US whistleblower Edward Snowden has shown deep concerns over the long-term existence of Bitcoin. He talked about the long-term prospects related to Bitcoin in his latest interview. According to him the use of public Blockchain has made the cryptocurrencies vulnerable to misuse. Before considering his point of view, many readers would sure want to know who really Edward Snowden is and why should we value his discussion about Bitcoin and its future aspects.
Who is Edward Snowden?
Edward Snowden is a former Central Intelligence Agency (CIA) employee. He is a computer professional and is well known for being the NSA-whistleblower. He earned international fame after revealing NSA’s surveillance agenda. And now he thinks that Bitcoin has a serious problem. According to him the Bitcoin ledger is extremely vulgar to public and it is not dependable in the long run.
Addressing a large gathering at the Blockstack event in Berlin, Snowden said that no doubt majority of people have their full focus on Bitcoins, pertaining to its transaction rate limitations. Edward stated that the long-lasting flaw of Bitcoin is its public ledger.
Why is Public Ledger not dependable?
When asked that how he could decide whether the public ledger had such major drawbacks, Edward explained that the idea of a public ledger might be a nice one but it is not so much compatible with the local trade mechanism for trade. According to Edward we cannot have a lifelong history of purchases made by everyone neither can such be record maintained for long in the form of public ledger. The most fearing thing about a public ledger is that it always has a threat from the government. Without proper government control no one can be sure what may happen after sanctions from the government arise.
When Edward was asked about a solution he stated that Bitcoin was once considered as the safest way to pay for anything on the internet – the main reason behind it was its anonymity. That’s the reason it was considered as the most favorite currency on the Silk Road platform. Furthermore, it was therefore used as a favorite tool for money-laundering and funding terrorist activities. However, Edward disclosed in his above-mentioned discussion that Bitcoins are much more traceable than any of us will bother to believe. Every wallet on the Bitcoin network has an address which acts as an identity and can be easily used to trace all the activities related to that specific user.
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.
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
The continuous demand and popularity as well as a sudden increase in the prices of various types of cryptocurrencies has aroused a wide scale interest. Instead of all that popularity and demand, the future of digital currency is still uncertain due to many reasons.
Cybercriminals played a critical role in this scenario when they started to demand ransom in the form of cryptocurrencies, most notably Bitcoin, which is the most popular and precious of these cryptocurrencies. It was already expected due to the safe and anonymous transaction facility. As a result, the demand of cryptocurrencies increased and automatically led to the mining of cryptocurrencies.
That’s why Microsoft has recently released a blog post elaborating the increasing threats of malicious cryptocurrency miners. Let’s see what actually cryptocurrency mining is:
Talking in simple words, coin or cryptocurrency mining is the process of running complex mathematical calculations in order to maintain the blockchain ledger. Though this process gets you a very small amount of coins but it pays well as the prices have gone up during the past few years. As a matter of fact, cryptocurrency mining will celebrate its 10th year in 2019. Because of the continued use of high level computing and uninterruptible power supply, it is not a too much popular practice. It is an intensive task that requires significant resources from dedicated processors and other hardware including heavy duty graphic cards.
Measures from Microsoft to Block Miners’ Attack
As mentioned earlier, Microsoft has shown some serious concern in this regard. The main reason is that technically, cryptocurrency mining can come in various malicious forms and can be implemented in a lot of ways. The largest threat is the so-called cryptojacking. Cryptojacking refers to remote browser-based coin mining that uses background resources to mine when a user visits the malicious URL turning his computer into a host. The same thing can also infect your computer with unwanted applications, while some hackers might be able to modify the startup settings of your computer, so every time you boot it, the unwanted malicious application will run in the background affecting your system speed.
The main reason for Microsoft’s concern is the core issue associated with the loss of computer resources. Corporate setups can face a huge drain of their available resources.
Fortunately, Microsoft has successfully blocked a major attack at the beginning of this month.
In order to stay protected, Microsoft has recommended to use advanced machine learning detection modes in Windows Defender ATP to identify and prevent such malicious threats.
When making an online transaction, several people like to stay anonymous for various reasons. And to achieve anonymity, they tend to use Bitcoin – a peer to peer, decentralized, digital currency.
It is often said about Bitcoin that it provides complete anonymity – which is not true. The Bitcoin transactions are not completely anonymous. They are made through Bitcoin exchanges. And the exchanges involved in a transaction may request you to provide your personal information, such as email address, a photo of yours, government ID, etc. and by using this information, they can trace and keep track of all your Bitcoin transactions.
(Learn about what are the top Bitcoin exchanges to trade coins)
To sort this out, we are going to discuss here some simple methods that will help you make anonymous transactions. Read carefully.
Stay Anonymous – Buy Bitcoin with Cash:
Wondering how to buy Bitcoin anonymously? Use cash! Yes, this is one of the simplest methods to buy Bitcoin anonymously. However, cash is not the only option – there are some other methods too, and we are going to discuss three of the most common ones here.
Buy Bitcoin Through ATM:
The ATMs give you complete anonymity to buy Bitcoin through cash. The machines don’t require any personal information or something else that a third party can trace. All you have to do is to go to your nearest ATM and make the transaction.
To buy the coins, all you have to do is enter your Bitcoin address and the number of coins you wish to buy. If you don’t have an address, just specify that you don’t have one and the machine will automatically generate a paper address for you.
Later on, using that address, you can import the private key and transfer your bitcoins to PayPal, or wherever you like.
Buy Through Local Bitcoin:
Another way to buy Bitcoin anonymously is Local Bitcoins. It’s a way of buying cryptocurrency through cash and in person. Through Local Bitcoins, you can find someone who is willing to sell bitcoins in exchange for cash in or near your area.
In order to use the service, you will need to sign up to their website. There is no documentation involved, so the process is completely untraceable.
Use Your Prepaid Card to Buy Bitcoin:
Prepaid credit card is another option to stay anonymous. The card is easily available at any supermarket or a convince store. Once you have the card, you can use it to buy the cryptocurrency without having to provide any personal information.
Some Methods That Are Just Partially Anonymous:
If you don’t have access to the above-mentioned methods, you can use the ones that are partially anonymous. These methods don’t require you to provide any ID. However, a phone number is still needed to enjoy the service.
Let’s take a look at some of them down below:
Wall of Coins:
A peer to peer Bitcoin exchange which only requires your phone number to use the service. Wall of coins currently operates only in Latvia, US, Argentina, Canada, Poland, Philippines, and Germany.
Acts like an escrow between a buyer and a seller. BitQuick takes the cryptocurrency from a seller and instructs the buyer to deposit cash into the seller’s account. Once the cash is deposited, the coins are released.
BitQuick also requires your phone number for its services.
These are some ways to trade Bitcoin with complete/partial anonymity. If you are looking to buy coins without being traced, it will solve most of your problems.