A backup of your crypto wallets ensure that your assets stay protected in case of a software or hardware failure. It may also help you retrieve your assets in case your device gets lost or stolen.
The wallet on the BlockBanc app comes with a simple backup feature that you can use easily to backup as well as restore your assets. Here’s how you can do it.
Backing up your Wallet
1. Log into the BlockBanc app.
2. Go to the “Gear” symbol on the top right of your screen.
3. Tap on “Backup.”
4. Save the file on your device at the location of your choice. A copy of the file would also be emailed to you on your registered e-mail ID.
5. That’s it! The app will let you know of the file name, which in this case is “aibbwallet_20200613_1753” that has been backed up. Backup successful!
Restoring Your Wallet
1. Go to the dashboard of the app and tap the “Gear” icon on the top right corner of your screen.
2. Tap on “Restore.”
3. Locate the backup file on your device which in our case is “aibbwallet_20200613_1753” and tap on it.
In case you have forgotten the location of the backup file on your device, remember, a copy of the file is sent to you previously on your registered mail. You can download it from there on to your device.
4. Enter the pin for your restored file. This is your log in pin for the app.
5. That’s it. Your restoration is successful. Log into the app again to gain access to your restored assets.
To sum up, we would urge you to backup your wallet from time to time on the BlockBanc app just to be on the safe side. It’s easy and can be restored in seconds.
And if you haven’t downloaded the BlockBanc app already, you can do so here. With features like PIN lock, fingerprint recognition, wallet backup and email verification – ASSET SAFETY IS OUR PRIORITY.
Also, refer to the presentation below to quickly glance at the steps required to backup and restore your crypto wallet on the BlockBanc app.
Bitcoin is a mainstream cryptocurrency, but the biggest obstacle is letting users buy Bitcoin securely with a debit card.
Most Bitcoin exchanges accept many payment options, except for credit/debit cards. The process to fund crypto is to wire transfer (3-5 business days), e-transfer (instant usually) or use a credit card to send your money to a 3rd party broker or a crypto institute. We aim to solve this problem by partnering with various exchanges and convert FIAT to crypto on the application easier and faster than ever before.
Here is how you can buy bitcoins on the BlockBanc app in a few simple steps.
Download the BlockBanc app and log in to the application.
You will find the Buy Crypto application right on the home screen. Tap on it.
Enter the type of crypto you want to purchase ( BTC or ETH, etc.) along with the amount in FIAT currency (USD).
Review carefully on the next page. Remember, the payment cannot be cancelled once it is processed on the user end. Tap on “Pay With Debit Card” once you have reviewed the page.
Fill in a few primary details and tap on “Continue to Payment.” You will be redirected to the payment processor next to collect card details and complete the payment.
That’s it! Once the payment is processed the BTC will show up in your wallet almost instantly.
Also, always remember
Never keep your bitcoins on the exchange. The only safe place for storing your bitcoins is a non-custodial wallet. With features like PIN lock, fingerprint recognition, wallet backup and email verification – TOTAL SAFETY is guaranteed on the BlockBanc app! Download the app NOW and store your bitcoins in it for complete peace of mind!
BlockBanc is a multi-protocol utility wallet that combines the power of decentralized and centralized technology in a simple & secure mobile application. This all-in-one application houses the tools and resources you require to enrich your knowledge about cryptocurrencies and become a successful crypto trader.
In this presentation, we will go through the three simple steps by which you can use the BlockBanc app to learn everything about cryptocurrency on a single page.
As you all ought to know by now, BlockBanc (formerly known as AiBB) is an all-in-one crypto application that houses all the tools and resources you need to enrich your knowledge about crypto, store crypto safely, buy gift cards, and earn crypto simply by watching videos. The application is designed to help people LEARN, INVEST, STORE, & GROW their assets wisely.
But then, how well do you know about our features? Here, let’s take a quick look at all of them in the infographic below.
Now, all these features are just the tip of the iceberg. We are always striving to make our app safe and updated with more and more features coming soon. So, stay tuned for now.
Meanwhile, if you had not downloaded our app, you can do so here. Also, don’t forget to share this infographic with your friends or family if you really had an excellent experience on the app. Ciao!
Bitcoin will be halved sometime this month. What is Bitcoin halving, how will it affect the market, and what does this mean for the long-term prospects of miners and cryptocurrencies? Here’s everything you need to know about this key event.
