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Who accepts Ethereum as payment?

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Who accepts Ethereum as payment?
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rn”,”seo_description”:”What is Bitcoin? How does blockchain work? How to mine cryptocurrency? We are glad to help you answer these questions with our quick guides in Explained section.”},”words_count”:1063,”description”:” What makes Ethereum a reliable mode of payment? Find what makes Ether qualify as money, its advantages and the process of accepting ETH payments.rn “,”author”:{“id”:1508,”title”:”Dilip Kumar Patairya”,”url”:”dilip-kumar-patairya”,”twitter”:””,”google_plus”:””,”photo”:”https://s3.cointelegraph.com/storage/uploads/view/1cfc5d74c7b02ce3bfa5923936e90adb.jpg”,”gender”:”male”,”description”:”Dilip Kumar Patairya is a seasoned B2B tech writer with 15+ years of experience. He specializes in blockchain and fintech. Working since 2003, he has been associated with several corporate groups and publications. When he’s not writing, Dilip loves studying astrology, playing chess, watching movies and traveling.”,”facebook”:””,”email”:”[email protected]”,”linkedin”:””,”created_at”:”2022-03-11 12:01:07″,”updated_at”:”2022-05-04 15:59:11″,”deleted_at”:null,”avatar”:”https://images.cointelegraph.com/images/150_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8xY2ZjNWQ3NGM3YjAyY2UzYmZhNTkyMzkzNmU5MGFkYi5qcGc=.jpg”,”hash”:”aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS9hdXRob3JzL2RpbGlwLWt1bWFyLXBhdGFpcnlh”,”relativeUrl”:”https://cointelegraph.com/authors/dilip-kumar-patairya”,”user_id”:1508,”language_id”:1,”name”:”Dilip Kumar Patairya”,”desc”:”Dilip Kumar Patairya is a seasoned B2B tech writer with 15+ years of experience. He specializes in blockchain and fintech. Working since 2003, he has been associated with several corporate groups and publications. When he’s not writing, Dilip loves studying astrology, playing chess, watching movies and traveling.”,”seo_title”:””,”seo_description”:””,”enabled”:1,”show_in_authors”:0,”show_in_experts”:0},”category_id”:65,”audio”:”https://s3.cointelegraph.com/audio/91914.2d283c87-e031-4b9b-a4d3-35dcc55a3ff8.mp3″,”tags”:[{“name”:”Blockchain”,”uri”:”/tags/blockchain”,”super”:1,”page_title”:”Blockchain News”},{“name”:”Ethereum”,”uri”:”/tags/ethereum”,”super”:1,”page_title”:”Ethereum News”},{“name”:”Transactions”,”uri”:”/tags/transactions”,”super”:0,”page_title”:”Transactions News”},{“name”:”Payments”,”uri”:”/tags/payments”,”super”:0,”page_title”:”Payments News”},{“name”:”Adoption”,”uri”:”/tags/adoption”,”super”:1,”page_title”:”Adoption News”}],”tag_title”:”Blockchain”,”date”:”6 HOURS AGO”,”badge”:{“title”:”Explained”,”label”:”default”},”qty”:65,”stats_pixel”:”“,”stats_pixel_url”:”https://zoa.cointelegraph.com/pixel?postId=91914&regionId=1″,”shares”:30,”infographic”:false,”sponsored”:false,”explained”:true,”press_release”:false,”show_referral”:false,”social_description”:” Tired of hodling your ETH? For those looking to spend their Ether, this handy guide will answer all your questions “,”social_translators”:{“clipboard_popup_label”:”Link copied”,”socialWechatFooterError”:”WeChat error”,”socialWechatFooterText”:”WeChat share”,”socialWechatHeaderText”:”WeChat share”},”social_shares”:{“post_id”:91914,”post_url”:”https://cointelegraph.com/explained/who-accepts-ethereum-as-payment”,”post_titles”:{“normal”:”Who accepts Ethereum as payment?”,”twitter”:”Who accepts Ethereum as payment?”},”post_text”:{“normal”:”Who accepts Ethereum as payment?”,”twitter”:”Who accepts Ethereum as payment? https://cointelegraph.com/explained/who-accepts-ethereum-as-payment via @cointelegraph”},”accounts”:{“twitter”:”@cointelegraph”}},”socials”:{“facebook”:{“url”:”https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fwho-accepts-ethereum-as-payment”,”count”:null,”short”:”fb”,”fa”:”facebook”},”twitter”:{“url”:”https://twitter.com/intent/tweet?text=Who+accepts+Ethereum+as+payment%3F https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fwho-accepts-ethereum-as-payment via @cointelegraph”,”count”:null,”short”:”tw”,”fa”:”twitter”},”telegram”:{“url”:”https://telegram.me/share/url?url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fwho-accepts-ethereum-as-payment &text=Who+accepts+Ethereum+as+payment%3F”,”count”:null,”short”:”tg”,”fa”:”paper-plane”},”whatsapp”:{“url”:”https://api.whatsapp.com/send?text=Who+accepts+Ethereum+as+payment%3F&href=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fwho-accepts-ethereum-as-payment”,”count”:null,”short”:”wu”,”fa”:”whatsapp”},”gplus”:{“url”:”https://plus.google.com/share?url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fwho-accepts-ethereum-as-payment”,”count”:null,”short”:”gplus”,”fa”:”google-plus”},”reddit”:{“url”:”https://www.reddit.com/submit?url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fwho-accepts-ethereum-as-payment&title=Who+accepts+Ethereum+as+payment%3F”,”count”:null,”short”:”reddit”,”fa”:”reddit-alien”},”linkedin”:{“url”:”https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fcointelegraph.com%2Fexplained%2Fwho-accepts-ethereum-as-payment&title=Who+accepts+Ethereum+as+payment%3F”,”count”:null,”short”:”li”,”fa”:”linkedin”}},”hide_disclaimer”:false,”elink”:”https://cointelegraph.com”,”etitle”:”Cointelegraph”,”elogo_x2″:”https://images.cointelegraph.com/images/528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9hYjAzYTJhMmNlOWEyMWRjMWYwOTYxZDkxNzMxYzhiYS5wbmc=.png”,”elogo_x1″:”https://images.cointelegraph.com/images/260_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9hYjAzYTJhMmNlOWEyMWRjMWYwOTYxZDkxNzMxYzhiYS5wbmc=.png”,”elogo_svg”:false,”content”:[{“id”:3630,”post_id”:91914,”title”:”What is Ethereum?”,”content”:”

