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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.

Bitcoin ledger

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.

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China Becomes the Country with Most Filed Blockchain Patents In 2017

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According to a Financial Times report, China became the country with the most patent filings for Blockchain technology to the WIPO (World Intellectual Property Organization) in 2017. Thomson Reuters collected data from the international patent organization which shows that in 2017, overall 406 patents were filled, from which more than 225 were from China.

At this time, Tech companies from all around the world are rushing to patent their innovative systems developed by using blockchain tech, which is just like a game changer supply chain management.

blockchain patent

Last year, patent applications for Blockchain technology got tripled. An editor at Thomson Reuters’ Practical Law, Alex Batteson said:

“Companies are moving fast in order to protect their ideas in new areas of technological development — long before the technology actually goes to market.”

From 2012 to 2017, Chinese companies held the sixth spot out of the top nine filers for Blockchain patents. Even though all patents didn’t lead to feasible products, but the data remained substantial in that as it shows activity in a particular area of industry and could produce blocks to the entry.

Filed Patents from 2016-2017

China filed 225 patents in 2017 and 59 patents in 2016, while the US filed 91 patents in 2017 and 21 in 2016. Australia in on the third number with 19 and 13 blockchain-related patents in 2016 and 2017, individually.

A patent is an essential tool for any company in order to attract investment. If we talk about the US, then MasterCard, which is a payment processing giant had filed 25 patents for blockchain at the same time. Also, Lichtenstein’s nChain Holdings, which is considered as the worldwide leader in development and research of blockchain technologies by itself has filed 18 applications.

But one thing, that should always be remembered is that not all companies patent their innovations. Also, all patents don’t result in the formation of a workable product/use case. However, according to Thomson Reuters, the patent information imitates activity in a certain sphere and produce entry barriers.

Is Chinese government taking interest in the Blockchain Technology?

The Chinese government is officially taking an interest in the development of Blockchain technology in the country. As there’ve been many reports, the Investment Association of China has approved the development of a Blockchain Development Center.

As well as,  list of objectives was published by the Chinese Ministry of Industry and Information Technology on 23rd March, to boost the development and regularization of Blockchain technology.

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Bitcoin Wallet – A Guideline for Creating a Paper Bitcoin Wallet

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Guideline for Creating a Paper Bitcoin Wallet

A paper wallet is one the most popular and safest options to store your bitcoins. But before we go into the details paper wallet, we’d want you to know what is a Bitcoin wallet and why do you need one.

Bitcoin Wallet:

A Bitcoin wallet is a digital wallet that is used to store coins and make transactions; similar to a traditional bank account.

The wallet consists of two keys: A public key and a private key.

  • Public key: Your address on which other users send coins to you.
  • Private key: Which you use to send bitcoins to others. They key is kept private and only the owner of the wallet knows about it.

The combination of public and private key is what makes a bitcoin transaction possible.

It is important that no one knows about your private key , otherwise, it would give some unwanted entities the access to your wallet, which puts your coins at the risk of theft.

So, if you are using an online or an offline wallet, you’ll be vulnerable to hacking/malware attacks as your keystrokes can easily be logged.

Moreover, a stolen PC or losing your hard drive means you can wave bye to your digital assets for good.

Utilized with care, a paper wallet can shield you against these possibilities.

What is a Paper Wallet?

A paper wallet consists of the public and private keys that make up the wallet in a documented form.

It often has a QR code, so that you can quickly scan it and add the keys into a wallet to perform a transaction.

The prime benefit of having a paper wallet is that it doesn’t store the keys digitally; making it immune to cyber-attacks or a hardware failure.

A downside of the paper wallet is that it’s delicate and must be kept away fire and water.

How to Create a Paper Wallet:

  • Open your favorite browser and go to BitAddress.org
  • After typing some random characters to create randomness, you will be presented with a QR code, a private key, and a public key.
  • Click the tab “paper wallet”
  • Select the number of addresses to generate
  • Click “generate” button for creating new wallets
  • Once the wallet is generated, print it out to make a hard copy
  • Make a note of public addresses
  • Scan the QR code in your Bitcoin app to start depositing funds

What Are Some Security Tips for Paper Wallet?

Due to the fact that these wallets are used to save large amounts of money, it’s necessary to take precautions and make it as secure as possible.

The list of some useful tips for protecting your bitcoin wallet (paper) includes:

  • Make sure no one sees you while creating a wallet
  • BitAdress uses an algorithm named BIP38 to support encryption of private keys. The algorithm utilizes two-factor authentication i.e. something you have (paper wallet) and a passphrase.
  • Use a clean operating system such as Ubuntu to eliminate the risk of a spyware monitoring your activity.
  • Laminate your wallet or store it in a sealed plastic bag to protect it from water/damp.
  • Store it in a locker to protect it from theft.

Follow these tips and your paper wallet would be safer than ever.

To make sure your wallet is safer than ever, read our tips on how to secure a Bitcoin wallet.

