Bitsa how a prepaid card with cryptocurrencies works and ...

[store]🔥 **Trade4Glory**^TM 🔥 🐲 **Original & ccu'd LTI ships** 🐲 🚨 **CCUs, Skins, Weapons, Armor Sets and more** 🚨 🚩 **LTI Token** 🚩 💰 **Accepting EUR & USD** 💰

 
 

➡➡➡➡➡➡➡➡ 🔥 🔥 🔥 Trade4GloryTM 🔥 🔥 🔥⬅⬅⬅⬅⬅⬅⬅

 

🖐 A Warm Welcome To My Shop 🖐

Greetings and welcome to my shop!
 
I am always open to 💰buy💰 RSI credits rates below 60% or have a look at your Star Citizen account if you are selling. If you need anything and it is not in my shop - ✉ Contact me
 

🚨 Rules of Engagement / Trading 🚨

🚩 Please get your RSI verification before you trade with me
🚩 Comment on my store post with "PM'd"
🚩 Send me a ✉ PM with ITEM(s), CURRENCY and PAYPAL EMAIL for the invoice
🚩 After clearing the payment - please provide your RSI email address + RSI handle to gift the item(s)
🚩 After you have claimed the item(s), please confirm our successful trade following the verification post link I will provide with +verify - this process helps to keep the community safe with honorable traders & buyers!
🚩 If you have any question at all - simply send me a 📬 PM and ask - I won't bite 🐲
 
💀Beware💀 that I normally gift within 24 hours but I will always be limited by the ⚡official 1.000 USD daily gift limit⚡ in place by RSI. But I will always state the time of gifting to keep you in the loop!
 

💈 General Information 💈

⛩ My timezone is UTC+2 or CEST
⛩ I only accept PayPal invoicing (no family&friends, vouchers, bitcoins etc.) keeping you and me safe!
⛩ I am German but I am familiar with English, French, Italien & Spanish
⛩ I will always answer as soon as possible but bear in mind - I have family & kids & a job - might take a moment to respond! 👍
 

Abbreviations

LTI = Lifetime Insurance
PM = Private Message
RSI verification = Connect your subreddit account with your RSI account
CCU'd = Cross-Chassis-Upgrade'd = Upgraded but fully functional ships
CCU's = Cross-Chassis-Upgrade's = Upgrades to upgrade your ships manually
 

🚨 All prices include all fees 🚨

 

💎Original Concept / Original Ships & Vehicles💎

Name Insurance Price in $ Price in €
Anvil Crucible LTI 415 349
Constellation Phoenix ILW 2950 120 months 424 358
RSI Mantis ILW 2950 120 months 184 155
Anvil Crucible LTI 415 349
Esperia Talon LTI 148 125
Esperia Talon Shrike LTI 148 125
 
