James Howells, the IT laborer who unwittingly disposed of a hard drive containing what is currently valued at around $75 million worth of bitcoin, knows where the missing hard drive is, but he can’t try to recover it. That’s because the city in which the fortune is covered won’t enable him to delve into the landfill.
The missing hard drive is sitting somewhere under 200,000 tons of junk in a Newport, South Wales landfill.
Howells used an old PC to mine a sum of 7,500 bitcoins in 2009. Presently, he sold the parts to the Dell M1710 on eBay after his girlfriend complained about the mining’s clamor. He kept the hard drive in a cabinet, just in case the bitcoins increased in esteem. However, he overlooked the hard drive, and after four years, he disposed of it with the trash.
Howells has not been able to get consent from city chamber to dig into the landfill to recover the hard drive. Doing as such would require particular hardware that is typically used as a part of criminal examinations.
He was informed that a situation where even the police needed to go digging would require a group of 15, incorporating diggers with compulsory personal protection equipment. He couldn’t reserve such an operation, so he set up a wallet for donations:
City Council Denies Permission:
A Newport City Council representative said somebody has reached them in the past about recovering IT equipment containing bitcoins, but the chamber has shied away because of the expenses of uncovering the landfill and treating the trash, as per Wired. Such an exertion would cost millions and be environmentally destructive, with no assurance that a working drive would be recuperated. Around 50,000 tons of waste is added to the landfill every year.
A city chamber representative said the drive has likely experienced genuine galvanic corrosion from landfill leachates and gases. The landfill isn’t open to the public use.
Howells has the public address for his bitcoin, so he knows the bitcoins have not been moved. Since the information is encrypted, any individual who finds the hard drive would require Howells’ assistance to get to it.
Story credits: ccn.com
Image: Google images
A Hong Kong merchant who correctly predicted bitcoin value’s dramatic year-end rise trusts that its rally is a long way from being done.
Dave Chapman, managing director of digital currency exchanging firm Octagon Strategy, told that numerous investigators laughed at him when he anticipated the bitcoin cost would dramatically increase in the final quarter and reach $10,000 before the finish of the year.
“I was cited back in August when bitcoin was trading at around $4,000 that we would have a five-figure headline before the current year’s over,” he said. “I think many individuals thought I was insane, many individuals laughed at me, but that is OK.”
However, regardless of condescending looks, the bitcoin cost has met — and surpassed — Chapman’s expectation. At the time of writing this article, bitcoin was trading at $16,615, a 20 percent rally boosted by the dispatch of CBOE’s bitcoin futures contracts.
The bears credit this development to a speculative frenzy, and Chapman admits that he is somewhat worried about the market’s current “warmth”. However, he denies that bitcoin’s value is purely from speculation.
“Bitcoin permits the quick exchange of significant worth from one individual on the planet to some other individual on the planet, and it does that without a middleman. That is its value,” he said. “If you take a look at bitcoin and its impact financial industry, it’s clearly not that crazy to believe that bitcoin could be a greatly enormous disruptor to finance.”
Chapman said that the launch of bitcoin subsidiaries is an indication that digital currency is “growing up,” and he included that he would not be shocked if the bitcoin cost comes to $100,000 before the finish of 2018. Nevertheless, he warned that winding up too focused on digital currency costs will make individuals lose sight of the revolutionary aspects of the crypto technology.
“The cost to me is presumably the most uninteresting part about bitcoin. I’m more excited about the applications and more amped up for what this means for individuals who lack access to financial inclusion,” Chapman finished up. “If we concentrate on the cost, we’re forgetting about the bigger picture.”
Enigma, a cryptocurrency investment platform was miserably hacked on August 21st, during their training for a crypto-token sale for their Initial coin (Ethereum, Bitcoin, etc.) offering (ICO). It was meant to be a method of raising capital using digital currencies. that would be launched on 11 September.
Unfortunately, the company’s website, slack accounts and mailing lists were overtaken by hackers. Furthermore, the website was changed and many fake emails and messages were sent to visitors and those interested, influencing them to deposit money.
