The Government? Third party system? No!\n\nYou are trusting a ‘community’ who have no control to manipulate the lucky draw. If you have defraud and win the prize, you will have to convince everyone to let you win the price.\n\nIs that possible? Definitely not.\n\nSame thing happens in blockchain too. The cryptocurrency spent broadcasted to the blockchain, which is a public ledger, where the transaction goes to each and every member of the community (node) and is verified for its genuineness.\n\nThis way, the whole community is responsible for their own money, yet power the whole network with security no one altering even a single bit of data on the blockchain.\n\nCryptocurrency is one of the most powerful [**blockchain application**](https://www.bitfolio.org/blockchain-applications) till date. Sure there are many upcoming applications that will not disrupt the centralized systems but will also do what Internet was supposed to do but hasn’t done yet.\n\nThis was a brief on blockchain. Now, let us tell you how Litecoin works and what’s at the core of the the ‘Silver’ of cryptoverse.\n\nLike Bitcoin, even Litecoin uses Proof-of-Work to run the mining procedures. Mining is the second most important activity involved as part of maintainace of the network. A group of volunteers use their computational power to run algorithms that verify the already existing transaction and generate new units of the cryptocurrency, in this case, The Litecoin.\n\nSee how different is Litecoin from Bitcoin though it’s a hard fork of its core.\n\n![](https://cdn-images-1.medium.com/max/1600/0*4zT5c5JIHtrKVmWe.png)\n\nBitcoin, since it start expanding, had one major problem. The very thing that Satoshi Nakamoto, created the Bitcoin for is slowly dying. Bitcoin mining is becoming more and more centralized as the mining algorithm used by Bitcoin network, SHA256 requires a lot of energy to run the ASICs. There are mining groups, who’ve literally bought plants filled with powerful ASICs for bitcoin mining.\n\nTake a look at the how a handful number of mining groups are dominating bitcoin mining.\n\n![](https://cdn-images-1.medium.com/max/1600/0*cYbHqQPpO8jX7LKM.png)\n\nTake a look at the power consumption of bitcoin to have a brief idea of the problem which Litecoin solves like a pro.\n\n![](https://cdn-images-1.medium.com/max/1600/0*FkH0ojKj696CmO3L.png)\n\nBitcoin consumes nearly 33 TwH of power globally, which is more than Oman, Morocco and Serbia.\n\nWith all these problems in mind, Charlie and his team, did not want SHA256 to be the mining algorithm and them came up with SCRYPT.\n\n### What is Scrypt for Litecoin?\n\nScrypt, as a mining algorithm is very efficient than SHA256\\. However, there’s a catch here. SHA256 is brilliant at parallel processing, i.e, the algorithm can manage multiple processes simultaneously. However, this hits hard on the memory and hence slows down the process.\n\nOn the other hand, Litecoin uses core SHA256 but sequentially. If A and B are the processes, Litecoin’s Scrypt will address A and then B, this way, there will be less clutter around the algorithm and speed will be manageable. Parallelization, like in case of Bitcoin becomes an issue since the blocksize in bitcoin is only 1MB, i.e. blocks not more than 1MB can reside in the bitcoin blockchain. However, there are reports of blocks that go beyond this size, which is kind of spooky. Here’s why the [**blocks are bunching over 1MB**](https://thenextweb.com/hardfork/2018/07/12/bitcoin-block-size/).\n\nLitecoin has not only chopped down the memory issue, but it has also made the mining much more affordable. Sure, the sequential processing is a problem but it can be solved with high memory capacity devices, which can be as cheap as memory cards. This is ridiculously cheaper than ASICs that cost a bomb of money. So, if you’re planning to get into Litecoin Mining, you’re welcome already.\n\nOne bad new, companies like Zeus, Flower Tech have come up with Scrypt ASICs which means the centralization in Litecoin Mining is going to begin. As ASICs are incredibly powerful, efficient and productive, big guns will buy it, mine more and hence living little to nothing for individual miners.\n\nThis was on the mining algorithm. Let’s talk on the transaction speed\n\n### Litecoin Transaction speed\n\nNow that Litecoin has a huge followership and users, the speed is continuously going down. While Bitcoin is at the top of the list ‘Slowest transaction speeds’ with transaction speed averaging at 10 minutes per block, Litecoin is hovering around 2.5 minutes per block.