On September 5, Payza introduced the Cryptocurrency Address Manager, a feature that allows Payza members to generate and manage Bitcoin addresses within their Payza accounts. Here’s a look at what the media has to say about Payza and our new Cryptocurrency Address Manager:
Bitcoin.com covers Payza’s latest news
Bitcoin.com is one of the premier sources for Bitcoin and cryptocurrency news. Here is how they covered Payza’s announcement:
Payza has announced the introduction of a new Bitcoin address manager feature that “allows Payza users to generate their own public bitcoin addresses and QR codes.” Generate up to a maximum of 50 addresses, use them several times and always receive funds to your Bitcoin address. For the moment, only Bitcoin is supported but other cryptocurrencies will be added in upcoming releases.
It is important to note that merchants should not rely on this new method as it provides no information about the customers and their transactions. Instead merchants should “rely on their prior payment methods”.
The full article from Bitcoin.com can be found on their website: Payza Unveils Bitcoin Address Manager
CryptoNinjas discuss Payza’s latest cryptocurrency announcement
Payza has launched a new cryptocurrency feature: Cryptocurrency Address Manager. With this feature, all Payza members can generate and manage Bitcoin addresses as well as QR codes from within their Payza accounts.
There is no fee to generate these Bitcoin addresses and it is also free to receive Bitcoin to these addresses. For now, only Bitcoin is currently supported, but more cryptocurrencies will be added in the near future.
The full article from CryptoNinjas can be found on their website: Payza introduces bitcoin address manager for all account holders
Crowdfund Insider presents Payza’s new Cryptocurrency Address Manager
On September 5, Payza introduced a new cryptocurrency feature available for both Payza Personal and Payza Business accounts; the Cryptocurrency Address Manager is a feature that enables Payza members to generate and manage their own cryptocurrency addresses from within their accounts.
Use this feature to generate your own Bitcoin addresses and QR codes to “more easily receive Bitcoin from other Bitcoin wallets”, without the need to “set up an Add Funds by Bitcoin transaction prior to receiving Bitcoin”. This feature is easy and convenient to use, and more cryptocurrencies will be “added in upcoming iterations.”
The full article from Crowdfund Insider can be found on their website: Payza’s Cryptocurrency Address Manager Now Live: Bitcoin Management Made Easy
The Paypers observes Payza’s new Bitcoin wallet functionality
Payza has presented yet another new feature, this time one that lets Payza users generate and manage cryptocurrency addresses right within their Payza account: Cryptocurrency Address Manager. Payza members can now generate their own Bitcoin addresses and QR codes to “receive Bitcoin from other wallets directly into their accounts.”
There are no fees to either generate Bitcoin addresses nor to receive Bitcoin by using this method. At this moment, only Bitcoin addresses are supported, but other cryptocurrencies will be added in the future.
The full article from The Paypers can be found on their website: Payza enables Bitcoin wallet functionality for account holders
Fintechist highlights Payza’s “positive development for cryptocurrency enthusiasts”
Payza today fully supports Bitcoin and has now added another new feature: Cryptocurrency Address Manager. With this feature “there is no further need to rely on third-party services for this specific service” as you use Payza’s Cryptocurrency Address Manager to generate and manage cryptocurrency addresses directly within your Payza account.
This is considered “a great move by the company” and it’s said that this “will hopefully make Bitcoin more appealing and popular.” You can access the new feature through the Payza desktop site, and mobile support will be enabled in a future update of the Payza App.
The full article from Fintechist can be found on their website: Payza Users can now Generate Bitcoin Addresses in Their Account Directly
Blockchain Technews mentions Payza’s introduction of the Cryptocurrency Address Manager
The launch of the new Payza desktop feature, Cryptocurrency Address Manager, provides Payza members with an easier way to receive Bitcoin from other Bitcoin wallets. Simply generate a Bitcoin address and QR code for your Payza account, and use this to receive Bitcoin without first having to set up an Add Funds by Bitcoin transaction.
