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The Cryptocurrency industry is changing the way we look at finance, we spend our money online, and making major steps in markets across the globe. Bitcoin and other cryptocurrencies started in early 2009. Bitcoin is among the top runners in the cryptocurrency market and was the first cryptocurrency created. While a few others are popping up Bitcoin is still holding strong and is actually stabilizing in its market.
This is opening up doors for many around the world and allowing for those who had no real interest to make different choices. With the growing increase in interest in bitcoins we expect to see a bigger increase in its stocks over the next few years.
If you are thinking about trading, or investing in Bitcoin it is wise to use a Bitcoin Escrow service
and do some major research on cryptocurrencies to help you along the way. Below is some information on why you should be using bitcoin escrow services and some tips on online buying and trading of bitcoins.
What is Bitcoin?
Bitcoin is a form of “Cryptocurrency” or “digital cash”. It was created as a way of an international payment network. It was the “First Cryptocurrency” created. And it is used in many online marketplaces as a means to buy and sell.
Here are the top 5 Cryptocurrencies:
- Dash coin
But you can create your own cryptocurrencies
that may appear in this list!
What are Escrow Services?
Escrow services are third party services
that store funds within their network until both parties agree that all agreements have been met to receive funds. Funds are then release to the proper party after transaction is completed.
Using escrow is great when you are not familiar with the other party and do not have any contracts with them in place. This gives security to both the buyer and the seller at the time of trade. In addition trading and working with bitcoin escrow services can save you big mistakes that can cause you to lose bitcoins. Cryptocurrencies are not like other forms of currencies and can be lost if the transaction is made wrong. Simple mistakes like one number being incorrect can cause you to lose large sums of bitcoins
. Using a bitcoin escrow service can provide an extra pair of eyes in these situations.
Why Use a Bitcoin Escrow Service?
The use of bitcoin escrow services is for the purposes of security
. It allows both the seller and buyer to have the option of a third party for their transaction. The neutral third party simply holds on to the transaction amount until both parties have completed their part of the transaction. Buyers and sellers deal with large transactions
which can be difficult online as they are complete strangers. A neutral third party keeps the transaction safe until it can be completed and sent to the appropriate party.
- Safety of transactions
- Safety of funds
- Accurate Completion of funds between the two parties
- Dispute monitoring – third party monitors any disputes with either party and ensures the funds are placed appropriately.
Bitcoin transactions are irreversible – Bitcoin Escrow Services scripts give you another pair of eyes. This is essential when working with bitcoins. Since bitcoin transactions are one time deals you cannot afford to mistakenly send the transaction to the wrong account, or the wrong amount, or even be off on single digit. This gives you an additional stop in the process to ensure that the transaction is correct
. In addition, it will go to where it is suppose to go the very first time every time!
Localbitcoins vs Remitano
Both escrow services are quite famous and very popular
. Developing and running your own
clone is quite simple. It is worth simply paying attention to our solution, which can very quickly be deployed and installed
, and then your service is on. The following things worth paying attention to:
1. User's functionality. Security, CCSS standards, logging, 2FA through TOTP codes or SMS.
2. Coins. The more coins, the better. However, it is worth remembering that for each individual coin has to be done through an individual node which requires computing power. As a rule, large companies put one node on one server.
3. Fiat money. Through bank transfer and cards: Visa, Mastercard, and AMEX, Unionpay.
One of the services has gained great popularity in the West, the second in the East. However, the cryptocurrency demand is always growing and awareness too. To know which is better to choose a script, send us a short message, and we will help you.
Bitcoin Do’s and Don’ts
There is so much excitement around the new cyrptocurrency revolution people are getting drawn in very quickly. Below are a few things listed to remember when you are dealing with Bitcoins to keep them safe, and secure.
- Watch where you store your bitcoins – It is very tempting to store your bitcoins in an online wallet. This can be a big mistake. Why? Not all online wallets are as secure
, and there are hackers that are constantly trying to find ways around safeguards to get into accounts. In addition there are gliches or updates that can cause losses in your bitcoins.
– Do Your Online Wallet Research
- There are some good wallets, so taking the time to research them before you use them is worth it. Also remember that storing large amounts in your online wallet is not a good idea
, but would you store a large amount of cash in your personal wallet?