\n\n![](https://cdn-images-1.medium.com/max/1600/0*fIDSCdPs1k1SUe5Q.jpg)\n\nFurthermore, the median confirmation time can bulge more than 30 minutes. Which is common across the payment systems, in peak time it is quite natural to slow down. Faster confirmations are really useful for small merchants and consumers who tend to buy goods & services every other day.\n\nPeople can pay using Litecoin within 5 minutes and save their time. Sure, there are banks and other central third party authorities who do this much faster, but maintaining account in tradtional banks is invte to a lot of fees in the long run.\n\nFurthermore, if you are a miner, you can reap more than you invest. Since the block mining speed and verification speed is faster than Bitcoin, you are likely to make much more than you’d ever make in Bitcoin Mining.\n\nSure, you can bring up an argument saying that mining one bitcoin is better than mining 1000 Litecoins, considering the price factor. But if you calculate, the cost & time you invest in mining one bitcoin is way more than mining 1000 Litecoin is.\n\n### Flood attacks in Litecoin blockchain\n\nSpeaking on transactions, there is something called Flood attacks in the cryptoverse. What this basically means is the blockchain is attacked by spam transactions. In Jul’15, Bitcoin was chocked with a similar attack. At one point of time, there were 80,000 transactions in mempool.\n\nLitecoin founder, Charlie Lee said that Litecoin blockchain deals with this attack by making the attack as economically infeasible as possible. In other words, the price inflates. In an interview with cointelegraph, this is what he said.\n\n> **_“The reason why it is immune to this attack is because it was attacked in a similar fashion (though to a much smaller degree) years ago. I noticed this flaw in Bitcoin and patched it in Litecoin._**\n\n> **_The fix implemented in Litecoin is just to charge the sender a fee for each tiny output he creates. For example, in this specific attack, the sender is charged one fee for sending to 34 tiny outputs of 0.00001 BTC. With the fix, that fee would be 34 times as much. So it would cost the attacker a lot more to perform the spam attack. The concept is fairly simple: the sender should pay for each tiny output he/she creates.”_**\n\n### Introduction to Atomic Swaps\n\nLitecoin came up with awesome technique to save the end user’s time & money by implementing atomic swaps in the Litecoin blockchain. Consider this example. You have 1 BTC & you want to exchange that with your friend who has 1000 LTC. Traditionally, you’d go to an exchange and get your BTC exchanged for 1000 LTC, pay the fees and then get LTC for yourself.\n\nWith Atomic Swaps, you don’t need to rely on any exchange. You can simply utilize this feature and swap without paying the fees and wasting time on exchanges. Atomic swaps use HTLC (Hashed Timelock Contracts). HTLCs are basically protocols that opens a temporary channel between peers without any prior deadline. Cryptographic proofs are used to acknowledge. Atomic Swaps is a vast topic, which will be covering in a dedicated post. For now, let’s shift our focus on the Litecoin’s market.\n\n### How to buy Litecoin? Value for money\n\nWhether you want to invest in Litecoin or want to use it for consuming daily life products/services, you can do that with Litecoin now. Sure, there aren’t many outlets & stores accepting Litecoin as Bitcoin, but there are good number of outlets & merchants who accept it.\n\nBefore you spend it, let’s show trusted ways to buy Litecoin.\n\nThere are a lot of trusted exchanges featured in the official website, which are as follows.\n\n1.  [**Binance**](https://www.binance.com/?ref=29262812)\n2.  [**BitFinex**](https://www.bitfinex.com/?refcode=EkjWTw9U3r)\n3.  [**Bitstamp**](https://www.bitstamp.net/)\n4.  [**Poloniex**](https://poloniex.com/)\n5.  [**Bitmex**](https://www.bitmex.com/)\n6.  [**Coinsbank**](https://coinsbank.com/)\n7.  [**Coinbase Pro**](https://www.coinbase.com/join/594626d06785cd3c25b20a62) &\n8.  [**Gemini**](https://gemini.com/)\n\nThese are top exchanges currently in the market and they’re super reliable. However, these exchanges are not [**decentralized exchanges**](https://www.bitfolio.org/decentralized-exchange) which makes them prone to cyber attacks. Time and again there have been [**cryptocurrency hacks**](https://www.bitfolio.org/cryptocurrency-hack-mt-gox) where the hackers have stolen cryptocurrencies worth Billions.\n\nThis leads to the next section of this post.\n\n### How to keep Litecoins secure? Where to store?