There are no fees to generate Bitcoin addresses or to receive Bitcoin when you use Payza’s Cryptocurrency Address Manager, and Payza CEO Firoz Patel states that “We’re proud to offer one of the most complete sets of bitcoin services on the market.”
The full article from Blockchain Technews can be found on their website: Payza intros Cryptocurrency Address Manager for full bitcoin wallet functionality
New ‘Cryptocurrency Address Manager’ feature allows Payza members to generate Bitcoin addresses within their e-wallets
LONDON, Sept. 5, 2017 – Payza, an award-winning payments technology company, is proud to announce the launch of its latest cryptocurrency feature: Cryptocurrency Address Manager. This new feature enables all Payza members to generate and manage cryptocurrency addresses from within their Payza accounts.
With this launch, Payza members will be able to generate their own Bitcoin address and QR code for their Payza account to easily receive Bitcoin from other Bitcoin wallets. This means that Payza members no longer need to set up an Add Funds by Bitcoin transaction prior to receiving Bitcoin.
There is no fee to generate Bitcoin addresses and it is also free for members to receive Bitcoin using this method.
“We’re proud to offer one of the most complete sets of Bitcoin services on the market,” says Payza CEO Firoz Patel. “Whatever your Bitcoin needs, Payza now has the service to match. Our users now have all the same functionality that a Bitcoin wallet provides, right in their accounts.”
The new feature is available for Payza Personal and Payza Business account holders. Payza merchants can also continue using Payza payment buttons to process Bitcoin payments on their websites and Payza APIs for automating Bitcoin payouts.
Payza’s Cryptocurrency Address Manager feature allows all members to generate and manage Bitcoin wallet addresses. Although only Bitcoin addresses are currently supported within the new Cryptocurrency Address Manager, other cryptocurrencies will be added in upcoming iterations. This new feature is currently available on the Payza desktop site and is scheduled to be added to the Payza App in a future update.
To learn more about how to generate Payza Bitcoin addresses, visit the Payza Reference Center: How Do I Generate a Bitcoin Address with Payza?
Payza is an award-winning payments technology company. The highly secure platform provides businesses and consumers around the world with practical solutions for processing online payments. Payza supports 26 currencies and serves over 14 million members in more than 190 countries.
Payza serves traditional and emerging markets, providing a wide range of built-in tools including: Online payment processing, online global money transfers, fraud screening, subscription billing, transaction dispute resolution, cryptocurrency exchange services, and global payouts.
Payza members now have the full functionality of a Bitcoin wallet within their Payza accounts
Payza is proud to introduce our newest cryptocurrency feature: Cryptocurrency Address Manager. Payza members can now generate their own Bitcoin addresses and QR codes for their Payza account. These are multi-use addresses that can be used to receive Bitcoin from other Bitcoin wallets without first having to set up an Add Funds by Bitcoin transaction.
This new feature lets you generate and manage cryptocurrency addresses right inside your Payza account. Although only Bitcoin addresses are currently supported, other cryptocurrencies will be added in upcoming releases.
For merchants using Payza to process Bitcoin payments, we advise you to continue processing Bitcoin payments as before, because the new process for generating Bitcoin addresses can’t be used to tie customer payment information to transactions. This means that it will be difficult for merchants to associate a payment with a specific customer and it will be impossible to automate post-payment processes. The already existing method for processing Bitcoin payments also allows for better testing and automation through the new Payza Test Center.
How to a Generate Payza Bitcoin Address:
- In your Payza account, click “Wallet” in the left-hand column.
- Select “Cryptocurrency Address Manager”.
- Select “Bitcoin” as the currency in the drop-down menu.
- Click “Generate New Address”.
A new Bitcoin address and QR code will be generated and listed in the Cryptocurrency Address Manager section. Use the generated Bitcoin address to receive bitcoins from other Bitcoin wallets.
When you receive bitcoins to your Payza Bitcoin address, your balance will instantly and automatically be updated and you’ll receive an email notification letting you know that you’ve successfully received Bitcoin.
Managing Cryptocurrency Addresses
When you need to manage and organize your Payza cryptocurrency addresses, you will find them all in the Cryptocurrency Address Manager section within your Payza account. The cryptocurrency addresses can be used multiple times to receive funds.
