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What Is Block Chain

The Blockchain is a public ledger which is used to keep the record of Bitcoin transactions or the transactions made in some other cryptocurrency.

There are three essential technologies used in Blockchain and none of them are new. Instead, it is their arrangement and application methods that are new.

These technologies include:

  1. Cryptographic keys
  2. Distributed Network
  3. Record-keeping and network security.

In this article, we have tried to make clear as to how these technologies cooperate to secure the digital relationships.

Technologies Used in Blockchain – Cryptographic Keys:

Suppose, two individuals need to make an online transaction of bitcoin, each of them holds a public and a private key. Both the keys are in an encrypted form.

The principle motivation behind having a public and private key is to create a digital identity reference. The Identity of a client depends on the blend of two keys.

The blend of these keys is additionally called “digital signature”, which, consequently, gives a strong control of possession.

However, having strong control of possession is not enough to secure digital relationships. While authentication is solved, it must be consolidated with a means of approving transactions and authorization.

In Blockchains, this starts with a distributed network.

Distributed Networks:

The concept of distributed networks can easily be understood with the “falling tree in the forest” example.

If a tree falls in a forest and we have cameras to record the event, we can positively say that the tree fell since we have the visual confirmation. Same can be said in regards to distributed networks.

A substantial piece of bitcoin Blockchain is a huge system of validators – similar to the cameras in above example – where they reach an agreement that they all witnessed the similar event in the meantime. But instead of cameras, they utilize mathematical verification.

To put it plainly, the size of a distributed network is critical for the security of the system.

Distributed networks are one of the primary elements of “Bitcoin Blockchain“. At the time of writing, the system is secured by 3,500,000 TH/s, more than the top 10,000 banks on the planet combined.

The System of Record Keeping and Security:

Lastly, cryptographic keys are consolidated with the system to create a super useful form of digital interactions. The procedure starts with taking sender’s private key, then making a declaration that he is about to make a Bitcoin transaction — and finally appending his private key to the recipient’s public key.

With regards to the earlier example of falling tree, a realist may come up with the question, why there were dozens of PCs with cameras, holding up to record whether or not a tree falls.

Now, translating the same question in blockchain terminology, how do you attract the computing power for the maximum network security.

With blockchains, clients are offered special rewards in return for giving their PC’s processing power to secure the system. Which, ultimately, pulls in an extensive number of clients offering their machines’ computing power. The more the power, the more secure the system.

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Top 10 Bitcoin Facts

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Talking about the modern and its modernized developed ways, the hottest talk of the town has been bitcoin for quite some time now.

Bitcoin Basics

The cryptocurrency was developed by the pseudonym, Satoshi Nakamoto. This decentralized and decartelized digital currency is free from the regulatory control of security institutions and government controls. There are no third parties involved. The value is completely and solely set by the supply and demand of the market. The underlying algorithms generate mines, which are worked out to obtain Bitcoins as a reward. It is a digital alternative to paper money working on the peer-to-peer basis.

Buying things with Bitcoin

After the first introduction of Bitcoin to date, there has been a gradual and cautious increase in its acceptance and endurance. But the people are taking the currency with a bigger heart. By the passing time and its ability to prove itself, more and more commodities are coming at front accepting the Bitcoins. Included in these names are a few hi-fi names. These include Virgin Galactic, Lamborghini and not forgetting Mel B.

The Numbers

Bitcoin mining is an algorithmic computer-based process which verifies and secure the Bitcoin transaction. The Bitcoins are mined by solving complexed mathematical problems. The process is called mining as these Coins are to be extracted from the system for usage. A collective group of the transaction is called a blockchain. They are known as chains as they are secured and built on top of each other by the miners, forming a chain. These blockchains confirm the transaction in the whole network when it has taken place. When a miner solves the puzzles, they are rewarded with a small number of bitcoins. That’s how new coins are introduced in the system.

The Value

With its extremely volatile and unpredictable nature, Bitcoins prices go back and forth in monetary values. These values are decentralized and depend entirely on the users and coin holders. How they respond to these in a span of time will determine their value during that time. There has been an unpredictable rise of up to $1000 and dropping it down to $2 even.

Bitcoins and Bankruptcy

Following the term ‘speculate to accumulate’, there are numerous speculators supporting the cryptocurrency. This digital currency is equally very risky to handle when not dealt carefully and with precautions. In 2014, Mt. Gox had to face serious issues mishandling or possibly theft against these coins worth $450 million. They were forced to file for bankruptcy protection keeping in view the intensity and strength of the damage.

