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guide to surviving a coin-split

 

We have all been hearing about the coin-split for a while now, so there are possible chances that it could happen any moment. While most miners are choosing to side with Bitcoin Unlimited and mine blocks larger than 1MB, some are sticking with the current Bitcoin asset aka, Bitcoin Tokens. This could lead to the network being split into two, aka “hard fork”.

Before the Split

First of all, be aware that this is a high-risk zone. Do not be holding onto more value in bitcoins than you are willing to lose. If you are planning on holding onto your bitcoins, then keep your private keys secure and under your control. Try investing in a hardware wallet, like TREZOR, Ledger Nano S etc. These will keep your private keys secure and provide you a backup PIN in case you ever tend to lose them.

Bitcoin guide

BE SURE TO MAKE A BACKUP OF YOUR PIN. 

You must not skip this step while installing any wallet.

We are not sure of when the fork would take place, but indications are that it could take place at any time and things could get messy from a scale of a few hours to maybe even days.

As such, our advice is that you don’t make any bitcoin transactions during that time period, at least not until we’re sure of what the post-fork situation looks like.

During the Split

There is no set date given as to when the “split” could take place, which means that a fork could happen at any time. However, if BU does fork, things would get complicated for a while. For eg, post-fork, transactions will look the same on either side. If a transaction is picked up by one end, there are chances that it’d be picked up on the opposite as well and may be valid for both chains. This is called a “replay attack” and unfortunately, BU does not include “replay protection.” Ultimately, spending coins on one end could lead to the same amount being spent on the other.

What you should do is, avoid sending any transactions until the post-fork situation is clear to everyone and you are sure that Bitcoin Unlimited is a winner.

After the Split

In the future, if both coins survive and you still have control of your private keys, you will have coins on both sides of the fork. But, it will be tricky to spend coins on one chain without unintentionally spending the same amount on the other end.

A solution for this would be to mine new bitcoin value after the split. If the coins are not present on either end, then no one can spend them.

Some exchanges might even set up coin-splitting services that will credit your account with BTC and BTU. Perhaps you might have to upgrade your wallet.

Also, if neither of these survives, your private keys will probably become worthless.

 

No one clearly knows what the post-fork scenario would appear to be, so as of now, we simply wait and see.

Hope for the best!

Tags: Bitcoin generator

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Bitcoin Price Once Again Struggles to Sustain Momentum

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Bitcoin price has rebounded from $6,500 to $7,034 with the market cap of $125 billion, at this very moment. Other smaller cryptocurrencies including VeChain and Steem have somehow surpassed bitcoin with a 50% and 25% surge in value, respectively, while other major cryptocurrencies like Ethereum, EOS, Bitcoin Cash, Ripple, and Litecoin have also performed quite well over the past few days.

bitcoin price surge

Bitcoin Price Surge

Since 30th March, bitcoin couldn’t surpass the $7,000 mark, due to its low volume.  However, on 25th March, Bitcoin price achieved $9,000, with comparatively strong volumes on the cryptocurrency exchanges. But since then, the price of bitcoin has seen a constant decline. Even though the price of Bitcoin went to $8,800 but then again, it failed to sustain momentum and its price fell to $6,400.

For surpassing the $7,500-mark, Bitcoin will have to sustain its volume for the next few days, then it will be able to move back to the $8,000 mark.  At this time, the RSI (Relative Strength Index) of bitcoin is at 39.2 however, earlier, it was at 30, indicating oversold situations. Bitcoin is currently being traded in a neutral zone, also the top-cryptocurrency hasn’t shown any overwhelming sell volumes.

Therefore, the next few days are going to be really important for bitcoin, as its value has increased over the past 48 hours, and according to bitcoin’s MACD (Moving Average Convergence Divergence), it has started to gain a little bit momentum.

Jon Matonis’s Views About Bitcoin

A well-known investor, an executive at VISA and the co-founder of Bitcoin Foundation, Jon Matonis, has stated that the entrance of financial institutions such as Goldman Sachs could lead to an increase in the demand towards bitcoin (in the mid-term). Different Bitcoin analysis are being done, but if the leading cryptocurrency can recuperate from its present bear cycle, then experts like Matonis are predicting a bull run for the top-cryptocurrency, Bitcoin.