At the top of this page, you will see how many current cryptocurrency addresses are linked to your Payza account. You can use the search bar to review the activity on different addresses or to find all the addresses associated with a specific cryptocurrency. The Cryptocurrency Address Manager also shows you the amount of cryptocurrency you have received to each address in your Payza account. This amount will appear next to each address and QR Code under the heading “Amount Received”.
You can have a maximum of 50 cryptocurrency addresses listed in your Payza account. To generate additional addresses, you will have to remove an existing address. To remove an existing address, simply click the “Remove” option next to the cryptocurrency address you wish to remove.
A removed address will still be associated to your Payza account and will re-appear in the list if someone sends funds to it. So even if someone sends Bitcoin to an address that you have removed, you will still receive those bitcoins without problem.
If you have several cryptocurrency addresses listed in your Payza account, you can find one easily by entering the cryptocurrency address under “Find Existing Address” in the Cryptocurrency Address Manager section within your Payza account:
- In your Payza account, click “Wallet” in the left-hand column.
- Select “Cryptocurrency Address Manager”.
- Enter the cryptocurrency address you are searching for under “Find Existing Address”.
Coming Soon to the Payza App
The Cryptocurrency Address Manager is only available through the Payza desktop site for now, but will be available for the Payza App in a future update.
On July 20, the Bitcoin mining community voted in favor of Segregated Witness (or SegWit): a technological solution designed to increase the transaction capacity of the Bitcoin network. The vote was almost unanimous which would have resulted in a single currency emerging from the upgrade, but a vocal minority of the community that opposed SegWit decided to go ahead with a hard fork instead.
This group of miners announced that the implementation of Bitcoin Cash, with a block size of 8MB, would take place via a hard fork on August 1. Now, one month later, Bitcoin Cash is still struggling to catch up to its big brother.
Both SegWit and the hard fork were designed to solve Bitcoin’s scaling problem. The cryptocurrency has become so popular that the original blockchain, with a block size of 1MB, was unable to process the sheer volume of Bitcoin transactions. SegWit solves this problem by recording transaction signatures onto a separate ledger, freeing up more space on the blockchain for the input data. Alternatively, the hard fork would solve the issue by simply increasing the size of the individual blocks in the chain, allowing for more transactions to be confirmed within a single block.
Why opt for a hard fork?
Proponents of the hard fork take issue with SegWit for several reasons: they argue that SegWit does not increase capacity significantly enough to maintain Bitcoin’s cryptocurrency market leadership, that segregating the transaction signatures would effectively “centralize” control of the currency, and that the solution favored people who viewed Bitcoin as a digital investment rather than a transactional currency.
On the other hand, a hard fork would maintain the fundamental design of the Bitcoin blockchain while multiplying the transaction capacity. The downside is that increasing the block size makes the new chain incompatible with the old – it’s called a hard fork because it effectively splits (or forks) Bitcoin into two separate currencies.
A new coin emerges
This is what happened on August 1. Bitcoin as we know it went in one direction while Bitcoin Cash, a new cryptocurrency created by the fork, went off in another. Despite the attention and scrutiny, it was an inauspicious start for Bitcoin Cash, at 8:20 am (EST), miners began working on what would be the network’s first block. Some thought it would happen quickly, others thought it would take several hours, but as the day went on many began to doubt the effort, worrying that miners would give up on Bitcoin Cash and return to Bitcoin even before the first block was mined. But then at 2:14 pm, after nearly 6 hours of mining, the first block was found, officially launching the new blockchain.
The rough first day may have set a bad tone for Bitcoin Cash, or perhaps the fact that Coinbase (one of the biggest cryptocurrency exchanges) publicly announced that it would not support the new coin on its platform (at least not initially) had something to do with this negativity. Both of these things cast a shadow on Bitcoin Cash, conveying a lack of trust and implying low acceptance and reliability of the new coin. One week after the hard fork, mining on the original blockchain remained 30% more profitable than the new chain, and despite much larger block capacities, the original chain had grown 920MB more than the new chain.