Interested in buying? Contact me
 

🔥CCU'd Ships & Vehicles / Hot Offers🔥

Name Insurance Price in $ Price in €
AEGIS Nautilus LTI 663 565
AEGIS Hammerhead LTI 597 509
Anvil Carrack Expedition + C8X LTI 561 479
Anvil Carrack + C8 LTI 503 429
Origin 600i Explorer LTI 444 379
Crusader Hercules Starlifter M2 LTI 440 375
Origin 600i Touring LTI 397 339
Crusader Genesis Starliner LTI 322 275
Esperia Prowler + Aves Helmet LTI 386 329
AEGIS Reclaimer LTI 339 289
MISC Hull D LTI 339 289
Esperia Vanduul Glaive LTI 339 289
MISC Endeavor LTI 334 285
Anvil Crucible LTI 327 279
Crusader Hercules Starlifter C2 LTI 322 275
MISC Starfarer Gemini LTI 311 265
RSI Constellation Aquila LTI 292 249
Banu Merchantman LTI 299 255
AEGIS Vanguard Harbinger LTI 299 255
AEGIS Vanguard Warden LTI 268 229
Esperia Blade LTI 264 225
Argo Mole LTI 280 239
MISC Starfarer LTI 275 235
AEGIS Vanguard Sentinel LTI 268 229
AEGIS Eclipse LTI 268 229
Anvil Terrapin LTI 247 211
RSI Apollo Medivac LTI 280 239
Drake Caterpillar LTI 268 229
Drake Corsair LTI 233 199
MISC Hull C LTI 240 205
AEGIS Retaliator Bomber LTI 245 209
AEGIS Redeemer LTI 245 209
RSI Constellation Andromeda LTI 220 188
Crusader Ares Inferno LTI 233 199
Crusader Ares Ion LTI 233 199
RSI Apollo Triage LTI 245 209
AEGIS Vanguard Hoplite LTI 222 189
Aopoa San'tok.yāi LTI 222 189
Crusader Mercury Star Runner LTI 222 189
AEGIS Vulcan LTI 210 179
Banu Defender LTI 198 169
Anvil A4A Hurricane LTI 198 169
AEGIS Sabre Comet LTI 186 159
MISC Freelancer MIS LTI 182 155
Anvil F7C-M Super Hornet Heartseeker LTI 182 155
Anvil F7C Hornet Wildfire LTI 175 149
Anvil F7C-M Super Hornet LTI 175 149
Anvil Gladiator Bomber LTI 170 145
MISC Razor EX LTI 163 139
Drake Cutlass Blue LTI 163 139
AEGIS Sabre LTI 158 135
MISC Razor LX LTI 158 135
Aopoa Khartu-Al LTI 158 135
Argo SRV LTI 151 129
MISC Prospector LTI 151 129
Drake Vulture LTI 147 125
MISC Freelancer MAX LTI 147 125
RSI Constellation Taurus LTI 139 119
RSI Mantis LTI 139 119
Anvil Ballista LTI 139 119
MISC Razor LTI 139 119
Drake Cutlass Red LTI 135 115
Esperia Talon LTI 124 106
Esperia Talon Shrike LTI 124 106
Anvil F7C-S Hornet Ghost LTI 124 106
AEGIS Gladius Valiant LTI 123 105
Tumbril Nova Tank LTI 120 102
Drake Buccaneer LTI 116 99
Origin M50 LTI 111 95
AEGIS Gladius LTI 110 94
Drake Cutlass Black LTI 108 92
Anvil Arrow LTI 94 80
 
Interested in buying? Contact me
 

⚡CCU's / Ship Upgrades⚡

Upgrade to ◀◀◀◀◀ Upgrade from Price in $ Price in €
Crusader Mercury Star Runner ◀◀◀ Drake Dragonfly Yellowjacket 237 200
AEGIS Hammerhead ◀◀◀ Anvil Carrack 180 152
Drake Cutlass Red ◀◀◀ Tumbril Ranger CV 142 120
AEGIS Hammerhead ◀◀◀ Anvil Carrack Expedition w/C8X 136 115
Anvil Valkyrie ◀◀◀ RSI Constellation Aquila 89 75
Banu Merchantman ◀◀◀ Drake Caterpillar 82 69
Banu Merchantman ◀◀◀ RSI Constellation Aquila 58 49
Banu Defender ◀◀◀ Anvil F7C-M Super Hornet 58 49
Esperia Blade ◀◀◀ AEGIS Vanguard Warden 58 49
AEGIS Vanguard Warden ◀◀◀ RSI Constellation Andromeda 49 41
Anvil F7C-M Super Hornet ◀◀◀ MISC Prospector 34 29
Crusader Hercules Starlifter C2 ◀◀◀ MISC Starfarer Gemini 29 24
Esperia Blade ◀◀◀ AEGIS Vanguard Warden 24 20
Banu Merchantman ◀◀◀ MISC Starfarer Gemini 20 17
Drake Cutlass Blue ◀◀◀ AEGIS Sabre 13 11
Drake Cutlass Blue ◀◀◀ Aopoa Khartu-Al 13 11
 