– Don’t Invest more than you can afford to lose- Even though their have been very large bubbles in the history of bitcoins it is an investment. As with any investment you should still be cautious about what you are doing with your investments. Be sure to only invest what you are prepared to lose
. Play it safe and don’t expect an major return, bitcoins have seen very impressive returns but they have also had valleys and this point should also be remembered.
– Do research wallet options – There are a few different wallet options available for you to use. These involve options such as the bitcoin wallet, your PC wallet, or even your smart phone wallet. Some are very secure while others seem to focus more on convenience. It is wise to do a bit of research before deciding to use any of them.
– Back up your wallet – did you know it is possible to back up your wallet? Yes this is something you should be doing to protect your savings. After all when you lose bitcoins on your wallet or you can not gain access to your account then they are considered lost forever. This feet would be easy enough for a halfway decent hacker to pull off.
- Don’t store a lot of bitcoins on your wallet – This is not a safe idea. Bitcoins are the most sot after cryptocurrency on the market. There are many hackers looking to get into your account and drain it dry. Be sure that you protect yourself and your bitcoins treat it like cash. If you wouldn’t hold $200 dollars in your wallet, don’t store $200 bitcoins in your online wallet.
– Don’t buy bitcoins online – This is very tempting to do. But it will leave an online traces, and can leave you open for backtracking later. Hackers look for new and inexperienced bitcoin users to take advantage
. Be sure to buy them in person, going to decentralized exchange markets
, or buying anonymously will keep you safe and secure for later. This will protect your personal information, and keep them from tracking your transactions as well.
Bitcoin Things You Need to Know
There are several things you should know before you get into Crypto-currency transactions. It is a risky business after all cryptocurrency transactions are not reversible
. This is the essence of blockchain technology. Since cryptocurrency is not yet regulated there are several hackers looking to get to your funds. Also If you make a mistake with the transaction, are off a number, etc you will just lose that transaction.
This is why it is important to use an escrow services with each cryptocurrency transaction. When you are working with large amounts of funding no one can take the chance of anything going wrong on the exchange.
Bitcoin escrow services can ensure that your bitcoins are going to the right account
, and the right amount is being sent. Always double check your figures, and your numbers. Also re-verify your transaction details before you give the final okay. Below are a few additional tips to remember.
Remember Tip 1
- Don’t panic – If you are investing into anything there is going to be some risk. Even the most stable market has its peaks and valleys. You must not panic every time the market drops a bit. Sometimes a little drop can result in an impactful recovery
The market is often a roller coaster and has hills and valleys the key is to know when to buy and when to sell in these ups and downs.
Bitcoin went from 4500 to 2900 but when it recovered it came back up recovering to a great 7500 which almost doubled the initial investment.
Remember Tip 2 Factor Authentication (2FA)
– This is to ensure that any wallet you may use online has more than one security protection to authorize each transaction. If you want to use your bitcoin wallet
it can ask for a fingerprint authorization or even facial recognition security before you can complete a transaction.
The 2FA also requires the use of a token carried by the user of the account or a code due upon authorization. If you input the code wrong then an error will appear. This can stop your account from being hacked
by numerous hackers trying to get into your bitcoin accounts.
Remember Tip 3
- Do Your Research – Know the crypto currency before you invest. There are several other cryptocurrencies, which are used for many different purposes. Make sure that you can stand behind the cryptocurrency you are investing in for the next 3-5 years.
Research the company behind it, do you feel they have potential to sustain their momentum? If you do than invest. While Bitcoin is the most common and most popular cryptocurrency there are others on the rise such as Etherum. Find a cryptocurrency you can stand behind. Don’t invest just because of the current hype of the currency.
Remember Tip 4
- Cold Wallets
– These are wallets that store your keys offline on a special device connected with an usb port. Using a hardware wallet in conjunction with a bitcoin escrow service can help give you much more protection.
Security is a large part of managing your bitcoins because they are not regulated so when utilizing your bitcoins for purchases be sure to have more than one layer of security. It is important to keep each transaction safe before, during, and after the overall process.
Your bitcoin hareware wallet keeps your key safe offline so no on but you will have access to your key or code until you connect your flash drive into the computer through the usb port. And when you disconnect your bitcoin account and key comes with you.
Bitcoins are revolutionalizing the financial market. Bitcoins and other crypto-currencies are changing the way people make purchase online, and sending money around the world. Bitcoins are not regulated and can be exchanged in very large sums without as much red tape per transaction
. They also have fewer fees and other service charges which also make them more appealing. This gives much more freedom for people everywhere in daily business transactions, and purchases.