Bitcoin Cash, one month later
Now, one month after the split, the price of Bitcoin Cash is experiencing a steady decline after an impressive surge. The value had an early peak of $677 USD on August 2nd before dropping down to around $200 soon after, and excitement dropped off as people turned their eyes back onto Bitcoin and the imminent implementation of SegWit. In the days leading up to SegWit’s launch on August 23rd, Bitcoin Cash again climbed sharply from $300 to over $900 per coin in a 72-hour period as investors hedged their bets amidst uncertainty about Bitcoin’s future. However, with SegWit successfully implemented as of last Wednesday, Bitcoin Cash has begun another seemingly steady decline.
While it’s easy to be dismissive of Bitcoin Cash, the arguments put forward by the developers who support the new cryptocurrency remain valid. Going forward, the original coin and the new one will continue to compete and draw comparisons to each other, with the two ideologies being put to the test. In the first week after SegWit, the expected boost in Bitcoin’s capacity has not yet been seen; if SegWit fails to make the hoped-for impact, many may yet turn to Bitcoin Cash after all. Whether one or the other proves to have the superior technology, or whether both can have a valuable role in the crypto economy, is still yet to be determined.
Payza is closely following the development of Bitcoin and altcoins, and is committed to supporting all of the currencies and cryptocurrencies you are using. By using the Payza platform, you can buy, store, and sell Bitcoin and over 50 different altcoins right inside your Payza account.
As a leading online payments technology company, Payza’s highly secure platform provides businesses and consumers with convenient and flexible solutions for sending and receiving payments worldwide. With full Bitcoin services that function alongside our fiat services, Payza is now a complete online payments solution that lets merchants accept payments and make payouts in both fiat currencies and Bitcoin.
This means that Payza doesn’t only work with fiat currencies, but is also a full-service cryptocurrency processor as well. Merchants that have a Payza account and want to work with Bitcoin don’t need to use one provider for fiat payments and another for Bitcoin, they have everything they need with a single Payza account!
Payza gives you the flexibility of working with both cryptocurrencies and fiat currencies. Here are some of the many services Payza offers to our Business members:
- Flexible payment and payout options: Accept payments and make payouts in Bitcoin and traditional currencies. Payza business members can make payouts in Bitcoin to other Payza members or to external Bitcoin wallets. When receiving payments and making payouts in Bitcoin, you can take advantage of Payza’s lower fees, starting at just 1.2% for accepting Bitcoin payments. If you make Bitcoin payouts, your recipients will enjoy low fees as well, either 1.2% for receiving Bitcoin to their Payza account, or 0.001 BTC for receiving Bitcoin to an external wallet.
- Powerful APIs: The Payza SendMoney API is a simple interface that allows you to complete a payment without logging in to your Payza account. The Bitcoin SendMoney API takes this one step further – it lets users send bitcoins from your Payza account directly to an external Bitcoin address. These APIs are great for merchants who want to further automate their payout system. For even more automation, the MassPay API allows you to send a batch of payments without having to create and upload a CSV file to your Payza account.
- Shopping Cart integration and other checkout options: As a leading online payment option, Payza integrates easily with many online shopping carts such as Magento and PrestaShop. If you aren’t using one of these shopping carts, Payza provides merchants with two standalone checkout modules for their online stores, Standard Checkout and In-Page Checkout.
- Payroll solutions: Many businesses today are turning to payroll cards when paying their employees. This method is especially convenient for companies with employees spread out over several countries. Payroll cards are reloadable prepaid cards onto which an employer loads a worker’s earnings. With Payza, you can use the Payza Card as a payroll card solution.
Merchants are already taking advantage of Payza’s Bitcoin services. These merchants love that they can use Payza when working with both Bitcoin and fiat currency. They also love how Bitcoin transactions through Payza are instant, secure, and simple. On top of all that, the fees are low too — a total win!
Want to learn more about what Bitcoin services Payza offers to merchants? Contact our Business Development Team: firstname.lastname@example.org.
