Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.submitted by mickhagen to genesisblockhq [link] [comments]
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
Bitcoin: The First CryptocurrencyThere are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.Bitcoin has two primary features (as do most other cryptocurrencies):
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
Public AwarenessA few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.https://preview.redd.it/dnuwbw8mfu951.png?width=800&format=png&auto=webp&s=6f1f135e3effee4574b5167901b80ced2c972bda
Ethereum: Programmable MoneyWhen Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
Digital Gold RushJust as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.
DeFi: Decentralized FinanceSo as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.
Wrap UpI know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
Other Ways to Consume Today's Episode:
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
At 21:00 on September 28th, Beijing time, CPCAC held the CPCAC Conference 02 Session at zoom.submitted by nodepacific to u/nodepacific [link] [comments]
CPCAC Conference 02 Session held successfully, opening a new chapter of the construction of CPChain multilingual community.
-The Speech Session of CPChain Global Community Managers
-The Speech Session of CPChain Co-founder and COO, Shi Qingwei
01 The Speech Session of CPChain Global Community Managers
Hello everyone, I am CPChain Korea Community Administrator Kim YoungA. CPChain Korean KaKao community was established in early September. After the establishment of the community, we have organized online AMA and community airdrop activities, and we have received positive responses from our community users. Now, the KaKao community has more than one thousand members.
KaKao is a Korean social software that is currently used in more than 200 countries and it supports 12 languages. The KaKao community users are very diversified and the users are also very active. In the following three months, we will promote our CPChain community through various publicity channels to make CPChain Korea community stronger. We hope that the number of community members will be 2 or 3 times more than it is now.
According to the statistics, there are more than 4.5 millions Korean people who are crypto-currency holders. One in ten Koreans has been exposed to crypto currency and there are more than 72% among them are young people. Meanwhile, the fourth Industrial Revolutionary Committee of Korea has mentioned blockchain in the report: In the next Internet development wave, blockchain technology is closely related to national security, and it is necessary to strive to develop the Korean blockchain industry.
Therefore, CPChain community promotion in Korea has great potential of development. The Korean community prefers off-site communication. In the future, we will organize off-site meet up event according to the time of CPChain listing in Korean mainstream exchanges and we will also cooperate with the mainstream media channels and Korean blockchain authorities and experts to discuss cooperation and to promote CPChain in order to expand CPChain’s popularity in the Korean market. In addition, we will learn from other projects in Korea to develop CPChain Korean KaKao community through multi-channels and in various forms.
Hello. My name is Hola, I am the African CPChain community manager and I'm from Nigeria. First of all, I am very grateful for CPChain team for giving African community a good opportunity. The community development is really fast and there are many crypto currency enthusiast, investors and partners who have joined the Africa community.
Currently we have 630 members in the CPChain Africa community and we will expand CPChain community in other Africa regions in the future. African countries are no strangers to the use of digital solutions as a way to transfer money, nor to the rapid implementations of blockchain technologies. Blockchain technology adoption has been increased in Africa, for example, some countries in Africa already have Bitcoin ATM machines, like South Africa, Kenya, Ghana and other countries.
CPChain is going to organize an event in Nigeria, we are looking forward to this event. Our prospective partners and investors are very pleased with the solution we proposed. I am quite confident that they will adopt and understand it easily. Again, I am very grateful that CPChain team has expanded their products to Africa. I believe that Africa companies and related organizations will welcome this technology.
Thank you very much!
I am Refik Yılmaz and I am the Turkish community manager. Being a part of the CPChain team makes me feel happy. If we analyze the general network traffic of crypto currency, we can see clearly that Turkey plays a major role in creating these traffics. At the same time, there is a Turkey exchange which has become a sponsor of a local football team and there is also a sport token which has established partnership with a local football team.
All these facts have given us a clear insight about the enthusiasm of Turkish people to crypto currency and Turkey people see it as a visionary project. CPChain has seen the enthusiasm of these people thus we create a community to provide information and support to them using local language. The efforts that CPChain has made to enter Turkey market has indicates that CPChain is a long-lasting trustworthy project.
Regarding to the community, instead of pumping it with passive members, we has made it an active group which is now expanding steadily with the growth of active users. We are confident to say that we are doing a good job.
In addition, there are many users who have helped us voluntarily to develop the CPChain community in Turkey, such as voting for binance dex or doing promotion activities on twitter. There are members who have joined CPChain for nearly one and a half year. Of course, there are still many other things that we can do for CPChain. So we will continue brainstorming with community members and we are open to collaborate with people from local society as well as the other communities. CPChain with its recent updates (CPCAC conference, partnerships and its IOT vision) has shown us that it is a promising project.