Interested in buying? Contact me
 

💥Weapons & Armors & Clothes & Items & Hangar Flairs & Skins💥

Name Type Price in $ Price in €
Valkyrie ILW 2950 Paint Pack Skin Set 49 41
Starfarer ILW 2950 Paint Pack Skin Set 49 41
Retaliator ILW 2950 Paint Pack Skin Set 49 41
Celebration Gear Pack - ILW2950 Clothes Set 35 29
Celebration Gear Pack - ILW2950 Clothes Set 35 29
Constellation ILW 2950 Paint Pack Skin Set 31 26
Arrow ILW 2950 Paint Pack Skin Set 22 19
Avenger ILW 2950 Paint Pack Skin Set 22 19
Freelancer ILW 2950 Paint Pack Skin Set 21 18
Constellation ILW 2950 Invictus Blue & Gold Paint Skin 20 17
Realiator ILW 2950 Invictus Blue & Gold Paint Skin 20 17
Aurora ILW 2950 Paint Pack Skin Set 18 15
Overlord "Dust Storm" Armor Set Armor Set 17 14
Overlord "Super Nova" Armor Set Armor Set 17 14
Overlord "Riptide" Armor Set Armor Set 17 14
Saviour Paladin Helmet Set Armor Set 17 14
Avenger ILW 2950 Blue & Gold Paint Skin 13 11
Sawtooth Combat Knife Set Weapon Set 12 10
Aurora ILW 2950 Blue & Gold Paint Skin 11 10
Aves Helmet Armor 6 5
 
Interested in buying? Contact me
 
🖐 Thank you for browsing my wares and take care! 🖐  
 

➡➡➡➡➡➡➡➡ 🔥 🔥 🔥 Trade4GloryTM 🔥 🔥 🔥⬅⬅⬅⬅⬅⬅⬅

submitted by Trade4Glory to Starcitizen_trades [link] [comments]

List of bitcoin person-to-person (P2P) bitcoin exchanges (e.g., Bisq, HodlHodl, LocalCoinSwap, etc.)

Following is a list of P2P exchanges for trading Bitcoin. Common payment methods include bank transfer, cash deposited in the seller's bank account, in-person cash (face-to-face) trades as well as payment networks such as Zelle, Alipay, even Cash App and PayPal, for example.
Any that I am missing?
Altcoin-only P2P Trading exchanges
AggregatoSearch and Helper Sites
Note: If you use one of the above P2P OTC trade "matchmaking" services, please trade with caution and do your own due diligence.
This list does not include exchanges not in English (e.g., 58Coin), deserted or defunct marketplaces (e.g., Cancoin, and Rahakott), not-yet launched (e.g., OTCBoss, and DAIHard), ones that operate only through dark markets, or online-only DEX/decentralized exchanges (another list of DEXes).
Also, there are a number of variants that I didn't list:
Otherwise, there are a number of other exchanges — with varying attributes. We recommended trying to stick with No-KYC exchanges, including most of the ones listed on:
Additions, corrections, and other feedback welcome and can be submitted as an issue or pull request on GitHub, or via e-mail.
[Note: There is also a corresponding post on Medium with this information as well.]
submitted by cointastical to Bitcoin [link] [comments]

Master List of Discount Gift Card Retailers

Master List of Discount Gift Card Retailers
This link-packed ebook is intended for people looking for the best-kept secrets on the web for buying bulk Amazon, Walmart, Best Buy and other national brand gift cards at the highest discounts—accounting for speed, quality, volume and risk.
Executive Summary
  1. Buy gift cards on marketplaces
  2. Buy gift cards with bitcoin
  3. Fill out online surveys for gift cards
  4. Buy directly with people online
  5. Buy directly with people offline
  6. Arbitrage gift cards on Amazon
  7. Swap other gift cards for Amazon
  8. Buy gift cards from retail stores
  9. Earn gift cards for online work
  10. Daily deals websites
Bonus Knowledge

