Earlier this year, we added Ethereum to the growing list of cryptocurrencies we support. We had high hopes for the cryptocurrency but sadly, we have been faced with the fact that it's technology still has some important issues to sort out.
The Ethereum core has issues with updating blocks, thereby delaying transfers. There are also delays in the reflection of transactions on its Blockchain and the syncing process, which does not meet up with the current block height.
So we are dropping support for Ethereum Wallet due to these glitches in its wallet and network. We may support it later when these issues are resolved by the Ethereum Community, but for now there is little we can do.
As such, we advise that you withdraw your funds as soon as possible before we finally drop support.
It's a New Year and we've added a New Wallet - Ethereum!
All through the previous year, we worked so hard to make the Jostpay Platform better, adding exciting and smart features in the process. Late into the year, we added Litecoin and this year, we are excited to inform you that Ethereum is now live on Jostpay.
Ethereum is the second most valued cryptocurrency after Bitcoin, in terms of market capitalization. Adding the cryptocurrency is an exciting thing for us.
As a result of this addition, registered users of Jostpay will now have a Bitcoin, Litecoin and Ethereum Wallet Address. As with Bitcoin, you can now send and receive Ethereum anywhere, anytime via Jostpay. You also now Exchange your Ethereum to Naira across any Local Bank of your choice!
We are extremely excited to announce to you that you can now:
Send & ReceiveLitecoin
ExchangeLitecoin instantly to cash in Nigeria via Jostpay
This new addition to the platform will make every Jostpay user own a Litecoin Wallet Address to receive and send Litecoin to anyone, anywhere in the world. One can also see Litecoin price in real time on our website.
Of the recent company’s addition, the CEO said, “Adding Litecoin Wallet to Jostpay is a great deal to us. Bitcoin is getting all the attention now, as the price continues to defy all odds. But as we have seen, the rise of Bitcoin is affecting the entire cryptocurrency market positively. We believe Litecoin will also grow.”
Out of the numerous cryptocurrencies in the market, the decision to add Litecoin Wallet service to Jostpay was based on stats from Jostpay’s sister platform – InstantExchangers.net, where Litecoin is recording impressive numbers in sales in Nigeria. The CEO added, “On our sister platform – InstantExchangers.net: where it is strictly for buying of cryptocurrencies; we are recording quite impressive number of sales for Litecoin. This helped our decision to add it.”
Shortly, we shall have series of articles dedicated to the teaching of the cryptocurrency and how you can perform relevant operations on it via our platform.
We hope you will be excited as we are with this new addition. We look forward to receiving your feedback and response.
We thank you for your continued relationship with us.
You must have been hearing the news going round about a fork – a Bitcoin fork.
What the fork denote is that, there is a possibility of Bitcoin splitting into two. The disintegration of the Bitcoin is likely to take effect on August 1, 2017.
The splits forming a rival currency in Bitcoin Cash (BCC).
If the bitcoin fork occur on the proposed date, which is August 1, 2017. We might be stopping Bitcoin transfers for our users occasionally, as we would like to monitor market activities and developments.
However, it is important to know that Jostpay will NOTsupport any other Bitcoin disintegration until further notice. As we will also need to monitor its acceptance, its volatility and its value.
Below are takeaways from this article:
We remain FULLY supportive of the original Bitcoin (BTC)
We will be stopping Bitcoin transfers briefly, so as to monitor developments in the market.
Jostpay do NOT support Bitcoin Cash (BCC)
Users that wish to continue using Bitcoin (BTC) will not be affected by the fork
Users’ funds are safe and secure on the Jostpay platform
On our never ending journey to improve our product, we discovered how introducing a flexible miner charge can bring so much understanding and power to you when transacting via your bitcoin wallet on the Jostpay Platform. Over the past few months, Bitcoin value increased drastically thereby making it hard for smaller USD/BTC values to be confirmed into the blockchain. The reason for this delay in confirmation was due to the fact that miner charges also increased thereby NOT favoring smaller amount.