Banning the Bitcoins

With its ability to be decentralized, it has been a concern for the security and political institutions. Challenging their authority and regulations different countries are responding differently regarding its engagement. Being the first in line, Thailand completely banned the currency usage by July 2013. Later the ruling and practice were relaxed keeping in view the devoted interest and attention of the people. China and Japan comparatively have some what proved to be biggest supporters of the currency, followed by the U.S.

Know your Limits

The process of mining is through which coins are awarded and are being introduced in the system. But there is a restricted number of bitcoins to be available ever. There are only 21 million Bitcoins that may exist ever. The production rate by mining is 12.5 today. This production rate is halved every four years to regulate to ensure the sustainability of the value of every Coin. By around 2140, all of these Bitcoins are expected to be mined. Meanwhile, the miners will be awarded by transaction fees for their efforts. On an estimate, 64% of the total mined coins sit uncirculated with the holders, with the optimistic hopes of greater profits.

Wikileaks

One of the most controversial organization, WikiLeaks has shown great dependence on these Bitcoins and other cryptocurrencies lately. Due to the unfavorable response from the other third parties, they started the usage of these secure decentralized futuristic form money for the donation.

SilkRoad

SilkRoad was the very first of its kind platform for the black market. A number of illegal and unauthorized practices were done using Bitcoin. A lot of people were attracted to use this site heavily was due to its anonymity. When the founder Ross William, aka Dread Pirate Roberts was arrested, his estimated was so massive that not all of it was possibly be accounted for.

Bitcoin Beginnings

In 2009, after Satoshi Nakamoto launched Bitcoins, he passed the majority of its control to the scientist Gavin Andreson. According to the scientist, the perfect words he has for Bitcoins is, ‘Better Gold than Gold’. Nakamoto is expected to be in possession of around 1million Bitcoins which means $1.1 billion. The identity of this is still a pseudonym. Other theories suggest that together the companies Samsung, Toshiba, Nakamichi, and Motorola are the founders of this cryptocurrency. but none of the theories has been proven to date.

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What Are Some Amazing Facts About Bitcoin?

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Amazing Facts About Bitcoin

The majority of people nowadays already have an idea as to what is Bitcoin and how does it work. But no matter how much you know about this cryptocurrency, there is always something to leave you amazed. Here are the bitcoin facts.

In this article, here are some interesting Bitcoin facts for you.

Bitcoin amazing Facts:

Independent of Third Party Influence:

Bitcoin is an open-source software. Anyone – whether it’s the owner or just a random internet user – can access it. Also, there is no regulatory authority such as a central bank, government or private organizations to control the flow of Bitcoin which makes it inexpensive to use.

Nobody Knows Who Invented Bitcoin:

It has been nearly a decade since the Bitcoin first came into circulation. However, the identity of creator still remains a mystery. Several investigations and search works have been conducted but to no avail.

Some say a programmer named Satoshi Nakamoto invented it but there is no proof to support that claim.

Bitcoin Transactions Are Untraceable:

One of the unique features of Bitcoin is that the transactions are untraceable. Whether a user is trading coins across the street or sending them to the far edge of the globe, all he has to put forward is a wallet ID. The personal information is not required. As a result of this, the transactions become anonymous and downright untraceable.

If You Lose Your Coins, Consider Them Gone for Good:

Bitcoins are stored in a digital wallet and protected by a private key. So, if a user loses the drive on which the wallet was stored, consider your coins gone for good.

Bitcoins Are Accepted as A Method of Payment All Across the World:

Numerous banks, corporations, and retail stores accept Bitcoin as a payment and the number is increasing each day. Using this currency, you can buy comics, fancy clothes, yachts, property, travel around the world and order a delicious pizza.

Amazing, isn’t it?

The First Ever Purchase Made Via Bitcoin Was for A Pizza:

One of the most interesting facts about bitcoins is that the first ever purchase made through this currency was a pizza.

In May 2010, the currency was relatively new and was still pretty far from gaining worldwide recognition. Due to this fact, the value of bitcoin was extremely low – let’s say, two Papa Johns Pizzas for two Papa Johns Pizzas.

Yes, this was exactly the case when Laszlo Hanyecz offered two Papa Johns Pizzas for 10,000 bitcoins, which was then equivalent to $41 or $0.0041 per coin.

However, the circumstances have changed and those 10,000 bitcoins are worth $7.6 million in today’s market.

These are some interesting facts about the ever-incredible currency that is Bitcoin. In conclusion, the characteristics of cryptocurrency are nothing short of incredible! The future belongs to Bitcoin! So make your move and take a dive into the world of Bitcoin; right now!

