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Recently the well known Chinese e-commerce platform Alibaba has sued a Dubai-based ICO for copyright infringement. The dubai ico was functioning by the name of Alibabacoin Foundation and had initially raised $3.5 mln qaccording a Reuters report. The firm was involved in continuous misleading behavior related to Alibaba’s company name. Alibaba clarified that there was no relationship between them and the Alibabacoin Foundation. Furthermore Alibaba also made clear that it had no future intentions to enter the cryptocurrency business.

ico fraud

It was being reported that the Alibabacoin Foundation was aiming to create its own  e-commerce platform by making use of cryptocurrency Alibabacoin which was also generated by the foundation. It introduced itself as a digitally optimized firm which was going to use blockchain technology for various departments such as finance, shopping, security and marketing etc. The firm succeed in generating a handsome amount until it was declared as an ico fraud and a lawsuit was filed against it by Alibaba whose trade name was unlawfully being used by it.

Clarification by Alibaba

Though it was made clear by Alibaba that they had no intention of entering the cryptocurrency business but it should be remembered that it is not the first time that Alibaba has been a part of such rumors regarding its involvement in the crypto industry. It had to eliminate rumours early this year regarding its venture into the cryptocurrency mining industry with the help of its newly developed P2P platform. Alongwith dispelling that rumour the company also announced that Alibaba Cloud had never issued a single fraction of any digital currency from its platform neither it had any intentions to do so in the future.

 

According to a report published last year CEO of Alibaba Jack Ma exclaimed that he had no interest in bitcoin but blockchain technology, which he described as a powerful tool of future technology.

Aftermaths of the Law Suit

After initial hearing the judge issued a short term restrain order against the Alibabacoin Foundation, the lawsuit also circles threefold damages for violations of US and New York law. Further development in the case will be reported after the show cause hearing which will take place on April 11, 2018.

 

However the Alibabacoin Foundation did not pass any comment in this regard. Also, despite the orders issued by the court the company has showed no intentions to roll back its initial coin offering or other related activities.

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What is a bitcoin wallet address?

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If you’re having difficulty in understanding the difference between Bitcoin wallet and Bitcoin wallet address keep reading on to clarify your doubts.

Before we dive straight into the address bit, you need to understand what exactly a Bitcoin wallet is.

What is a bitcoin wallet address

A bitcoin “wallet” is basically a vault for your bitcoins. It contains all the information on your transaction history and balance.  It allows you to store, send and receive bitcoins.

There are two main types of wallets:

Software walletIt’s to be installed on your desktop or mobile. This wallet will be completely under your control and it is your choice what kind of software wallet you’d like to install.

Web walletIt is hosted by a third party and is usually quite user-friendly, but it is your call to trust the provider to maintain high levels of security to protect your bitcoins.

What is a bitcoin wallet address?

It is simply a unique 26-35-digit combination of letters and numbers and it looks something like this, 1ExAmpLe0FaBiTco1NADr3sSV5tsGaMF6hd

Addresses can be generated at random and free of cost by any Bitcoin user. You will use this address to receive and send bitcoins from your wallet. You are able to send bitcoins to someone, by sending it to their bitcoin address. However, for each payment request or invoice, a new bitcoin address is generated.

Your Bitcoin wallet address can also be represented as a QR code. If somebody wishes to send your Bitcoin, they can scan the code using their Bitcoin wallet and send Bitcoin to your wallet:

What is a bitcoin wallet address

Bitcoin addresses are created as part of a key generation process that creates a pair of keys. They are a matched set, where one is public and the other is private. When you “sign” a bitcoin address you are running the public and private keys through an algorithm that checks whether those keys belong together. Usually signing is talked about in the context of a message. Someone sends you a signed message and you can verify that the message came from the genuine person. You can verify the message because it was signed with their private key and you match it to their public key.

When sending bitcoins, the signed message is a portion of the bitcoin transaction and you do not explicitly see the message, it is just part of the transaction. This lets you validate the ownership of the address. The transaction was signed with the owner’s private key and you check that it’s valid using their public key. Bitcoin wallets usually contain this message signing and verification functionality.

Make sure you and only you control the private keys to your bitcoins!

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Crypto Market Crashes At New Year – Bad News For Investors?

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The crypto market encountered an intense drop this Friday and Saturday. Coins were losing value with only three of the main twenty by market capitalization showing a development of more than 10 percent: Cardano, Qtum, and Neo.

