How to use Altcoins with SolidTrust Pay

Using Altcoins with SolidTrust Pay.jpg

Did you know that you can buy and sell Bitcoin with SolidTrust Pay? Simply create an account and follow these instructions! You can either buy Bitcoin from your account or convert it to USD and make a withdrawal using the method of your choice. We use a service that tracks the value of Bitcoin and exchanges it at whatever the current rate is.

In addition to Bitcoin, there are several other cryptocurrencies that are gaining recognition and popularity, including Litecoin, Ether and Dogecoin. With SolidTrust Pay, you can turn these “altcoins” into cash by depositing them into your SolidTrust Pay wallet and having them instantly converted to USD.

Here’s how:

  1. Navigate to your Deposit Money Area by clicking My Money -> Deposit Funds within your account and choose the “Bitcoin/Altcoins” option. altcoins1

  2. Enter the amount of money in USD you wish to withdraw from your altcoin wallet, check the Bitcoin Deposit option, enter your secondary password and click Deposit Fundsaltcoins3

  3. Carefully read the details of your transaction, including the fees and total amount you will receive, then press the CONFIRM Transaction button. altcoins4

  4. Choose the coin you wish to use for your deposit from the dropdown menu (in the examples below, we chose Ether). altcoins5.png altcoins6

  5. Enter your altcoin address, click Pay with Ether and press Continuealtcoins7

Please note: Paying with altcoins takes a little longer than paying with bitcoins.
Expect a delay of 30-90 seconds before we register your payment.

The following is an up-to-date list of cryptocurrencies that you can use with SolidTrust Pay:

Bitcoin
Litecoin
Ether
Startcoin
TetherUSD
Dogecoin
Reddcoin
Peercoin
StorjX
Nubits
Novacoin
Digibyte
Mastercoin
Counterparty


Tracking Bitcoin over the Past Year

The rising price of a bitcoin has been breaking records and making headlines consistently since the price rally began back in December around Christmas time, 2016.

Bitcoin price SolidTrust Pay past year august 2017

Over the past year, Bitcoin prices have increased over 600% in total and the current price at press time is an all-time high of $3585 on Coindesk’s Bitcoin Price Index (BPI).

We’re going to go over some of the particular successes Bitcoin has had over the past year, as well as many of the big hurdles it has had to overcome, in order to give you a better view of what the future might hold for the popular cryptocurrency.

January 2017

bpi aug 11 1The first hiccup faced by Bitcoin enthusiasts came in January 2017, after briefly rising to near all-time-high prices during its most impressive run since 2013. On January 5th, the average price of a Bitcoin across most trading platforms sharply fell around $200 in one hour. This specific price drop was speculated to be linked to rumors of increased regulation on the digital currency by the Central Bank of China, and the free fall continued for a full week.

March 2017

bpi aug11 2

The next hurdle in our incredible story of Bitcoin over the past year is still fresh in the memory of many Bitcoin traders and enthusiasts. After hitting record highs, and even surpassing the price of gold for the first time ever, an unfavorable decision by the SEC regarding the eligibility of  a Winklevoss Bitcoin Trust to be traded on the stock exchange put the entire future of Bitcoin at risk. But this is not what caused the rapid loss in value of nearly $300 in just 3 days. The cause of this hurdle came from within the Bitcoin community itself (along with more rumors of Chinese regulations), as Bitcoin miners and thought-leaders debated over complicated software and tech issues.

Shortly after the decision by the SEC rejecting the Winklevoss proposal, it was reported that the SEC had issued a statement agreeing to review their decision.

April-May 2017

bpi aug11 3

As a new law was passed in early April in Japan categorizing Bitcoin as a legal payment option within the country, demand for the currency began to steadily rise — the price followed. Increased Japanese and Russian demands are responsible for the rise we see from early April to May 25th, when the price of the cryptocurrency dropped sharply in order to correct itself. This reminded traders and enthusiasts how volatile the market can be.