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Bitcoin Transaction Stuck? Don’t Panic! Here’s what you need to do

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Bitcoin Transaction Stuck

 

The number of transactions on the Bitcoin network has rapidly increased over the past couple of years. With more blocks filling up, all the transactions cannot be included in the blockchain at once.

Transactions that pay the highest fees are usually included in the blocks first and transactions with comparatively lower fees are made to wait until they find a new block. These transactions remain in the mempool of miners until their turn is up.

This gets the user quite irritated as some low fees transactions may take around days or weeks to confirm. But here’s what you can do if you happen to have your bitcoin transaction stuck.

Before You Send The Request:

Most wallets had a fixed fee of 0.1 mBTC during the early years of Bitcoin. Back then, miners had spare space in their blocks due to which they were able to accommodate more transactions in the first block itself that they mined.

Although, because of the increased competition for block space right now, the 0.1 milli bitcoin transaction fee is insufficient to have a transaction included in the next block. So, transactions with higher fees are taken up.

If you want to have your transaction confirmed faster, the obvious advice is to increase your amount. You may be able to adjust your fees manually when you send your transaction.

Also, check to see if your wallet includes dynamic fees.

Recently, most wallets are said to support dynamic fees. According to Bitcoin network, these wallets automatically include a fee that is estimated to have a transaction included in the next block or maybe in the upcoming blocks.

Several wallets let you decide your fee priority, again, a higher fee lets your transaction confirm faster.

After You’ve Sent it:

After you’ve sent your transaction and it happens to be stuck, that transaction can be made to skip the queue. This can be made possible using an option called Opt-In Reference-by-Fee (Opt-In RBF). Using this method, you can re-send the same transaction, but with a higher fee. Usually, when you re-send the same transaction, Bitcoin nodes detect this new transaction a double spend and therefore reject it. Although, by sending it using Opt-In RBF, you are explaining to the network that you may re-send that same transaction later on but with a higher fee. As a result, most Bitcoin nodes now accept the new transaction; allowing the new transaction to jump or skip the queue.

But, do remember, not all miners support Opt-In RBF, so your new transaction does depend on the hands of the new miner that mines that next block.

Electrum and GreenAddress are two wallets currently supporting the Opt-In RBF option. You will need to enable Opt-In RBF in the settings menu of your wallet, before proceeding any further with the transaction.

If Opt-In RBF doesn’t do the trick, then another solution would be Child Pay for Parent, CPFP. By applying this method, miners don’t pick a transaction with a high fee, but a set of transactions that include most combined fees.

As a Receiver:

Lastly, a Bitcoin transaction can also get stuck on the receiving end of it. If your wallet allows you to spend Bitcoin unconfirmed transactions, this can be solved with CPFP as well. If the new fee is sufficient, the transaction is supposed to complete within a couple of blocks.

 

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BEST VPN FOR DARK WEB

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The Dark Web

The dark web is basically a concealed portion of the world wide web that can be accessed only using TOR or any other anonymous network such as Project Freenet. People use these mediums in order to access services, products, and content that cannot be accessible on the normal web. You can find videos, music, pictures, books and various other illegal items here. A very well-known dark web marketplace that goes by the name of Silk Road, has everything you can think of.

Related: Read more about TOR

Now, when you use TOR it is recommended that you use a VPN and route your traffic through it.  What happens is that your ISP is unable to find out if you are accessing the Dark web and even if your IP address happens to leak due to some security flaw, it is not your actual IP address but of the VPN server you are routing your connection through.

All in all, a VPN is that extra layer of security you need to avoid any feds banging on your door at 4 AM.

However, not all VPN service providers are genuine and could land you in trouble. Here are the safest options you could go for:

NordVPN:

 

 

With NordVPN, you can be assured that your anonymity remains no matter what. It does not keep any logs so there are no chances of any data leakage or exposure online. Along with this, it has a peer-to-peer friendly VPN service and you can use up to 6 devices simultaneously. Bitcoin is accepted here and NordVPN operates from the Panama.

Besides a few glitches in the performance and variations in the speed at peak hours, there aren’t many drawbacks of this.

 

Perfect Privacy:

The headquarters of Perfect Privacy’s servers are located in New Zealand. They ensure that no logs are stored to avoid any risks in the future. Forget data breaches as Perfect Privacy is ready to put its company at stake for your privacy. Also, it doesn’t require any third-party tools, which decreases any chances of issues. It even provides you server-based-Ad and malware filters to ensure you maintain a secure browsing experience.