Main Story:

Bitcoin also dropped from a Friday high of $15,266 to as low as $12,350 on Saturday. The previous two weeks have been extremely unstable for the first cryptocurrency, as it has accomplished an all-time high of $20,000 on Dec. 17, 2017, just to hold it for a single day and then losing around 32 percent of that value during the following couple of days.

The most recent fall is the continuation of that trend and there seems to be no recovery in sight as of yet.

Ripple, which has quite recently displaced Ethereum as the most elevated altcoin by market capitalization, has comparably dropped by 20 in the past two days. In spite of experiencing a powerful surge this week, it hasn’t been able to evade the “crypto slaughter.”

Luckily for holders of Ethereum, its drop has been less prominent. A tumble from $769 to $685, constituting only 11 percent loss of value, looks substantially more favorable to the performance of Bitcoin and Ripple. Particularly if you think about the slight recovery of 2.22 percent over the last few hours.

Overall, 2017 has been a good year for Ethereum, as it rose from $8 to over $750.

Other cryptocurrencies such as Dash, Monero, Litecoin, Bitcoin Cash, etc. have also suffered major drops over the weekend. However, the year 2017, for the most part, has been positive for the vast majority of cryptos and the crypto-growth in 2018 is expected to continue in the similar fashion.

 

News Credit: cointelegraph

Image: Google images

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Binance Hack – What Is Confusing Its Users?

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Binance is the largest crypto-exchange by trading volume, however, on 7th March, its users got affected by a hack of third-party software, and as a result, unauthorized transactions were made from their user’s accounts.
Since then, Binance’s CEO, Changpeng Zhao has claimed that the exchange is working normally and the funds of users are safe as well. Many users have shown their concern and complained by using social media platforms; Twitter and Reddit, that without their permission, their altcoins had been converted into Bitcoin and most of them didn’t even logged into their accounts.
binance hacked
There were many posts on Reddit, claiming that hackers have used their bitcoins for buying VIA coins for 0.025 BTC each. Without attracting any attention, hackers managed to withdrew the bitcoins in small amounts. It’s claimed by a Reddit user, Profetu, that Binance’s administration took actions to the complaints of their users by freezing their accounts in one hour. Furthermore, the user suggested;

“The hacker accumulated VIA in advance (from Binance or other exchange and sent to Binance) then he set a huge sell order at 0.025BTC. Then using API made some account sell alts and buy VIA with that BTC, [and then withdrew] BTC.”

Another user wrote;

“Same happened to me. I had 100% USDT worth $1548. Today I logged in so I can buy some xrp, but my account balance is $200 out of $1548, and apparently I bought 5 VIA coins and exchanged my USDT to BTC while I was in the gym?”

Few traders have presented a theory that the attack was linked with compromised API keys which had been requested by Binance’s users to further use inside the range of other applications such as; chart in monitoring services and trading bots. This theory also explains how the attackers have managed to pass over the two-factor authentication. But at the same time, it fails to explain why this attack affected the users who never requested API keys.

A user asked;

“Do you use any trading bots like profittrailer or gunbot? Do you have any API opened for any kind of services?” – Bonnie_channel

Another Reddit user wrote;

“That is what I am wondering! I never gave permission for this API key to be created. That is why I think it’s an issue on [Binance’s] end”.

Later, a tweet was posted by Binance, saying that deposits and withdrawals are now in a working condition and all illegitimate trades have been rebounded. Changpeng Zhao also said that a phishing website has been used by hackers to get the login information and to divert users from the authentic Binance website.

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Exceed of $1M in bitcoin transaction within two months

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Overstock.com, 5 march 2017, overstock noticed one thing after acceptance of bitcoin, that is, people want to use bitcoin for their transaction. Chairman of overstock states, “We did not expect to hit this milestone so quickly, “and “Bitcoin customers are good customers, and we’re pleased to provide them this service.”

About overstock

Overstock is American’s largest internet headquarter. On January 9, 2014, bitcoin became the major retailer, who accept the bitcoin as a payment of its goods. First day sales through bitcoin was USD$ 126,000,

4.33% increase in sales. Whereas, per day sales calculates is $3 million per day.

Powerful transactions

In early January, overstock starts its working to process the payment and handle the conversion of bitcoin into U.S dollars. As a result, 4300 customers pay $1M for bitcoin payments. 60% of customer were new on overstock.com

Bitcoin transactions have a long way. Retailer’s financial statement indicates $397.6 million revenue during its fourth quarter. Just because of this news, overstock trading rises up to 4%.