Executive Summary

This article covers some of the many ways to buy discount gift cards. We focus a lot of attention on Amazon gift cards since they are the largest retailer in the world and has the 2nd most gift cards in circulation. We have either purchased or researched in depth most of the sites on this list to come up with some conclusions about the fastest, safest and cheapest places to buy discount gift cards. Please remember, there is no one best place to find gift cards, the goal is to give you options.
The lowest-risk gift cards with the lowest discounts are directly from that brand and at grocery stores and other retail locations (CVS, Safeway, Walgreens, etc). You will also find these 0% offers from 3rd party e-code generators like eGifter and BitPay. You can usually buy instantly and they are guaranteed forever.
Slightly higher risk are the old-school secondhand gift card exchanges like CardCash, CardPool, Raise and others. They offer very small savings up to 5% off the top brands. You can pay with a credit card and they guarantee the card for up to a full year so you can gift them as gifts much easily.
The highest discounted gift cards are on peer-to-peer bitcoin marketplaces with users from many different countries, like Paxful and LocalBitcoins. This also comes with the most risk and the highest amount of work. These platforms have lower regulation and majority of the trades are conducted in non-USD currency.
Finally, there is an emerging category of crypto gift card exchanges that also use bitcoin to offer the same discounts as peer-to-peer marketplaces, but they have more advanced protections in place for buyers and sellers. Sites like Redeeem and Purse.io fall into this category because they can offer larger discounts on gift cards and other products but they use technology to cut out the negotiating. Cards are guaranteed for minutes, hours or days here, so this isn’t the best for gifting.
Your savings (and profit margins) will depend largely on your risk tolerance, length of time you are willing to get paid, country where you are located, capital available, ability to buy alternative forms of currency (like bitcoin), the ability/willingness to ship physical products, overall time commitment, and many other factors.

1. Buy gift cards on marketplaces

Redeeem. Save 15% or more on bulk Amazon, Walmart and Best Buy gift cards with auction-style pricing buying with bitcoin. They have great support and great reviews.
CardPool. Save 3-5% on hundreds of brands, including Best Buy, Target, iTunes and Lowe’s. They send the card directly to your email inbox or via USPS in 3-7 days.
CardCash. Gift card marketplace that buys unwanted gift cards for less than their value and resells them at a discount to savvy shoppers across the country. Save 3-5% on hundreds of brands, very similar to CardPool.
Gift Card Granny. This is a nice resource because they link to the sites that have the best deals, unfortunately they don’t index many of the bulk discount sites.
Raise. One of the biggest in terms of volume. Discounted gift cards to hundreds of national brands such as Target, Southwest, Uber, Home Depot, etc. However, discounts are minimal here, ranging from 0-3%.
CardCookie. A great site with great potential—currently offering 5-10% discounts but not very high volume yet. Keep them bookmarked.

2. Buy gift cards with bitcoin

Redeeem. Redeeem is a great option for buying Amazon gift cards at 20% discount or higher using bitcoin. Unlike Paxful or LocalBitcoins, they manually validate and guarantee every gift card sold on the platform and have an easier buying experience. But you will have to trade during market hours (they are only open 8 hours a day).
BitPay. Raised over $72 million from investors, they’re the largest bitcoin payment processor. Download the app to buy Amazon e-codes fast at 0% discount.
Paxful. With 300+ currencies to trade, Paxful’s peer-to-peer platform with millions of users in Africa offers likely the best discounts for gift cards, but there are a lot of scammers (and yelling) so be careful. You may find yourself with a lot of stolen/invalid cards and trade disputes with money at risk.
LocalBitcoins. LocalBitcoins lets you buy and sell bitcoin in over 248 countries. Like Paxful, this comes with high risk and high reward. Every trade starts with a listing, similar to Craigslist, and the platform is strictly peer-to-peer.
Purse. Save 10% or more on Amazon when you pay with bitcoin, or dropship products (including gift cards) to people to earn bitcoin.
CardBazaar. An online secondhand gift card marketplace where you can buy and sell unwanted gift cards for cash or bitcoin.
Bidali. A bitcoin payment processor that competes with BitPay and offers full-priced e-codes from Amazon and other retailers.
eGifter. One of the best way to buy eGift cards quickly for friends, family and yourself without hassle. Choose from hundreds of top national brands. You can personalize your gift with an animated greeting card, photo or video greeting.

