Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Litecoin is a peer-to-peer cryptocurrency created by Charlie Lee. It was created based on the Bitcoin protocol but differs in terms of the hashing algorithm used. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Scrypt allows consumer-grade hardware such as GPU to mine those coins.
Bitcoin Cash is a hard fork of Bitcoin with a protocol upgrade to fix on-chain capacity. Bitcoin Cash intends to be a Bitcoin without Segregated Witness (SegWit) as soft fork, where upgrades of the protocol are done mainly through hard forks and without changing the original economic rules of the Bitcoin.
The chain of stores Olfabrand is the new store that has been accepting cryptocurrencies in Colombia for a few weeks now.
The adoption of cryptocurrencies by merchants who have no connection to the ecosystem is very exciting, especially if it occurs in Latin American countries.
The Colombian retail chainOlfabrand announced at the beginning of the year that it now accepts cryptocurrencies as a method of payment, in particular Bitcoin, Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. Cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. y Litecoin. According to the media America Retail, will also offer 15% discounts to those who use this payment method, in order to create a “wellness” experience.
In this regard, the founding partner ofOlfabrand, Andres Astaiza, said: “Our brand has been thought of as a technology-based modern retail company as we are connecting chemistry with the internet of things and we believe that cryptocurrencies are going to be part of the future and that’s why we are anticipating as we did with online sales before the pandemic and that allowed us to open physical stores this year in Bogota, Medellin and Barranquilla”.
The chain has implemented the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. payment method on its website for the time being. Also, the aromatherapy company expects that 10% of its sales will be through cryptocurrencies by 2020. But it goes further.Olfabrand even foresees that, in 10 years, 90% of its income will come from the payment channel, says the media America Retail.
In Colombia there is great acceptance of cryptocurrencies, you can even buy them some properties with them. In addition, a video game was designed in the country to teach kids to trade stocks and crypto .
If you want to know more about the truths and lies about the crypto regulations in Colombia you can read this article .
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