Ethereum is the first-generation blockchain technology for building DApps, holding assets and transacting in a decentralized environment.

nn

Powered by blockchain technology, Ethereum is a decentralized platform designed to be scalable, programmable and secure. It facilitates a peer-to-peer (P2P) network for the secure execution and verification of application codes via smart contracts. These are automated software blocks that enable participants to transact in the absence of a central authority.

nn

Transaction records in Ethereum are immutable and transparent, while giving participants full ownership. To send transactions via user-created accounts, a sender has to spend Ether (ETH), the native cryptocurrency of the blockchain.

nn

Thanks to its acceptability, Ether has emerged as a popular currency with which to make payments. Decentralized applications (DApps) use ETH to interact with apps based on Ethereum blockchain and execute transactions. The apps use bridges to work with cryptocurrencies other than ETH. This is termed cross-chain compatibility in blockchain parlance.

nnnnn”,”created_at”:”2022-08-19 14:27:12″,”updated_at”:”2022-08-19 15:21:24″,”sort”:1,”translations”:{“id”:3623,”explained_post_id”:3630,”title_en”:”What is Ethereum?”,”content_en”:”

Ethereum is the first-generation blockchain technology for building DApps, holding assets and transacting in a decentralized environment.

nn

Powered by blockchain technology, Ethereum is a decentralized platform designed to be scalable, programmable and secure. It facilitates a peer-to-peer (P2P) network for the secure execution and verification of application codes via smart contracts. These are automated software blocks that enable participants to transact in the absence of a central authority.

nn

Transaction records in Ethereum are immutable and transparent, while giving participants full ownership. To send transactions via user-created accounts, a sender has to spend Ether (ETH), the native cryptocurrency of the blockchain.

nn

Thanks to its acceptability, Ether has emerged as a popular currency with which to make payments. Decentralized applications (DApps) use ETH to interact with apps based on Ethereum blockchain and execute transactions. The apps use bridges to work with cryptocurrencies other than ETH. This is termed cross-chain compatibility in blockchain parlance.

nnnnn”,”title_es”:””,”content_es”:”nnn”,”title_cn”:””,”content_cn”:”nnn”,”title_de”:””,”content_de”:”nnn”,”title_fr”:””,”content_fr”:”nnn”,”title_it”:””,”content_it”:”nnn”,”title_ar”:””,”content_ar”:”nnn”,”title_br”:””,”content_br”:”nnn”,”title_jp”:””,”content_jp”:”nnn”,”created_at”:”2022-08-19 14:27:12″,”updated_at”:”2022-08-19 15:21:24″,”title_kr”:””,”content_kr”:”nnn”,”title_tr”:””,”content_tr”:”nnn”}},{“id”:3631,”post_id”:91914,”title”:”What makes Ether qualify as money?”,”content”:”

Ether satisfies all three major criteria for a currency: store of value, medium of exchange and unit of exchange.

nn

Any currency fits the bill as a payment unit if it fulfills the above three features of money. Store of value is an asset that retains its purchasing power in future. The value could be stable or increase over time, but it won’t go down. Risk aversion is a key concept behind a store of value, and prices rise  steadily if there is a perpetual demand for the asset.

nn

As a medium of exchange, money serves as an instrument that facilitates the sale, purchase or trade of goods or services between parties. For settling economic transactions, currency is the most common medium of exchange. As a unit of account, money should be divisible, fungible and countable. Divisibility refers to the division of a unit of account into its component parts, which equal the original value. Fungibility is the property where a unit of currency has the same value as any other unit.

nn

Ether scores well on all these parameters. ETH is a scarce digital money that is held and exchanged over a blockchain. Units of Ether can be used for measuring the value of goods and services, and later for purchase. An individual can use Ethereum for investment purposes as well. They could buy ETH and hold it to redeem in future, hoping for an increase in its value.

nnnnn”,”created_at”:”2022-08-19 14:27:42″,”updated_at”:”2022-08-19 15:21:24″,”sort”:2,”translations”:{“id”:3624,”explained_post_id”:3631,”title_en”:”What makes Ether qualify as money?”,”content_en”:”

Ether satisfies all three major criteria for a currency: store of value, medium of exchange and unit of exchange.

nn

Any currency fits the bill as a payment unit if it fulfills the above three features of money. Store of value is an asset that retains its purchasing power in future. The value could be stable or increase over time, but it won’t go down. Risk aversion is a key concept behind a store of value, and prices rise  steadily if there is a perpetual demand for the asset.

nn

As a medium of exchange, money serves as an instrument that facilitates the sale, purchase or trade of goods or services between parties. For settling economic transactions, currency is the most common medium of exchange. As a unit of account, money should be divisible, fungible and countable. Divisibility refers to the division of a unit of account into its component parts, which equal the original value. Fungibility is the property where a unit of currency has the same value as any other unit.

nn

Ether scores well on all these parameters. ETH is a scarce digital money that is held and exchanged over a blockchain. Units of Ether can be used for measuring the value of goods and services, and later for purchase. An individual can use Ethereum for investment purposes as well. They could buy ETH and hold it to redeem in future, hoping for an increase in its value.

nnnnn”,”title_es”:””,”content_es”:”nnn”,”title_cn”:””,”content_cn”:”nnn”,”title_de”:””,”content_de”:”nnn”,”title_fr”:””,”content_fr”:”nnn”,”title_it”:””,”content_it”:”nnn”,”title_ar”:””,”content_ar”:”nnn”,”title_br”:””,”content_br”:”nnn”,”title_jp”:””,”content_jp”:”nnn”,”created_at”:”2022-08-19 14:27:42″,”updated_at”:”2022-08-19 15:21:24″,”title_kr”:””,”content_kr”:”nnn”,”title_tr”:””,”content_tr”:”nnn”}},{“id”:3632,”post_id”:91914,”title”:”What are the advantages of accepting payment in Ethereum?”,”content”:”

Taking payment in Ethereum brings in a gamut of advantages for both users and entrepreneurs.

nn

Transitioning to a blockchain-based ecosystem brings in a string of advantages for users as well as entrepreneurs. Here is a drop-down detailing why accepting payment in Ethereum works well for the customers of an enterprise:

nn

Additional payment option

nn

In a world that is fast adopting cryptocurrencies, providing customers with an additional payment option gives businesses an advantage over their competitors. Cryptocurrency gateways enable merchants to accept digital payments and receive the amount in fiat.

nn

Transparency

nn

A decentralized ecosystem is inherently transparent, giving customers more confidence while making the purchase. Crypto transactions get executed on a blockchain where they are written irrevocably, without any prejudice of a centralized authority.