For example, for a median transaction of 226 byte; lets say 5$ worth of bitcoins, you will pay up to 1.9$ - 2.01$ as miner fee. This is quite much but this value is very minute when compared with bitcoin.
In the course of this drastic miner increment, Jostpay allow her users to select up to 10 different preferred miner fee and confirmation time frame based on how long a user can wait. You can select as low as 0.01$ to send 5$ provided you can wait for as much time as possible. The power is now in your hands!
In case you do not have a bitcoin account yet, you can create a personal bitcoin account here - New Bitcoin Wallet
EDUCATE YOURSELF AND DON’T BE LEFT BEHIND. THE WORLD IS MOVING, JOSTPAY’S SIMPLICITY IS AT ITS PEAK.
We have just been nominated for the Fintech Africa Awards!
You know we are simplifying the monetary value transfer process in Nigeria and Africa. Please do well to support our great strides towards this simplification by voting for us today. It takes less than a minute to vote!
Please be watchful for a fraudulent email directing you to subscribe or unsubscribe for a ‘GuaranteedTrust Customer Digest Monthly Bulletin’.
This email has been fraudulently linked to our email@example.com email address. Please understand that InstantExchangers will never ask that you click a link, submitting your bank account details (BVN, Credit Card Number, Security Pin, or any passwords attached with your bank) in the process.
This is an attempt by criminals to hijack your bank account. We therefore urge that you to disregard this email attempt by criminals to take your hard-earned money away from you!
We are seeking for a vast and experienced developer conversant with web and mobile application development platforms.
He/She must be smart and good at coding, graphics design, detecting website vulnerability-enhancing security existing website.
Are you passionate about web development and technology related activities?
If you think you are innovative, inspiring, open minded and most of all creative enough to bring our brand into a new light, then we are ready to employ you.
We know you are excited about the idea of joining a passionate, smart and talented team with a culture of innovation and big thinking.
This is your opportunity!
Developing of new websites, web-based and mobile applications.
Modifying and maintaining existing websites, web-based and mobile applications.
Application vulnerability testing and security enhancement.
GUI and graphics design.
Documentation, application prototyping, algorithm development
Other related tasks.
Graphics design skills
Proficiency and experience in database administration; MySQL
Proficiency and experience in the use of CMS and MVC frameworks; CODEIGNITER, MONGODB, NODE.JS, JOOMLA, WORDPRESS
Proficiency and experience in mobile development platforms like PHONEGAP for WINDOWS 8 OS, ANDRIOD OS, IOS and BLACKBERRY.
Application and Network Security.
Proficiency in ASP.NET will be an added advantage.
Team work and good communication skills.
Project and algorithm design skills.
Critical thinking ability.
Ability to work under little or no supervision
Not more than 26 years of age at the time of application
Must have completed NYSC
A Bachelor’s Degree will be preferred
Has a minimum of 3-5 years experience as a seasoned application developer
Has at least a portfolio of 5 completed website/web application projects and 2 completed mobile applications
Qualified candidates will initially be assessed based on submitted curriculum vitae and verified project portfolio. Successful candidates will then be given a simple task to complete and submit. The task will be assessed and ONLY successful candidates will be invited for an interview.
Bitcoin is a kind of money or peer-to-peer payment system that is digitally created and handled through encryption techniques with transactions taking place without any intermediary.
Transactions are confirmed though, by network nodes, documented in a public ledger which is called the Blockchain.
Bitcoin is also a digital or virtual type of money. Digital in the sense that, it is not printed like your Naira or Dollar. Virtual in the sense that, it is not physically felt or produced like other commodities that can serve as a medium of exchange, store of value and unit of account.
What Makes Bitcoin, Money?
The same things that make your money, money; are the exact same things that make bitcoin, money. We must understand that 'money' is not limited to our fiat currencies alone. Money can be anything. Anything that can perform the main functions of money can be used as 'money'.