3. Fill out online surveys for gift cards

Survey Junkie. offers a massive inventory of paid surveys. Each survey is assigned a point value (most between 100-200 points) and estimated completion time. Once you accrue 1,000 points (around $10) you can cash out with a gift card.
Beer Money on Reddit. This a Reddit group dedicated to making some cash on the side. Don’t know much about it.
PointClub Surveys. You can earn points for completing paid online surveys. When you have enough points, you can redeem them for cash or the gift card of your choice. Gift cards can either be digital or real cards sent to you. It's that easy!
OpinionOutpost. You can earn cash and rewards for the time you spend taking online surveys with points you can redeem for cash or gift vouchers to popular brands.

4. Buy directly with people online

Reddit. Reddit is used by a ton of gift card traders, but you have to be familiar with the platform and have some karma on there before using it seriously. Otherwise, your listings will just get filtered out by their algorithms. If you go in there moving quickly without reading their rules carefully you will likely get banned.

5. Buy directly from people offline

Craigslist. As you probably know, you can get anything on Craigslist. But like Paxful and LocalBitcoins, it requires a lot of negotiating and there are scammers galore. The only deals worth doing are small volume with trusted local partners.
Facebook Marketplace. Although this wouldn’t be my first choice due to the randomness, there are a lot of gift cards on Facebook Marketplace—a growing platform.
eBay. Older than time itself, eBay earns millions of dollars a day in gift card volume. They are fairly warm to buying and selling physical gift cards but they are cracking down on e-codes. The downsides here are shipping costs and eBay/PayPal fees which add up to over 10%. There are also a lot of international buyers on eBay taking advantage of currency exchanges, which inflates prices of gift cards above their face value. It’s an expensive place to find gift cards—but always there.

6. Arbitrage gift cards on Amazon

Amazon is unique in a lot of ways. One way in particular is that they let you buy other brands of physical gift cards with your Amazon credit balance—such as Nordstrom, Southwest, Nike, Starbucks, Google Play, iTunes, Best Buy, Lowe’s, Sephora, Hotels.com and dozens more.
This opens the door for people to buy gift cards on Amazon and then sell them to CardCash, CardPool, Raise, Paxful, Reddit, LocalBitcoins, Redeeem, etc. The risk, believe it or not, is that Amazon loves shutting down people’s accounts with gift card balances frozen inside. So don't let your balances get too high and try to mimic normal behavior that doesn’t make you look like a large dropshipping business (e.g. ship to yourself, buy other products too, have a real phone number and billing address on file, etc). There are also hard quantity limits on how many gift cards you can buy for each SKU on Amazon.
Your profit margin will depend on how you get Amazon credits, your ability to keep your Amazon accounts in good health, and the rate at which you sell your cards to gift card marketplaces (some let you choose your own rate, others have fixed rates), and the speed and method you want to get paid (check, ACH, bitcoin, PayPal, etc).

7. Swap other gift cards for Amazon

CardCash Amazon Exchange. This is a cool resource that CardCash built alongside Amazon to allow customers to swap out other national brands for Amazon e-codes for a small fee. The rates are comparable to what they have on the main CardCash website and the e-codes are delivered within 24 hours. It’s a cool way to jump from one brand to another if you want Amazon gift cards in particular and have another.