nn

Less fraud

nn

Ethereum transactions in such purchases get routed through a smart contract, making fraudulent activities less likely. When smart contracts are audited, scamsters have negligible chances of succeeding.

nn

Quick transactions 

nn

Global transactions in Ethereum are considerably quicker, compared to conventional international payments. Crypto transactions get executed in minutes, while fiat transactions routed through banks might take days to reflect in the account.

nn

Enterprises too have a set of strong reasons to begin accepting ETH.

nn

Finality

nn

Finality refers to a transaction’s status when it is part of a block that cannot change. In Ethereum, conventionally working on proof-of-work (PoW) consensus algorithm, the average time for achieving finality is six minutes (25 confirmations) while the average time to mine a single block is 15 seconds.

nn

This is considerably lower than Bitcoin (BTC), the largest cryptocurrency, which takes 60 minutes (six confirmations) to attain finality with the average time of 10 seconds to mine a block. When the Merge (the implementation of Ethereum’s consensus layer) is complete, the time it takes for an ETH transaction to reach finality will further decrease.

nn

Data coordination 

nn

Ethereum has a decentralized architecture designed to allocate information and trust without prejudice, eliminating any need for a central entity to coordinate data. The decentralized system seamlessly manages the system and processes transactions.

nn

Incentive layer 

nn

The ecosystem facilitates the development of mechanisms that reward supportive activities like verification and availability, while punishing activities that negatively affect the blockchain and surrounding mechanism. Incentives to promote honest behavior help to meet security requirements.

nn

Tokenization 

nn

Any asset that has been registered in a digital format can be tokenized on Ethereum. Tokenization helps fractionalize previously cumbersome assets such as real estate, which had become simply too expensive and unravel new economic models such as crowdsourced data management.

nn

Decentralized domain 

nn

Merchants with no prior exposure to crypto assets could find it overwhelming to send and receive cryptocurrencies. Crypto wallet addresses are a long string of digits and letters. Moreover, one requires a different address to collect each cryptocurrency payment.

nn

Thanks to the Ethereum Name Service (ENS), users can create a universal nickname for all their public addresses. Rather than using an unreadable array of keys for receiving crypto payments, they could have a single ENS domain, like ‘Joseph.eth.’

nnnnn”,”created_at”:”2022-08-19 14:29:10″,”updated_at”:”2022-08-19 15:21:24″,”sort”:3,”translations”:{“id”:3625,”explained_post_id”:3632,”title_en”:”What are the advantages of accepting payment in Ethereum?”,”content_en”:”

Taking payment in Ethereum brings in a gamut of advantages for both users and entrepreneurs.

nn

Transitioning to a blockchain-based ecosystem brings in a string of advantages for users as well as entrepreneurs. Here is a drop-down detailing why accepting payment in Ethereum works well for the customers of an enterprise:

nn

Additional payment option

nn

In a world that is fast adopting cryptocurrencies, providing customers with an additional payment option gives businesses an advantage over their competitors. Cryptocurrency gateways enable merchants to accept digital payments and receive the amount in fiat.

nn

Transparency

nn

A decentralized ecosystem is inherently transparent, giving customers more confidence while making the purchase. Crypto transactions get executed on a blockchain where they are written irrevocably, without any prejudice of a centralized authority.

nn

Less fraud

nn

Ethereum transactions in such purchases get routed through a smart contract, making fraudulent activities less likely. When smart contracts are audited, scamsters have negligible chances of succeeding.

nn

Quick transactions 

nn

Global transactions in Ethereum are considerably quicker, compared to conventional international payments. Crypto transactions get executed in minutes, while fiat transactions routed through banks might take days to reflect in the account.

nn

Enterprises too have a set of strong reasons to begin accepting ETH.

nn

Finality

nn

Finality refers to a transaction’s status when it is part of a block that cannot change. In Ethereum, conventionally working on proof-of-work (PoW) consensus algorithm, the average time for achieving finality is six minutes (25 confirmations) while the average time to mine a single block is 15 seconds.

nn

This is considerably lower than Bitcoin (BTC), the largest cryptocurrency, which takes 60 minutes (six confirmations) to attain finality with the average time of 10 seconds to mine a block. When the Merge (the implementation of Ethereum’s consensus layer) is complete, the time it takes for an ETH transaction to reach finality will further decrease.

nn

Data coordination 

nn

Ethereum has a decentralized architecture designed to allocate information and trust without prejudice, eliminating any need for a central entity to coordinate data. The decentralized system seamlessly manages the system and processes transactions.

nn

Incentive layer 

nn

The ecosystem facilitates the development of mechanisms that reward supportive activities like verification and availability, while punishing activities that negatively affect the blockchain and surrounding mechanism. Incentives to promote honest behavior help to meet security requirements.

nn

Tokenization 

nn

Any asset that has been registered in a digital format can be tokenized on Ethereum. Tokenization helps fractionalize previously cumbersome assets such as real estate, which had become simply too expensive and unravel new economic models such as crowdsourced data management.

nn

Decentralized domain 

nn

Merchants with no prior exposure to crypto assets could find it overwhelming to send and receive cryptocurrencies. Crypto wallet addresses are a long string of digits and letters. Moreover, one requires a different address to collect each cryptocurrency payment.

nn

Thanks to the Ethereum Name Service (ENS), users can create a universal nickname for all their public addresses. Rather than using an unreadable array of keys for receiving crypto payments, they could have a single ENS domain, like ‘Joseph.eth.’

nnnnn”,”title_es”:””,”content_es”:”nnn”,”title_cn”:””,”content_cn”:”nnn”,”title_de”:””,”content_de”:”nnn”,”title_fr”:””,”content_fr”:”nnn”,”title_it”:””,”content_it”:”nnn”,”title_ar”:””,”content_ar”:”nnn”,”title_br”:””,”content_br”:”nnn”,”title_jp”:””,”content_jp”:”nnn”,”created_at”:”2022-08-19 14:29:10″,”updated_at”:”2022-08-19 15:21:24″,”title_kr”:””,”content_kr”:”nnn”,”title_tr”:””,”content_tr”:”nnn”}},{“id”:3633,”post_id”:91914,”title”:”How to accept payment in Ethereum?”,”content”:”

Any merchant looking to accept payment in Ethereum needs to take certain steps.

nn

A merchant looking to receive payments in ETH needs to set up a payments infrastructure that facilitates transactions in an easy and convenient way. They can create a business account with a payment processor like BitPay, Flexa or CoinRemitter, and begin accepting ETH through their app. The process usually includes

nn

    nt

  1. nt

    Sign up for a business account.

