January 21, 2016
The blockchain is the core of Bitcoin. It’s what makes everything works. It’s what makes a fundamentally different currency than normal money like USD or EUR.
The blockchain is the source of truth. The blockchain is the public ledger where all transactions ever made is stored and this ledger is stored on thousands of computers all around the world, which means that everyone knows exactly what coins are sent where and what the balance of all wallets are - but there is no way to know who owns those wallets.
Because the source of truth is spread across lots of computers, it is very difficult - almost impossible - to cheat the system and send some money to dont really have. Or claim that you sent some coins somewhere, if you didn’t send the coins. The blockchain knows exactly how much coins was sent and where they were sent.
Every wallet has a copy of the ledger. The wallets uses the ledger to calculate the balance on the wallet, by looking at all transaction to the wallet minus all the transactions sent by the wallet. The result is the amount of unspent coins in the wallet, hence the wallet balance. Desktop wallets has their own blockchain ledger and participate in the network. Online wallets like Blockchain.info or Coinbase also keep a copy of the ledger and since the ledger contains all transaction - to all wallets - ever made, they can use the same ledger to calculate the balance of all wallets on the system.
When you want to send coins from you wallet to someone else, you simply broadcast the transaction to the network. Before you can broadcast the transaction, your own wallet will check if the have enough coins on your wallet to make the transaction. When the transaction is broadcasted to the network, the other computers in the network will also check against their copy of the blockchain ledger, that you have enough coins to make the transaction. If the transaction is accepted by the network, it will become part of the blockchain, which means everyone in the network will have a record of that transaction, making it impossible to spend the coins again. And the is how the blockchain controls the flow of coins in the network and makes fraud impossible - or at least very difficult.
Also watch this great video, which does a good job of explaning how everything works.
The Bitcoin blockchain is currently more than 60gb. What if you want to check the balance of a wallet or see if a transaction was sent to a certain wallet? Blockchain explorers is the answer. Blockchain explorers lets you search the entire ledger and find transactions. You can find out when an transaction was made, how many confirmations it has and you can even see if the coins are still on the wallet or if they have been sent somewhere else.
These are some of the most popular Bitcoin blockchain explorers:
January 15, 2016
Earlier today, Cryptsy announced that they had been hacked in 2014 and as a result of that was now insolvent. Cryptsy is one of the largest and most popular cryptocurrency exchanges and we hope a solution can be found in order for Cryptsy to continue it’s operation.
We’ve been asked by some users, how this is going to effect our service, so we wanted to make a few things clear in regards to Cryptsys situation.
ExchangeMyCoins.com does not rely on Cryptsy and this will not effect our service in any way.
Our service is based on instant exchanges, which means we do not store our users coins any longer than we have to. As a result, we will never have issues with solvency.
The ExchangeMyCoins.com team
January 01, 2016
2015. What a year! This year has been a great one for ExchangeMyCoins.com with lots of new users from all over the world. The cryptocoin community has evolved a lot over the course of 2015 and has become an everyday payment solution for lots of users across the globe. You guys are doing more and more exchanges each day, which clearly shows that cryptocoin payments has become a payment method which more and more user prefer, when sending money online.
2015 has shown that cryptocoin payments has proven itself to be a viable method to transfer money over large distances and that cryptocoins are here to stay.
Below you’ll find some exciting numbers from the year 2015 here at ExchangeMyCoins.com.
Percentage of exchanges which included Feathercoin - the least popular coins - as one of the coins.
World-first features launched (Repeat exchanges, PayPal exchanges without sign-up and Bank exchange without sign-up).
Email newsletters sent.
Percentage of users on a mobile device (smartphones or tablets). This percentage increased from 11% in January to 22% in December!
Percentage of users from USA - the country with most users.
Average exchange amount in USD.
Percentage of users from Europe - the continent with most users.
Average response time in minutes for support tickets.
Percentage of exchanges which included Bitcoin - the most popular coins - as one of the coins.
Percentage of users on a desktop.
Number of countries we have served users from.
New facebook likes.
New signups for our newsletter.
Emails sent to us over the year. We love getting in touch with you guys, and you have kindly sent us lots of requests for new features and coins as well as general feedback on the service. Keep doing that!
December 11, 2015
Back in March 2015 we launched Repeat Exchanges and we were very excited to make life for miners a lot easier.
However, continuously scanning all deposit addresses for new transactions, added a heavy load on the system, causing the system to run slower for all users and was at times very unstable and unreliable and did not deliver the good customer experience we want to provide for our users.
We accepted the extra load in the beginning, but since not many users are using the feature, we have concluded that the extra load on the system is not beneficial to the majority of users.
Therefore, we decided to stop support for Repeat Exchanges on January 1st 2016, which means we will no longer scan for Repeat Exchanges after this date. Removing features is a tough decision. However, we are looking forward to focus more on the core features, developing new features and providing good support for all our users.
April 30, 2015
Exchange your crypto coins to real money with your PayPal account – easy, fast and secure. Whatever you have mined, exchanged or bought crypto coins you can easily sell your coins by exchanging them to ‘real money’ and they will be transfered to your PayPal account within 8 hours.
It has never been easier to exchange your crypto coins into real money with your PayPal account. Just follow these steps and your are flying:
Go to the frontpage and start your exchange by choosing the “from currency” and choose “to PayPal”.
Enter the Bitcoin amount you want to exchange into real money on your PayPal account. We calculate the exchange in US dollars.
Enter your PayPal email address.
Click “Start exchange” and send your coins to the unique crypto coin address provided to you.
After we receive your coins we send the US dollars to your PayPal account. All PayPal accounts in the world can receive US dollars and you can easily transfer your money to your local bank account directly from your PayPal account.
PayPal has 162 million active digital wallets and is available in 203 countries
PayPal helps people and businesses accept and make payments in more than 100 different currencies
The Bitcoin market cap are today more than 3,103,080,343 USD
The Bitcoin trading volume within 24 hours is more than 25,769,500 USD
At ExchangeMyCoins.com you can easily exchange your Bitcoins, Litecoins, Namecoins, Peercoins, Dash, Dogecoins, Paycoins & Vertcoins to real money (US dollars) with PayPal.