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Bitcoin vs Ethereum

Since its release in 2009, Bitcoin has completely revolutionized the cryptocurrency world. Incalculable imitators have made several attempts to dethrone BTC from the top spot, but Bitcoin still remains the undisputed king of digital currency.

However, this does not mean that Bitcoin is cruising through the digital world with ease. There are some huge names trailing hard Bitcoin by introducing super cool features in an attempt to overtake BTC. One of those names is Ethereum – the fiercest rival of Bitcoin – although there is still a long way to go to catch up.

The most important question is: “can Ethereum really live up to the hype surrounding it and usurp Bitcoin’s supremacy?”

In this article, we have compared the different features of both the currencies and tried to explain whether or not Ethereum can overtake Bitcoin.

Comparing Bitcoin and Ethereum – Popular Support:

Bitcoin:

Bitcoin is often revered as a counter to government and central bank. The users tend to be more conscious; both economically and politically and are more motivated ideologically.

Ethereum:

Ethereum users tend to be less ideologically motivated. They normally seem to be content giving away authority to a singular entity that is Vitalik Buterin – the inventor of Ethereum. The Etheruem community’s focus is to take on the business and technology in the future.

Scripting Language:

Bitcoin:

The scripting language in Bitcoin is limited, which means it doesn’t only confer the ownership coins but also comes with a certain set of instructions. Moreover, the scripting language enables a user to lock up the coins for a certain period of time.

(Read our guide about Bitcoin hardware setup here)

Ethereum:

Ethereum, on the other hand, focuses on expanding its set of instructions into a fully featured programming language such as JavaScript. This ultimately makes it less limited to the transactional processing.

Blockchain:

Bitcoin:

Bitcoin blockchain currently comprises of 1MB Blocks and can process around 3 transactions per second. Each block may take up to 10 minutes to mine. The mining is done through ASIC hardware in Bitcoin blockchain.

Ethereum:

Unlike Bitcoin, the blocks in Ethereum blockchain are of variable size. Moreover, it’s much faster than its Bitcoin counterpart. Where a Bitcoin blockchain performs only 3 transactions per second, the ETH blockchain can perform up to 25 transactions per second.

Supply:

Bitcoin:

Bitcoin’s maximum limit is set at 21 million. The currency is designed to never go beyond the said number. Moreover, its issuance is halved every 4 years, which means the currency won’t reach its maximum limit until the year 2140. Currently, there are 11 million bitcoins in circulation.

Ethereum:

Ethereum’s annual issuance rate is much higher than Bitcoin – 18 million to be precise. This represents an inflation rate of -20% at the current supply. Due to the fact that Ethereum is not consumed by a software program and rather sent to the miner of the associated transaction, its value is likely to go further down in the longer run.

Conclusion:

Looking at the bigger picture, Bitcoin is a safe bet and will easily continue to dominate the cryptocurrency world. On the other hand, there is a large amount of uncertainty surrounding Ethereum, which consequently leads many users to lose interest in ETH.

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Bitcoin Hits $11,000 – But It’s Just The Beginning!

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Miguel Cuneta, the co-founder at Satoshi Citadel, which is a renowned digital money investment firm in the Philippines expressed that the $10,000 hype was produced by the media recently. Minutes after the bitcoin cost crossed $11,000, it dropped to $9,000, and soon after, the predominant press was anxious to publish a progression of articles on the next bitcoin crash.

“News outlets barely had 24 hours to let the ’10k’ news simmer and it has already gone up to $11,500. When they published the ’11K’ piece, it had already dropped to $9,000. And when they entered the last word on ‘Bitcoin is crashing!’ article, it was back at $11,000 per BTC,” wrote Cuneta.

With the cost of bitcoin almost at $12,000, bitcoin is currently the world’s 6th most valuable currency on the planet. Hence, while the majority of predominant press outlets and analysts in the finance sector are focused on the transient value pattern of bitcoin, Cuneta clarified that bitcoin will probably turn out to be significantly bigger than most can imagine.