It was reported by TechCrunch that the $500,000 worth of Ethereum currency stolen was not from the company alone, but the large Enigma community with their slack members, mailing list, and Ethereum exchange. That’s a shocker since the Enigma staff had imposed a strict warning that they would never request for money this way yet, a large amount of the digital currency was stolen.
Highlight The Security Errors:
When it comes to thinking how such an attack could be carried out, reports prove that there were some weak points like two-factor authentication missing from the affected channels. There must’ve been a leakage of at least one of the account passwords, which would lead to this.
The company has broadcasted temporary closing of its Slack channel.
Story Credits: siliconrepublic
Before using Bitcoin for any bigger transaction make sure to what you have to know and what are some best ways to secure your Bitcoin wallet. Always keep in mind it’s your responsibility to decide about your wallet carefully. Adopt some better practices to protect your money. A Bitcoin wallet is a collection of some private keys and used to make transactions on the Bitcoin network.
Some best Bitcoin wallets 2017 are:
1- BitCoin Core:
Bitcoin Core is developed to choose which blockchain have valid transactions and the users only accept the transactions for that blockchain. It’s those users who keep Bitcoin decentralized. They run individually their personal Bitcoin Core full nodes and each full node individually follows the same rule to decide which blockchain is valid.
Some Bitcoin Core features are:
- Full Validation
- Better Privacy
- Excellent Security
- Better User Interface
- Support the Network
Armory is a full featured and most secure means available for the users and organizations to generate and store Private Keys. The Armory team is experienced in private key and cryptography ceremonies. Armory established cold storage and distributed multi-signature. The Bitcoin cold storage is a system for storing Bitcoin safely on a fully air-gapped offline computer. At Armory, we attempt to improve constantly the best Bitcoin wallet with some extra security features.
3- Mycelium Wallet:
With the Mycelium Wallet, you can send and receive Bitcoin by using your mobile phone. The Supreme cold storage functionality enables you to secure your funds 100% until you spend them.
Features of Mycelium Wallet are:
- Provide 100% control over your Private-Key.
- No blockchain download, just install and run in seconds.
- Manage your multiple accounts and never recycle addresses.
- Ultra-fast connection to a Bitcoin network with the help of super nodes.
- Read only addresses and Private-Key imported for secure cold-storage integration.
- Protected your wallet with a PIN.
- Support for BIP38 Keys.
- Compatible with other Bitcoin services.
- MultiBit enables your Bitcoin wallet to make easy and fast transactions. After the installation process, a wizard guides you through effective steps to create your wallet and its backup. In just a few moments, you’ll be ready to join Bitcoin economy and now you can handle your funds and wallets. Your wallet and its backup resides encrypted on your personal computer and never with a third party.
- MultiBit adds an extra security layer for your bitcoins when used with KeepKey. KeepKey is USB device which stores and secures your Bitcoin.
Xapo Wallet offers a way to handle your funds when or where you want with just the click of a button. You can also manage your funds by sending an email and swipe of your Xapo Debit Card. Xapo iOS is your mobile Bitcoin wallet that combines industry-leading and convenience security to handle your bitcoins and sending currency to your family and friends. Simply scan a QR or wallet address or enter a name, or email to instantly send money worldwide.
Features of Xapo Wallet are:
- Fully insured Bitcoin storage in the market.
- Send and receive Bitcoin in just two clicks.
- Two-factor authentications.
- By sharing Xapo on social networks you can earn Bits.
- Zero network transaction fees.
Anyone can get the best for digital and traditional currency. You can get an online banking account, cheap money transfer, worldwide issued Bitcoin debit cards, and much more in just one place.
Features of Wirex are:
- Secure and Convenient: Secured with multi-signature and two-factor authentication.
- Easy Access: Manage all your accounts, past transactions, and debit cards by using your smart phone 24/7.
- Total Freedom: Send and receive currency from 130+ countries and with almost no limits.
Generally, Bitcoin wallets have just a single Private-Key to make your Bitcoin susceptible to misplaced or theft. The multi-signature technology of BitGo offers three keys for your wallet. BitGo does not have the facility to access your Bitcoin as other Bitcoin companies have. BitGo only holds one key which not enough for the transaction on your behalf.
If only a single key is compromised, your Bitcoin cannot be stolen. This makes BitGo almost hack proof. BitGo required 2F authentications and use high-level security measure to make a full protection of your Bitcoin.