\n\nCryptocurrencies are a piece of code with a monetary value. They need space to reside, just like a document or picture of your dog. But cryptocurrencies need highly specific software for us to manage it. It cannot be stored anywhere, since it can’t be read by those software.\n\nThere are special wallets for this. Some are software, some are hardwares. There are exchanges who provide wallet facility but we don’t recommend that. Since the exchange might shut down or face an attacks and in that case you might lose the digital assets you owned.\n\nLet’s have a look at the wallets you can trust your Litecoins on.\n\n#### Hardware wallets for Litecoin\n\nThe official website recommends the following hardware wallets for storing Litecoin.\n\n**CoolWallet S:** This wallet provides cold storage solution for Bitcoin, Litecoin and many other altcoins. This is world’s first mobile hardware wallet with a built in exchange. That is, you don’t need to buy a separate hardware wallet to keep your funds safe.\n\n**Opendime:** USB based hardware which you can technically use like a debit/credit card. If you want to spend LTC, just insert the wallet in a USB at the store, and you’re done. It trust no one but you. So you’re funds are safer than ever.\n\n**Ledger:** Our personal favorite and global leader in hardware wallet space. It supports 30 plus cryptocurrencies so if you have multiple investments, [**Ledger**](https://www.ledgerwallet.com/r/e368d7fe3510) is the best thing to have.\n\n**Trezor:** [**Trezor**](https://trezor.io/[email protected]) holds the prestige of being the first hardware wallet in the cryptoverse and has a stature no wallet can achieve. It has super strong security features which are very hard to crack.\n\nThere’s KeepKey & Bitbox, but we don’t personally trust. You can give it a try and we will also review it in upcoming posts.\n\n#### Mobile wallet for Litecoin\n\nFor mobile users there are many wallets that can keep your Litecoin safer than ever. In spite of the vulnerabilities of using mobile phones, these wallets are trust worthy.\n\n**Lite.IM:** This wallets makes LTC transaction via telegram messenger and very safe. It’s available on [**Android**](https://www.lite.im/) & [**iOS**](https://www.lite.im/).\n\n**LoafWallet:** The first standalone wallet Litecoin wallet for [**Android**](https://play.google.com/store/apps/details?id=com.loafwallet) & [**iOS**](https://itunes.apple.com/gb/app/loafwallet-litecoin-wallet/id1119332592)\n\n**Jaxx:** This wallet is beyond [**Android**](https://play.google.com/store/apps/details?id=com.kryptokit.jaxx&hl=en) & [**iOS**](https://itunes.apple.com/us/app/jaxx-bitcoin-ethereum-wallet/id1084514516). It’s available for 8 platforms. Furthermore, its the first choice of Litecoin users.\n\n#### Web wallets for Litecoin\n\n**Coinbase:** Needs no introduction. [**Coinbase**](https://www.coinbase.com/join/594626d06785cd3c25b20a62) doesn’t offer too many options to trade on but its very particular of the regulated cryptocurrencies and allows only those coins. It’s the best web wallet to rely on.\n\n#### Desktop based wallets\n\n**Litecoin Core:** Developed by the official Litecoin developers, is one of the best desktop based wallet to rely on. Its available for Linux, mac & Windows.\n\n**Exodus:** This wallet supports multiple cryptocurrencies and hence it’s also the best space to keep your coins in. This wallet is also available for windows, mac & Linux.\n\n> **_Note: You can spend Litecoin on Debit cards and many other merchants. Here’s the_** [**_full list_**](https://litecoin.com/individuals/spend)**_._**\n\n### Future of Litecoin\n\nUnlike Bitcoin, Litecoin’s founder is very much available for guidance and leadership. At least, Charlie Lee is right on track of [**Litecoin’s vision**](https://segwit.org/my-vision-for-segwit-and-lightning-networks-on-litecoin-and-bitcoin-cf95a7ab656b). As a cryptocurrency sure Litecoin might struggle a bit because of small blocksize and Scrypt ASICs but as a commodity, Litecoin is a legitimate source to invest in. It has grown exponentially in past and it will grow in upcoming times too.\n\nCharlie wrote a [**letter**](https://www.reddit.com/r/litecoin/comments/63cgfc/my_letter_to_chinese_miners_and_pool_operators_on/) to the mining community to support SegWit in Litecoin as a blockchain can manage the memory problem well. Once the SegWit is on the roll, Litecoin is only going to get faster.