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Lil Pump now accepts Bitcoin on his merch store (but will he dump it?)

In a move that’s sure to make some Bitcoin BTC hodlers happy, Columbian-American rapper, Lil Pump, is now accepting the cryptocurrency as a payment method on his online merch store. He’s a millionaire that doesn’t know how to read, but it hasn’t stopped him from offering customers the opportunity to pay either “on chain,” or…

Lil Pump now accepts Bitcoin on his merch store (but will he dump it?)

In a move that’s sure to make some Bitcoin BTC hodlers happy, Columbian-American rapper, Lil Pump, is now accepting the cryptocurrency as a payment method on his online merch store.

He’s a millionaire that doesn’t know how to read, but it hasn’t stopped him from offering customers the opportunity to pay either “on chain,” or “off chain” through the Lightning Network.

While news of the integration is making headlines, it’s unclear when the Harverd Dropout officially started accepting the cryptocurrency. The Bitcoin payment integration seems pretty slick actually.

Esskeetit and take a look.

Shopping is pretty simple, pick out what piece of merch you want, add it to your basket as normal, and head to the checkout. All sounds Gucci so far.

When you go to pay, you fill out your delivery address as normal, and then select your payment option – in this case, Bitcoin.

When you select Bitcoin you’re presented with the option of paying from a conventional wallet or through a Lightning Network channel. Selecting one of these choices generates an address and a QR code that you scan to pay for the merchandise. Just as you would if you were sending Bitcoin to anyone, or anything, else.

It’s so easy it’s elementary, you certainly won’t break your wrist.

Indeed, while the integration may seem simple enough, it remains to be seen whether Lil Pump fans will take advantage of this payment option.

Also, given that Bitcoin transactions can’t be reversed I’m left wondering what happens if you request a refund or return an order? Presumably a human at the other end will have to send the funds back to you manually. It’s also unclear in this case if the BTC amount or the USD equivalent would be honored.

Hopefully he’s not going to change his name to Lil Pump ‘n’ dump and run away with all his fan’s money. I mean, it’s not like a rapper would ever do that.

The jury is still out on Bitcoin and commerce, though. While there always seems to be news of firms starting to accept Bitcoin as a payment method, usage of these channels has remained low.

Earlier this year, a Canadian town integrated a Bitcoin payment option to let its residents pay taxes with the cryptocurrency. Yet one British firm, that added a Bitcoin payment option four years ago, is still waiting for someone to actually use it.

Did you know? Hard Fork has its own stage at TNW2019, our tech conference in Amsterdam. Check it out.

Published April 25, 2019 — 09:07 UTC

Matthew Beedham

Matthew Beedham

April 25, 2019 — 09:07 UTC

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Bitcoin News

Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines. Here’s what happened. 1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin. 2. The…

Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines.

Here’s what happened.

1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin.

2. The figureheads of the fake cryptocurrency scheme, OneCoin, are being sued. Brother and sister duo, Konstantin Ignatov and Ruja Ignatova are facing a class action law suit for their involvement in the scam which was “based completely on lies and deceit,” ZDNet reports.

3. A Bitcoin BTC fueled ransomware attack hit the Baltimore City government last week. Despite being cleaned of the ransomware, hackers are allegedly still accessing the infected computers, ZeroHedge reports. The Federal Bureau of Investigation is now investigating the attack.

4. The creator of the Bitcoin treasure hunt Satoshi’s Treasure is claiming nearly 60,000 people are following the global challenge, CoinDesk reports. One player has already claimed the first prize, and didn’t even have to go anywhere to claim it.

And finally.

5. William Shatner is putting William Shatners on the blockchain. The former Star Trek actor is joining Mattereum, a legaltech firm, to document the authenticity of science collectibles and memorabilia from a range of franchises on the blockchain.

That’s another weekend’s headlines for you. Live long and prosper.

Published May 13, 2019 — 07:58 UTC

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Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments. Despite first being filed in December 2016, Amazon’s patent application was granted earlier this…

Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments.

Despite first being filed in December 2016, Amazon’s patent application was granted earlier this week and appears to outline a system that uses Proof-of-Work to prevent distributed denial-of-service (DDoS) attacks.

“One way to mitigate against such attacks is to configure a service such that requests to the service incur some sort of expense, thereby providing a disincentive to participating in the attack,” the application reads.

Planting a Merkle Tree

Amazon proposes to use Merkle Trees to present a Proof-of-Work challenge and make it too costly for a series of computers to perform a DDoS attack.

But what’s a Merkle Tree? In short, Merkle Trees are cryptographic tools where blocks of data are manipulated to give them a unique identifier also known as a hash.

These hashes are then manipulated again to create a parent hash. Parent hashes are always a combination of two or more child hashes. It’s layers on layers of hashed data.

Since computing power is required to build a Merkle Tree, performing such hashes could get very costly in terms of time, electricity, and resources. In turn, this makes DDoS attacks economically unfeasible.

In the case of Amazon’s patent, imagine having to construct a Merkle Tree before you’re allowed to access a website hosted on one of its servers. To an individual the cost might be insignificant, but to an organization trying to carry out a DDoS attack – which might involve many hundreds of computers – it could become prohibitively expensive.

Amazon’s Merkle Tree

Merkle Trees are also used in Proof-of-Work blockchains like Bitcoin as part of its consensus mechanism. But for now that’s as close as Amazon will get to Bitcoin.

Indeed, with this news it seems Amazon is still of the “blockchain, not Bitcoin” mantra. Earlier this month, the web giant said that AT&T, Accenture, and Nestlé are all using its cloud-based blockchain tools.

Read next:

South African voters fear mobile political campaigns will steal their personal info

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