1.0. Introduction
There is so much hullabaloo about Bitcoin and cryptocurrencies. Some sect believe that Bitcoin will outrightly alter our financial system i.e mode of payments, transactions, buying and selling etcetera while another sect claim that Bitcoin is not sustainable and have no place on the map of today financial system hence will inevitably collapse.
Amidst this divergent views about Bitcoin, there is a great need to shed bright light on what Bitcoin is and how it works. This will help to demystify the subject around the electronic currency called Bitcoin and Cryptocurrency at large and cut down the hype on them.
1.1. Traditional Fiscal Provisions
Before governments and currency existed, trade by barter existed. Lets say Ava wants a medicine and Dylan needs a tool. Provided both of them had what the other needed, they could trade and everyone would go home happy. On the other hand, assuming Ava has a car that she's willing to trade for a desk, while Dylan, who has a desk, doesnt have any need for a car. He wants a laptop instead. Ava and Dylan cant trade with each other, but if there's a third person, Justine, who has laptop that she's willing to trade for a car, then it becomes possible to arrange a three-way swap where everyone gets what they desire and go home happy.
The snag, of course, is synchronization assembling a set of people, whose needs and wants match, in the same place at the same time. Two systems emerged to solve synchronization: credit and cash.
In a credit-based system, whilst still utilizing the above instance, Ava and Dylan would be able to trade with each other. Dylan would give Ava the desk and Dylan gets a favor that's owed to him. In other words, Ava has a debt that she needs to settle with Dylan in the future. Ava's material needs are now satisfied, but she has a debt that she would like to cancel, so that's her new want. If Ava meets Justine in the future, Ava can trade her car for Justines laptop, then return to Dylan with the laptop and cancel the debt.
On the other hand, in a cash-based system, Ava would buy the desk from Dylan. Later, she might sell her food to Justine, and Justine can sell her medicine to Dylan, completing the cycle. These trades can happen in any order, provided that the buyer in each transaction has cash in hand. In the end, of course, its as if no money ever changed hands. Neither system is clearly superior. A cash-based system needs to be bootstrapped with some initial allocation of cash, without which no trades can occur. A credit-based system doesnt need bootstrapping, but the drawback is that anyone whos owed a debt is taking on some risk. Theres a chance that the other person never comes back to settle the debt. Cash also allows us to be precise about how much something is worth. If youre bartering, its hard to say if a tool is worth more than medicine or medicine is worth more than food. Cash lets us use numbers to talk about value. Thats why we use a blended system today even when were using credit, we measure debt in the amount of cash it would take to settle it.
1.2. The Predicament with credit cards online
Credit and cash are integral ideas such that we split these ideas into two. Bitcoin will definitely fall under the cash but it is imperative we look at the other one first.
Credit cards are mostly used as a method of payment online today. If you make any transaction on the net from an online seller, your credit card details will be requested for and your account will be debited straightaway. They (online sellers) interact with the financial system which comprises of banks, processors, credit card companies, service providers and other financial intermediaries.
On the other way round, if you are using something like PayPal, what you see is an intermediary architecture. Theres a company that sits between you and the seller, so you send your credit card details to this intermediary, which approves the transaction and notifies the seller. The intermediary will settle its balance with the seller at the end of each day and a token will be charged for carrying out such service.
This intermediary architecture will help to reduce security risk, bring about simplicity in transacting and improve privacy as well. But one major shortcoming is loosing the benefit of interacting with the seller directly. Both the seller and the buyer must operate an account with the same intermediary.
We give out our card details without any hassle, we have also accepted other people's credit card information at one time or the other. But in the 1990s, the standards for protocol-encryption just emerged due to the advent of web and internet and this made consumers skeptical about divulging their credit card details to online sellers. Serious concerns arose in the heart of consumer and the inquisitiveness about the intermediary architecture.
1.3. The Transition: Credit to (Crypto) Cash
Now let's talk about cash. As stated earlier on about cash and credit and it was emphasized that a cash system needs to be aided although the merit of using the cash system is the fact that the buyer's inability to default in the settlement of debt.
With cash we have a number of benefits of which two are enunciated. The first benefit is that it masquerades or mask the customers' identity. Of which if it were to be credit card since the bank or financial institution have the customers'details already, he/she can be tracked hence the identity is not concealed. But when a customer pays in cash, much details are not required hence it helps and support privacy. Secondly, cash makes offline transactions possible. In countries that are under-developed or considerably developing countries where internet facilities and amenities are not readily available and accessible, cash still makes it possible to carry out transactions without any hassle. To be very realistic and pragmatic, there so many countries that are still backward technologically such that basic technological facilities like 24hours power supply, good internet network, big band width etc are not available, cash still make transaction possible.
Bitcoin doesn't offer these attributes perfectly but still there are close indices of how these attributes can be expressed. About identity, when trading or transacting with Bitcoin, you don't need to use your real identity and great caution needs to be exercised because of clever algorithms that can later reveal your true identity.