“Along these lines, we could watch one of the greatest financial rises in history unfurl with this bitcoin insanity. However on the opposite side of the coin, there is additionally the non-trivial possibility that we are seeing something striking happening right in front of us — the arrival of the separation of cash and state,” Cuneta noted.

The Future Beyond $12,000:

Bitcoin has hit the $11,000 mark and is going to cross $12,000 in December, given the entrance of institutional financial specialists and billions of dollars in capital. As institutional cash streams into the bitcoin advertise through bitcoin prospects, the $165 billion market cap of bitcoin will increase quickly, giving greater liquidity.

Cuneta added: “More than one-third of a trillion dollars. That is the aggregate sum of digital currencies on the planet. $165 Billion belongs to the Bitcoin alone, which just shows how overwhelming network effect can be. Due to Bitcoin, the ability to create cash has come into each person’s hand on the planet and detracted from lords and governments.”

For this specific reason, a few renowned financial specialists inside the cryptographic money space have communicated their optimism towards bitcoin price reaching $45,000 before the finish of 2018, accomplishing a $1 trillion market cap.

Story credit: cryptocoinsnews.com

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Everything you need to know about Segregated Witness

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I have been noticing on many online bitcoin districts that various users are unable to understand the concept of Segregated Witness. This post will clear up any doubts, uncertainties, and myths regarding SegWit.

So, what happens in SegWit?

SegWit is short for Segregated Witness and it’s a proposal presented by the developers of Bitcoin Core. Originally it was aimed to solve the transaction malleability, which is a well-known weak spot in the Bitcoin system. The idea behind SegWit is that the signatures in a transaction, also known as the “witness data” are skipped when calculating the transaction id.

Basically, SegWit will update the 1MB size block limit to 4-million unit block weight limit. This counts serialized
witness data and one unit and core block data as four units. This is an entirely new transaction format, meaning the block size is increased. SegWit counts each byte in a witness as 0.25 bytes towards the 1MB block limit, thus the maximum size of a block becomes just under 4MB.

It’s not that the data gets smaller, it’s just counted in a way that allows for the block limit to be increased.

The short/easy version

In simple words, signature related data is removed from bitcoin transactions, causing them to appear smaller in size. Also, making the block size smaller, further, allowing more transactions to take place.

 

Clearing up myths and rumors

Myth: SegWit as a soft fork is much more dangerous than a hard fork

A soft fork ensures that the backward and forward compatibility is under control. Also, when a soft fork is set up, old versions of Bitcoin software will be able to function without any faults. On the other hand, a hard fork requires every Bitcoin user to update to the new software to support the consensus rules. Any user that fails to upgrade to the new software might be under the risk of getting thrown off the Bitcoin network.

 

Myth: SegWit is more complicated than a super simple hard fork

Similar to a hard fork, SegWit proposes the same idea of increasing the block size limit. No doubt, it is pretty complex and introduces several changes, but it is a relatively simple conceptual change. Basically, SegWit ignores the signatures when calculating the transactions, but as a soft fork, some additional changes must be made to make SegWit transactions compatible with non-segwit nodes. These changes then have side effects which can be beneficial to Bitcoin. It also contains more functionality than a hard fork increasing the block size limit. The hard fork to increase the block size limit also appears simple, but additional changes need to be made to support the deployment and to solve the quadratic hashing issue with transactions.

 

Myth: Miners who don’t upgrade to segwit will be forcefully told to quit the bitcoin network

This is false since SegWit will be deployed using the BIP9 versionbits which uses a 95% threshold. A miner would not run into any trouble, as long as he follows certain rules. However, if he fails to follow these rules, he could end up with transactions including witnesses but he wouldn’t be having the witnesses nor the witness root hash in the Coinbase. This would be an invalid block that would be in the orphan pool.

 

What are the benefits of SegWit?

Besides the obvious benefit of having to increase the capacity, there are several other benefits that come with the introduction of SegWit. Some of those benefits are:

  • Node performance is tested based on how weighting data
  • Signature covers value
  • Linear scaling of sighash operations
  • MultiSig gets more security
  • Script versioning
  • Increased security to almost-full-nodes

Why hasn’t SegWit been activated yet?

