Digital currency originated in 2009 and only exists on computers. Cryptocurrency is also decentralised – this means it’s regulated by users and algorithms rather than government-controlled currency, such as the pound sterling. Bitcoin will be the most familiar term you’ve heard of as it was the first decentralised cryptocurrency in 2009.
Since then, many altcoins (alternative variants of bitcoin and other cryptocurrencies) have been created and risen in popularity with the value of 1 Bitcoin equating to £8.4K as of this date.
Bitcoins make it possible for users to complete their payments without giving any sensitive financial information (like credit or debit card details) to the seller.
Lower Transaction Fee
Bitcoin transactions fees are significantly lower than credit or debit card purchases.
Credit card payments can take days or even weeks to come through. Meanwhile, cryptocurrency offers instant transfers.
UKEX is a blockchain based digital assets exchange platform. With a mobile app, users can enjoy a convenient and safe trading experience, allowing you to transfer or receive payments securely.
A UKEX Card Account is an electronic money account from which you can make and receive payments. You can use your account to make transfers to other accounts, set up standing orders.
How it works
Install a Bitcoin wallet on your computer or mobile phone. It will generate your first Bitcoin address which you can then share with friends so that they can pay you or vice versa.
Exchanges are available all over the world, allowing users to convert any currency into and out of Bitcoin and Bitcoin Cash. To make a payment, scan a QR code on your device to open the payment in your wallet.
A transaction= transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key, or seed, which is used to sign transactions, to prove they’ve come from the owner of the wallet.
SPARK & Bitcoin
SPARK is partnering with UKEX to allow SPARK to be one of the first EPOS systems to accept Bitcoin as a payment method, making it even easier for customers to make a purchase.
It’s as simple as scanning a QR code. When a customer is paying with Bitcoin, a QR code will pop up on the customer’s device from their bitcoin wallet, they will then scan the QR using SPARK’s smart scanner. Transaction complete.
◎ There is no centralised middleman controlling the flow of money, so your funds can’t be frozen, or held.
◎ You can send nearly instant payments anywhere in the world.
◎ Bitcoin transactions are irreversible. For merchants, this means no chargebacks and a much smaller risk of payment fraud.
There’s no way to know an exact figure, but some random 2013/2014 estimates on the internet have been between 100,000 and 1 million people.
◎ Lower transaction fees – Credit card transactions and digital payment processors such as PayPal and Stripe charge between 2 to 4% for transactions. The fee for processing bitcoin is far less.
A Bitcoin wallet can be computer software or hardware, but they all essentially do the same thing: they allow you to spend and receive bitcoins. The core part of a Bitcoin wallet are its private keys. Each private key is a very large randomly generated number, and is used to create a corresponding Bitcoin address (a.k.a public key). Each matching private and public key constitutes a cryptographic key pair.
In order for someone to have a bitcoin balance greater than zero, they must be the recipient of a at least one transaction stored in the blockchain. Every recipient of a transaction is identified by a unique Bitcoin address. Addresses are represented by a group of letters and numbers, between 27-34 characters long