However, one setback is that it takes quite some time to set it up initially.

 

Torguard:

Similar to a fellow VPN service provider, Torguard also operates from the United States. But they’re known to have privacy as their main aim which means they would even consider relocating if it were ever necessary. Torguard as well does not keep any logs which is essential for safe browsing of the dark web.

Also, Torguard has an impressive amount of servers located worldwide making it a tough competitor.

 

ExpressVPN:

ExpressVPN allows you to conduct any peer-to-peer activities while ensuring that no logs are kept. It’s also known for its fast downloading speed, which makes it so much easier to browse the dark web.

The only drawback is that you can use only two devices at a time and you have to separately log in to each device.

 

IPVanish:

Don’t be alarmed that IPVanish is located in the United States as this does not make it unsafe as a VPN option. Similarly, it accepts Bitcoin as well. No logs are stored and the OpenVPNsecurity protocol along with the 256-bit AES encryption allows you to browse the web without any issues.

A drawback is that only two devices can be used simultaneously.

 

The Choice is Yours:

We’ve outlined the top 5 VPN service providers that include all the specifications for safe and secure web browsing. It is your choice to experiment with whatever that seems suitable for you as the five companies mentioned above have you covered!

Let us know in the comments section below if you try any of these out. Also, check out this list of Darknet marketplaces you can visit with the help of the above-mentioned VPN service providers.

 

Story Credits: vpncomparison.org

Image Credits: vpnguru.com

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Escrow and its services

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Escrow and its services

Digital world needs the digital services as well. That is why there is a huge list of escrow services sites. The matter is, you don’t let your money in the scams hands. For that purpose, you want to use secure and clear way of services for your transactions. Escrow is exactly the same, you want for your transactions. Here, in this article. I will tell you about escrow and its services regarding your transactions.

Escrow is basically a legal concept, an account held by the third party during transactions between parties. This temporary account operates until the completion of the bitcoin transactions. The goods or funds will be held by an agent until he receives proper and appropriate instructions. Funds can be held in escrow are assets, fund, security or money.  At the time of absolute certainty, parties are able to fulfill one another’s obligations and rules.

For example, being a third party, escrow will have the authority to take funds and delivers the goods in good condition according to its client’s wish.

Types of Escrow:

Funds deposit is occurring for the payment at the certain conditions. That usually applies to mortgage, property taxes and insurance. Escrow’s agent is fulfilling the need of their customers. Some types of escrow are.

1. Internet Escrow:

Internet escrow works by placing money in hands of the third party. who is totally independent and has a license for this service.

2. Banking:

Escrow provides its service in automatic vending and banking field.automated teller machine (ATMs) and vending machine. Where he or she put the order and get the result in form of transactions.

3. Personal Property:

Sale of mobile homes also falls in this escrow transactions category. Whereas, selling or purchasing of big-ticket assets are through escrow services.

4. Law:

Escrow is also known in law sector. Escrow funds are mostly used to distribute money from a cash settlement to environmental enforcement action. Through this process, defendant has to pay a total amount of judgment to court administration.

5. Escrow Real Estate:

Escrow agent services are used in real estate transactions. For example, you are going to sell or purchase a real estate. Transactions regarding sells or purchase of bitcoins will be processed by escrow service provider.

6. Mergers and Acquisitions:

Escrow arrangements are mostly used in mergers and acquisitions to extra warranties offered by the seller.

7. Mortgage Refinancing:

This type of escrow is much different from the real estate sale. In a case of mortgage refinancing, one house loan use as the payment for the other home loan. These type of transaction needs many formalities and risk. So, escrow provides its services on the behalf of its customers.

8. Escrow Business:

Business escrow services involve the sale of the business. In transactions, it involves the actual company and all its assets. These transactions are similar in form of transfer of the shares in a business. Just like stock transfer, bulk sales, and holdings.

Above is a short note about the types of escrow. Now, we will discuss, how does an escrow service work?

Escrow and its services

How does an Escrow work?

Most of the business dealings need a third party for transactions. Mostly, escrow provides such type of services. Following are some terms;

  1. Both parties say yes to the terms of the transactions through escrow.
  2. Then, buyer deposits the money in escrow account. After, the verification of transaction by escrow management, escrow verify the payment to the seller.
  3. After the verification of the transaction, the seller has some duties to verify and submit the tracking information.
  4. Buyer has an option to accept the order or reject within few days of transactions before receiving an order.
  5. When buyer accepts the order. Escrow release the money from an escrow account.

Your transaction is complete with escrow services. GOOD LUCK!

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