If there is not enough support shown, it might result in a contentious fork. That means a part of the network switches to the new client while some remain to use the older version. This leads to two sets of cryptocurrencies with different rules, co-existing and competing for users and legitimacy.

In order to avoid such a situation, the developers of SegWit have programmed a specific rule in the software proclaiming that it will only activate once it reaches the 95% mark.

Currently, the support is hovering around 32-33%. 

Everything you need to know about Segregated Witness

 

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How to Buy Bitcoin In 2017

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How to Buy Bitcoin

Buying Bitcoin is simple and painless. All you need is a digital wallet as, without it, it’s impossible to buy and store Bitcoin.

A Bitcoin wallet is used for the same purpose as a traditional bank account for storing fiat currency.

Once you have the wallet, you will need to follow a simple process in order to buy the coins. Here, we have discussed how to buy bitcoins. So read carefully.

Buying Bitcoin – Getting Started:

There is a large number of brokers, exchanges, sellers and wallet providers, etc. selling Bitcoin. However, not all of them are reliable. Some are just there to steal your money.

To avoid theft, you should always look for well reputed and renowned names to make the purchase.

The Bitcoin exchanges require the users to provide their personal information – which may also include your photo and a copy of ID – to prevent theft.

Once your account is functional, you are ready to buy bitcoins instantly.

Buying Bitcoin with Debit/Card Instantly:

Buying bitcoins via debit/credit card is one of the easiest approaches out there. However, due to the complex transaction process, the fees can be high.

As a bitcoin buyer, you will come across numerous companies offering their services, but only a few of them are trustworthy.

Down below is a list of most trusted names that accept credit/debit cards and sell instant bitcoins.

Coinbase:

With the presence in over 30 countries, Coinbase is the largest bitcoin broker in the world.

Coinbase offers instant buy option, but to buy the coins instantly, you will need to provide your identity proof and bank card.

Coinbase users are normally categorized into two levels: level 1 users and level 2 users.

Level 1 users are the fully verified users and can buy up to $1k worth of bitcoin per week.

While level 2 users can only buy up to $100 worth of bitcoin per week.

Moreover, Coinbase only charges 3.99% in transaction fees which are pretty low compared to other exchanges.

Find out more about how to buy bitcoins via Coinbase safely right here.

CoinMama:

  • Offers instant bitcoins to debit/credit card users
  • Charges 5% in transaction fees and particularly good for those who buy in bulk.
  • Offers special packages to verified users as they can buy up to $5k worth of bitcoins per day and up to $20k per month.

BitPanda:

BitPanda is an Austrian exchange and is one of the most renowned across Europe.

The features of BitPanda include:

  • Instant bitcoin purchase through credit/debit card
  • Low fees. Just around 3-4%.
  • The buyers are required to go through a strict verification process.

A downside of BitPanda is that the fees are not mentioned on their site. If a user wants to know the fees, he must register an order first.

Some Other Ways to Buy Bitcoin:

Buyers who don’t have credit/debit card can also buy bitcoins through LocalBitcoins.com. All you have to do is enter your nearest area and arrange to meet up with a seller. However, make sure your meetup is in a public place to avoid any potential harm that the seller may possess for you.

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How to launch a successful ICO

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What An ICO Truly Means???

How to luanch a successful ICO: Initial coin offers the newly emerged concept of crowdfunding in blockchain and cryptocurrency. Basically, it is an event, when a digital company releases its own cryptocurrency. The company usually release a number of crypto-tokens. As a result, users get their crypto token’s share and the company gets its fund to develop more products.

ICO Direct Marketing Guidance – Are ICO Campaigns Suitable For The Business???

For a business setup, it needs a proper homework and campaigns session also. Some business owners consider that ICO is an important tool for any startup. With advertisement process, it allows to raise your money and registering IPO with agencies.

Whereas, in the case of the digital world, ICO ideology is getting more achievements. There are few standards which play an important role to accomplish the actual requirements of a successful campaign. Here, the first requirement is to generate the value of the cryptocurrency for users.