This was basically an experiment, but with the result, overstock is happy with its decision.

Strangely enough, with the support of bitcoin ecosystem, overstock see significant gains with no drawbacks.

 

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Top Bitcoin Exchnages – Buying Bitcoin Through Different Exchanges

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uying Bitcoin Through Different Exchanges

Bitcoin is a peer to peer, decentralized digital currency. The currency is free from any third-party influence like governments, the central bank, or a governing authority. The currency promises to revolutionize the traditional way of spending money in near future.

Bitcoins are not real coins. It’s a currency that is based on a string of codes and locked with encryption keys. The transactions made through bitcoins leave no traces behind, giving those involved complete anonymity.

There are several different ways to buy bitcoins but the most common way is buying through cash exchanges.

Buying Bitcoins Through Bitcoin Cash Exchanges:

Buying bitcoins through cash can be confusing at times. Especially for those doing it for the first time. But don’t worry, we have compiled a list of Bitcoin cash exchanges that make the whole process simple and straightforward. The list includes:

LocalBitcoins:

LocalBitcoins is a reliable Bitcoin escrow service from where you can cash deposit or cash trade in person. A quick step by step guide on LocalBitcoins includes:

  • Find a local seller who is willing to trade in cash
  • Choose how many coins you want to buy
  • Receive seller’s account number
  • Deposit cash into seller’s account
  • Upload money-deposit-receipt as a proof
  • You are ready to receive bitcoins in your LocalBitcoin wallet

BitQuick:

BitQuick connects you with sellers where you can pay with Bitcoin and buy products online. For now, BitQuick is only available in the US and works the following way.

  • First, you will need to find a seller
  • After finding a seller, discuss the price for bitcoins
  • Receive seller’s bank account number
  • Deposit cash into seller’s account
  • Upload receipt as a proof
  • Receive bitcoins

Wall of Coins:

A peer to peer bitcoin exchange. Wall of Coins offers a number of bitcoin payment methods; however, the cash deposit is the most common method that they offer.

Wall of coins is one of the largest cash bitcoin exchange in the US with over 100,000 deposit locations across the country.

Apart from the US, it also operates in some major countries like Germany, Canada, Latvia, Poland, Argentina, etc.

LibertyX:

LibertyX offers its services at a number of retail stores across the US. However, it requires the buyers to provide their identity which makes it less private compared to those mentioned above.

The maximum limit on buying bitcoins online from LibertyX is $1000, with 1% fee on each purchase.

One of the unique features of LIbertyX is that it grants $1000 worth of bitcoins for free to those who sign up through Facebook.

Bitcoin ATMs:

Bitcoins through ATM? Yes, you read it right. You can buy cryptocurrency through Bitcoin ATMs with only cash. Bitcoin ATMs require no verification, making it one of the most private ways of buying coins.

The average transaction fee through bitcoin ATMs is 5-10%, which is completely acceptable to those who want 100% privacy.

Bittrex:

Bittrex is a USA based digital currency exchange that offers fast trade execution, protected wallets and cutting-edge security measures to ensure the safety of your funds. It is said to be supporting more than 190 cryptocurrencies with a market cap of $354,425,501.

Bitfinex:

Bitfinex is a cryptocurrency trading platform based in Hong Kong that offers peer-to-peer trading of all major cryptocurrencies. It’s known for its customizable interface, security and variety of digital currencies.

Bithumb:

Bithumb is a Korean cryptocurrency exchange portal which is known for its reasonable price rates for bitcoin traders, ability to make quick real-time transactions and protection of every users’ assets with SMS verification. It is currently having a market cap of $314,531,860.

Kraken:

Kraken is a San Francisco based cryptocurrency exchange established in 2011. You can exchange multiple digital currencies as well as buy bitcoins. The currencies traded include Bitcoin, Dogecoin, Litecoin, Ripple, Ven, U.S. dollars, the Korean won and the euro. Moreover, Kraken is known for its security measures to prevent any sort of illegal activities to take place.

GDAX:

GDAX is a U.S. based exchange that offers a spontaneous, trusted and secure interface, along with full insurance of the funds held online.  It is also backed up by major investors such as Union Square Ventures, Andreessen Horowitz, and the New York Stock Exchange. Currently, the market cap of GDAX is at $104,995,957.

Final Word:

These are some of the top exchange bitcoin for USD through which you can buy coins. Each exchange has different terms and conditions for its users. Make sure you go through them carefully before acquiring their services.

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