    nt

  2. nt

  3. nt

    Enter an Ethereum address.

    nt

  4. nt

  5. nt

    Create an API key.

    nt

  6. nt

  7. nt

    Add an integration method (API, plugins, invoices, payment widget or a payment link) to checkout.

    nt

  8. nt

  9. nt

    Start accepting payment in Ethereum.

    nt

  10. n

nn

Web infrastructure platform Cloudflare supports the deployment of Ethereum for taking payments through its Ethereum and IPFS (InterPlanetary File System) gateways. One can log into the dashboard and configure a zone for Ethereum. Cloudflare’s Ethereum Gateway enables users to read and access all information validated by the existing nodes on the blockchain without restrictions.

nnnnn”,”created_at”:”2022-08-19 14:29:55″,”updated_at”:”2022-08-19 15:21:24″,”sort”:4,”translations”:{“id”:3626,”explained_post_id”:3633,”title_en”:”How to accept payment in Ethereum?”,”content_en”:”

Any merchant looking to accept payment in Ethereum needs to take certain steps.

nn

A merchant looking to receive payments in ETH needs to set up a payments infrastructure that facilitates transactions in an easy and convenient way. They can create a business account with a payment processor like BitPay, Flexa or CoinRemitter, and begin accepting ETH through their app. The process usually includes

nn

    nt

  1. nt

    Sign up for a business account.

    nt

  2. nt

  3. nt

    Enter an Ethereum address.

    nt

  4. nt

  5. nt

    Create an API key.

    nt

  6. nt

  7. nt

    Add an integration method (API, plugins, invoices, payment widget or a payment link) to checkout.

    nt

  8. nt

  9. nt

    Start accepting payment in Ethereum.

    nt

  10. n

nn

Web infrastructure platform Cloudflare supports the deployment of Ethereum for taking payments through its Ethereum and IPFS (InterPlanetary File System) gateways. One can log into the dashboard and configure a zone for Ethereum. Cloudflare’s Ethereum Gateway enables users to read and access all information validated by the existing nodes on the blockchain without restrictions.

nnnnn”,”title_es”:””,”content_es”:”nnn”,”title_cn”:””,”content_cn”:”nnn”,”title_de”:””,”content_de”:”nnn”,”title_fr”:””,”content_fr”:”nnn”,”title_it”:””,”content_it”:”nnn”,”title_ar”:””,”content_ar”:”nnn”,”title_br”:””,”content_br”:”nnn”,”title_jp”:””,”content_jp”:”nnn”,”created_at”:”2022-08-19 14:29:55″,”updated_at”:”2022-08-19 15:21:24″,”title_kr”:””,”content_kr”:”nnn”,”title_tr”:””,”content_tr”:”nnn”}},{“id”:3634,”post_id”:91914,”title”:”Where to store ETH?”,”content”:”

Merchants as well as users need a secure and convenient place to store ETH.

nn

Depending on factors such as security and convenience, one could store ETH in hot or cold wallets. A “hot” cryptocurrency wallet is accessible online and facilitates transactions with the help of public and private keys. On the other hand, a “cold” wallet, also termed a hardware wallet, is a physical item that keeps cryptocurrencies offline. Cold wallets are considered more secure than hot wallets, while the latter are more convenient.

nn

Most people holding ETH tend to store it in hot wallets, which are basically software programs capable of interacting with Ethereum blockchain. Hot wallets include desktop, mobile and most exchange custody wallets. Though these wallets make transferring crypto easy, they are vulnerable to hackers. For anyone holding ETH in large amounts, keeping the bulk of their crypto in a cold wallet while keeping just enough in a hot wallet to execute regular transactions might be an ideal solution.

nn

Cold wallets, not connected to the internet, are at a lesser risk of being compromised compared to hot wallets. A USB drive device, used for storing ETH and other cryptocurrencies, stores a user’s private keys. Anyone holding ETH could also keep it in custody through a paper wallet, which they can generate on certain websites. A paper wallet has public as well as private keys regarding ETH on hold.

nnnnn”,”created_at”:”2022-08-19 14:30:17″,”updated_at”:”2022-08-19 15:21:24″,”sort”:5,”translations”:{“id”:3627,”explained_post_id”:3634,”title_en”:”Where to store ETH?”,”content_en”:”

Merchants as well as users need a secure and convenient place to store ETH.

nn

Depending on factors such as security and convenience, one could store ETH in hot or cold wallets. A “hot” cryptocurrency wallet is accessible online and facilitates transactions with the help of public and private keys. On the other hand, a “cold” wallet, also termed a hardware wallet, is a physical item that keeps cryptocurrencies offline. Cold wallets are considered more secure than hot wallets, while the latter are more convenient.

nn

Most people holding ETH tend to store it in hot wallets, which are basically software programs capable of interacting with Ethereum blockchain. Hot wallets include desktop, mobile and most exchange custody wallets. Though these wallets make transferring crypto easy, they are vulnerable to hackers. For anyone holding ETH in large amounts, keeping the bulk of their crypto in a cold wallet while keeping just enough in a hot wallet to execute regular transactions might be an ideal solution.

nn

Cold wallets, not connected to the internet, are at a lesser risk of being compromised compared to hot wallets. A USB drive device, used for storing ETH and other cryptocurrencies, stores a user’s private keys. Anyone holding ETH could also keep it in custody through a paper wallet, which they can generate on certain websites. A paper wallet has public as well as private keys regarding ETH on hold.

nnnnn”,”title_es”:””,”content_es”:”nnn”,”title_cn”:””,”content_cn”:”nnn”,”title_de”:””,”content_de”:”nnn”,”title_fr”:””,”content_fr”:”nnn”,”title_it”:””,”content_it”:”nnn”,”title_ar”:””,”content_ar”:”nnn”,”title_br”:””,”content_br”:”nnn”,”title_jp”:””,”content_jp”:”nnn”,”created_at”:”2022-08-19 14:30:17″,”updated_at”:”2022-08-19 15:21:24″,”title_kr”:””,”content_kr”:”nnn”,”title_tr”:””,”content_tr”:”nnn”}},{“id”:3635,”post_id”:91914,”title”:”What are gas costs in Ethereum?”,”content”:”

Gas costs in Ethereum were exorbitant before the Merge with the Ethereum consensus layer. What has been the impact on gas costs?

nn

The concept of gas was introduced in Ethereum to compensate for the computing energy the ecosystem requires to process and validate transactions. All computing requirements for processing a transaction are sourced from miners and the gas fees associated with specific transactions is distributed among the miners involved in block formation.