ICO market depends upon two pillars such as authentication and transparency of a transaction or dealing. Due to this, owner of the project will not able to get an extra reward on contributors’ amount.

So, before conducting a crowd sale token campaign keeps authentication and transparency sessions to minimize the risk of detrimental.

Can I Conduct An ICO Campaign?

ICO has the ability to create a profitable campaign. ICO crypto-token can be easily integrated into any business model. This is the fundamental problem that a token comes under massive speculative pressure and end up with the level of heavy demand.

In the same way, your plan is to decentralize your token and increase the value of it, it’s a part of the business feel free to read on. On the other hand, there are much better ways such as plain old crowdfunding or VC funding.

What Should I Focus On Before Launching?

ICO campaign owner always has the teamwork with goals and potential. They make their effort to attain three answers to the question. As a result, they get the profitable campaign.

  1. Who is working on the campaign which includes market reputation, communication level, ICO direct marketing and definition of your product?
  2. Explain project’s goal clearly.
  3. And, what you have for the contributors in your product.

How To Pull The Team In ICO?

You’ll need an experienced and hard-working team during ICO campaign.  Avoid the hiring of unaware team members. A professional team with their face and portfolio on the social media platform, easily available to any potential contributor.

How To Communicate With The Audience?

Simply take a white paper. In addition, write down the technical aspects of the project, problems, and their solutions, targeted areas, a proper channel. Make it sure that your goals are well-defined and have real worth.


How To Protect The Investors’ Interests?

Offer the premiums like discounts to the early investors. For investors, interest introduces escrow wallet for the contribution. And, make it sure to the investors that investments are refunding in case of failure.

Most Important Factors Of ICO

A campaign depends on the two factors,

  1. Your timing
  2. Your communication

These two factors directly create strong effects on a campaign.

Goodluck!

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How to Buy Bitcoins Instantly – The Secrets Unlocked

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For new users, buying Bitcoin could be a little difficult. Especially, when the situation calls them to buy it instantly since the procedure is quite tricky. If you are one of the new users and looking for information on how to buy Bitcoin instantly, this is the perfect place to be.

Buying Bitcoin – The First Step:

The first and foremost thing needed is a Bitcoin wallet as it is used to store digital coins. The wallet works the same way as a bank account – it authorizes you to hold your Bitcoins safely and lets you send and receive the cryptocurrency.

Getting wallet is pretty simple. All you need is getting in touch with a Bitcoin wallet supplier and provide them with your email address. Once they have your email, it’s just a matter of few minutes before you eventually receive your wallet.

After getting your wallet, choose one of following three ways for an instant purchase.

Buying BTC Over the Counter/Face to Face:

The most effortless choice, especially if you live in a big city and don’t want to give away your identity.

There are various websites/p2p commercial centers on the web to help you make face to face trade with a native retailer.

In the event you choose to adopt this method, it is best to arrange a meetup in a busy, open place and play it safe at the time of the transaction. Also, keep in mind that you must have access to your wallet to ensure that the coins have been transferred to your Bitcoin address.

Buy BTC from an Exchange:

Bitcoin exchanges allow consumers to buy and sell Bitcoin. However, while dealing with such exchanges, remember that these exchanges and wallets do not work the same way as the banks.

Unlike traditional banks, these exchanges do not provide any protection to your record which could be an issue should you end up losing coins to hackers. So, make sure you have everything perfectly in shape – protecting your coins.

Buying BTC at ATMs:

You can also buy the bitcoin instantly with Bitcoin ATMs. The approach is similar to the one with face to face exchange, the only difference here is that people are interacting with a machine instead of a human being.

These ATMs require users to insert their money or MasterCard to complete the transfer of bitcoins to your wallet. Some latest models even permit you to withdraw money by sending bitcoins. However, the transaction rates of these ATMs are slightly higher than that of traditional exchanges – 3%-8% to be precise.

Conclusion:

These are some of the best ways to buy Bitcoin instantly. To conclude it all, first, you need a Bitcoin wallet to store coins. Then go to an exchange, get them through an ATM or go with face to face purchase as all these methods guarantee instant bitcoins.

Good luck with your first purchase.

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