8. Buy gift cards from retail stores

Retail Stores. There are hundreds of physical retail store locations where you can buy physical gift cards in person (the link points to Amazon retail locations). You pay full retail price but it’s fast, safe and reliable—and you can earn 3-5% cash back with certain credit cards like Amazon Prime card.

9. Earn gift cards for online work

Mechanical Turks. Amazon Mechanical Turk (MTurk) is a crowdsourcing marketplace that makes it easier for individuals and businesses to outsource their processes and jobs. This will require a lot of work, but you can get paid in Amazon gift cards.
Swagbucks. You can redeem a Amazon Gift Cards by using the Swagbucks you earn through playing, searching, discovering, answering, watching or shopping on websites that are trying to sell you things. Not very profitable but can be fun.

10. Daily deals websites

Groupon. Although not as popular as when it first launched in 2009, Groupon is still used by millions of people to get discounts on stores, experiences and even gift cards like Amazon, Walmart and Best Buy. There is also a gift certificate category that has similar offers (sorry, we couldn’t find anything similar on Living Social).
Amazon Daily Deals. Amazon has daily deals on many categories of products as high as 20% discount. On some occasions they will slash prices on gift cards. Amazon Treasure Truck. Amazon has a Treasure Truck that they drive around many of their Whole Foods locations they use to promote Amazon Video shows and offer 10% discount deals on food, clothing and tech.
Gift Cards.me. Simple app, good reviews, worth a try. The discounts aren’t very spectacular, but they claim to have fast gift card delivery.
Nimble Commerce. Not sure how long they’ll be around, but worth a shot.

Bonus Knowledge

On the back of your gift cards, check all the stores where that brand is accepted. For example, gift cards for Gap also work at Old Navy, Banana Republic, Athleta and Piper Lime. Walmart gift cards work at Sam’s Club, Amazon gift cards work at Whole Foods, and Albertsons gift cards work at Safeway, Vons and a dozen other grocery store chains in the same family. Make sure you know these sister-company store policies before you buy a brand.
One limitation you may find with many stores like Amazon, Walmart and Best Buy is that they have per-product purchase limits. Obviously you can create new accounts or ask friends and family to buy products for you, but some products have gift cards under many different SKU numbers—like a Christmas and Birthday version. There are also limits set for each of these individual items, not the gift card category as a whole.
Finally, based on the U.S. government regulations, the maximum amount of gift cards that can be purchased in a 24 hour period by a single person $10,000. So please keep this in mind when you are out there shopping.
Good luck, be honest, and happy trading!
Bonus Resources

https://preview.redd.it/k4k2l6aa0du31.png?width=543&format=png&auto=webp&s=203b7485b312ae7a693e10222b93eba723586918
submitted by levi_d-19 to Redeeem [link] [comments]

Use envelopes containing Litecoin private keys as cash

Hard-to-fake and tamper-evident envelopes that contain Litecoin private keys can be used as cash and could enable easy adoption of Litecoins. Two versions are proposed: one is easy to use and cheap but less secure; the other is based on smart cards, which offers very high security and convenience and still remains cost effective.

1. EASY AND CHEAP VERSION

1.1 Description

On the surface of the envelope, there should be some textures like those on dollar notes to prevent it from being faked and the amount of Litecoins contained in the private keys to indicate the value it contains. The technology involved is called Security Printing [1]. The cost of printing one piece can be as low as 0.18 USD [2].
In most cases, you just need to check the appearance of the envelop like you check notes to make sure it is not faked. If you don't trust, you can simply open it and check the private keys.

1.2 Legal Status

Although purchasing from stores using these envelopes could cause legal issues, trading them between fiat money is no different from trading LTC directly and thus should have no problem. Interestingly, in many countries including the U.S, using this as currency can actually be legal [3, 4, 5].

