WorldCoin, the Faster Cryptocurrency
Bitcoin was the first cryptocurrency. It’s still the best known and most widely used, but it’s far from the only one. The first attempt at anything will have problems, and Bitcoin’s biggest problem is that it takes a long time to confirm transactions. WorldCoin is an alternative that confirms transactions in minutes. OrangeWebsite accepts payment in both Bitcoin and WorldCoin. Either way, you get complete anonymity, and all you have to give us is an email address.
Cryptocurrency and blockchains
Cryptocurrencies depend on blockchain technology. It’s a “distributed ledger” which depends on two factors to guarantee its integrity. First, transactions are digitally signed. A wallet has an encryption key for authorizing transactions, so no one except its owner can spend its money. Second, many copies of the ledger are available on the Internet, under the control of different people. Changing one copy against the rules — for instance, to delete a transaction — will put it out of sync with all the other copies, and a comparison process will reject it.
This comparison takes time, though. Until a transaction is confirmed, a wallet could have insufficient funds. The confirmation time is inconvenient when people are in a hurry, especially for live transactions. Sometimes it takes hours, and no one would want to wait that long in a store. We recognize that when you’re setting up a new website with us, you’d like to finish the process in one sitting, rather than having to come back when the payment finally goes through.
Comparison with Bitcoin
WorldCoin is similar to Bitcoin in many ways, but its blockchain design gives a confirmation time of about a minute. As with Bitcoin, new WorldCoins can be produced by computational “mining.” Unlike Bitcoin, there is a hard limit of 265 million on the number that can ever be mined. About 113 million are currently in existence. This limit is intended to make sure WorldCoin appreciates over time. Currently, though, its price is lower than it has been historically. (That could change by the time you read this article. Always check current prices before investing!)
The market price of 1 WorldCoin is a fraction of a cent, compared with over $1,000 for 1 Bitcoin. That doesn’t actually matter, as long as you know the exchange rate. It just means that the same amount of money is a much bigger number of WorldCoins. It doesn’t tell you whether the value will go up or down in the future. People like to speculate in cryptocurrencies, but that’s a high-stakes game which is beyond the scope of this article. Both currencies work as practical payment systems.
Bitcoin is unquestionably easier to work with in many ways. It’s been around a while and has a fairly mature ecosystem. With WorldCoin, you’re venturing into less explored territory. If you’re comfortable with Bitcoin or other cryptocurrencies, or if you just enjoy trying out new things, you should be able to find your way.
The first step is to create a WorldCoin wallet. The website offers wallet installation instructions. The procedure isn’t as simple and polished as with Bitcoin, where many software alternatives are available. Allow enough time to figure it out.
The next step is easier than with Bitcoin. You can use the faucet to get a small amount of WorldCoin. It won’t be enough to buy you anything, but it will help you get a feel for the wallet’s operation.
To get meaningful quantities of WorldCoin, you either have to get paid in it or exchange for it. The easiest way is to use a WorldCoin exchange. Be sure to pick one with a good reputation, not just the first one you encounter. Anyone can set up an exchange, and some can be unreliable, give you a poor exchange rate, or defraud you. CoinGecko lists four exchanges that handle WorldCoin.
If you’re buying with a credit card or from your bank account, then you’re giving the exchange information about your identity. In some countries, the mere act of purchasing cryptocurrency might flag you as a suspect. However, it is the most convenient way to get WorldCoin.
Be sure to use a different password for the exchange than for your wallet. Don’t put temptation in the path of an exchange, even if it’s an honest one. Don’t leave your coins sitting in the exchange any longer than you have to. They’re safer in your wallet than on any online site.
The future of WorldCoin?
WorldCoin has a small user base compared with Bitcoin, so it’s more prone to fluctuations. Those who like taking risks may enjoy the ups and downs. People who just want to use it as a method of fast payment can put in just enough money to cover their immediate plans.
The UNOCS (United Open Currency Solutions) group, formed in 2013, included WorldCoin, Feathercoin, and Phenixcoin. The goal was to join forces for software development. However, Feathercoin soon pulled out, and PhenixCoin (not to be confused with the still-active PhoenixCoin) collapsed. People lost WorldCoins in Phenix’s associated exchange, PhenixEx, which is doubtless why WorldCoin warns people so strongly against leaving their coins in exchanges. WorldCoin proved more durable than either of the other currencies, and it’s still going strong.
We think WorldCoin has a promising future, and that’s why we’re accepting payments in it. You can set up a service plan with us, pay in WorldCoin, and get confirmation in about a minute. We also accept Bitcoin if you’re less adventurous. We believe in offering you a choice.
To learn all about how you can set up an anonymous, uncensored website with OrangeWebsite, please contact us.