02 The Speech Session of CPChain Co-founder and COO, Shi Qingwei
Hello everyone, I am glad to join the community governance conference again. I am Shi Qingwei, the co-founder and the COO of CPChain. First of all, I would like to thank Node Pacific for the well-organized preparation. The second Community Governance Conference has been proceeded as scheduled. After listening to the speeches of our Turkish, Africa and Korea community managers, I am quite touched.
People say that consensus is a key part of blockchain. But what kinds of consensus is it? On the one hand, it is a technical consensus which is the basic for the decentralization of blockchain; on the other hand, it is an ecology consensus which shows community members’ understanding and recognition to the mission and vision of CPChain and it has become an important indicator for the construction of ecological viscosity and user loyalty.
Three community managers have shared with us respectively what their ideal local community is like, how to plan and organize activities and how to maximize positive brand exposure in local community. You can really feel their belief and passion for the project from their talks. I think it is from their recognition to the value and concept of CPChian. We are very appreciated of that. We will start to plan the next Market Entry strategy with these local communities after the National Day.
With today’s opportunity, I would like to talk with you guys about the next step of the Foundation in global community construction. Most of you have seen that many localized communities of CPChain have been built gradually. There are hundreds of fans in both Africa and Turkish communities and there are more than 1000 fans in Korea community. Although these are not large in scale, they are very active communities and they use their own languages.
It is an attempt by us to build up global communities. It is low-cost, more user-friendly and the communication cost is reduced because of the use of local languages. Currently, these communities have achieved pure organic growth in principle. Considering the present market environment, we haven’t planned much promotion activities to boost the user growth. We are glad to see high-quality communication activities in these communities.
In the view of the successful launch of Korea, Turkish and Africa communities, the Foundation hopes to accelerate the construction of other CPChain localized communities. Therefore, we would like to take this chance to invite CPChain eco users to join the global community development project with us. We will send the official mission victory link to the public after the National Day which is around the corner.
By the time you can tell us what kinds of community you can do and what resources you have. The Foundation will make assessment to the proposals accordingly. Once we have decided which markets we are going to enter, we will cooperate with the proposers and give them appropriate rewards. We are now considering to build Arabic and Russia communities. But of course you are welcome to share your ideas with us.
03 Free discussion
Q1: What will the official team do to support the construction of overseas communities?
CPChain Wayne: I would like to emphasize that we see CPChain as a participant of the construction of global community rather than the director. CPChain community is a decentralized community. Everyone is welcome to make contribution and everyone is also a part of the decision makers. We will give financial support to the overseas communities, such as bounty and candy rewards. We will launch our global community construction plan after the National Day. Proposers can show us what resources, what language and what kinds of promotion plan you are able to do in the proposal. We will invite qualified proposers to help building the community and to increase the popularity of CPChain in the local society. After the implementation of the CPChain Global Community Construction Plan, we will offer help and support to the community contributors. We are open to all kinds of ideas and we will select the good advice from them.
Q2 : What kinds of rewards CPChain will offer to the community contributors, such as proposer, resource provider?
CPChain Wayne: We will have online and offline rewards. For most of the overseas community builders, we will deliver online rewards at the very beginning, such as airdrop and candy rewards. Let me take Africa Community as an example, the Africa community has experienced an organic growth during the past three weeks and it has more than 600 members at the moment. When the scale of the community has reached to a certain level like Africa communiyu, we think it is a good timing for us to launch offline rewards, such as meetup activity. Everyone who has made contribution to the community, for example, people who share resources, introduce partners or make good translation, is qualified to be awarded. They deserve it. We wouldn’t be hesitant to give them rewards.
Q3 : What is the next step for the Africa community future development?
Hola: We are now planing to promote our community through social media, such as Lindedin, Twitter, Telegram and so on. We also plan to organize events to attract investors and partners. The Africa community is growing fast every day and it is an active community. I believe that the Africa community will have a solid development. We will have an event which is scheduled to held in December or January with the aim of increasing people knowledge of Blockchain and CPChain project.
Q4 : When will CPChain be listed on Binance? Or what exchanges CPChain is going to be listed?
CPChain Wayne: Currently, we are applying to be listed on the exchanges. Binance is one of our applications. We are also applying for two top-tier exchanges but we couldn’t tell their names yet. We hope we can have some good news after the National Day. Huobi and OKcoin are two excellent exchanges but CPChain is not ready to be listed on these two exchanges since it will cost a lot. We will put them in our backup choices. We hope to be listed on big exchanges like Binance through DEX.
Q5 : What are your motivations to start CPChain project?