The Payza developers have once again improved the Payza experience for our members – our Payza app just got even better! If you already have the Payza app, make sure you download the latest update to take advantage of the new features.
Take Payza with you wherever you go with the Payza app. You get all of Payza’s features in the palm of your hand and the app lets you stay on top of your Payza account: send money, add or withdraw funds, and review your account’s transaction history.
We have now improved the Payza app with a couple of new features, with a focus on facilitating Bitcoin usage and enhancing the user interface. These new features make what is available on the Payza desktop also available on the app. This in turn makes the user experience of the app easier, faster and more convenient for our Payza members.
The Payza App’s New Features at a Glance
- You can now Add Funds by Bitcoin into your USD balance directly in the app.
- You can now load your Payza Card from your stored Bitcoin balance directly in the app.
- From the main menu, you can now go directly to the new “Add/Withdraw Funds” page to see the funding methods to add or withdraw funds available specifically for you.
Add Funds by Bitcoin
The latest Payza App updates gives you an easy way to exchange Bitcoin from outside Bitcoin Wallets into fiat currency in your Payza account. With this update, when you Add Funds by Bitcoin in the app, they will automatically be converted into US Dollars. Future updates will also give you the option to keep those funds in your Payza Bitcoin balance.
Here’s how the new feature works:
- In your Payza app, click “Add/Withdraw Funds” in the menu in the upper left-hand corner, then select “Add Funds by Bitcoin”.
- For the destination balance only US Dollars is currently available.
- Enter the deposit amount (in Bitcoin).
- Review the details and confirm your transaction by typing your Transaction PIN.
- Payza will provide you with a unique Bitcoin address for you to send your bitcoins and a set of instructions for completing your transaction.
Note that your account must be verified in order to do conversions from Bitcoin.
This gallery shows you exactly how the process works:
If you want to add Bitcoin to your Bitcoin balance, you will still need to use the Payza desktop site for now. Our developers are hard at work on the next Payza app update and expect to have this new release ready before the end of the year.
Load Your Payza Card with Bitcoin
If you have Bitcoin in your Payza e-wallet, you can easily load your Payza Card from your Bitcoin balance in the app. Just follow these steps:
- In your Payza app, click “Wallet” in the menu in the upper left-hand corner, select “Prepaid Cards” and click “Load Prepaid Card”.
Or use the new shortcut: In the menu, click “Add/Withdraw Funds” and select “Load Prepaid Card”.
- Select the card you want to add funds to.
- Select Bitcoin as the currency balance and enter the amount.
- Review the details and confirm your transaction by typing your Transaction PIN.
This gallery shows you exactly how the process works:
In most cases loading your Payza Card with Bitcoin will be instant, however there are some exceptions. All Payza withdrawals can potentially trigger a withdrawal review which can take up to 3 business days.
User Interface Enhancement
By adding the “Add/Withdraw Funds” options directly in the app menu we have created an easier way for Payza members to find the deposit and withdrawal options they have for their account through an easy access menu.
Simply select “Add/Withdraw Funds” in the menu in the upper left-hand corner of the app. The funding methods available specifically for you will appear. Depending on your account, you will have the option to add funds by Credit Card, Bitcoin and/or the Payza Card, and to withdraw funds to your Payza Card. If you do not have a Payza Card, there is currently no other withdrawal option available through the Payza app, but our developers are working to add other withdrawal options as well.
We are always working on updates for the Payza app, so stay tuned for more exciting features to be available in the future!
We think that Bitcoin and the Payza Card are a perfect match, so we decided to make them even better together. Payza is therefore proud to present another new feature related by Bitcoin, a feature that combines Bitcoin and the Payza Card – Bitcoin to Payza Card Loads.
This new feature lets you convert the Bitcoin that’s already in your Payza account into US Dollars and add those funds onto your Payza Card in seconds. This feature applies to the Bitcoin being held in your Payza account already, if you have another Bitcoin wallet, you can transfer those Bitcoin into your Payza account and then instantly load your Payza Card.