\n\n### Final thoughts on Litecoin\n\nWhile Litecoin has been taking the cryptoverse by storm, it’s not exaggeration to say that Litecoin is going rule the cryptocurrency trading space in coming time. While Bitcoin is struggling to keep up with the high hopes of its bullish predictions, Litecoin is slowly getting a lot of limelight.\n\nIf not a commodity, Litecoin has already proven to be a problem solver. Competing with Bitcoin it’s not easy to withstand the pressure and competition & Litecoin has done it quite perfectly. Not sure of the people who are investing in it, but Charlie Lee is here for making a difference.\n\n### Resources\n\n_Understanding Litecoin_\n\n*   [What is Litecoin?](https://www.youtube.com/watch?v=q7B7S88RtV8)\n*   [Litecoin Website](https://litecoin.com/)\n*   [Litecoin Development Website](https://litecoin.org/)\n*   [Litecoin Wiki](https://litecoin.info/)\n*   [Charlie Lee’s talk at Coinbase](https://www.youtube.com/watch?v=U2KP8koYC3s)\n\n_Keeping up with Litecoin_\n\n*   [Litecoin Subreddit](https://www.reddit.com/r/litecoin/)\n*   [Litecoin Twitter news](https://twitter.com/Litecoin)\n*   [Litecoin Talk](https://litecointalk.io/)\n\nIf you like this post do us a favor, please share it across social media platforms, this motivates us a lot. This will also help many understand Litecoin better.\n\n* * *\n\n_Originally published at_ [_https://www.bitfolio.org/Litecoin-review-LTC_](https://www.bitfolio.org/Litecoin-review-LTC)_._",
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      "parent_permlink": "cryptocurrency",
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      "permlink": "bitcoin-transactions-how-do-bitcoin-transactions-work",
      "title": "Bitcoin transactions: How do Bitcoin transactions work?",
      "body": "![](https://cdn-images-1.medium.com/max/1600/0*mSyFPZLO61lpqn2l.jpg)\n\nValidation of a bitcoin transactions are similar across cryptocurrencies. It’s also known as mining (why is it called mining will be mentioned below)\n\nThe financial banking systems, have a system to check\n\n*   If the senders have enough balance to carry out transaction &\n*   To check if same amount isn’t spent twice\n\nThese are the two most important validations that are made in a transaction validation process.\n\nSince the [**blockchain**](https://www.bitfolio.org/taxonomy/term/101) at it’s core is decentralized in nature & have no middlemen to charge fees, there should be someone who does these validations.\n\nSo, the developer (Satoshi Nakamoto) of first cryptocurrency, [**Bitcoin**](https://www.bitfolio.org/taxonomy/term/103) designed the ecosystem in such a way that generating new cryptocurrencies and validating the pending transactions go in parallel. In fact, generating new units of cryptocurrencies is a by product of validating the transactions.\n\nThe same concept is in hereditary in most of the altcoins.\n\nHere’s how & what happens.\n\nIf you don’t already know, blockchain is a public database which can be accessed by anyone with an Internet connection.\n\nThere’s a group of volunteers who spend their time & energy to validate the transactions, these are called miners.\n\nA transaction gets in the queue for being validated in the blockchain. A certain number of transactions together make a block. Each block is taken by a miner (its a stack, where miners pick one block at a time ) and all the transactions are validated one by one by the miner.\n\nTechnically, it’s the algorithm that does the heavy lifting, miners just control the machines that run the algorithms.\n\n### Bitcoin transactions: A bird’s eye view\n\nYou intend to send one bitcoin to us, you hit send button and the algorithm scans the entire network to check two thing we mentioned above, your balance and double spend check.\n\nStill want detailed working? Keep reading on…\n\nBitcoins, or any cryptocurrency for that matter are stored in a software wallet. Technically, the wallet doesn’t store the bitcoin, it store the bitcoin address. This bitcoin address keeps the records of all the transactions that are made by the wallet, and hence the account balance.\n\nThe wallet contains two types of addresses, one directly linked, other indirectly. When someone receives bitcoin from your end, they’ll see a 34 characters long, alpha-numeric public address. Furthermore, public address is visible to anyone who rolls their eyes on the transaction.\n\nAnd then there’s a 64 character long, alpha-numeric private address, which is literally private. Whoever has the [**private address**](https://www.bitfolio.org/taxonomy/term/91) is the owner of the bitcoins, be it 1 BTC or 21 Million BTC. Its that important.