BitPay now supports ether (the currency used by the Ethereum network) and stablecoin payments so we wanted to provide our users a guide on how to get started with Ethereum, USDC, GUSD, and PAX.
If you’re new to ETH and stablecoins here’s how to download and set up our BitPay app or the MetaMask Chrome extension.
The BitPay App
You can download the BitPay app for any of the following devices:
After downloading the app, you’ll want to create a wallet by doing the following:
- Press Get Started
- Select the cryptocurrencies you want to hold and press Create.
- Choose whether to add a password to make your wallet more secure.
- Follow the instructions to back up your wallet.
WARNING: BitPay cannot recover your backup phrase or password. Please store them safely and securely.
Browser Alternative: MetaMask
If you would instead like to use the Chrome extension MetaMask to manage your ether and stablecoins, here is how to get started:
Want to use a different app to pay with BitPay? Here’s our list of compatible apps.
Fund Your Wallet
You can send ether, GUSD, USDC, or PAX to your wallet from an exchage. We have two popular exchanges in the US to serve as example of how the process usually works.
How to Use
Back it Up!
Why are back ups so important? Cryptocurrencies like Bitcoin, Ethereum, and Stablecoins all rely on encryption. Simply put, encryption creates a lock and your passphrase or password acts as a completely unique key. No one is able to guess it. BitPay and MetaMask and any other wallet apps won’t be able to recover it. So, as we have said in previous blog posts,
Paying with BitPay
To pay with BitPay, you’ll want to either press the Pay in Wallet or Pay in Browser and pay with your BitPay app, MetaMask Chrome extension, or other compatible app.
If you can’t pay that way, you can press the QR code to copy the payment URL. You can then paste this into your BitPay app or compatible cryptocurrency wallet.
When you send ETH or an ERC-20 token like a stablecoin, you’ll see a screen like this and likely notice a gas fee:
Gas fees are similar to Bitcoin miner fees, but they also serve a unique purpose. Because Ethereum is a running programs on a Turing complete machine, those programs can fall into an infinite loop. When that happens with a normal computer, you turn it off and on again (yes, that is actually good advice when you are dealing with a technical issue).
But you cannot turn a decentralized blockchain that is running 24/7 off and on again. To prevent careless code and malicious actors from introducing endless loops that clog up the Ethereum network, Ethereum attached a price tag to any transaction or any smart contract running on the network. If you have .5 ETH and want to run an endless loop in your smart contract, you can…for .5 ETH worth of gas. Just like gas in the real world, gas on the Ethereum network fluctuates in price depending on demand.
If you want to dive deeper into how Ethereum works, check out our crash course.
There Are Now Over 10,000 Bitcoin ATMs Throughout the World
The number of bitcoin ATMs installed throughout the world has exceeded 10,000, and the United States continue to lead the rest of the world in crypto ATMs with 76% of machines installed. According to CoinATMRadar, the first Bitcoin ATM was installed back in 2013 and in seven years the industry grew to over 10,000 machines […]
The number of bitcoin ATMs installed throughout the world has exceeded 10,000, and the United States continue to lead the rest of the world in crypto ATMs with 76% of machines installed.
According to CoinATMRadar, the first Bitcoin ATM was installed back in 2013 and in seven years the industry grew to over 10,000 machines installed. In comparison, bank ATMs needed nine years to get to 10,000 machines back in the 1970s.
CoinATMRadar writes that after only 3.5 years the number of crypto ATMs grew to 1,000, and that over the next 3.5 years the number surged by 9,000. The first bitocin ATM was installed in Vancouver at the Waves Coffee House, and there is still a machine there.
The idea of a Bitcoin ATM came ot be, according to CoinATMRadar, as entrepreneurs were looking for ways to make bitocin easily available to people, and the general populace was already familiar with ATMs. Companies started working on the project and in 2013 the first one was installed in Canada.
In 2014, the first Bitcoin ATM was installed in the U.S., in Albuquerque, New Mexico, and since then most crypto ATMs have been installed in the country. By 2015, there were only 300 Bitcoin ATMs throughout the world, being installed by small organizations trying to bolster crypto adoption.
CoinATMRadar adds that bitcoin initially dominated crypto ATMs, with only 4% of machines supported an altcoin: litecoin. In 2017, however, the BTC network was congested and transaction fees and confirmation times surged. The firm added:
This resulted in worse UX when transactions started getting stuck and users of ATMs needed to reach support to get it resolved.
It’s worth noting that in 2017 the price of bitcoin hit its near $20,000 all-time high, and as the network was clogged users started using other cryptoassets. ATM operators followed users and started adding support for cryptocurrencies like ETH, LTC, DASH, and others. Nevertheless, around 30% of all crypto ATMs only support Bitcoin transactions.
Featured image via Unsplash.