It is very easy to load funds onto your Payza Card – simply create a Withdraw Funds transaction in your Payza account and select the Payza Card as your withdrawal method. With our new feature Bitcoin to Payza Card Loads you can even load your Payza Card with Bitcoin. To do this you must simply create a withdraw funds transaction in your Payza account and select the Payza Card as your withdrawal method. Then when selecting the balance, choose “Bitcoin”. This will automatically exchange your Bitcoin to US Dollars and load your Payza Card with the exchanged amount.
Loading Funds From a Bitcoin Balance to Your Payza Card
- In your Payza account, click “Withdraw Funds” in the top menu, then select “Payza Prepaid Card”.
- Select Bitcoin as the currency balance and enter the amount.
- Review the details and click “Withdraw” to confirm your transaction.
In most cases, loading your Payza Card with Bitcoin will be instant, however, there will be some exceptions. All Payza withdrawals can potentially trigger a general delay which can take up to 3 business days, but, in the majority of cases, loading your Payza Card using your Bitcoin balance will be instant.
The Payza Card is $19.95 US to order, including shipping and handling. Currently, this charge must be paid from your Payza balance, but our team is working to provide an option to pay for the card using Bitcoin or Credit Card as well.
With a Payza Card, you can make purchases almost anywhere traditional credit cards are accepted, including online, in-store and at most ATMs. Shipping takes 1-3 weeks to members in North America, or 4-8 weeks worldwide. Order the Payza Card directly in your account. Under the “Wallet” tab, look for “Prepaid Cards” to order your own card. Please note that your Payza account must be verified before you can order your Payza Card. Check out our full guide about the Payza Card here.
Going from cryptocurrencies, especially altcoins, to cash can be difficult. So we’ve compared the best solutions on the market for exchanging Bitcoin and altcoins to make your life a little easier.
Over the past week, Bitcoin and altcoin values have dropped dramatically. A month ago, the price of Bitcoin climbed above $3,000 USD for the first time, but on Sunday it dropped as low as $1,863.22 and remains below June’s lowest value at the time of writing. Ethereum, which reached nearly $400 in June, is now trading at half that value. And just about all other cryptocurrencies experienced a similar decline.
A cursory glance at the news coverage reveals a number of possible causes for this drop – which has seen the total cryptocurrency market capitalization decrease from a mid-June high of $115 billion to as little at $61 billion at its lowest point (so far) – but the most likely culprit is the imminence of SegWit, scheduled for August 1st.
In light of the past week (which some are preemptively calling a crash) we’ve decided to take a look at the best solutions available for cryptocurrency exchanges, and which services you can use to send Bitcoin to your Payza e-wallet or to acquire altcoins that you can later sell to Payza.
Since there are so many to choose from – hundreds of different exchanges which might seem indistinguishable to the casual Bitcoin user – we’ve collected the results from 10 different recent Best-Of lists from leading crypto publications, including Bitcoinist, The Merkle and 99 Bitcoins, to create the ultimate Top 5 list:
Unlike most others on this list, Gemini is a fully regulated exchange licensed in the US, meaning that they’re held to a similar set of rules and standards as a bank. Gemini sports a great, minimalist user interface but you can only trade in Bitcoin, Ether and USD and the service is only available in 42 states, Canada, the UK, Hong Kong, Japan, Singapore and South Korea.
PROS: Highly secure, user-friendly design, great analytics tools, no deposit or withdrawal fees.
CONS: Limited to USD, BTC and ETH, available in only a handful of locations.
Founded in London, England in 2013, CEX.IO trades in most major cryptocurrencies and support USD, EUR, GBP and RUB fiat currencies. The platform is intuitive and user-friendly but also powerful enough for professional traders, and has a good reputation for security.
PROS: Accepts credit cards, mobile-friendly, worldwide availability.
CONS: Long verification process, high deposit fees, limited customer support.
Making it onto over half of our lists, Bitstamp is the oldest exchange standing, having launched back in 2011. Both EUR and USD are accepted and multiple deposit methods (including credit card) are supported. As the third-largest Bitcoin exchange by volume, Bitstamp is a very reliable option.