1.3 Discussion

The advantages are: It is cheap. It works like cash and requires no mobile devices in most cases, so it is easy and convenient to use.
While dollars are used to be backed by gold but got changed later, this kind of Litecoin backed envelops are always backed the Litecoins contained inside. Moreover, the fact that those Litecoins can easily be redeemed gives it a big advantage compared with other private currencies like Digital gold currency [5].
Envelopes are just a metaphor. As long as we hide the private keys in a tamper evident way and we use security printing to prevent faked ones and we make them durable and easy to carry, we should be good.

2. ADVANCED BUT STILL COST EFFECTIVE VERSION

2.1 Description

For higher value ones containing like more than 10 Litecoins, we can create a more secure version using smart cards.
Instead of directly putting the private key of the Litecoins inside the envelope, we put inside the envelope a password and a NFC based smart card containing 1) the private key of the Litecoin, and 2) the private key of the issuing organization. We design the smart card in such a way that to read the private key of the Litecoins from the smart card, you will need the password contained in the envelope, and once the read is finished, the private key of the Litecoins will be automatically destroyed by the smart card immediately. So you cannot read the private key twice from the smart card.
Then, without opening it, we can use a mobile phone to verify that the envelope is indeed produced by the organization because it signs using the issuing organization's private key. Also, we can verify that the smart card indeed contains so much Litecoins because it signs using the private key of the Litecoins.
Also, we can see the envelope and the smart card need to be used together to retrieve the Litecoins. Without the envelope, you lack the password to retrieve the private key from the smart card. Without the smart card, the password inside the envelope is simply useless.

2.2 Discussion

The envelope including the password is required. There are two cases if we use only a smart card without the envelope.
Faking/duplicating the smart card is impossible as you don't have the private key of the organization. Opening the envelope and retrieve the private key of the Litecoins and then put the smart card into a faked envelope will not work as the private key has already been destroyed after you read it, so a mobile phone can verify that easily. And normal envelopes can be used. There is no need for money printing technologies.
For normal paper wallets or the one above, once you verify, they cannot be used anymore as you've already got the private keys. But it is good for small amounts.
Mobile wallets need network connection to send and receive Litecoins. It's good when both you and the receiver have network connection and wallets.
With this, the sender needs no network connection. And the receiver can verify within 2-3 seconds both the amount and the issuing organization if he/she has network connection. If there is no network connection, the receiver can still use a phone to verify whether it is from a trustworthy organization or not. If it is from a trustworthy one, and if the envelope seems OK, the receiver can pretty confidently accept it if the amount is within a few hundreds of dollars.
Many Chinese guys just want to buy Litecoins and store there and wait for the news about Litecoin price. It should be as easy as buying and storing gold. Right now, it's too difficult for them to download a mobile wallet and generate an address. And they have no idea about how to use a wallet securely. What if they lose their phones or reformat their hard disks? Making it physical is important. With this, they just need buy and lock them in their cabinets and forget about it.
Also, it provides absolute anonymity.
The cost of one smart card can be as low as 0.2 USD [6]. So the total cost should be less than 0.18 (security printing) + 0.2 (smart card) = 0.38 USD.

3. MAKE SURE NO ONE HAS EVER SEEN THE PRIVATE KEY

In Section 2, it appears that the issuing organization will have access to all private keys, which thus makes it the single point failure. Actually, it needs not be so. When the smart card is initialised, it randomly generates a password, which can be read out once and written down on the inside of the envelope, then it generates a pair of Litecoin public key and private key itself and keep the private key confidential until someone uses the password to retrieve it, upon which the private key gets destroyed as described in Section 2.
Therefore, during this setup process, no one has access to the Litecoin private key including the issuing organization, and thus this solves the Schrodinger's private key problem.
The organization can still keep the password and thus is able to read out the private key without tampering the envelope. But they need to have physical access to the smart card, which makes the whole process much harder. To make this process even harder, we can use very short range contactless smart cards, so a guy passing by is unlikely to get your private key. As always, you can use your smart phone to check whether it still contains a valid private key or not without opening the envelope or connecting to the Internet within seconds.
In this case, the issuing organization is needed only to make sure the security printing format is standardised and well accepted. It is not convenient to have too many kinds of envelopes.