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Bunz Trading Zone Launches Its Own Cryptocurrency

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Bunz Trading Zone is a Canadian online trading and barter platform. According to the local paper “The Globe and Mail,” the platform is launching its own cryptocurrency under the name of BTZ. BTZ is pronounced as “bitz” and as it’s reported, BTZ is going to be the first Canadian cryptocurrency to launch to ‘an already-established community’ and will become available to 200,000 users of the company from 9th April.

latest cryptocurrency news

Bunz Trading Zone

The Bunz community grew rapidly after its launch. Bunz was basically launched as a private Facebook group in 2013 by Emily Bitze (fashion designer) for exchanging unused things with friends and after the launch, it expanded outside Facebook and Toronto. The Bunz website, plus app, were launched two years ago.

According to the Globe and Mail reports, the platform expanded rapidly due to its minimalism and the absence of cash. Though, the currency’s absence based on barter platform, has offered one of the biggest challenges to Bunz as well. Without an exchange of currency, there won’t be an evident income stream.

Bunz Users Will Receive 1,000 BTZ

After this latest cryptocurrency news, the project’s blog showed details that all Bunz users will be receiving 1,000 BTZ respectively, which can be traded for goods and facilities and can be exchanged amid the members of the community. Basically, the 1,000 BTZ will have the value of about ‘three coffees’. Sascha Mojtahedi, who is the CEO Bunz Trading Zone says, that the company has planned a revenue model, however, he refused to say anything about what it is or when it is going to be introduced.

Mojtahedi said that the main purpose of the BTZ launch is to grab the attention of more users to the platform, as he stated:

“You have to be able to reward people with cryptocurrency that they’ve earned as a result of their passive involvement in the network and then enable them to use it with their peers and merchants. It gives us the room to create new models that people may not have thought of.”

Also, at the beginning of this year, known as an e-commerce giant of Japan, Rakuten announced its plans to issue its own cryptocurrency. Hiroshi Mikitani (CEO) said that it’s going to be a borderless currency.

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The theory behind a Bitcoin transaction

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Everyone on the network is aware of the word “transaction” but, does anyone ever wonder how bitcoin works?

A Bitcoin transaction may sound simple but it’s actually very complex. In this article, we’ll be outlining how this process takes place and what are its key steps.

Both your Bitcoin wallet address and Bitcoin network must go through series of steps to ensure that the right amount reaches the recipient.

To begin with, it’s important to understand that a bitcoin isn’t a single record of a coin but it’s actually registered as a transaction, that consists of three parts- a transaction input, transaction output and an amount.

  • Transaction input- This is the bitcoin address from which the money is sent.
  • Transaction output- The bitcoin address to which the money is sent.
  • Amount- The amount of bitcoins sent.

theory behind a Bitcoin transaction

When someone sends bitcoins to you, the address they used to send them to you is registered as the transaction input on the bitcoin blockchain, and your address as the transaction input.

When you send those bitcoins onto someone else, your wallet creates a transaction output which is the address of the person who is receiving the coins. That transaction is then registered on the bitcoin network as the transaction input.

With the help of this system, people can trace transactions back to when bitcoin was first born. This creates a completely transparent system in which all the transactions can be viewed at any time.

How can you send bitcoins?

To send bitcoins, you require two things- a bitcoin address and a private key.

A bitcoin wallet address is generated at random and is simply a sequence of letters and numbers.

A private key is another sequence of numbers and letters, but this cannot be disclosed to anyone else.

theory behind a Bitcoin transaction

This infographic explains how bitcoins can be sent.

Are there transaction fees?

Certain bitcoin wallet address allow you to set your own transaction fees. Any portion of a transaction that isn’t traced or picked up by the recipient is the transaction fees. This goes to the miners to solve the transaction block as an extra reward.

Why should I wait for my transaction to clear?

Your transactions are verified by miners and there is a set block time of 10 minutes. So, you might be told to wait until they are done mining.

You can view all the transactions in a block chain with a hex editor. A block chain browser is a site where every transaction in the blockchain can be viewed in human readable terms.  If you want to make your activities on the bitcoin network more opaque, you’d have to not use the same bitcoin address repeatedly and avoid sending large amounts of bitcoins to a single bitcoin address.

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Bitcoin Sign Guy Nets Almost $15,000 – Here’s How!

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13 July 2017, It pays to be the Bitcoin sign guy. Don’t believe? Look up the new data released by Blockchain.

Main Story:

Yesterday, Bitcoin world was humming during congressional committee by Federal Reserve chair Janet Yellen. Where the image of sign speedily gets viral in few hours, yet the attendee with his partner was eventually asked to leave by a staffer.

After his arrival, it emerged that the solitary is a friend of cryptocurrency broker who tweets under the knob CryptoEthan. He also posted a picture, soon he will recognize as Bitcoin Sign Guy. In addition, he will have the complete authority to share Bitcoin and hold the now-infamous sign as well.

Although, his gathered address is 6.32570673 BTC, with the amount under $15,000 at the existing price. whereas, it holds the transaction with 556 number according to blockchain.info. That was small in scale with a 1BTC contribution.

Later on, that photo was deleted at Bitcoin Sign Guy’s request. This viral activity drove numerous scams tries with photoshopped versions of the original picture.

Story Cerdit: Coindesk

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