PROS: Well-known for reliability, accepts credit cards, fee structure makes it a good choice for large transactions.
CONS: Poor user interface not recommended for beginners, can only trade Bitcoin for fiat currencies.
Founded in 2012, Coinbase is a customer-centric exchange, meaning it’s an excellent place for people new to cryptocurrency. It’s one of the most popular solutions around because of its low transaction fees and ease-of-use, but Coinbase only supports a limited amount of features, currencies and countries.
PROS: User friendly, low fees, stored currency is insured, a variety of deposit and withdrawal methods supported.
CONS: Limited availability, only supports Bitcoin, Ether and Litecoin.
Almost as old as Bitstamp, Kraken was founded in 2011 as a Bitcoin exchange, and only recently expanded into altcoins. Unlike most on this list which require you to exchange fiat currencies to and from Bitcoin before trading in other altcoins, Kraken allows Ether, Ripple, ZCash, Monero and several others to be traded for fiat currency.
PROS: Reliable, supports a variety of trading pairs between cryptos and EUR or USD, low withdrawal fees.
CONS: High deposit fees, not the most intuitive design (recommended for experienced traders).
There is no shortage of Bitcoin and altcoin exchanges and opinion is very divided on which ones are superior. No exchanges appeared on more than 8 of the 10 “top exchanges” lists we consulted, so some reviewers found reasons to leave exchanges like Kraken and Coinbase off some lists.
Be careful if you decide to choose an exchange not on this list. Many other popular exchanges, such as Poloniex and Bittrex, do not support any fiat currencies and can only be used to exchange between different cryptos, meaning you won’t be able to sell your coins for cash.
Payza Unveils a Better Solution
If you’re frustrated by the lack of solutions on the market to turn Bitcoin and altcoins into cash, Payza has a great new option for you. The Payza Card and Payza cryptocurrency loading options let you go from cryptocurrency to cash in a matter of minutes. And we’re working on ways to make that process even smoother! Order your own Payza Card today and find out just how fast and simple it can be to turn digital money into cold hard cash.
PROS: Instant exchanges, load cryptocurrencies to the Payza Card instantly, over 50 cryptocurrencies and over 190 countries supported.
CONS: Identity verification is required to use Payza’s cryptocurrency services.
Payza continues to improve our Bitcoin services. Our latest feature, Bitcoin SendMoney API, makes it possible for merchants to send Bitcoin payouts to people who don’t have a Payza account. This new API makes it possible for payout merchants to pay all their affiliates in Bitcoin, whether they have a Payza account or not.
The new feature is similar to Payza’s existing SendMoney API, which allows you to send a payment without having to log in directly to your Payza account. It’s a great tool for those who want to further automate their payout system. Like our original SendMoney API, the new Bitcoin SendMoney API will allow merchants to send automated payments, but, unlike the original, Bitcoin SendMoney API lets users send bitcoins directly to a Bitcoin address. This gives merchants even more freedom and flexibility when paying affiliates, by giving them an easy option to pay affiliates outside of Payza’s network of members.
With the new Bitcoin Sendmoney API, merchants can enter a Bitcoin address and an amount in the currency of their choice. If BTC is chosen as the currency, that amount of Bitcoin will be sent, and when a fiat currency code is entered, our system will calculate the appropriate amount of Bitcoin to send based on the real-time exchange rate. The transactions created using this API will be treated as withdrawals and subject to the standard Bitcoin Withdraw processing time.
The Bitcoin SendMoney API will save you time and money by giving you the power to design automated Bitcoin payouts to anyone with a Bitcoin wallet address. By pairing our powerful APIs with Bitcoin payments, Payza offers you a whole new feature that we’re sure you’ll love!
The early months of 2017 have been a very interesting time for Bitcoin. On January 2nd, Bitcoin maintained a value of $1,000 USD for the first time and only 5 months later it set its current record value of over $3,000. For a cryptocurrency that was worth only 25 cents per coin in 2010, this radical rate of growth has kept investors on the edge of their seats.
