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5 Things About Bitcoins

Bitcoin is one of the coolest cryptocurrencies out there. It provides complete anonymity and liquidity to the users. The currency first came into circulation in 2009 and has survived numerous attacks since then.

The terms used by the Bitcoin community are quite interesting and can evoke misleading images and ideas in public’s minds. All that mix-up results in skepticism which ultimately stops people from having a clear understanding as to what is Bitcoin and how to use it.

In this article, we have addressed the things that most people find confusing and misleading about Bitcoin. And we hope that it will help eradicate all the doubts in your mind and encourage you to invest in this incredible form of currency.

Common Misconceptions About Bitcoin:

The Currency Comprises of Gold Coins:

The first misconception that people have about Bitcoin is that it comprises of gold coins. And we can’t blame them. Because every time you want to fin bitcoin-related information, the results always exhibit a coin with the letter B and two vertical bars resembling the USD.

To your surprise, Bitcoin has no physical shape and only exists on immensely secured computers in the form of encrypted code. In other words, it’s a virtual currency and all the images you see are false.

You Keep Bitcoins in A Wallet:

When talking about Bitcoin wallet address, most people think that they are physical purses with sections to carry cash. But this is not the case with Bitcoin wallets.

The wallets store coins virtually. There is no physical way to use those wallets which leave the owners with a very few security risks.

In addition, the Bitcoin wallets use encrypted keys for coin protection and only the owner can have access to it – unless he/she decides to publicize the key.

Bitcoin Is Based on a Debit System:

Another misconception about Bitcoin info is that it works on a debit system. Meaning that you can spend the coins you don’t have. However, Bitcoin doesn’t work this way.

The currency uses a system called Unspent Transaction Output.  The system enables the network to work out a user’s balance and authorize a transaction based on the number of coins available.

Miners Dig for Gold Coins:

A process called Bitcoin mining is the primary source of digging coins. However, the mining does not involve men using pickaxes to dig gold. It’s actually a network of computers where miners from around the world connect with each other through mining programs and work on solving mathematical algorithms.

Those who successfully solve the problems are then rewarded with bitcoins.

Bitcoin Is a Currency for Criminals:

The fact that Bitcoin offers complete anonymity often raises doubts in people’s minds that the currency is designed for criminals. Although this feature attracts a large number of criminals, the majority only use it for daily life transactions.

Conclusion:

These are some Bitcoin-related misconceptions among the general public. It’s usually the beginners or people who have never been to the Bitcoin world where the false information originates. If you want to clear doubts, get in touch with an experienced user and do an extensive research on the topic.

Read our article on top 5 myths about Bitcoin.

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Areas That May Require Your Attention in the Crypto-World

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The point of using a digital currency is that it’s completely decentralized and disconnected from any government control. Yet, some exchanges completely defeat the purpose of digital currency by placing it into third-party systems. It is essential to understand that we no longer have to give up our control over our assets and shouldn’t be dependent on governments to protect them.

This is a review of “Tim Swanson’s” – “Eight Things Cryptocurrency Enthusiasts Probably Won’t Tell You.” Read on to know more.

Here are eight areas that require your attention:

crypto world

1. Bitfinex

A Hong Kong-based digital currency exchange that is known to be hacked several times in the past. A little over a year ago, $65 million dollars’ worth of bitcoins were stolen from the exchange. Till now, Bitfinex has failed to provide evidence as to how they were hacked or where those funds led to. Users were fooled by the potential for returns but in turn faced a major loss as their accounts were left empty.

2. Ransomware, Ponzi’s, Zero-fee and AML-less exchanges

A report from Xinhua was released last month that read:

China’s two biggest bitcoin exchanges, Huobi and OKCoin, collectively invested around 1 billion yuan ($150 million) of idle client funds into “wealth-management products.”

