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More and more people join the Bitcoin community every day. Thus, the drive to determine how it can integrate into mainstream society becomes even more essential. The questions that strike to everyone is whether any traditional laws apply to Bitcoin or not.

Although these determinations might bring implications to its holders and Bitcoin itself, and few will play a bigger role in the United States than property laws, which could ultimately govern ownership over the digital currency.

A new white paperTreatment of Bitcoin Under U.S Property Law, assembled by Perkins Coie. The report seeks to analyze how the worlds of virtual currency and property law intersect. Perkins Coie is an international law firm that specializes in blockchain technology and digital currency, also it has been active in space since 2013. It is pretty detailed and well researched but the paper’s conclusion is straightforward and transparent.

“We conclude that property interests should exist in Bitcoin under such law and that multiple sources of persuasive authority provide additional support for that conclusion,” the paper’s authors, J. Dax Hansen and Joshua L. Boehm, wrote.

The paper starts off with an overview of Bitcoin’s technological aspects and what those mean for how property law can apply to it.  The authors use California state law and Bitcoin transactions as an example and make their case.

“Parties may … enter into contractual arrangements in which one party entrusts partial or complete control of such private key(s) to a third party while still maintaining formal title to the bitcoin value represented inapplicable [unspent transaction outputs],” the paper reads. “These kinds of contractual arrangements are commonplace in custodial, trust, and escrow settings, which have generated well-developed legal principles that should generally translate to bitcoin custodial contexts.”

Even the country’s superior law professors support the idea that intangible property rights should apply to Bitcoin:

“Property law scholars who have encountered the bitcoin ownership issues in the context of broader, more theoretical undertakings have reached the same general conclusion… that is, interests in bitcoin should be protected by property law.”

The author further describes how Bitcoin has been widely treated as property by legal divisions and thus can be owned as one.

“Although the concept of ‘property’ is fundamentally a matter of state law in the United States, it is also important that bitcoin has been widely treated as property for the purposes of other state and federal statutory regimes,” reads the paper. “These treatments and assumptions have already had substantial consequences for the bitcoin sector. They, therefore, constitute informal but persuasive legal precedent further indicating that bitcoin can be owned as property.”

The author also pointed out the challenges that would come along with treating the currency as legal property. These include the lack of traceability that comes with Bitcoin, the multisignature arrangements, and pseudo-anonymity. Although, the authors are still positive that these obstacles can be overcome as the technology evolves.

“To be sure, difficulties in tracing ownership of particular bitcoin units across successive owners could cause some challenges in certain commercial use cases,” they wrote, but “blockchain technology itself has enables, and will likely continue to enable, solutions to obstacles that do arise.”

It appears to be that the worlds of Bitcoin and formal legal precedent are rapidly coming to a head. This could be a turning point for Bitcoin’s future.

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What Is Bitcoin Hard Fork? The Most Heated Bitcoin Topic Explained!

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To begin with, Bitcoin has been the talk of every news channel, tabloid, website, etc. for a long while now. It’s increasing popularity might’ve caused a little problem for the network. Bitcoin is in a messy situation right now and something needs to be done. Fortunately, two possible solutions have been proposed as well, but only one can exist.

 

 

What’s The Issue?

In simple words, Bitcoin is unable to withstand the number of transactions taking place on the network.

The technical explanation is that the 1MB block size limit which is programmed into the system has become a problem and is causing delays in the processing of transactions. Basically, a purchase can take from a few minutes to hours to confirm.

Two techniques were proposed, which result in two different solutions: Bitcoin Unlimited, and Segregated Witness. They’re both proposed software updates to the Bitcoin network with the aim to completely change the way Bitcoin functions.

Obviously, the two can’t coexist, that would “fork” the Bitcoin network – splitting it into two different digital currencies.

A fork is known as a software update. Basically, updating a program from an old version to a new one.

Hard Fork:

It is a compulsory software update that is required in order for the program to function.  It can be implemented to fix bug errors or any security issues present in the older version of the software. Also, a hard fork is irreversible.

The “hard fork” will split the blockchain, leading to the introduction of a new chain of transactions branching from the original one.

Bitcoin Unlimited:

Starting off with Bitcoin Unlimited, this proposal is favored majorly by Bitcoin miners. To understand this, you must know the concept of Bitcoin mining. Bitcoin miners use specified powerful computers to solve complex mathematical algorithms in order to verify a transaction and be rewarded with newly issued bitcoins.

We are aware that there is a built-in block size limit of 1MB in the Bitcoin network, however, BU gives miners the permission to vote on increasing the block size whenever they want. This gives them control of the Bitcoin network, due to which they’re favored by miners.