NFT Sales Heat Up as Rarible Marketplace Passes $5M in Volume
While decentralized finance (DeFi) has grabbed most of the recent headlines, the non-fungible token (NFT) market has quietly picked up steam over the summer. According to a Sept. 16 report from crypto asset data website Messari, Rarible, an NFT marketplace, has passed $5 million in sales so far this month—more than quadrupling sales numbers from August. […]
The post NFT Sales Heat Up as Rarible Marketplace Passes $5M in Volume appeared first on BeInCrypto.
According to a Sept. 16 report from crypto asset data website Messari, Rarible, an NFT marketplace, has passed $5 million in sales so far this month—more than quadrupling sales numbers from August. The report also noted that $1.5 million of this new volume came on a single day, on Sept. 14.
Rarible is a place where you can create, buy, and sell digital collectibles and, as such, is the beneficiary of surging NFT popularity, driven mostly by digital art. On Sept. 21, the news of a record-breaking digital art NFT sale was announced, with a piece called “Right Place & Right Time” selling for more than $100,000.
Rarible’s numbers, and the general buzz surrounding digital art, have caught the attention of a few big names in crypto. Morgan Creek Digital co-founders Anthony Pompliano and Jason Williams have reportedly made a “big bet” on digital art.
As outlined in Pompliano’s daily newsletter, the bet is based on the idea that digital art will become bigger than traditional art, a market that has had a cap of “$65 billion for the last few years.” By comparison, digital art’s current market cap is around $10 million.
Never one to shy away from a controversial stance, Pompliano went on to state, “my confidence level that we see a future 6,000x increase in the digital art market cap is fairly high.” Because of this, “we [Pompliano and Williams] plan to invest heavily in the space over the coming months and years” he said.
Others, however, were slightly less bullish. The CEO of crypto derivatives exchange FTX and Alameda Research, Sam Bankman-Fried, tweeted a more skeptical take.
The tweet prompted a debate over the value of art, the ease with which “unique” digital art can be copied, and the future NFTs may or may not have.
Adam Back, the well-known cryptographer and founder of Hashcash, chimed in, encouraging Bankman-Fried to consider buying digital art NFTs as art patronage, “you could photocopy it, but then you’re not a patron.”
Digital art is, of course, just one piece of the NFT pie. The fantasy soccer game Sorare, which allows players to collect “limited edition digital collectibles” while also managing a team, has also seen an increase—recording sales of around $750,000 this month, almost half its all-time total.
Iran to Provide Crypto Miners With More Electricity Subsidies
The Iranian government has continued its crusade to support the country’s fledging crypto mining space. In its latest show of help, Tehran has announced a program that will allow miners to access a significant surplus of energy.
A Great Time to be an Iranian Crypto Miner
According to reports from local news media, the Iranian Thermal Power Plant Holding Company (TPPH) has announced a plan to provide three power plants’ electricity output to miners in the country. The program, which will be conducted after a tender, improves miners’ access to one of their most fundamental resources, thus improving their overhead efficiency.
Mohsen Tarztalab, the agency’s head noted that the country’s struggling economy had been a concern for the government. It now seeks to create an enabling work environment that will benefit companies and provide employment opportunities. The country’s electricity has also seen a significant gap between revenues and expenses, and the government sees crypto mining as a means to improve revenues and provide income for the state.
However, the initiative comes with a condition, as miners will only be able to get the output from expansion turbines in plants. According to Tarztalab, this process won’t include any consumption of liquid fuels. By using just natural gas, the government is hoping to make the process as green as possible.
Tarztalab noted that the expansion turbines are independent and don’t participate in the national grid’s electricity production process. So, the government will be able to conduct this electricity transfer without necessarily affecting the country’s electricity production capacity.
A Structured Mining Industry Yields Results
So far, Iran has done a laudable job of legitimizing the crypto mining industry and providing an enabling environment for players. So far, the process has yielded some positive results. In July, local media house Mehr News Agency reported that the Ministry of Industry, Mine, and Trade had issued 14 mining licenses to foreign companies, as investments in the country continued to surge.
Iran’s mining license requirement began earlier this year, as Vice President Es’haq Jahangiri issued a directive to that effect. To get a license, miners would need to disclose information on their officials, the mining equipment they use, and the size of their operations. A report from the country’s Banking and Economic System Reference Media (IBENA) back in January confirmed that over a thousand companies already got their licenses.
Another incentive for registered miners is a reduced power rate, with Mehr News Agency reporting that miners are now getting charged as low as $0.11per kilowatt-hour (kWh). For peak summer season (June to September), however, they will have to pay $0.46 per kWh.
The government has also set up a process that rewards citizens for blowing the lid on illegal mining facilities. Last month, Tavanir, the state power company, announced that it had shut down 1,100 of such criminal outfits already. Per reports, every whistleblower gets a 100 million rial ($480) reward for their help.
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