nn

A gas limit indicates the maximum amount of gas one is willing to spend on a particular transaction. A higher gas limit means one needs to spend more to execute the transaction. The cost of gas goes up and down with the supply and demand for processing power.

nn

The EVM (Ethereum Virtual Machine) can execute a diverse kind of smart contracts including swaps, options contracts, coupon-paying bonds, bets and wagers, employment, escrow and more. This enables businesses to collect funds in an automated manner without any human interference. Earlier, gas costs in Ethereum shot up when demand was high, often to exorbitant levels. After the introduction of the Ethereum consensus layer, the issue eased up.

nnnnn”,”created_at”:”2022-08-19 14:30:50″,”updated_at”:”2022-08-19 15:21:24″,”sort”:6,”translations”:{“id”:3628,”explained_post_id”:3635,”title_en”:”What are gas costs in Ethereum?”,”content_en”:”

Gas costs in Ethereum were exorbitant before the Merge with the Ethereum consensus layer. What has been the impact on gas costs?

nn

The concept of gas was introduced in Ethereum to compensate for the computing energy the ecosystem requires to process and validate transactions. All computing requirements for processing a transaction are sourced from miners and the gas fees associated with specific transactions is distributed among the miners involved in block formation.

nn

A gas limit indicates the maximum amount of gas one is willing to spend on a particular transaction. A higher gas limit means one needs to spend more to execute the transaction. The cost of gas goes up and down with the supply and demand for processing power.

nn

The EVM (Ethereum Virtual Machine) can execute a diverse kind of smart contracts including swaps, options contracts, coupon-paying bonds, bets and wagers, employment, escrow and more. This enables businesses to collect funds in an automated manner without any human interference. Earlier, gas costs in Ethereum shot up when demand was high, often to exorbitant levels. After the introduction of the Ethereum consensus layer, the issue eased up.

nnnnn”,”title_es”:””,”content_es”:”nnn”,”title_cn”:””,”content_cn”:”nnn”,”title_de”:””,”content_de”:”nnn”,”title_fr”:””,”content_fr”:”nnn”,”title_it”:””,”content_it”:”nnn”,”title_ar”:””,”content_ar”:”nnn”,”title_br”:””,”content_br”:”nnn”,”title_jp”:””,”content_jp”:”nnn”,”created_at”:”2022-08-19 14:30:50″,”updated_at”:”2022-08-19 15:21:24″,”title_kr”:””,”content_kr”:”nnn”,”title_tr”:””,”content_tr”:”nnn”}},{“id”:3636,”post_id”:91914,”title”:”Is there a possibility of a refund like traditional banks?”,”content”:”

If an ETH transaction fails or someone mistakenly sends it a wrong address, is there a provision of a refund?

nn

Ethereum does not refund gas costs for failed transactions. The fundamental design of an open blockchain like Ethereum renders such a provision improbable. Fees paid by the sender for adding transactions to blocks are paid directly to miners on Ethereum network, the status of the transaction as successful or failed notwithstanding.

nn

In case of a failed transaction, the Ether the person attempted to send is returned to the wallet. However, if anyone ends up sending ETH to a wrong address, they would lose the fees as well as tokens, unless they know the receiver and they agree to return the amount.

nn

If the funds have been sent to an address associated with an exchange, these could be recovered at the exchange’s discretion. One would need to share the transaction’s details with the exchange, such as the address one wanted to send ETH to and the hash of the wrong transaction. 

nn

Purchase a licence for this article. Powered by SharpShark.

nnnnn”,”created_at”:”2022-08-19 14:32:04″,”updated_at”:”2022-08-19 15:21:24″,”sort”:7,”translations”:{“id”:3629,”explained_post_id”:3636,”title_en”:”Is there a possibility of a refund like traditional banks?”,”content_en”:”

If an ETH transaction fails or someone mistakenly sends it a wrong address, is there a provision of a refund?

nn

Ethereum does not refund gas costs for failed transactions. The fundamental design of an open blockchain like Ethereum renders such a provision improbable. Fees paid by the sender for adding transactions to blocks are paid directly to miners on Ethereum network, the status of the transaction as successful or failed notwithstanding.

nn

In case of a failed transaction, the Ether the person attempted to send is returned to the wallet. However, if anyone ends up sending ETH to a wrong address, they would lose the fees as well as tokens, unless they know the receiver and they agree to return the amount.

nn

If the funds have been sent to an address associated with an exchange, these could be recovered at the exchange’s discretion. One would need to share the transaction’s details with the exchange, such as the address one wanted to send ETH to and the hash of the wrong transaction. 

nn

Purchase a licence for this article. Powered by SharpShark.