In simple words, these exchanges were functioning while charging zero-fees by using customer deposits to invest in other financial products without the customer’s knowledge. According to insiders and reporters that many exchanges in China carried out similar practices. Also, exchanges in developing countries lacking AML and KYC measures majorly benefit from scams and thefts.

3. Initial Coin Offerings (ICOs)

Many investors are chasing quick profits instead of utility. Recently, many firms are aiming towards scamming practices due to which several other legitimate ICOs are suffering. Several ICO boot camps in China were set up with past experience in pyramid schemes, this leads to not just single fraud incidents but very frequent ones as well.

4. VC-backed entities

5. The decline of Maximalism

6. Market caps

We have very little idea of what is really happening with Bitcoin transactions or any cryptocurrency for that matter.  Market cap is based mainly on a company’s assets and future cash flows but with cryptocurrencies, it is completely misleading. Especially, when random meaningless coins sell a small segment of their total supply then, claim a huge market cap.

7. Buy-side analysts and con media

Many big-name media companies practice a biased reporting which mainly focus on the benefits of coins but not equally shed light on the potential risks as well. They cover basically everything and anything regarding market caps, statistics and basic buy/own cryptocurrencies articles. But what if these major companies are funding other odd companies side by side?

The point is, that if these firms want to be taken seriously, they might as well take on the best practices so they support long-term capital inflows.

 

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Bitcoin Hacker Helps FBI Track Down a Murderer

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A bogus dark-web website offering hitman services had its information leaked by a hacker known by the name “bRpsd”. The data that was disclosed provide leads to the FBI on their investigation of a man who murdered his wife.

Stephen Carl Allwine, 47, of Cottage Grove, Minnesota, murdered his wife, in November 2016. Allwine tried to stage the murder as a suicide by placing a 9mm pistol next to Amy Allwine’s elbow. Although, the detectives were quick at gathering the electronic evidence- computers etc. and arriving at the conclusion that it was a murder. He was then arrested in late January and charged with second-degree murder based on the forensic interpretation of the evidence.

Hacker turns Hero

In May 2016, a hacker that goes by the name “bRpsd”, violated the database of a questionable website on the dark web, which supposedly offered hitman services.

The site, “Besa Mafia”, requires you to register on the site anonymously. It offers a link between customers and hitmen, where they can decide on a price for murder, ranging from $5000 to $200,000. Whereas, customers that just require having someone beat up or set their car on fire could hire contractors for $500 and $1000.

The data dump was uploaded by the hacker onto a public website which was consisting of user accounts, email addresses and messages between the admin and its clients, “hit” orders and a folder called “victims”, which included additional info on the pawn.

The scam nature of the site was emphasized on, pointing out that it clearly just collected money from its clients.

An independent researcher, Chris Monteiro, also hacked into the site to conclude that the owner(s) of Besa Mafia had made at least 50 bitcoins ($127,500) from the hoax operation.

Arrest of Stephen Carl Allwine

The leaked data from the Besa Mafia database helped the police in investigating the murder of Mrs. Allwine. While analyzing her husband’s devices, the discovered that he had been a frequent visitor of the dark web since 2014. The pseudonym used by Mr. Allwine on the dark web “dogdaygod”, was also linked to his email address, “dogdaygod@hmamail.com”. Further investigation brought them upon the conversation between Besa Mafia and Allwine, which included a bitcoin address and linked the husband directly to the “dogdaygod” pseudonym.

According to a criminal complaint, the suspect paid between $10,000 to $15,000 to the hitman service to kill his wife. The complaint explains how the hitman was under instructions to shoot Mrs. Allwine at a close range and burn down the house right after.

Although, the Besa Mafia communicator told Allwine that “local police [have] stopped the hitman [from] driving a stolen vehicle and taken [him] to jail prior to the hit,” due to which the service is left incomplete. Sergeant McAlister reported, during that time, “no one was apprehended in Minnesota and western Wisconsin in a stolen vehicle and possession of a gun.”