Matonis said:

“I think it’s fabulous that they’re getting into it because it brings in new liquidity. They’re going to develop futures markets, options markets, I even think you’re going to start to see interest rate markets around bitcoin. We’re used to hearing things about Libor, the index for bitcoin interest rates is Bibor”

SEC Against ICOs

Also, according to the New York Times report, the ICO founders, called Centra, were arrested for defying US SEC (Securities and Exchange Commission) as they were distributing securities without getting any approval from the US Securities and Exchange Commission. If the SEC still keeps on curbing ICOs, it could lead to a wane in motion within the ICO ecosystem, globally.

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Joint Fintech Venture of Singapore and Japan

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Basically, fintech ventures refer to specific computer programs and use of other related technology in order to support financial services in banking and other sectors. Since the end of the first decade of 21st century, fintech has expanded a lot, now it refers to many technological innovations in the financial sector e.g.; financial literacy education and various forms of crypto-currencies.

finetech companies

SFA and FAJ join Hands for Fintech

According to a joint press release, the Singapore Fintech Association (SFA) and the Fintech Association of Japan (FAJ) have decided to work together in order to bring improvements in fintech development. Both the countries signed a Memorandum of Understanding (MOU). The press release also states that this joint venture will probably raise the financial profile of the Japanese fintech companies as well as expand the business opportunities for Singapore in wider Asia.

Views of Chia Hock Lai about the MOU

Chia Hock Lai, the president of Singapore Fintech Association, said that this partnership will lead to fill the gap between the fintech communities of Japan and Singapore. Natalie Shiori Fleming, Vice Chairperson of the FAJ, also exclaimed his thoughts in this regard. According to him they are looking forward to increase interaction and cooperation level between respective markets of the two countries through a deeper relationship.

Japan’s Financial Services Agency (FSA) has also updated legislative rules and regulations in order to improve cooperation and interaction level between traditional banks and fintech companies. Same is the case with Monetary Association of Singapore (MAS) in case of fintech related innovations.

Reasons to Promote Fintech

An overview of the above details may arouse questions in your mind regarding fintech. First of all, what is the reason behind so much dependability and concentration on fintech?

Answer to this question in a single phrase is:

The financial industry is more than ever focused on technological innovation than it was at any other time.

All the major countries are become fintech dependent with the passage of time. At the moment, North America is leading fintech startups while Asia is following. A bird’s eye view of some of the most active areas of fintech innovation are as follows:

  • Digital cash in the form of cryptocurrency.
  • Blockchain technology, to maintain records with no central ledger.
  • Computer based smart contracts.
  • Cybersecurity and fintech are interlocked.

According to the modern day financial experts, fintech will have the same impact on future financial affairs as was of mobile phone and social media in case of communication era.

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Bogus Company Registers to Exploit Telegram’s mega ICO

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On 28th February, Telegram Open Network Limited was registered in Britain under the name Pavel Durov (the founder of Telegram). Telegram is a chat app, which has almost 200 million monthly users and is a commonly used platform for both ICO teams and investors, so that they can interact with each other.

telegram ico news

 

 

 

 

 

 

 

 

 

 

According to the latest telegram ICO news, the new crypto-project of the company has raised a huge amount of $1.7 billion in funding for its token sale, up to now, and will be providing services such as:

  • File storage
  • Private VPN
  • Encrypted browsing platforms
  • Services for decentralized apps
  • Decentralized browsing
  • Micropayments
  • P2P payment capabilities

Crypto Scam Alert

The company, Telegram Open Network appears to have been formed in an exertion to divert funds away from the legitimate project and it would have accomplished, if the scam didn’t expose. Their legal registration as a company could’ve legalized the project in the front of genuine investors, however, the project recently grabbed the attention of Telegram. A tweet was posted on 6th April, which revealed that it was entirely unrelated to the official project. According to this tweet by Telegram Open Network Limited, the company wasn’t linked to Durov and cited numerous red flags that raised incredulity in register document.

$1.13 Billion In Paid-Up Capital

Telegram Open Network has claimed to have $1.13 billion in paid-up capital in their registeration, and this is something which elevated uncertainties. Seemingly, the process of registration for British companies isn’t as severe as it might be anticipated however, applicants are expected to confirm their own details without actual oversight, and the procedure can be finished online for under $20 at Companies House.