Bitcoin Halving – A Brief Overview
The word “halving” might resemble a horror flick – something about a serial killer. But it’s actually a nickname for one of the most anticipated events in the history of Bitcoin.
At some point in this month (May), every 10 minutes the number of bitcoins (BTC) entering the circulation (AKA block rewards) will drop by half, from 12.5 to 6.25. This is a milestone that happens every four years and has happened twice before.
The potential creation of wealth is what is drawing so much attention to the upcoming event, which is usually held in half. The supply in the system will suddenly decrease, but theoretically, the demand will remain the same, possibly raising the price of the cryptocurrency.
As such, the event has sparked an enthusiastic debate about Bitcoin price forecasts and how the market will react.
Will this even increase the price of Bitcoin?
This has been the subject of a heated debate.
If we go by the previous cases of BTC reductions, token prices have risen. For example, in 2012, Bitcoin rose about 8,000% in 12 months after spending on rewards and rose again by almost 1,000% after cutting in 2016.
On the other hand, sceptics against it. The second BTC halving occurred at a time when Bitcoin was already gaining mainstream recognition and was matched with early currency offerings, many of which had to be bought with Bitcoin.
Paul Donovan, the chief economist of UBS Global Wealth Management, has said anyone who is familiar with the structure of Bitcoin will be aware of its halving, but potential “innocent” investors who aren’t maybe persuaded to buy tokens because the half is happening.
But then, Canaccord Genuity analysts, also claim that BTC halving may have a meaningful psychological component and could continue to have an impact on the price of bitcoin.
Will the miners be affected?
Bitcoin requires a lot of energy to mine, both to perform the calculations involved and to cool the computers that perform them.
BTC mining can cost you anywhere between $3,500 to $6,500 depending on equipment cost, electricity, and the place of storage of the hardware.
Competition is also increasing among BTC miners, leaving several smaller participants out of business. 5 mining entities based in China now control half of the power of all computers on the Bitcoin network.
Is anything going to change if you are a BTC owner?
Any subsequent change in BTC price will either leave you richer or poorer, except that it will be impossible to know exactly how much has changed due to half of the direct change.
To sum up, we can say,
Halving will play a key role in preventing inflation by periodically slowing the pace of Bitcoin creation, so as not to outrun demand. Now, wait and see what the future holds for us.
An encouraging trend has attracted much less attention amidst the COVID-19 crisis. Having banned crypto in the past, or refused to acknowledge them as money, various countries have suddenly started recognizing them in their financial laws and courts. This could well mark an important shift for them towards the mainstream.
The below presentation throws more light on the matter.
Syscoin is a powerful platform that can help to put your business on the blockchain. It is a blockchain protocol accompanied by powerful core features allowing you to build fast, secure, low-cost applications with ease, with the security and strength of Bitcoin.
Know more about Syscoin in the detailed infographic below.
Know more about cryptocurrencies. Download the app now!
With the outbreak of the coronavirus, its impact on the global economy is becoming more and more apparent. Below, we list three possible positive effects of COVID-19 on the world of bitcoin.
Bitcoin continues its breakout
Against the global uncertainty, Bitcoin is still proving its worth as a macro hedge. BTC has achieved almost 35% improvement and was able to hit $10,000 in 2020.
To many, this is clear evidence that Bitcoin’s status as a risk-free asset is solid. The idea is that as a result of the Coronavirus novel, as China’s economy weakens, Chinese investors have entered bitcoin to use its safe haven story.
On February 3, China’s leading stock index – the CSI 300 – dipped 9% in what was dubbed the worst opening in a decade. To add salt to the wound, the Shanghai Composite Index went down by 8%.
The Chinese stock returned quickly. An attempt to bolster the economy worked, with the Chinese government reducing interest rates to boost the system. In the meantime, Bitcoin has continued to hold about $ 10,000.
Can Bitcoin Fix Infected Cash?
As the official death toll with the coronavirus epidemic increases, China is stepping up its resistance.
China’s latest method of preventing the spread of coronavirus involves cash eradication.
China has begun the use of ultraviolet light or high temperatures to disinfect fiat currency notes, a central bank press conference said. The prevention strategy involves separating the notes for up to two weeks before redistribution.
Prior to the recent New Year’s celebration, China’s central bank has issued an “emergency” of four billion yuan notes particularly for Hubei – the epicentre of the viral pandemic.
For the crypto community, it provides an even more positive narrative of why cryptocurrencies like Bitcoin are so badly needed.