nnnnn”,”title_es”:””,”content_es”:”nnn”,”title_cn”:””,”content_cn”:”nnn”,”title_de”:””,”content_de”:”nnn”,”title_fr”:””,”content_fr”:”nnn”,”title_it”:””,”content_it”:”nnn”,”title_ar”:””,”content_ar”:”nnn”,”title_br”:””,”content_br”:”nnn”,”title_jp”:””,”content_jp”:”nnn”,”created_at”:”2022-08-19 14:32:04″,”updated_at”:”2022-08-19 15:21:24″,”title_kr”:””,”content_kr”:”nnn”,”title_tr”:””,”content_tr”:”nnn”}}],”is_partner_material”:false,”commentsSection”:{“schemaEntityUrl”:”//cointelegraph.com/explained/who-accepts-ethereum-as-payment”,”list”:[],”amount”:0,”i18n”:{“addComment”:”Add a comment…”,”amountOnePostfix”:”Comment”,”amountPostfix”:”Comments”,”cancel”:”Cancel”,”delete”:”Delete”,”edit”:”Edit”,”errorBig”:”Comment text cannot be longer than 2000 characters”,”errorDuplicate”:”Duplicate comment”,”errorSmall”:”Comment text must be at least 2 characters long”,”hideButton”:”Hide comments”,”noComments”:” “,”commentOnModeration”:”Comment on moderation”,”postComment”:”Post”,”reply”:”Reply”,”showAllComments”:”Show All Comments”,”showButtonPostfix”:”comments”,”showButtonPrefix”:”Show”,”signIn”:”Sign in”,”update”:”Update comment”,”commentWasDeleted”:”This comment has been deleted”}},”related”:[{“id”:83977,”retina”:”https://images.cointelegraph.com/images/1480_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iOWY1M2NjOWU1NmJhMjk3MjMxMzE4ODc4ZmI2ZjgzZC5qcGc=.jpg”,”img”:”https://images.cointelegraph.com/images/740_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iOWY1M2NjOWU1NmJhMjk3MjMxMzE4ODc4ZmI2ZjgzZC5qcGc=.jpg”,”thumb”:”https://images.cointelegraph.com/images/370_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iOWY1M2NjOWU1NmJhMjk3MjMxMzE4ODc4ZmI2ZjgzZC5qcGc=.jpg”,”thumb370″:”https://images.cointelegraph.com/images/370_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iOWY1M2NjOWU1NmJhMjk3MjMxMzE4ODc4ZmI2ZjgzZC5qcGc=.jpg”,”amp_thumb”:”https://images.cointelegraph.com/images/150_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iOWY1M2NjOWU1NmJhMjk3MjMxMzE4ODc4ZmI2ZjgzZC5qcGc=.jpg”,”thumb150″:”https://images.cointelegraph.com/images/150_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iOWY1M2NjOWU1NmJhMjk3MjMxMzE4ODc4ZmI2ZjgzZC5qcGc=.jpg”,”url”:”https://cointelegraph.com/explained/the-concept-and-future-of-decentralized-web3-domain-names”,”title”:”The concept and future of decentralized Web3 domain names”,”lead”:”Read this guide to learn about Web3 DNSs like ENS, Web3.0 hostings and how to buy Web3 domains.”,”leadfull”:””,”category_id”:65,”category_url”:”https://cointelegraph.com/explained”,”category_title”:”Explained”,”author_url”:”https://cointelegraph.com/authors/onkar-singh”,”author_hash”:”aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS9hdXRob3JzL29ua2FyLXNpbmdo”,”author_title”:”Onkar Singh”,”author_img”:”https://cointelegraph.com/assets/img/icons/author_male.jpg”,”date”:”APR 03, 2022″,”flash_date”:”APR 03, 2022″,”sponsored”:false,”press_release”:false,”sponsored_label”:”Sponsored”,”explained”:true,”badge”:{“title”:”Explained”,”label”:”default”},”published”:{“date”:”2022-04-03 15:00:00.000000″,”timezone_type”:3,”timezone”:”Europe/London”},”stat_uniqs”:0,”rss_date”:”Sun, 03 Apr 2022 15:00:00 +0100″,”publishedW3″:”2022-04-03T15:00:00+01:00″,”show_referral”:false,”isMagazine”:false},{“id”:91520,”retina”:”https://images.cointelegraph.com/images/1480_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iN2Q3OWQ2ZGQ4ODQ5NzdmZjc3ZmIxMmY5OTE3YThhOS5qcGVn.jpeg”,”img”:”https://images.cointelegraph.com/images/740_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iN2Q3OWQ2ZGQ4ODQ5NzdmZjc3ZmIxMmY5OTE3YThhOS5qcGVn.jpeg”,”thumb”:”https://images.cointelegraph.com/images/370_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iN2Q3OWQ2ZGQ4ODQ5NzdmZjc3ZmIxMmY5OTE3YThhOS5qcGVn.jpeg”,”thumb370″:”https://images.cointelegraph.com/images/370_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iN2Q3OWQ2ZGQ4ODQ5NzdmZjc3ZmIxMmY5OTE3YThhOS5qcGVn.jpeg”,”amp_thumb”:”https://images.cointelegraph.com/images/150_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iN2Q3OWQ2ZGQ4ODQ5NzdmZjc3ZmIxMmY5OTE3YThhOS5qcGVn.jpeg”,”thumb150″:”https://images.cointelegraph.com/images/150_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9iN2Q3OWQ2ZGQ4ODQ5NzdmZjc3ZmIxMmY5OTE3YThhOS5qcGVn.jpeg”,”url”:”https://cointelegraph.com/news/want-to-share-in-the-success-of-your-favorite-artists-now-you-can”,”title”:”Want to share in the success of your favorite artists? 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partners with FTX to enable ETH gas fees for community points”,”lead”:”With the new integration, Reddit users will be able to purchase Ether from supported Reddit apps via FTX’s payment and exchange infrastructure platform FTX Pay.”,”leadfull”:””,”category_id”:2,”category_url”:”https://cointelegraph.com/category/latest-news”,”category_title”:”Latest News”,”author_url”:”https://cointelegraph.com/authors/helen-partz”,”author_hash”:”aHR0cHM6Ly9jb2ludGVsZWdyYXBoLmNvbS9hdXRob3JzL2hlbGVuLXBhcnR6″,”author_title”:”Helen Partz”,”author_img”:”https://images.cointelegraph.com/images/32_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8wNGEyNTIyOGM2ZWU3ZGNkOWFmNjk5N2JmOTkwNmJhNy5qcGc=.jpg”,”date”:”AUG 09, 2022″,”flash_date”:”AUG 09, 2022″,”sponsored”:false,”press_release”:false,”sponsored_label”:”Sponsored”,”explained”:false,”badge”:{“title”:”News”,”label”:”default”},”published”:{“date”:”2022-08-09 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Ethereum is the first-generation blockchain technology for building DApps, holding assets and transacting in a decentralized environment.

Powered by blockchain technology, Ethereum is a decentralized platform designed to be scalable, programmable and secure. It facilitates a peer-to-peer (P2P) network for the secure execution and verification of application codes via smart contracts. These are automated software blocks that enable participants to transact in the absence of a central authority.

Transaction records in Ethereum are immutable and transparent, while giving participants full ownership. To send transactions via user-created accounts, a sender has to spend Ether (ETH), the native cryptocurrency of the blockchain.

Thanks to its acceptability, Ether has emerged as a popular currency with which to make payments. Decentralized applications (DApps) use ETH to interact with apps based on Ethereum blockchain and execute transactions. The apps use bridges to work with cryptocurrencies other than ETH. This is termed cross-chain compatibility in blockchain parlance.

Ether satisfies all three major criteria for a currency: store of value, medium of exchange and unit of exchange.

Any currency fits the bill as a payment unit if it fulfills the above three features of money. Store of value is an asset that retains its purchasing power in future. The value could be stable or increase over time, but it won’t go down. Risk aversion is a key concept behind a store of value, and prices rise  steadily if there is a perpetual demand for the asset.

As a medium of exchange, money serves as an instrument that facilitates the sale, purchase or trade of goods or services between parties. For settling economic transactions, currency is the most common medium of exchange. As a unit of account, money should be divisible, fungible and countable. Divisibility refers to the division of a unit of account into its component parts, which equal the original value. Fungibility is the property where a unit of currency has the same value as any other unit.