GreenAddress is a safer Bitcoin wallet which provides you full control and it doesn’t compromise your privacy. Our pre-transaction 2-factor authentications and multi-signature wallet empower you with a supreme control over your transactions. GreenAddress never keep your Private-Keys, not even encrypted. We also make it fast to view and transfer your funds.
CoinBase is the world-famous source to buy and sell Bitcoin. It is CoinBase is also a popular Bitcoin and Ethereum wallet. CoinBase provides the facility to buy, store, use, and accept Bitcoin and Ethereum securely. You can experience a best digital currency managing on the mobile phone.
Some additional features of Coinbase wallet are:
- Send and receive Bitcoin.
- Track the Price of Bitcoin anywhere with the help of Bitcoin price charts, Bitcoin price alerts, and Bitcoin price ticker.
- You can check transaction history, balance, and transaction details of all your accounts.
- You can send Bitcoin and Ether via email.
- Send via QR code with zero transaction fees.
- You can set a password to secure the mobile app.
- You can remotely inactivate your phone’s access if it’s stolen or lost.
- Historical and real-time Bitcoin and Ether price charts.
Now a day, bitcoin is at the top of the cryptocurrency’s list. Accordingly, bitcoin gained fame only in 9 years, read on to find out more about what bitcoin is worth today.
According to the first investor in Snapchat Jeremy Liew and Peter Smith co-founder of the blockchain, Bitcoin is not going to leave its strength. They estimated that the Bitcoin will hit $500,000 by the year of 2030.
All the settlements of the bitcoin move from country to country. World Bank shows the gross product data of last 15 years is 0.76%. Foreigner sends money back to their home. According to the Peter and Liew’s reviews, they found the expensive alternative in form of the Bitcoin. In that scenario, we can say that with the awareness of the bitcoin, its percentage of the settlement also increases day by day.
According to the both, bitcoin popularity increases in US, UK and in developing countries. They said, at the consuming and investment level, bitcoin liquidity, its uncertainty, easy ways of transfer making it more flexible and impressive. This is the huge possibility that bitcoin’s market outperformance will make the bitcoin a strong competitor.
Peter and Liew said that next years will the time of smartphones. Because noncash transactions will move from 15% to 30%. right now, penetration of the smartphone is 63% which may increase to 78% (63+15), or 93% (63+30). And, this is the expectation that users of the mobile will expand to 1 billion by 2020. GSMA reported that 90% users of this technology are from developing countries. In addition, this makes the easy approach to everything. Everyone has the bank in his pocket, which provide an enhancement to the bitcoin. Accordingly, 50% of the all noncash transactions could be accounted by the bitcoin.
Basic model drivers are as follow;
- bitcoin price in 2017 is $2809.77
- bitcoin supply by 2030 will be 20 million
- 2030’s value and the user of the bitcoin will up to $500,000 and 400 million. Whereas, a value is calculated by taking $10 million market cap and dividing it by 20 million bitcoins (amount of fixed supply of Bitcoin).
- Market cap of Bitcoin 2030 year is calculated by multiplying the number of the bitcoin holder with its average value.
- market cap of the bitcoin is $16.4 billion, means each user contain $2,515 worth of bitcoin. Accordingly, it will be increased to the $ 25,000.
- Bitcoin users increase from 120,000 to 6.5 million in 2017. It could be the beginning, means growth would be 400 million in 2030.
Smith and Liew views
These above are the rough estimation for the year of 2030. Now a day, China plays and important role in bitcoin technology. which means bitcoin is nearly 100% responsible for trading in bitcoin. However, three well-reputed exchanges announce the fee of 0.2% fee on each transaction.
According to the Smith, Bitcoin is at its beginning stage. He says, “The SEC’s ruling wasn’t a surprise to us,”. In addition, he gets that sort of approval. He includes, bitcoin is too much easy to use, whether it is buying or selling process. And, also getting mature in assets sense. We will examine the development of the bitcoin.
Countries are still at the strife stage. As bitcoin didn’t get regulatory approval in the US. Whereas, in Japan, cryptocurrency is legal payment.
Tags: bitcoin settlement