Segregated Witness:

On the other hand, SegWit is being voted by many Bitcoin enthusiasts and developers. Their aim is to optimize the Bitcoin coding in a way that allows them to decrease the transaction size and increase the transaction volume, all while sticking to the 1MB block limit. They suggest the use of a soft fork.

A soft fork is a software update that lets the network to adapt to the new functionalities and features implemented. The update doesn’t interfere with the existing software and the older version will still be usable.

Who Will Be The Winner?

Aha! Too bad we can’t answer this question because half the community goes for SegWit and the other half for BU. There’s not really much we can do, just voice out our opinion and educate others with whatever we learn and maybe help them come up with opinions of their own.

We’ll just have to patiently wait and watch how this turns out.

I’d like to point out that I have a very limited technical knowledge and only know my way around a few technical terminologies. This post is a compilation of weeks of research that I’ve put together myself. So, if you do find any errors, do let me know in the comment section below and I’ll be sure to check back on them.

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Bitcoin Market Cap Will Hit Trillions Over The Next Couple Of Years – Winklevoss Twins

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Tyler and Cameron Winklevoss, otherwise called the Winklevoss twins, expect the market valuation of bitcoin to surpass trillions of dollars in the upcoming years.

Main Story:

In an interview, Cameron Winklevoss clarified that the properties of bitcoin enable it to work as a premier store of significant worth that is in orders of magnitude greater than gold in various aspects, including divisibility, transportability, and monetary supply.

 

“We’ve generally felt that bitcoin, given its properties, is gold 2.0 — it upsets gold. Gold is scarce, bitcoin is really settled. Bitcoin is much more versatile and way more separable,” said Winklevoss.

 

He included that if bitcoin can keep on disrupting the $6 trillion gold market in the long haul, it will have the capacity to hit a trillion dollars in a moderately brief timeframe, given that the market valuation of bitcoin currently stays near $300 billion.

 

“Long-term, directionally, it is a multi-trillion-dollar resource — I don’t know how long will it take to get there,” said Winklevoss.

 

Bitcoin is quickly changing the global finance industry as a decentralized store of significant worth. If bitcoin market can maintain its development rate over the next couple of years, it will enter into the gold and offshore business industries. The joint market cap of gold and offshore business industry is up to almost $40 trillion.

 

Winklevoss noticed that fiat and different cryptographic forms of money are not the rivals of bitcoin. Instead, other safe haven resources and store of values, for example, gold are the genuine rivals of the digital currency. He explained:

 

“For the vast majority, it isn’t just the source of not paying taxes. It’s the target of getting the privilege to security and looking for financial secrecy,” said Marcovici.

 

Structurally and reasonably, bitcoin is an altogether better framework to store cash for people and institutional investors than offshore bank accounts, primarily because the legislatures can in any case crackdown on offshore ledgers. In 2016, the US government fined Swiss banks $1.3 billion, including more than 43,000 offshore ledgers holding $48 billion.

 

As a decentralized and distributed store of significant worth, governments can’t in any way, shape or form crackdown on bitcoin holders and records. Consequently, it furnishes speculators with security and budgetary privacy, which seaward ledgers were intended to give.

 

If bitcoin can represent even 10 percent of the worldwide offshore business industry, bitcoin’s market can surpass $3.2 trillion. In light of the settled supply of 21 million, a $3.2 trillion market cap esteems bitcoin at $152.380.

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Online Bitcoin Wallets

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Bitcoin wallets or digital wallets are the wallets that require a web browser in order to run, just like websites out there. It’s safe to say that they are pretty much similar to a website.

Surprisingly, the web wallet options are thin compared to the iPhone or Android options.

Right now, there are two Bitcoin wallets worth using. The most reliable online bitcoin wallet is Green Address.

GreenAddress:

To get a Bitcoin wallet that provided protection against cyber-attacks, GreenAddress is the way to go. GreenAddress takes cyber-attacks seriously and provides your coins protection against these attacks.

GreenAddress is a “multi-signature” Bitcoin online wallet. This implies GreenAddress shares control of your Bitcoin with you. While other online wallets are prone to cyber-attacks, GreenAddress gives genuine two-factor validation keeping your coins protected in your wallet.

Spectro Coin:

SpectroCoin is London-based bitcoin wallet, exchange, debit card and merchant solution provider. It serves customers in more than 150+ nations. Right now, it encourages more than 20 types of deposits and withdrawals including bank exchanges, credit/debit cards, and cash deposits to name a few. It also gives bitcoin wallet addresses to iOS, Android and Windows Phone users.