\n\nThere can be any number of public addresses for one private address, not the other way round. Which also tells us that though two keys are directly related, there’s no way one can figure out the private address using public address. This ensures privacy & security at the same time.\n\n> **_Note:_** _Private address is needed only to “sign” a transaction. Just like you sign a document digitally. This private key is like an agreement that you own the bitcoin and you haven’t sent to it someone else, twice._\n\nTo make a transaction, you will need to enter the private address and transactions details, i.e. the amount that you need to send. The best part of Bitcoin, a masterpiece we’d say is this.\n\n> _Every transaction has a public key and signature linked to it. Though the public key is directly linked to the private key, and even the signature is the result of private key, there’s no way to figure the private key out. Neither the program can figure it out nor a human can do this manually. Brilliant!_\n\nFurthermore, the network then checks across all the miners if the same transaction is being addresses by someone else too. This is to avoid double spend. Since the transactions are being broadcasted throughout the blockchain, this has to be done. Else people would spend several times for same thing.\n\nPost this, the algorithm gives a transaction id which is then fed to the blockchain and then the ball in the miner’s court.\n\nThis is where it gets even more complicated. Still wanna read?\n\nGo on…\n\nNow that the transaction is validated, it enters into a block with several other transactions waiting for approval.\n\n> _Validating a transaction will debit bitcoin from the wallet and approving will credit bitcoins in the receiver’s wallet._\n\nBefore we get into the details of approval process, let us help you understand what “hash” is. Hash is again a 64 character long string that is generated by the hash function. A hash function is a program that converts any data to a 64 character string.\n\nNo matter how many times you feed in the data, unless the input is same, output remains same. You can change a single comma, the whole string would change altogether.\n\n> _A whole book can be converted to a hash, and no one would know about it. Unfortunately, there are no decrypters to unhash the hash key. If that become available, you can only imagine the amount of compression that would happen. Hash functions will play a very important role in data encryption, but that’s different topic altogether._\n\nIf you’re a computer science nerd and know about data structures, you’d relate this better.\n\nJust like the nodes in data structures have two parts, the data part and address to the previous node. This makes the data in a structured format.\n\nSimilarly, every block has the transaction data and the hash to the previous block. This way, every block has two hash addresses, one to the previous and one to the next. This forms a chain of blocks, hence the name blockchain.\n\nNow, a very interesting part from security stand point.\n\nIf someone tries to tamper the blocks in a blockchain, the data in it will change, hence the hash address. If hash changes, the link will break and this way, the whole network would know.\n\nThis way, the security of the whole network is made brilliantly transparent and highly secure.\n\n> _Amidst all this, miners generate new units of cryptocurrencies and a portion of it is given to them as rewards and the rest flows into the market for consumer use. As far as Bitcoins are concerned, there will 21 million units of BTC in the market, out of which, 17 million have already been mined._\n\n> _This is a brief, here’s a detailed article on_ [**_Bitcoin Mining_**](https://www.bitfolio.org/taxonomy/term/104)_._\n\nFurthermore, it’s nearly impossible to tamper the blocks. Even the miners cannot do it, once it’s gone, it’s gone forever.\n\nIf you want to go even deeper, you’d want to start talking in 0’s & 1’s so that you can talk to a computer and figure out what’s happening at a atomic level.\n\nTill then, have some fun by going to [**BitBonkers**](https://bitbonkers.com/)or see things in live action at [**Blockchain.info**](https://blockchain.info/)\n\nWe hope we helped you understand how exactly cryptocurrency transactions work and what is mining.\n\nIf you find this post any helpful, please share it with people who’re interested in learning about this. It keeps us motivated.\n\n* * *\n\n_Originally published at_ [_https://www.bitfolio.org/bitcoin-transactions_](https://www.bitfolio.org/bitcoin-transactions)_._",
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