Bitcoin Mining Info
Mycelium is a successful Bitcoin wallet that allows you to send and receive Bitcoins via your mobile phone. Now, the company has launched a new feature called Local Trader. This features looks to make the acquisition and sale of the crypto currency even more hassle-free than before for existing users.
Local Trader lets Bitcoin buyers and sellers who are close to each other to transact. Trades made are done person-to-person using Bitcoin. Customers who use the feature are able to make “geographically pinned sell orders” where they can sell at a chosen exchange rate. Buyers can search for sellers geographically and/or scout for the best deals available close to them.
Mycelium made a recent announcement on Reddit that said, “All trades use in-app end-to-end encrypted chat between the buyer and seller. Not even the Local Trader servers can read the contents.” When the price is fully negotiated, the buyer and seller can meet at the place of their convenience, and the transaction will then go through.
Local Trader will use a “confidence graph” and will then “[display] the probability that the transaction that sends coins to the buyer’s wallet will get included in the next block.” Mycelium servers then track the transaction as it spreads through thousands of nodes, in addition to checking it for possible double-spends, transaction malleability, long chains of unconfirmed inputs, the correct transaction fees and other possible scenarios that may arise. This ensures that traders will be able to exchange cash and feel secure that the transaction was legitimate, without having to wait for a confirmation.
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