Cryptocurrencies like Bitcoin can help to curb the spread of the coronavirus. Without the exchange of physical money, the probability of infection decreases significantly.
But by spreading the bubble, we can say that the use of Bitcoin in China is not enough to justify any replacement. Therefore it may not be a viable replacement for cash. But, on the other hand, cryptocurrencies have already gained a lot of momentum in Europe and America. Thus, they can easily be a viable replacement if both the government and the general public are co-ordinated.
The reduction in BTC mining difficulty
One of the primary positives of the COVID-19 effect on bitcoin is the reduction in mining difficulty.
Chinese authorities have shut down a huge number of miners for COVID-19 containment. The founder of the Bitcoin Mining Pool, Jiang Zhuoer, had announced that the police had forced the mining company to shut down.
Thanks to the use of inexpensive resources and electricity, China dominates almost 65% of bitcoin mining. The loss of mining companies represents the crypto community with a double-edged sword. On the one hand, the centralization of bitcoin mining can be reduced, further supporting the industry’s ideals. On the other hand, the health of the network can be negatively impacted by the absence of mine workers.
China’s bid is seemingly linked to a decline in mining difficulty. On February 11, Bitcoin Network adjusted just 0.52% per data obtained from BTC.com. This comes in complete contrast to the January compatibility, which saw the network’s overall capacity increase by 11.75%.
This transparent increase could make it easier to mine Bitcoin, which retail workers – who are otherwise priced out to do so can get their slice of the action.
*Know more about Bitcoins. Download the BlockBanc app now!
As you already know, Bitcoin is a decentralized, peer-to-peer cryptosystem designed to allow online users to process transactions through digital units of exchange: bitcoins (BTC).
Bitcoins are not issued by a central bank or government system like fiat currencies. Rather, bitcoins are either “mined” by a computer through a process of solving increasingly complex mathematical algorithms in order to verify transaction blocks to be added to the blockchain.
Now that we have seen a brief overview of bitcoins, let’s see how they can provide potential benefits to users. This PPT can throw more light on the matter.
You can obtain bitcoins in several ways, each one being completely different from each other. It’s also very important for you to know that bitcoins can be sent very easily from one individual to another. As a result, they take the form of a highly transferable product.
Now let’s take a look at some easy ways to get bitcoins.
The incredibly inexpensive days of bitcoin mining, which only lasted a few years, were days when bitcoin was so cheap that it made financial sense to mine it at a very low cost instead of buying it.
Today, bitcoin mining is still a viable option, but different steps need to be taken in order to properly exploit the current difficulty level.
BTC mining requires specialized equipment that performs the extremely fast calculations necessary for bitcoin mining. The total power of all miners, or the hashrate is so important that the material found in average computers (or any computer, for that matter) cannot perform the data mining calculations quickly enough to produce significant results. A specialized hardware is required which is known as ASIC or Application Specific Integrated Circuit.
Exchanges are by far the most common way to get bitcoins. Exchanges are platforms that allow users to buy cryptocurrencies for another means of exchange, usually a fiat currency.
Exchanges do this via an order book or a general ledger which corresponds to the buying or selling instructions. These instructions are called “auctions” and “requests”, respectively.
Note: After purchase, make sure you don’t keep your bitcoins on the exchange. Make sure to transfer them to a safe and secure encrypted wallet like AiBB.
Earning bitcoins in exchange for goods and services
It is an option which is just as feasible as mining or investing in digital currency. There are certain businesses allowing people to earn BTCs in exchange for their services.
These businesses typically including some freelancing job sites where BTCs are paid to people, as well as companies that collect BTC by accepting it as a means of payment.
Earning bitcoin, in some cases, can be the most convenient option for someone with a running business. No real transition is necessary for companies to undergo to earn bitcoin. You can even just add your bitcoin wallet address to an invoice to accept payments in BTCs.
Bitcoin ATMs (BATM) are kiosks that look like traditional ATMs, but instead of connecting to a bank account, they connect to the Internet and allow cash and credit card transactions for bitcoin. Some BATMs offer two-way functionality, which allows users to buy and sell bitcoins through the kiosk.
BATMs now require some sort of an identity verification like KYC / AML information before finalizing a transaction, so users must be ready to scan their credentials into the machine. Common BATM locations include retail stores, stores, bars, restaurants, malls, and airports.
To know more about bitcoins and other cryptocurrencies, download the AiBB app and go to the “learn” section to access everything on a single page.