Ether scores well on all these parameters. ETH is a scarce digital money that is held and exchanged over a blockchain. Units of Ether can be used for measuring the value of goods and services, and later for purchase. An individual can use Ethereum for investment purposes as well. They could buy ETH and hold it to redeem in future, hoping for an increase in its value.

Taking payment in Ethereum brings in a gamut of advantages for both users and entrepreneurs.

Transitioning to a blockchain-based ecosystem brings in a string of advantages for users as well as entrepreneurs. Here is a drop-down detailing why accepting payment in Ethereum works well for the customers of an enterprise:

Additional payment option

In a world that is fast adopting cryptocurrencies, providing customers with an additional payment option gives businesses an advantage over their competitors. Cryptocurrency gateways enable merchants to accept digital payments and receive the amount in fiat.

Transparency

A decentralized ecosystem is inherently transparent, giving customers more confidence while making the purchase. Crypto transactions get executed on a blockchain where they are written irrevocably, without any prejudice of a centralized authority.

Less fraud

Ethereum transactions in such purchases get routed through a smart contract, making fraudulent activities less likely. When smart contracts are audited, scamsters have negligible chances of succeeding.

Quick transactions 

Global transactions in Ethereum are considerably quicker, compared to conventional international payments. Crypto transactions get executed in minutes, while fiat transactions routed through banks might take days to reflect in the account.

Enterprises too have a set of strong reasons to begin accepting ETH.

Finality

Finality refers to a transaction’s status when it is part of a block that cannot change. In Ethereum, conventionally working on proof-of-work (PoW) consensus algorithm, the average time for achieving finality is six minutes (25 confirmations) while the average time to mine a single block is 15 seconds.

This is considerably lower than Bitcoin (BTC), the largest cryptocurrency, which takes 60 minutes (six confirmations) to attain finality with the average time of 10 seconds to mine a block. When the Merge (the implementation of Ethereum’s consensus layer) is complete, the time it takes for an ETH transaction to reach finality will further decrease.

Data coordination 

Ethereum has a decentralized architecture designed to allocate information and trust without prejudice, eliminating any need for a central entity to coordinate data. The decentralized system seamlessly manages the system and processes transactions.

Incentive layer 

The ecosystem facilitates the development of mechanisms that reward supportive activities like verification and availability, while punishing activities that negatively affect the blockchain and surrounding mechanism. Incentives to promote honest behavior help to meet security requirements.

Tokenization 

Any asset that has been registered in a digital format can be tokenized on Ethereum. Tokenization helps fractionalize previously cumbersome assets such as real estate, which had become simply too expensive and unravel new economic models such as crowdsourced data management.

Decentralized domain 

Merchants with no prior exposure to crypto assets could find it overwhelming to send and receive cryptocurrencies. Crypto wallet addresses are a long string of digits and letters. Moreover, one requires a different address to collect each cryptocurrency payment.

Thanks to the Ethereum Name Service (ENS), users can create a universal nickname for all their public addresses. Rather than using an unreadable array of keys for receiving crypto payments, they could have a single ENS domain, like ‘Joseph.eth.’

Any merchant looking to accept payment in Ethereum needs to take certain steps.

A merchant looking to receive payments in ETH needs to set up a payments infrastructure that facilitates transactions in an easy and convenient way. They can create a business account with a payment processor like BitPay, Flexa or CoinRemitter, and begin accepting ETH through their app. The process usually includes

  1. Sign up for a business account.

  2. Enter an Ethereum address.

  3. Create an API key.

  4. Add an integration method (API, plugins, invoices, payment widget or a payment link) to checkout.

  5. Start accepting payment in Ethereum.

Web infrastructure platform Cloudflare supports the deployment of Ethereum for taking payments through its Ethereum and IPFS (InterPlanetary File System) gateways. One can log into the dashboard and configure a zone for Ethereum. Cloudflare’s Ethereum Gateway enables users to read and access all information validated by the existing nodes on the blockchain without restrictions.

Merchants as well as users need a secure and convenient place to store ETH.

Depending on factors such as security and convenience, one could store ETH in hot or cold wallets. A “hot” cryptocurrency wallet is accessible online and facilitates transactions with the help of public and private keys. On the other hand, a “cold” wallet, also termed a hardware wallet, is a physical item that keeps cryptocurrencies offline. Cold wallets are considered more secure than hot wallets, while the latter are more convenient.

Most people holding ETH tend to store it in hot wallets, which are basically software programs capable of interacting with Ethereum blockchain. Hot wallets include desktop, mobile and most exchange custody wallets. Though these wallets make transferring crypto easy, they are vulnerable to hackers. For anyone holding ETH in large amounts, keeping the bulk of their crypto in a cold wallet while keeping just enough in a hot wallet to execute regular transactions might be an ideal solution.

Cold wallets, not connected to the internet, are at a lesser risk of being compromised compared to hot wallets. A USB drive device, used for storing ETH and other cryptocurrencies, stores a user’s private keys. Anyone holding ETH could also keep it in custody through a paper wallet, which they can generate on certain websites. A paper wallet has public as well as private keys regarding ETH on hold.

Gas costs in Ethereum were exorbitant before the Merge with the Ethereum consensus layer. What has been the impact on gas costs?

The concept of gas was introduced in Ethereum to compensate for the computing energy the ecosystem requires to process and validate transactions. All computing requirements for processing a transaction are sourced from miners and the gas fees associated with specific transactions is distributed among the miners involved in block formation.

A gas limit indicates the maximum amount of gas one is willing to spend on a particular transaction. A higher gas limit means one needs to spend more to execute the transaction. The cost of gas goes up and down with the supply and demand for processing power.

The EVM (Ethereum Virtual Machine) can execute a diverse kind of smart contracts including swaps, options contracts, coupon-paying bonds, bets and wagers, employment, escrow and more. This enables businesses to collect funds in an automated manner without any human interference. Earlier, gas costs in Ethereum shot up when demand was high, often to exorbitant levels. After the introduction of the Ethereum consensus layer, the issue eased up.

If an ETH transaction fails or someone mistakenly sends it a wrong address, is there a provision of a refund?

Ethereum does not refund gas costs for failed transactions. The fundamental design of an open blockchain like Ethereum renders such a provision improbable. Fees paid by the sender for adding transactions to blocks are paid directly to miners on Ethereum network, the status of the transaction as successful or failed notwithstanding.

In case of a failed transaction, the Ether the person attempted to send is returned to the wallet. However, if anyone ends up sending ETH to a wrong address, they would lose the fees as well as tokens, unless they know the receiver and they agree to return the amount.

