Bitwage Bridges the Gap Between Fiat and Crypto Payroll

bitwageI’ve had many of my friends who are new and ask me questions about Bitcoin inquire: “Wouldn’t it be just great if I got paid in Bitcoin?” While there are people and companies out there that will compensate you for work and services in Bitcoin, most people with jobs that pay fiat only pay fiat. Bitwage is a service that hopes to address that and other payroll solutions for the cryptocurrency age. Getting Bitcoin can sometimes be a very unwelcoming experience for the newcomer, especially for those who may not understand much of the technology behind the currency. Bitcoin ATMs

bitwage

I’ve had many of my friends who are new and ask me questions about Bitcoin inquire: “Wouldn’t it be just great if I got paid in Bitcoin?” While there are people and companies out there that will compensate you for work and services in Bitcoin, most people with jobs that pay fiat only pay fiat. Bitwage is a service that hopes to address that and other payroll solutions for the cryptocurrency age.

Getting Bitcoin can sometimes be a very unwelcoming experience for the newcomer, especially for those who may not understand much of the technology behind the currency. Bitcoin ATMs usually take fairly large cuts, cryptocurrency exchanges often ask for a lot of information that may leave the user skeptical, and mining is almost entirely impossible to do now in any profitable way -unless you have access to free electricity and hardware-. Bitwage is incredibly thorough, secure, and functional. I’ve recently had the pleasure of creating an account for myself and have explored its features and goals, quite honestly I’m impressed. In fact, my employer – The Merkle – uses Bitwage to issue payroll to me and other writers.

Employers are able to set up accounts for themselves directly on Bitwage and then add employees to their team wage distributions. This provides a great way to keep track of wages, invoices, and transactions between the employer and the employee which does two things. One, it allows employers of small -and large- businesses that may have remote workers tied into a payroll program that is not one of the huge providers which hold a worrying amount of the industry’s market share. Two, those same remote workers are able to be paid in practically any currency they want, fiat and Bitcoin. If you have a worker in China, but your company is based in Ireland you can pay out the amount in Euros and Bitwage will pay the worker the reflective amount in Chinese Yuan. Of course, if the worker wanted to be paid in Bitcoin, they would just choose that as their distribution method instead. It frees workers to earn the currency they want while giving employers the power to pay out what currency with which they operate.

But this still does not really address our “Workers in Fiat Only” problem I mentioned in the beginning of this article. Yet, Bitwage has figured it out with relative ease in an eloquently simple manner. As an account holder, you are able to apply for invoicing external (non-Bitwage affiliated) workplaces. A word of warning, be sure that the information and authentication evidence you provide is both complete and that picture you send are extremely clear. They are sticklers for this -which I found out first hand, my photos were not good enough quality-, but it is in the interest of security so it makes sense. Then, you essentially open a bank account with Bitwage. You then provide your fiat only employer with the information to have a percentage of your paycheck go to that account. Bitwage then exchanges the fiat in that account and deposits Bitcoin in the address(es) that you provide them. It usually only take about an extra day and a half to two days to do this, and the fees are extremely reasonable.

Overall, this is a great service, I believe. It is transparent, insanely secure, and liberating but still, elegant, easy, and effective. While other employers take a while to catch up with the cryptocurrency movement, you can get ahead of them -and before the price of Bitcoin goes to the moon!- with Bitwage. Quite simply, it solves the “Workers in Fiat Only” problem. 

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Attic Lab to Offer Blockchain Solution to Ukraine’s Alliance Bank

When it comes to blockchain platform development and adoption of cryptocurrency, the Eastern Europe is a strong force to reckon with. The number of crypto-platforms emerging out of this region since the past one year shows an increasing interest in the technology among entrepreneurs and startups. Among the countries in the region, Ukraine probably has … Continue reading Attic Lab to Offer Blockchain Solution to Ukraine’s Alliance Bank

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When it comes to blockchain platform development and adoption of cryptocurrency, the Eastern Europe is a strong force to reckon with. The number of crypto-platforms emerging out of this region since the past one year shows an increasing interest in the technology among entrepreneurs and startups. Among the countries in the region, Ukraine probably has … Continue reading Attic Lab to Offer Blockchain Solution to Ukraine’s Alliance Bank

The post Attic Lab to Offer Blockchain Solution to Ukraine’s Alliance Bank appeared first on NEWSBTC.

What Is Merged Mining?

TheMerkle Merge MiningCryptocurrency miners often focus on mining only one coin at a time. While that may seem to be the most efficient solution, the concept of merged mining should not be overlooked by any means. In fact, merged mining does not take away any hashing power from the coin users are mining, yet it allows them to earn additional currencies on the side. Merged Mining Is An Underappreciated Process As the term “merged mining” suggests, this protocol allows users to mine multiple cryptocurrencies at the same time. For example, some mining pools who allow merged mining give bitcoin miners an option

TheMerkle Merge Mining

Cryptocurrency miners often focus on mining only one coin at a time. While that may seem to be the most efficient solution, the concept of merged mining should not be overlooked by any means. In fact, merged mining does not take away any hashing power from the coin users are mining, yet it allows them to earn additional currencies on the side.

Merged Mining Is An Underappreciated Process

As the term “merged mining” suggests, this protocol allows users to mine multiple cryptocurrencies at the same time. For example, some mining pools who allow merged mining give bitcoin miners an option to earn additional currencies, as we covered earlier. However, it is also worth noting merged mining is not unique to bitcoin by any means, as we will discuss later on in this article.

Merged mining can only be achieved once there are multiple currencies using the same algorithm. In the bitcoin example, it is possible to merge mine Namecoin and a few other coins which use the same SHA-256 algo. What makes this principle so appealing is how it does not slow down the mining of the primary cryptocurrency by any means. Instead, this is an excellent way for low-hash cryptocurrencies to increase their network hashing power by bootstrapping onto more popular currencies.

In the SHA-256 sector, there is the option to merge mine bitcoin with Namecoin, Devcoin, and a few others. In the Scrypt mining world, Litecoin and Dogecoin can be merge mined as well. Since both these coin pairs all share the same mining algorithm, bootstrapping them onto each other is a great way to make both individual ecosystems more secure. Things get a lot more technical under the hood, though, as it requires a bit more work than just creating mining pool software capable of merged mining said currencies.

Every transaction for both networks is ordered and the individual merkle trees are hashed out. Both merge mined currencies have their blockchains classified, where one is the parent and the other serves as the auxiliary blockchain. For example, Dogecoin’s blockchain merkle root is inserted into the Litecoin blockchain’s extra nonce section. Once the information of one chain’s hashes is incorporated into the extra nonce of the other chain, it becomes possible to use one proof-of-work mining algorithm for both cryptocurrencies.

Contrary to what some people may assume, merged mining does not “clutter” the individual blockchains. It is possible tiny hashes are inserted in the transaction tree of the main cryptocurrency, but there is no “blockchain bloat” to speak of. Moreover, both hash chains remain completely independent. The auxiliary chain may see some slightly larger blocks, as an extra header and hash can be present.

Enabling merged mining requires some coding changes for the auxiliary blockchain. The auxiliary coin’s client applications will need to be modified so they can accept auxiliary proof-of-work submissions. The parent blockchain, however, does not need to be aware of the Auxiliary proof-of-work logic. In the case of Dogecoin and Litecoin merged mining, all necessary changes were introduced by the Dogecoin developers.

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