Bitcoin will not fully work offline but the good part of the matter is that it does not require a central server for it to function, instead of that it functions on the end-to-end encryption.
The idea of applying cryptography originated from a man called David Chaum in 1983. Drawing this parallel to aid our understanding. Let's say I start giving a handshake automatically there is a stamp when I shake you. If you present your hand with that stamp on it you will earn five pound sterling upon presentation. Going by the aforementioned parallel, I can equally do the same thing electronically with digital stamp or signatures.
2.0 OnePageX: What Is OnePageX ?
One page X is a cryptocurrency exchange with an interface that has a brand coverage of varied and myriad cryptocurrencies. The name One page X is a short form of One page Exchange. The idea behind One page X is to make the procedure of buying, selling and converting cryptocurrencies making it user friendly. One page X does not require any rigorous process to get started, simply select your choice cryptocurrency and you are good to go.
One page X does not have rigorous process in getting started as mentioned earlier because each time a user performs a transaction their uniform resource locator (URL) will add on a session. Just simply make a book mark of the page or copy and paste the link to come back to it. The addresses generated can be used indefinitely and you definitely can access the status of your transactions anywhere you are in the world.
2.1 The Modus Operandi of OnePageX
The way OnePageX works is not complex at all, it works by simply integrating with exchanges and looking out for the best prices for any stipulated currency.
Using OnePageX , users are not restricted to make a few selection of cryptocurrencies. Presnetly, there are over 140 Cryptocurrencies available in the world today. Some of them are listed below;
1. Bitcoin (BTC)
2. Ethereum (ETH)
3. Litecoin (LTC)
4. Ripple (XRP)
5. Eos (EOS)
6. Cardano (ADA)
7. Stellar (XLM)
8. Neo (NOO)
9. Monero (XMR)
10. Dash
11. Nem
12. Zcash
13. Bianance
14. Altcoins
15. Avinog
16. IM token
17. Goat Coin
18. Sweat Coin
19. E-gold
20. Beenz
21. Rand
22. Ven
2.2.1 Bitcoin
Being the pioneer and taking quick advantage of that, bitcoin is the world most foremost peer-to-peer decentralized electronic currency which has not only gained global recognition but it is also the electronic currency that is globally accepted in myriad international transactions.
Bitcoin with ticker BTC has a whooping market capitalization $114,908,478910 approximately and a supply of more than 16.5million bitcoin. One bitcoin (until recently) had a value of more than $4,800 making it the most expensive electronic currency in the market.
Very recently, it achieved a landmark success as its value attained a whooping $5856.10 on October 13 2017.
The advent of Bitcoin automated teller machines (ATM) and how it knowledge has gone viral. It has made it so easy to acquire bitcoin and transact business using bitcoin. Bitcoin has a number of merit which had made it to be preferred over other cryptocurrencies. Some of the merit that makes bitcoin to be most preferred above it's other electronic cryptocurrencies contemporaries are;
- Easy accessibility: software and hardware support system made available by the developer has brought about easy accessibility.
- Wide Coverage Ecosystem: more implementation had granted it a wider coverage.
- Pioneer: being the pioneer, entrepreneurs are creating so many projects and start up around it.
- Liquidity: it is highly liquid compared to other electronic currencies
- High Security Level: with the peer-to-peer algorithm and other security measures, incorporated by the developers, it makes it much more secured than other electronic currencies. Bitcoin not only has high security level but a proven security level
- Bitcoin has the highest store of value
NB: Bitcoin should not be mistaken for bitcoin cash. Bitcoin cash is a protestant part from Bitcoin which is now a separate entity of cryptocurrency.
2.2.2 Etherum
Etherum came to being tier FFS so the late 2013. It is a decentralized electronic financial platform for applications and programs that have zero chance of fraud or any third party spying.
2.3.0 Prospect of OnePageX
OnePageX has just launched out recently but it intends to go big in future. One of the things OnePageX intends achieving is the development of its application programming interface (API) which enables the adaptability of websites services. OnePageX intends to achieve in the nearest future a plethora of cryptocurrencies adoption other than the current 140 which can be accessed on a single page. It is such that in the nearest future all cryptocurrencies will be listed on the OnePageX platform making exchange seamless and amazing. OnePageX also considers listing the steemit exchange to its platform in the future. This highly credulous and will be an added advantage to the steemit community.
Processes
2.3.1 One OnePageX Widget Application
OnePageX is dynamic in such that it creates a trail blazing mobile application known as the widget that provides you with the option of quick accessibility to the OnePageX interface as such, operations can be done or carried out through this widgets on smartphones such IOS, Androids etc.
2.4.0 How OnePageX Works
Simply visit the website, click on the start button, input your wallet address, input the type of cryptocurrency you intend exchanging e.g from Bitcoin to Litecoin or from Beenz to Ripple etc. Click on the exchange button, allow the conversion to take place, afterwards, your value will be received in whatever virtual tokens you want.
onepagex2018
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