Low Barriers to Entry

Even with difficulties for startups, the company’s registration can allow scammers to play away from the victims, especially from those who are searching for the legitimate registration without examining the details. Last week, the Telegram’s ICO made almost $850 million. Various investors have already earned a lot by flicking their tokens before the sale went public. With demand for a place in this enormous ICO success, it is not hard to envision how the bogus company could’ve deceived genuine investors who were eager to contribute to the action.

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Bitcoin – puzzling rise of the bitcoin

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Bitcoin info: An insane rise in the value of the bitcoin is providing a new discussion to the technology world.

A number of people are really wondering about the origin of it, they are puzzled by this phenomenon? surprise how it is physical? how they withhold on it? how bitcoin works? or whether a new bubble like this, is on its way?

Whereas others count that the currency change brings the sans regulations.

If we look back, one Bitcoin was at the value of $0.003 in 2010. Whereas, its value in 2017 raises to $2500. Clearly, means that one bitcoin is equal to the 2500 US dollars. By multiplying the perspectives bitcoin’s value is 879,999 times.

 So, which thing people buy in actual????

On another side, people think about the hoarding of the bitcoins.

One of the trader’s point of view is, “Of course, you can spend bitcoins to purchase items at places where they are accepted. But a lot of traders are buying on speculation because the supply of bitcoin is limited”.
All we know that there is 21 million total supply of the bitcoins and 70% are mined already from the internet. And, a sharp increase of the bitcoin is associate it with “bubble” word.

Billionaire Mark Cuban already admit that it has a worth, it has a value in blockchain technology. And named it as a bubble early in this month.

Few of them relate this bitcoin hype to the “Tulipmania. A well-known episode in Dutch history 1636-1637.  Where the value of tulip bulb was pushed by the gamblers to rapid heights.

Unfortunately, the bubble burst and bulbs price crashed. The main reason for this crash was, no existence of the fundamental value of a bulb.

But, in the case of the bitcoin, you are free to spend your coin and get goods and services. This scope is continually expanding. Traders of the bitcoin are the well-wisher of this technology and claims that bitcoin’s attractiveness directly lies in its potential.

Furthermore, it is possible that fiat money also doesn’t have original value but it is controlled by the different sources. That is a reason for long-term investment.

Japanese government legalized the bitcoin, it is a live example that cryptocurrencies are making their ways into the mainstream.

Bitcoin is not only one cryptocurrency, which is available with the limited supply. In fact, there are more than 900 digital currencies available on the internet. Whereas, cryptocurrencies are basically decentralized digital money, which is not created by any government or central bank.

Additional tag: Bitcoin stock market

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The Right Time to Buy Bitcoin and Ethereum – Revealed!

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It has been about two months, hedge fund billionaire Michael Novogratz thru a brave announcement, he’d put 10% of his net wealth into cryptocurrencies with Bitcoin and Ethereum. But a very much could happen in a few days like the worth of Bitcoin has more than doubled, and the worth of Ethereum has increased six-fold.

So, around the time digital currencies touched all-time high earlier in June, by hitting the price of Bitcoin to $3000, and the worth of Ethereum breaking $400 these days. Novogratz believed that the recent crypto boom had topped out. He sold a lot of his digital coins.

Image Credits: newsbtc.com

“I sense the market had a great run, and trees don’t raise to the sky,” Novogratz spoke this week, talking at CBInsights’ in New York, “I have a lot fewer coins, they just value more,” Novogratz added.

Some days after setting highest, the price of Bitcoin and Ethereum fall down about 25% in just 24 hours, and Ethereum is still on falling.

Digital Currency dealers have become adapted to their prices aggressively doing push and pull, up and down in waves.  A 30% fall in the Bitcoin worth in May headed its current highest by about two weeks, but the recent downdraft seems more constant. However, the digital currency entrenched in a technology system identified as the blockchain, have individually since improved some of their losses, they have to drive anywhere near to their high.

Now, investment groups are investing in blockchain companies. They think that the digital currencies have peaked for some time, and it can be a while before they come back to the highest level. Novogratz still has a firm stance on cryptocurrencies and their performance in the longer run. The only thing he is waiting for is the right purchase time so he can start from where he left off.

Eventually, Novogratz has faith that there will be a time when stockholders are recovering off getting out of digital currencies entirely, However, it is almost a long way off. Novogratz predicted that “I think that Bitcoin, Blockchain, Ethereum, and ICO revolution is leading us to the single extreme bubble of our lifetime”. No doubt, when that bubble pops, it is possibly a perfect time to buy back in.

Story Credit: fortune.com

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