Bitcoin can used as a ‘Medium of Exchange’, as a ‘Store of value’ and as a ‘Unit of account’. These are the three main functions of money, according to modern economics.
What is the Blockchain?
Blockchain is the technology behind the Bitcoin phenomenon. It is a public ledger where Bitcoin transactions are confirmed and documented by Bitcoin miners.
Who Created Bitcoin?
The inventor of the bitcoin is still largely unverified. The name used as alias by the person who invented the Bitcoin is Satoshi Nakamoto. “Satoshi Nakamoto” published a paper on a The Cryptography Mailing list, describing the digital currency.
When was Bitcoin Invented?
Satoshi, in October 2008 published the paper detailing the Bitcoin currency. January 2009, he released the first Bitcoin software that started the network.
How Is Bitcoin created?
Bitcoin is created through an activity called mining. Mining is when new bitcoins are generated by a competitive and decentralized process. Individuals who engaged in this activity are rewarded by the network for their services. Bitcoin miners are managing transactions and securing the network using specialized hardware and are rewarded with new bitcoins in exchange.
Who can use Bitcoin?
You. Anyone can.
How can I own Bitcoin?
You can choose to become a miner to own Bitcoin or you could exchange your local fiat currency to Bitcoin through an Exchange company. E.g. InstantExchangers
Where do I keep my Bitcoin?
Like you do with your physical cash, you keep your Bitcoin in a digital wallet; a Bitcoin wallet. E.g. Jostpay
How do you create a wallet?
You create a wallet by creating an account with a Bitcoin Wallet Platform. Your newly created account will come with a Bitcoin address.
What is a Bitcoin Address?
A bitcoin address is like your bank account number. A typical Bitcoin address include 26-35 alphanumeric characters, beginning with the number 1 or 3.
How do you fund your wallet?
You fund your wallet with Bitcoin by providing your Bitcoin address to the funding merchant (Exchange Company) or anyone who wants to deposit Bitcoin into your account.
Where do you spend Bitcoin?
Bitcoin can be spent both online and offline. It can be spent on computers, pizza, event tickets, on anything.
How do you sell or exchange your Bitcoin to local currency cash?
You sell your Bitcoin for local cash through a direct contact, an online exchange service, withdrawing local currency equivalent through a wallet service and through many other ways. Jostpay is an example of an online bitcoin wallet service in Nigeria where you can sell your Bitcoin, receiving local currency cash at the end of the process.
What is Bitcoin Confirmations?
What happens during the Bitcoin mining process is, a new block is produced and added to the Blockchain. Based on the already set bitcoin protocol, the creation and addition of a block takes roughly ten (10) minutes.
What that tells us is, when you send Bitcoin to any wallet, the transaction will remain 'unconfirmed' until the next block is created. Your transaction is included and verified as that block is created.
Therefore, your transaction will have one confirmation. When another block is created, your transaction is reconfirmed by the Bitcoin network.
The miner fee attached to a transaction usually determines the speed of confirmation. There is a recommended miner fee on every Bitcoin transaction. A lower than the recommended fee will make the transaction speed slow. What is Unspent Output?
An unspent output, as the term implies, is an output of a bitcoin transaction that is yet to become an input in another bitcoin transaction. Output is when someone sends you bitcoin. When this output remains in your account, without reflecting as an input in another bitcoin account, this is referred to as an 'Unspent Output'. For example, you receive Bitcoin 10 times into the address XXX. That means you have 10 different transaction input in your account XXX. Each of that 10 different transaction will have its own different miner fee. The moment you send out bitcoin into another address, the input will be queued as an unspent output until its confirmed into Blockchain.
It is important to know that high number of output affects miner charges. If you have high number of unspent output, your transaction size will be big and this will make miner charges high.
Can you accept Bitcoin payment on Your E-commerce store?
Yes. You can accept Bitcoin Payment in your E-commerce store by integrating a Bitcoin Payment Gateway. Jostpay offers a Bitcoin payment gateway services to e-commerce sites.
This article will be updated as we learn of new developments in the digital currency sphere.