If the funds have been sent to an address associated with an exchange, these could be recovered at the exchange’s discretion. One would need to share the transaction’s details with the exchange, such as the address one wanted to send ETH to and the hash of the wrong transaction. 

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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

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4 On-Chain Metrics Show the Bitcoin Price Is Primed for Bullish Explosion

Amid recent macroeconomic extremes, Bitcoin has maintained a quiet stance, almost eerie for its HODLers. Nonetheless, its hashrate and accumulation are soaring — what could this mean for its price?

Bitcoin has been consolidating in a narrow range between $18,800 and $20,200 since the mid-Sept price fall. In volatile markets like cryptocurrency, similar quiet periods of consolidation are rare. 

Recent Glassnode findings show that the current BTC price action resembles both pre-crash November 2018 and pre-rally March 2019. Despite price downturns, mining and accumulation statistics are improving. Let’s look into what this means for the health of the network.

Bitcoin hashrate makes new ATH 

Last week, the Bitcoin hashrate made a new all-time high of 242 exahashes per second.

Source: Glassnode

In the chart below, we can see that Bitcoin’s longer-term, slower hash ribbon was once again overtaken by the faster ribbon, indicating improved mining conditions in late August. Since the price saw no major uptick during this time, the rise in hashrate was likely due to more efficient mining hardware and more mining rigs working in general.

Source: Glassnode

Historically, these hash ribbon moving average swaps precede price gains. Historically, when the hash-rate drops and subsequently recovers, major BTC price bottoms have been made. 

Is a price bottom in?

Apart from the hashrate, Bitcoin accumulation levels also reached a 7-year high. CryptoQuant data shows that 6-month-old and older Bitcoins now make up 74% of the realized cap. During the 2019 and 2015 bottoms, this score sat at 70% and 77%, respectively.

Source: CryptoQuant 

Lastly, for the first time in this cycle, the percentage of supply in loss has reached the 50% level.

CryptoQuant data shows that the price bottoms during previous cycles normally occur when the percentage of supply in loss reaches 50% or more.

Source: CryptoQuant

The current data shows the highest percentage of losses at 52% on the daily chart, 50.4% on the weekly (7DMA), and 48% on the monthly (30DMA). 

While quite a few metrics suggest that BTC should be near a bottom, the overall momentum will likely still depend on macroeconomic conditions as well as its correlation with the Nasdaq and S&P 500. 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

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Bitcoin price sees first October spike above $20K as daily gains hit 5%

BTC price action sees a new October peak amid a declining U.S. dollar and a successful prior day’s trading for U.S. equities.

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Bitcoin price sees first October spike above K as daily gains hit 5%

Bitcoin (BTC) saw its first trip above $20,000 on Oct. 4 as traders expected familiar resistance to cap gains.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Multi-week dollar lows fuel Bitcoin bulls

Data from Cointelegraph Markets Pro and TradingView showed BTC/United States dollar climbing prior to the Wall Street open, up over 5% in 24 hours.

The pair had shaken off macroeconomic concerns at the start of the week, with trouble at Credit Suisse and the escalating Russia-Ukraine conflict failing to slow performance.

Now, the short-term analysis focused on a run potentially topping out closer to $21,000 — as was the case late last month, as sell-side pressure at that level remained significant.

“20500-21000 is a sell zone. If price gets there, which should, don’t be too bullish,” popular trader Il Capo of Crypto told Twitter followers on the day.

Razzoorn, an analyst at international trade group The Birb Nest, noted that the current charge was Bitcoin’s fifth attempt at escaping a major liquidity cloud in several weeks.

Despite the potentially limited upside opportunity, Bitcoin rallied in line with a broader risk asset tide which saw United States equities finish noticeably higher the day prior.

At the same time, the U.S. dollar suffered, the U.S. dollar index (DXY) extending losses to approach 111 points and threaten support in place since mid-September.

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

“Up the market goes,” a more optimistic Michaël van de Poppe, CEO and founder of trading platform Eight, continued:

“Flipping $19,500 for support. Now, if range-high at $19,600 holds for Bitcoin, I assume we’ll continue towards $22,400.”

Altcoins attempt to change sticky trend

Across major altcoins, it was Ether (ETH) and Ripple (XRP) leading daily performance at the time of writing. 

Related: CoinShares’ Butterfill suggests ’continued hesitancy’ among investors

ETH/USD traded above $1,350, still yet to break out of its sideways trend in place for several weeks since major losses entered during the post-Merge breakdown.

ETH/USD 1-day candle chart (Binance). Source: TradingView

XRP, on the other hand, faced a more stubborn band of resistance after prior gains, bouncing off multi-week support just below $0.45.

XRP/USD 1-day candle chart (Binance). Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

The global fast food chain is among the first to participate in a crypto-friendly experiment in the town of Lugano.

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McDonald’s starts to accept Bitcoin and Tether in Swiss town

Multinational fast food chain McDonald’s started to accept Bitcoin (BTC) as a payment method in the 63,000-populated city of Lugano in Italian Switzerland, which is becoming a hotspot for crypto adoption in Western Europe. 

A one-minute video of ordering food on McDonald’s digital kiosk and then paying for it at the regular register with the help of a mobile app was uploaded on Twitter by Bitcoin Magazine on Oct. 3. The Tether (USDT)  logo could be spotted next to the Bitcoin symbol on the credit cash machine, which is not surprising, as in March 2022 the city of Lugano announced it would accept Bitcoin, Tether and the LVGA token as a legal tender.

On March 3, 2022, the city signed a memorandum of understanding with Tether Operations Limited, launching the so-called “Plan B.” According to this plan, Tether has created two funds — the first one is a $106 million, or 100 million Swiss francs, investment pool for crypto startups, and the second is around $3 million, or 3 million Swiss francs, attempt to encourage the adoption of crypto for shops and businesses across the city.

In addition to allowing Lugano residents to pay their taxes using crypto, the project will extend payments to parking tickets, public services and tuition fees for students. More than 200 shops and businesses in the area are also expected to accept crypto payments for goods and services.

Related: Swiss Post’s banking arm developing in-house crypto custody platform

Speaking to Cointelegraph in June, Paolo Ardoino, chief technology officer of Tether and Bitfinex, claimed that Plan B “is going great,” announcing a two-week educational activity on blockchain and cryptocurrencies in the city.

In September 2021 El Salvador became the first country in the world to allow using Bitcoin as a legal tender. Since that time, McDonald’s has been accepting Bitcoin at all its 19 outlets in the country.

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