These two are the safest online bitcoin wallets. Although these wallets provide all sorts of security, the ultimate protection comes down to the wallet owner. The best wallet security is the protection of its private key. As long as the key is unshared, chances of your coins getting stolen are very slim.

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Top digital currencies of the world

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Cryptocurrency or digital currency is a well-known term now a day. We are now a part of the digital era.  In addition, we have more 3000 cryptocurrencies right now. Moreover, like someone says that we are going to replace paper money with digital money.

Are all cryptocurrencies treating equally?

what is the reason behind the creation of these digital currencies? Everyone want to know the reason. Accordingly, Some of them were created as a joke or “just because”. Few were a part of a scheme. Whereas, the worth or value of any cryptocurrency is because of its user’s demand.

Same like other useful assets like oil, stock, property etc. Accordingly, digital’s currencies’ value also faces the rise and fall in its value. By creating a scary situation in form of risky investment and rise, fall in its values.

Why we need the digital currencies

Here, the question is why we people need these digital currencies. First, government or other exchange charge a heavy amount for routine transactions. where the international transactions become costlier. Moreover, digital currency invention brings the revolutionary change in routine transactions. people do the transaction without any heavy fees. And, the most important thing is, users are allowing to do the transaction without the middle person. They are free to do transactions, where they want in the world. This is the first and foremost reason, why we need digital currency.

Main characteristics of digital currencies 

A cryptocurrency should fall on some characteristics are as follows:

Capitalization and trading volume

Market capitalization is the total of all cryptocurrencies. While the high market capitalization indicates the real worth of the cryptocurrency and its availability.  The most important thing in the capitalization is its daily trading volume. Which is directly change due to exchange percentage. Whereas, the healthy economy of the transactions is because of trading volume.

Verification process

The main feature of the cryptocurrencies is verification process. The old method is proof of work. A computer has to enhance its energy and time by solving the trike mathematical problem. Whether downside of this method is that it needs massive energy to operate. In addition, the system with less processing power and handsome out is proof of stake. This proof of stake system is used to solve these problems.

Acceptance

If you don’t carry out the transactions with cryptocurrency means it has no acceptance in retailer market. Meanwhile,  it’s important to do transactions with digital currency and make it sure that currency has market acceptance and market values as well.

Above all are some characteristics of the digital currencies. Now, we will discuss the top 10 cryptocurrencies of the world.

Top 10 digital currencies        

There are more than 500 digital currencies but we will discuss few of them.

Bitcoin

First and foremost, cryptocurrency anonymously created by Satoshi Nakamoto in 2009. Bitcoin has the biggest market capitalization around $10 million, the prominent capitalization as compare to other cryptocurrencies. Read all about bitcoin 

Ethereum  

A cryptocurrency platform who has the ability to execute peer-to-peer, smart contact. Ethereum was created by Vitalik Buterin in 2015. And, split into two parts Ethereum and Ethereum Classic due to DAO attack. Whereas, with the confidence of next generation platform, Ethereum has around $1.1 market capitalization.

Ripple   

Now, the next is the ripple. Which is gross time settlement process? The cryptocurrency released in 2012. To reduce the cost, this system is integrated into few banks.

 Litecoin   

Charles Lee introduces the litecoin in 2011. Accordingly, has the roughly market capitalization $180 million, litecoin also used in sale and purchase process.

Monero

A digital currency that focuses on the privacy terms and decentralization is Monero, launched in 2014. Whereas, It is totally based on the cryptonote protocol and algorithmic differences directly relating to the blockchain. By using ring signature technology Monero keeps focusing on the privacy of the users. With around $138 market capitalization Monero has increasing users’ percentage.

Ethereum classic

A technology built or use by anyone is ethereum classic, run on blockchain technology. It is an open source project built by the public. No one has the authority to control ethereum classic. In addition, it is not famous enough but has the market capitalization $575,782,074.

Dash  

Dash is basically a digital cash, which has the ability to use anywhere. In addition, It is a peer-to-peer cryptocurrency which offers private transaction as well as instant transactions. Accordingly, It is also known as Darkcoin or Xcoin with the market capitalization $664,377,178,  in 2014.

Maidsafecoin

The idea behind is to share your computers as a dropbox and google drive. It has around $4.3 market cap.

Augur

Augur has the market cap $188,505,585. While the network is working by users to contribute the storage and computing power.

Nem

It is not only a cryptocurrency but it is a blockchain product who is handling the native currency token. Market cap of Nem is $1,031,274,000.

 

Good luck!

 

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