CPChain Wayne: First of all, I want to clarify that I am not the founder of CPChain project. I am not qualified to take the credits. The founder of CPChain is Dr. Long who has great vision about it. He believes that Blockchain is the chosen technology and it can solve the problems caused by the centralized system. He started CPChain in 2018 when the Bitcoin is worth of $ 20,000. And it is also the peak moment of the development of Blockchain technology. People are passionate about it and regard it as the game-changing technology. After the ups and downs of the blockchain market, the power that keeps pushing us forward is our belief in the CPChain. One of the good things of our team is that we constantly learn from our mistakes. We have never neglected the power of our community and we really hope that we can rely on our community to do the ecology construction. Thank you!
More questions and details can be found in the video.
Node Pacific is the worldwide largest developer of the Staas public chaiN API, operating crowd-sourcing platform and Node operator.
submitted by atomarsofficial to Atomars [link] [comments]
What is Zcoin?
Zcoin, also referred to as XZC or Zerocoin, is an open source decentralized cryptocurrency that provides privacy and anonymity for its users when making transactions.
To achieve its privacy and anonymity, Zcoin uses zero-knowledge proofs via the Zerocoin protocol, which is at this moment in time one of the most cited cryptography papers.
According to Wikipedia, in cryptography, a zero-knowledge proof or zero-knowledge protocol is a method in which one party proves to another party (the verifier) that a given statement is actually true.
In other words, in a transaction with Bitcoin or Ethereum or something similar, your transaction history is always linked to your coins by default, leaving you vulnerable. All it takes is one link to your personal information or IP to find out the origin of the coins.
However, when you trade with Zcoin’s Zercoin feature, your transaction history is not linked to the actual coins. Only the receiver and sender know that the funds have actually been exchanged.
How Does Zcoin Work?Zcoin works on the Zerocoin protocol by enforcing Zero-knowledge proofs. Here are the components of Zcoin to explain how it works.
Mint: When sending a private transaction with Zcoin, all you need to do is select the number of coins you want to mint. Post that your normal Zcoin balance would reduce automatically and you will be credited with new coins and no transaction history. In essence, your old coins are burned cryptographically, which prevents anyone else from using them again and being directed to your transaction history. You get credited with new coins with no history, while the total supply is maintained.
For now, you can only mint in denominations of 1, 10, 25, 50 and 100. If you choose ‘100’ coins to be minted, for instance, you will instantly be credited with 100 new Zcoins with no history attached to them.
Zcoin’s VisionZcoin seeks to improve things that Bitcoin hasn’t been able to so far, some of which include fungibility, privacy and miner’s centralization.
Users of Zcoin can enjoy full fungibility and privacy along with demolishing miner’s centralization by implementing a better proof of work algorithm called MTP.
Total Zcoin supply
Only 21 million units of Zcoin will ever be produced. Currently, there are about 3.4 million units in circulation, with the rest yet to be mined.
But the total supply has increased by 388450 XZC units after a Zcoin code bug, which the team refused to roll back due to economic reasons, which is why the total supply stands at approximately 21.4 million.
Every 10 minutes, a Zcoin block is mined and 50 coins are generated, making 72,000 Zcoins per day.
Market cap of Zcoin
According to CoinMarketCap, the total circulating supply of Zcoin is 5,757,841 XZC and the current unit price is $9.6. That makes the market cap approximately $55 million*.*
How To Buy Zcoin CryptocurrencyIf you are looking to get some Zcoin, here is a list of resources where it can be bought from.
Zcash is a decentralized and open-source peer-to-peer cryptocurrency that provides strong privacy protections. It was created as a fork of Bitcoin and, like bitcoin, it also has a hard limit of 21 million coins. Unlike bitcoin, however, Zcash offers total privacy for its users maintaining the absolute anonymity behind each transaction along with the parties and the amounts involved in it.
PIVX, which stands for Private Instant Verified Transaction, is an open-source, decentralized form of digital online money that uses blockchain technology. This makes it easy to transfer all around the world in an instant with low transaction fees with market leading security & privacy. PIVX focuses on privacy, security, anonymity, and instant transactions.
Monero is a fast, private, secure and untraceable digital currency system that uses a special kind of cryptography to keep all its transactions 100% unlinkable and untraceable. With Monero, you are your own bank. You can spend safely, knowing that others cannot see your balances or track your activity.
Some Zcoin misconceptions
There are some misconceptions regarding Zcoin:
Zcoin’s Future & RoadmapZcoin’s future is quite promising and worth watching based on these interesting milestones on their roadmap:
Zcoin Team & ProgressZerocoin is a cryptocurrency proposed by professor Matthew D. Green, a professor of Johns Hopkins University, and graduate students Ian Miers and Christina Garman. It was proposed as an extension to the Bitcoin protocol that would add true cryptographic anonymity to Bitcoin transactions.
Zerocoin was first implemented into a fully functional cryptocurrency and released to the public by Poramin Insom, the lead developer, as Zcoin in September 2016.
Some of the notable dev members of the team are listed below.