Soaring values can have their downsides though. Bitcoin is embroiled in a civil war caused by its scaling problem. Both sides know that a “fork” (an update to the code which runs the Bitcoin blockchain) is required for the currency to survive in the long-term, but the debate centers on whether a “hard” or “soft” fork is the optimal solution. A hard fork would split the code to effectively create a new blockchain with an increased block size, which would solve the scaling problem but make the “new” Bitcoin incompatible with the old. The alternative, a “soft fork”, known as Segregated Witness or SegWit, has been proposed as a way to increase the block capacity without splitting the code.
Opponents of SegWit have two concerns. The practical opposition is that the soft fork would not increase transaction speeds significantly enough to maintain Bitcoin’s lead in the cryptocurrency landscape. The philosophical opposition is that SegWit would undermine Bitcoin’s purpose: to be a decentralized alternative to fiat currencies, immune to political influence.
SegWit developer Peter Wuille addressed Bitcoin’s scaling problem by devising a method to “segregate” the transaction signature from the input data: the signatures used to validate transactions can be stored separately from the blockchain, increasing the chain’s capacity to store more data and process transactions more rapidly. The trouble is that this requires the signatures to be overseen by the Bitcoin Foundation, which some see as effectively “centralizing” control of the currency. To many, this stands in diametric opposition to the ideals Bitcoin was founded on – but is that really true?
In 2008, a mysterious figure known as Satoshi Nakamoto released a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. In the 9-page whitepaper, the pseudonymous author (or authors) defines the technologies which make the blockchain possible, using an innovative proof-of-work scheme which solved the double spending problem by timestamping transactions into a public ledger on a peer-to-peer network. This allowed, for the first time, a fully automated and decentralized currency and laid the technological foundation for all cryptocurrencies today.
In the introduction to the whitepaper, Nakamoto writes:
“Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. (…) What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.”
That is about as political as the paper gets. Nakamoto describes Bitcoin as a technological innovation which simplifies e-commerce transactions and security, without contextualizing it within an anarchic political frame. While in 2008 a lack of faith in fiat currencies was definitely part of the conversation among the early adopters of Bitcoin, the developer(s) of the blockchain chose not to define it in those terms.
If Bitcoin was not intended to stand in explicit opposite to fiat currencies, but was simply envisioned as a more modern and robust payment technology, is SegWit incompatible with its original intention? Technically, SegWit would change the fundamental design of the blockchain by separating the transaction data from the proof-of-work, which means the possessors of the proof-of-work would take on the role of a “trusted third party” – which is exactly what Nakamoto set out to eliminate in the development of Bitcoin.
On the other hand, if SegWit could be implemented in such a way that the proof-of-work is also a fully automated chain, operating in parallel to the blockchain and communicating with it, this would theoretically achieve the same results as the whitepaper envision, but with an updated design.
A Hard Fork
The alternative, the “hard fork”, would retain the fundamental design as laid out in the 2008 paper, with the only difference being to increase the capacity of the individual blocks in the chain. Currently, these 10-minute blocks are limited to a maximum size of 1MB, but Bitcoin has become so popular that it can no longer process all the transactions made within any given 10-minute period, creating a backlog.
The existence of this problem suggests that Nakamoto never dreamed Bitcoin would become so popular, but many investors believe this is still only the beginning. So far this year, the price of 1 BTC has already tripled and some analysts have gone so far as to make value estimates as high as $55,000 USD per coin by 2022. On paper, Bitcoin’s technology is ingenious, but can a truly decentralized currency really handle this level of popularity?
The debate over the hard or soft fork has made Bitcoin highly volatile in recent months, with optimistic investors doubling down on their stock and the more wary exchanging their Bitcoin for other altcoins such as Ether. And it’s no secret that when the inevitable fork happens the coin’s value will drop significantly in the short term as the new chain is tested and the old is abandoned, which raises a different perspective on whether Bitcoin has lived up to its promise. Bitcoin’s popularity is often credited to its position as an alternative to fiat currencies, which have lost trust due to the high level of geopolitical turmoil during the last decade. But if Bitcoin after almost 10 years still shows no sign of stability comparable to fiat currencies, can it really be considered more secure?
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