The hacker’s data breach provided a push to the investigators in the right direction. On March 24, 2017, the Washington County District charged him with first-degree murder.

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Is Bitcoin Really Bad for Games?

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July 11, 2017. Digital currencies continually making their momentum among a huge number of users. This increasing distinction creates an effect on the market cap. A large number of Bitcoin users indicates the more modest market with a surge in market cap as well.

So, it is clear that Bitcoin users can keep their coins without converting it to fiat money. On the side, bitcoin mining potential is growing with the increase in demand for Bitcoin.

Furthermore, most of the groups such as computer games community have faced negative pressure because of the development.

Mining or gaming????

With the rise in the Bitcoin market, things getting more difficult for the gaming community. In addition, both hardware cost and graphics cards’ price is getting high. Which shows that the gamers and miners required an expensive hardware in order to perform their operations more efficiently.

Basically, mining is a process of generating new bitcoins. whereas, supporters of digital currency campaign frequently favor the decentralized process of the cryptocurrencies. Because its allows users to generate new tokens.

Professionals have huge members set up to solve math solutions and get their Bitcoin reward. In addition, they use the AMD RX 400/500 series in mining process to boost up the whole process.

Why do gamers feel the pressure?

Gamers use the same card for the different purpose. Means, the similar card is used by two different communities. Accordingly, card seller is completely out of stock and most of the gamers feel the increasing pressure of prices.

Though, may be a relief is on the way, ASUS, one of the well-known graphic card manufacturers announced that they will introduce the new series of product soon. This announcement may lead two different classes with different focuses.

Doesn’t matter mining interest is growing on but graphic card is not more expensive for gamers.

News credit: www.investopedia.com

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LitePay Launch: Litecoin Price Has Seen 30% Upsurge!

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The price of Litecoin has seen a 30% upsurge on Wednesday after the news that Litepay (a payment processor for cryptocurrency) has been set to launch on 26th February. This rally elevated BTC/LTC to its all-time-highs in almost three years and allowed LTC to surpass the $200 marks.

Litecoin Price Surge:

The price of Litecoin at this very moment is valued at $232 with the market cap of $12.8 billion, that lifts it up to number fifth in the rankings.

Apart from the preceding pumps, the trading volume of LTC is consistently distributed in the major exchanges, all around the world. OKEx is the largest global bitcoin/cryptocurrency exchange, whereas GDAX is on the 2nd number.

Litecoin Price Surge

Tuesday’s rally was a straight response to the announcement that the payment processing company (Litepay) that was formed after the Bitpay industry, is scheduled to be launched on 26th February. This announcement was silently made by the company on Twitter on Monday, however, the word seems to have roamed slowly. They announced that they started is because people asked Bitpay to accept LTC and they wouldn’t, so they had to take the challenge.

According to the company’s website (based on San Francisco), LitePay will be offering many of the features similar to BitPay. Especially, it will be providing businesses with the proficiency to accept LTC payments that are settled up in fiat currency. Moreover, it is also going to release Litecoin debit cards, through which its users can fund with LTC and can use it at almost any retailer.

Since Litecoin price surge, Litcoin has been promoting itself as a “payment-focused cryptocurrency”, the formation of LitePay’s infrastructure will significantly aid its efficacy for this use case. But, then there’s another theory, that Litecoin’s strong pivot could be linked to the announcement, that a developer’s group will be diverging the main Litecoin blockchain on 19th February, for creating Litecoin Cash.

Chief executive and co-founder of San Francisco based cryptocurrency exchange, – Jesse Powell, shared some words of wisdom for investors. Although securities regulators are trying to find different ways of protecting investors from the sham activity, Powell put the whole burden on the investors. But at the same time, he also highlighted that combined market cap of all cryptocurrencies would hit $1 trillion in the coming time. He thinks that consumers have to look out for themselves and into the basics of coins, and do not have depend on any specific exchange to protect them from the market’s instability.

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