4. COMPARISON WITH OPENDIME

https://opendime.com/ offers a USB based device that has less functionality but much higher cost. Basically, the USB device randomly generates a Bitcoin public/private key pair and the private key is kept secrete until you break the USB device physically. But because it is based on USB, it cannot work with phones conveniently. This is especially inconvenient when you are receiving it but have no computer to verify the Bitcoins inside it.
Please notice that the ideas above shall not be used commercially without a consensus. Thanks.

References

[1] https://en.wikipedia.org/wiki/Security_printing
[2] http://dgyongsheng.en.made-in-china.com/product-group/qehQugzjCRcB/Coupon-vouchers-security-printing-catalog-1.html
[3] https://en.wikipedia.org/wiki/Private_currency
[4] http://www.treehugger.com/culture/how-to-print-your-own-money-build-community-not-get-arrested-by-the-feds.html
[5] https://en.wikipedia.org/wiki/Digital_gold_currency
[6] https://www.alibaba.com/trade/search?fsb=y&IndexArea=product_en&CatId=&SearchText=contactless+smart+card
submitted by xinxi to litecoin [link] [comments]

Prospects of decentralized currency exchanges

It looks like currency exchange is a hot topic now, just like it was in 2011... I've seen many proposals on how to implement it, and made several myself. So here I'll summarize what I know.
First of all, we can classify decentralized exchanges by how they deal with 'fiat money' (e.g. US dollars) and how they deal with Bitcoins.
Fiat money:
  1. exists within exchange in form of tokens issued by some trusted issuer(s). E.g. think of Mtgox USD vouchers, but in a crypto form. Alternatively, issuer might simply keep a record in its database, like "account XXX has $50 USD".
  2. Fiat money moves directly between market participants.
  3. Exchange does not deal with fiat money directly, but instead uses some form of derivatives. (It isn't really a currency exchange in this case.)
Bitcoins:
  1. are transferred directly. This is the case with colored coin atomic coin swapping, for example.
  2. are escrowed in one way or another. In this case multiple parties might be involved (e.g. a dispute mediator). Escrow can be secure, based on multi-signature transaction scripts, or insecure (i.e. some web site will hold your coins in an escrow).
  3. Are represented with redeemable vouchers of some sort, or database records of a payment gateway.
Now let's go overview classes of proposals (might be non-exhaustive):
  1. Colored coins: Bitcoins are represented directly, fiat money is represented using vouchers ('colored coins'), trade is done securely via atomic coin swapping.
  2. Ripple and Open Transactions: both Bitcoins and fiat money are represented by vouchers which are traded withing these systems. Vouchers can be further redeemed for Bitcoins and fiat money...
  3. There are some alternative proposals involving OpenTransactions or forms of Ripple which either send Bitcoins directly or use some form of 'escrow'. Some advanced approaches might be involved
  4. Bitcoins are escrowed in one way or another, fiat money moves directly.
  5. Derivative trading, not really currency exchange, I just mention this for completeness :)
Particular proposals/implementations:
  1. Colored coins: already implemented in software, but that software is shitty, and currently being is being improved. So far nobody have issued "USD coins" yet, but some parties are interested.
  2. Trading across chain contracts. Exist only in theory.
  3. Ripple and Open Transactions already exist and likely are usable, of course.
  4. Ripple currency exchange proposed by Mike Hearn, there is also a video where Mike talks about it, but video lacks all essential details.
  5. P2PX. Using SSL dumps as proof of money transfer: Bitcoins are escrowed via an automated agent, automated agent sees a proof of payment in SSL dump and releases Bitcoins.
  6. And here's a recent discussion of several approaches.
If I missed something, please mention it in comments... But there is probably like a hundred of different proposals, so I will mention only ones which do something in a distinct way.
submitted by killerstorm to Bitcoin [link] [comments]

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