June 2017

bpi aug11 4

On June 15 Bitcoin underwent a significant market correction. Dropping nearly $700 in about a week, this was one of the most significant corrections to date. In a great article written by Joseph Young, it is explained that Bitcoin markets seem to be cyclical, climbing and then sharply dropping, but reliably climbing to back to its previous peak and beyond.

July 2017

bpi aug11 5.png

Confusion and uncertainty plagued the month of July as miners, traders and enthusiasts speculated over the impending bitcoin split (hard fork). As a general consensus was reached, confidence returned to the community and Bitcoin returned to previous price levels, though many were still unsure how the split was going to happen or what it might mean for the future. Volatility persisted until the split happened in early August.

August 2017

bpi aug11 6

On August 1st the hard fork happened and Bitcoin split into two separate cryptocurrencies. Nobody knew what was going to happen, but many expected some short term downward pressure on bitcoin prices. The exact opposite happened as Bitcoin began to sore to new all-time highs and continue its upward trend over the past year.

Time will tell if the popular digital currency will continue to hike, though analysts have indicated a major upswell in confidence and a broad consensus that the upward march of bitcoin’s price could continue.

Click here to learn how to buy Bitcoin with SolidTrust Pay

If you aren’t comfortable investing your own money, there are plenty of ways you can earn some around the web. Check out our comprehensive guide for earning free Bitcoin online to get started!


The Past Year in Bitcoin was Incredible

Another day, May 11, 2017, and Bitcoin has climbed another $100. Since late December of 2016, Bitcoin has been increasing in value rapidly. The value increase correlates with higher frequency of trading and increased public adoption. Bitcoin is setting records daily, and seems to be on track for widespread use as more online merchants and real-world locations begin to accept the digital currency.

Bitcoin quadruples over 1 year, May 2017

Bitcoin has nearly quadrupled over the past year, as of May 2017.

It’s incredible to think that Bitcoin was worth less than $500 in May of 2016, and has climbed to over $1800 at the time of this publication. With three major ups and downs during that time, Bitcoin has shown strong resilience in rebounding, and appears to be on its strongest run yet. Lets talk about those three previous runs.

As CNBC reported around June 2016, there are three main reasons for the activity in
June 2016 bitcoin price fallBitcoin around that time:

 

While Bitfinex, a major Bitcoin exchange in 2016, suffered with server issues and eventually being hacked for over $72M worth of Bitcoin, traders and believers in the digital currency had to contend with the influence of the Chinese Yuan as well as the uncertainty around whether or not a Brexit would happen. These are the three most influential factors in the action we see around June 2016 regarding the value of Bitcoin.
Bitcoin price fall January 2017 reasonsThe next hiccup faced by Bitcoin enthusiasts came in January 2017, after briefly rising to near all-time-high prices during its most impressive run since 2013. On January 5th, the average price of a Bitcoin across most trading platforms sharply fell around $200. This specific price drop was speculated to be linked to rumors of increased regulation on the digital currency by the Central Bank of China, and the free fall continued for a full week.

Bitcoin volatility in march 2017The final hurdle in our incredible story of Bitcoin over the past year is still fresh in the memory of many Bitcoin traders and enthusiasts. After hitting record highs, and even surpassing the price of gold for the first time ever, an unfavorable decision by the SEC regarding the eligibility of  a Winklevoss Bitcoin Trust to be traded on the stock exchange put the entire future of Bitcoin at risk. But this is not what caused the rapid loss in value of nearly $300 in just 3 days. The cause of this most recent hurdle comes from within the Bitcoin community itself (along with more rumors of Chinese regulations), as Bitcoin miners and thought-leaders debate over complicated software and tech issues.

At the time of this writing, we have yet to experience the next big roadblock in the blockchain-based digital currency’s journey to widespread adoption, as Bitcoin continues to soar at truly astonishing rates.

Click here to learn how to buy Bitcoin with SolidTrust Pay

If you aren’t comfortable investing your own money, there are plenty of ways you can earn some around the web. Check out our comprehensive guide for earning free Bitcoin online to get started!