The project is also partnering with fintech providers on the continent to bring faster payments on the blockchain to the masses. With fees near zero, unlike other coins like Ethereum, which have high gas fees, anyone can send FLASH worldwide or buy products or services locally with convenience. At the heart of its push to be a currency for remittance and merchants are the groups formed in Nigerian Universities. Nigeria continues to be a hotbed for cryptocurrencies, especially bitcoin. However, altcoins are also battling for their share of the immense cryptocurrency adoption happening in the West African country. The price of FlashCoin is primarily affected by its supply and demand on the market.

Flash is a reinvention of Litecoin, built to scale for worldwide commerce with the speed to handle every day transactions. This speed does not come at a price, however, as it costs less than a penny to buy with Flash and send it to friends and family across the world. With speed and low fees in mind, CoinPayments has added Flash coin (FLASH) payment processing to our platform for our merchants around the world. A higher number of confirmations eliminates the possibility of ‘double-spending.’ Double-spending occurs when a scammer tries to send the same cryptocurrency coins multiple times. Scammers who send flashcoins to scam others may use the double-spending method by modifying the blockchain in a way that allows them to spend the same cryptocurrency coins twice. It is Litecoin’s reinvention, designed and created for faster wallet production and exchange.

This Flash Consensus algorithm allows miners to take turns in
creating and adding blocks to the chain. Blocks are fully confirmed after more
than 50% of miners have reached agreement. Daniel tried to wait for at least two confirmations before paying, but the confirmations never arrived. He decided to paste his address on the blockchain explorer and saw that the transaction was invalid and a case of double spending.

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He also led the Flashcoin community during his stay at Obafemi Awolowo University, Great IFE. Even though delayed, legitimate transactions can be traced on the blockchain with information about what is causing the delay. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet. The site will ask for some basic information about yourself, make sure to tell the truth.

• After some time, Daniel checked and saw an RBF warning that indicated something was wrong with the transaction.
• In a legitimate blockchain transaction, the transaction’s progress can be tracked on the blockchain network.
• Sometimes, though, a valid transaction may be delayed for various reasons.
• The price of FlashCoin is primarily affected by its supply and demand on the market.
• Adetunji Michael (Micheal Jerry) is a digital marketing and eCommerce expert with a strong grasp of the digital economy and promoting digital education across different niches.

That’s the first step in buying Flash, once you get your Bitcoin or Ethereum, you can continue to the next step.

For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations. Our mission as an official partner of Bitcoin Foundation is to help you enter and better understand the world of #1 cryptocurrency and avoid any issues you may encounter. Pay by bank wire and get a 1% discount or use one of the most popular payment options available through our payment processor, Adyen. Adyen is the payment platform of choice for many leading tech companies like Uber & eBay. What’s more, there is an HTM feature on FlashCoin mobile applications that allows users across the world to offer a gateway between fiat and cryptocurrencies. In this piece, we look at how FlashCoin is relying on university students to promote cryptocurrency adoption in Nigeria.

In case FlashCoin is not listed yet, you might need to swap it into ETH first by using one of the decentralized exchanges. Consider the example of Daniel, who could have fallen victim to a flashcoin scam. After he’d sent his wallet address to the sender, the sender sent $2 worth of $BTC to build a “supposed” trust. But this time, Daniel waited for confirmation and asked the sender to wait before he would pay.

How did the exchange rate of FlashCoin (FLC) fluctuate in the past day?

If you still want to engage in P-2-P trading without using crypto exchanges, it’s best to trade with someone you know and trust. Another way to reduce the likelihood of coming in contact with a scammer is to trade on trusted P-2-P platforms on crypto exchanges like Gate.io. On Gate.io, vendors are scrutinized and vetted before they are allowed to trade on the platforms.

How to Differentiate a Delayed Blockchain Transaction from a Flashcoin Scam

Thus, the more block confirmations a transaction has, the more secure it is. The more secure a transaction is, the lesser the chances of the transaction being reversed (irreversibility). A transaction with zero confirmation can be reversed, which is the category flashcoins fall under.

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His keen research skills ensure that he remains a reliable source for industry trends and insights, helping you make informed decisions in the world of cryptocurrencies. Join Alex on this exciting journey through the crypto realm, where knowledge meets innovation, and discover the possibilities that lie within the blockchain revolution. FLASH is designed to make it easy, inexpensive, and fast to transfer value worldwide. Imagine buying groceries, purchasing products online, and sending FLASH to friends and family in the blink of an eye, anywhere in the world, all for way less than a penny. The value of Flashcoin, unlike other cryptocurrencies, comes from people accepting it as a medium of exchange for goods and services.

With fast speeds and scalable technology, Flash is preparing for the next wave of crypto use. Their user-friendly system and robust technology will provide a solid platform for both consumers and merchants to jump into the world of cryptocurrencies. All of this for a low price and a reliable way https://cryptolisting.org/blog/how-to-begin-bitcoin-mining-for-newbies to get in the crypto game. For more information about the project or about our Flash coin (FLASH) payments integration, please get in touch with us. This play-to-earn token rewards the top-ranked players each season and provides options for players who want to give themselves an advantage.

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Flashcoin scams, however, do not provide transparent or precise information about the transaction. Sometimes, there is even no information about the flashcoin transaction. The blockchain explorer may notify you of an error with the transaction, and eventually, the transaction will disappear. Flash isn’t just a platform for financial or monetary activities, but it is a platform to support each other. You are able to grow within it, while getting payment with the coin.

A Flashcoin Scam Scenario

At the time of writing, Flashcoin is a few transactions away from crossing 3 million total transactions. Flashcoin (FLASH) is a community coin, built to handle remittances and microtransactions at light speed. The better option to confirm transactions is to request the transaction hash from the sender and verify it on the blockchain.