Founder and Core Developer
Poramin Insom created what was the world's 4th most valuable cryptocurrency in February 2014. He is also the world's first person to implement stealth addresses in QT-Wallets, improving cryptocurrency anonymity. He earned a master’s degree in Information Security from Johns Hopkins University, where he wrote a paper on a proposed practical implementation of the Zerocoin protocol.
Alexander N. aka Aizensou is a full-stack developer who has experience in many programming languages (C++, C#, Python, Perl, Java etc.) and has been involved in the cryptocurrency space since 2013. He has a broad development portfolio from low level APIs in Python and C++ to Android native applications in Java. In addition to his involvement in cryptocurrencies, Alexander was doing his P.h.D. in machine learning at a German university from 2012 to 2016.
Saran Siriphantnon is the CTO of Satang.co/Satoshift, a fintech company focusing on creating an open financial system for Southeast Asia. He served as President of the Computer System Administrator Group at King Mongkut's Institute of Technology Ladkrabang.
Tadhg Riordan is a 24 year old Software Developer from Wexford, Ireland. He recently completed his MSc from Trinity College Dublin, where he worked with Blockchain privacy mechanisms, focusing particularly on Zero-Knowledge Proofs and the Ethereum platform. He is a strong advocate for the adoption of cryptocurrency and for complete financial privacy.
Apart from these, their team comprises of other developers, community managers, support personnel and advisors who maintain the required balance.
Advisors:Aram Jivanyan (Cryptography Advisor): Co-Founder at Skycryptor & KMSchai
Torphop Korgtadam (It Security Consultant): Senior Vice President, Head Of Internal Audit Strategy, Innovation and Decision Science at United Overseas Bank Limited
Alexander N. aka Aizensou (Advisor)
Unique/Key Features Against Its Competitors:
ENDIn an open world, Hero Node welcomes any and all feedback. Especially helpful feedback will be rewarded!
Send money with a software wallet. Though the process of sending money with a software wallet may vary from one platform to another, the steps should follow the same basic procedure. It will generally be very similar to sending money through an online checking account. Open your software wallet and click on the "Send" tab, or use the "TradeSend Bitcoin" option under your wallet's menu. Type ... Looking to send bitcoin? Follow the steps below for help getting started. Click on Send and select Bitcoin from the Currency drop-down menu.; If you have multiple sub-wallets, you can choose the sub-wallet you want to send from in the From drop-down menu.; In the To field, paste the recipient’s address OR scan the recipient’s QR code.; Enter the amount you want to send. Bitcoin can be used to pay bills, buy goods and services, send money overseas, and buy online game credits. Pay for goods and services Order your favorite food, pay for mobile apps or games, book your staycation, or subscribe to a dating site using digital money. Using Bitcoin, you’re able to send value anywhere in the world almost instantly. In this guide, I’ll help to answer: How to Get a Bitcoin Address; How to Receive Bitcoin; How to Send Bitcoin; How to Get a Bitcoin Address. In order to get a Bitcoin address, you need a Bitcoin wallet. Bitcoin wallets are software that is used to “store ... This holds the Bitcoin until John transfers the money to Mike. John transfers the agreed amount into Mike’s bank account. When Mike has received the payment, he releases the Bitcoins from the escrow, which is then sent to John’s account. That’s it! Now you know how to sell Bitcoin for cash using a P2P exchange! How to Cash out Bitcoin Using a Broker Exchange. So, now that you know the ... Using Bitcoin for international money transfers Cryptocurrency could one day offer a simple, safe and affordable way to send money across international borders. Shirley Liu Updated Apr 27, 2020. In September 2015, Commonwealth Bank, Westpac alongside Barclays, Credit Suisse and J.P. Morgan participated in the international R3 project with a financial innovation company, Ripple Labs. The R3 ... Reducing correspondent banking costs. Bitcoin does have one thing going for it: swatting away pesky intermediary bank fees. When you transfer money through a bank or transfer service, your money may be routed through intermediary or correspondent banks. This happens when one bank doesn’t have a direct relationship with the institution it needs to send money to. Choose which wallet you want to send Bitcoin from. Make sure you select a BCH wallet if you want to send Bitcoin Cash or a BTC wallet if you want to send Bitcoin. Enter how much you want to send and select Next. Carefully check that you’re happy with the details and then Slide to send. Or, if you’re wanting to move money between your own wallets, select Transfer between wallets in the Send ... So, if a person wanting to send money from the U.S. to Venezuela wishes to use this method, they would find a buyer in Venezuela after having bought BTC in the U.S., then sell the BTC and receive fiat cash into a Venezuelan bank account. Look for a good fiat to BTC rate while using this method, as you will find many buyers and sellers on Localbitcoins.com with different rates.
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