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2017 is the big year for Bitcoin. The highest value, disappointment from SEC ‘the Winklevoss twins and the price higher than the gold.

But other digital currencies are also growing in volume. Ethereum is the just like Bitcoin but more complex. Earlier of this month ethereum approaches against the bitcoin in its daily volume.

So, do I know about Ethereum?

A distributed application support to crypto-market same as Bitcoin. You can shop with ethereum anyplace that accept it. Where ethereum is running on a smart contract, named as blockchain. Under the certain conditions, the system allows the trading of ethereum. Bitcoin also runs on the blockchain but don’t have an extra step for the completion of the trading process.

Ethereum can do that Bitcoin can’t????

This cryptocurrency is not an alien’s currency in this digital world. In addition, with little bit difference ether has the same features as the bitcoin has. Smart contract means you are performing something different from the daily routine such as shopping with ethereum. Furthermore, if you want to place a bet, ethereum will pay in case of Patriots wins.

By using ethereum you can arrange the crowdfunding campaign. According to the Huffington post, “Things are possible with Ethereum that aren’t imaginable with any other technology today.” Means your money will be taken over if the project didn’t meet its goals.

The smart contract has the power to replace lawyer, CEOs, and companies as well.

A Ph.D. student Benedikt Bunz says, “You don’t need to have Uber, the company, anymore,” and, “You could have the Uber contract handle the money and do the payouts.”

How use the Ethereum now?

Basically, ethereum is at its early experimental stage. Investors and speculators just keep their focus on building new applications – not working on the ethereum’s ATMs.

How can I buy Ethereum?

Just like bitcoin you need to register yourself with well-reputed company and place order for purchasing of the bitcoin.

What is the value of Ethereum?

March 24, 2017, ethereum’s values was $24 and now today ethereum’s value is $278.48.

What Ethereum already was done?

Ethereum is also used in build apps by taking the advantage of smart contract technology. Few of them use backing microfinance, build a practical world and prevent individuality of theft.

Is Ethereum is only substituted to Bitcoin?

No, there are more than 600 actives cryptocurrencies in the digital market. But, Ethereum comes with the complete different setup of the facilities.

Different risk of Ethereum

If there is something wrong with ethereum’s smart contract, the program will not crash only but it will sweep away all the money with no way to get that money back again. Bunz says, “the command could go through and would be irreversible.” Relax, it is a scary aspect but its chances are low.

How important could Ethereum actually be?

Potential is the main quality of the ethereum. Users of this technology are free to say that; this technology has the ability to replace the Uber including other varieties of service. Bunz says, “There are things that are absolutely possible that aren’t possible with mainstream currency and are not even possible with Bitcoin today,” and, “Things are possible with Ethereum that aren’t imaginable with any other technology today.”

 

 

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Connecticut Resident Pleaded Guilty to Bitcoin Phishing Scheme

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35-year-old Michael Richo of Wallingford, Connecticut, finally confessed to stealing $365,000 in Bitcoin in Hartford Federal Court on Tuesday. According to a release from the US Department of Justice, through a phishing scheme, he posted malicious links programmed to appear as a replica of very popular dark market websites.

Richo accepted that he stole more than 10,000 usernames and passwords and used this data to supervise the bitcoin balance and accounts of victims. He then sold his victims’ assets on Bitcoin exchange platforms for US dollars.

He was previously arrested last October on charges of wire fraud, identity theft, and computer fraud. Eventually, he gave in and was pleaded guilty and is scheduled to be sentenced in September.

The charges are meant to carry a maximum sentence of 30 years of imprisonment.

 News credit: coindesk.com

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Bitcoin technology is going to save environment

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If you know about the bitcoin. which means, you clearly know about this technology. People use digital currency in the sale or purchase of any commodity or in term of service. Actually, this technology chain is wide and control by the computers forming blockchain.

Now, blockchain is also going to help in saving the environment difficulties. An ecologist at the university of the Agriculture sciences in Riddarhyttan is confident that this growing technology will also help to save the environment.  Science and he have a discussion about the future of the money, government trends and trust of the public as well.

The blockchain is a procedure to maintain the immutable ledger of the transactions. Which decentralization the supercomputers. Accordingly, because of the lack of trust, the environmental problems emerge. Whereas, environmental crisis grows in a fruitful ground. Which is directly the multiplication of intermediaries. For example, if you buy a ring from the supermarket. Here, you just buy a ring, not even know where it comes from. The supply chain of this ring is very long. It is possible that even retailer has not enough information, where the ring came from.

In the same way, the blockchain base supply chain would mean that you buy a ring by scanning QR from your mobile phone. Where you are able to see each step and positive thing is it cannot be falsified.

How blockchain help the environment?   

Blockchain has the ability to change the nature of the ownership. Moreover, in most of the developing countries land rights are not properly distributed as they are in documents. Where the government or a reputed company can easily claim, a land owned by a local community. Whereas, if we put the registry of the same land to the blockchain, which will be immutable. In addition, the real owner of the land will have complete freedom to do whatever with a land.

Blockchain has directly created an influence in policy making. While voting by the blockchain is the secure and organized way to the elections. Now, if you are going to manage an election regarding how to control natural resource. Whether it is a fishery or a forest. You need planning, instruments, ballot boxes and most important thing is to prepare the public to cast vote on the election day.  On the other hand, if you do this procedure of voting through blockchain technology. you’ll free cast a vote from your smartphone with your cryptography identity and strong security.

Furthermore, this technology helps by changing incentives. A blockchain guarantee that an event will happen. That sounds weird, but you enter into a contract with the blockchain. You are free to enter business logics as computer code. Next, when condition met the contract will be executed automatically.

Above all discussion is about how blockchain will help in environmental issues. We need more planning to change living, these are few of them.

Good luck!     

 

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Bitcoin Price accelerates beyond $2000

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US markets are celebrating as Bitcoin price soars above $2000 for the first time in history. Bitcoin’s price has surged more than 100% this year and nearly 125% since hitting an annual low of $891.51 in late March. Due to the price recently hitting new heights, the price appreciation will increase dramatically as well.

 

 

Growing trader interest

The advantage of such sharp price gains is the rising interest of traders as measured by trading volume at major exchanges. Both Kraken and Poloniex had reportedly announced that they were experiencing surging bitcoin transaction activity.

 

 

A number of factors have been driving the rally:

  • Trading volumes of Japanese yen and Korean won have escalated and account for around 48.6 percent of trading, according to stats from website CryptoCompare. That’s thanks to a recently passed law that allowed retailers in Japan to begin accepting Bitcoin as a legal currency. Since then, Japan has been a big driver of bitcoin trade.
  • Bitcoin has acted as a safe option, in the past, for investors that worry about political instability and the performance of other asset classes.
  • A debate within the bitcoin community about the future of the technology behind Bitcoin known as the blockchain has been taking place. At the moment, Bitcoin transactions are taking an unusually long time to process and come with high transaction fees. There was fear at one point this could lead to the merging of two different cryptocurrencies but those doubts have largely subsided with an alternative, more acceptable option being put forward.

All these factors add up to the rise in Bitcoin’s value in the shortest of time. According to CoinDesk, several billion US dollars have flowed into bitcoin last week, bringing its market value to more than $37 billion. In the end, as Bitcoin grows to gain more popularity and accessibility around the globe, its price will continue to soar as high as it can go.

 

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Binance Hack – What Is Confusing Its Users?

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Binance is the largest crypto-exchange by trading volume, however, on 7th March, its users got affected by a hack of third-party software, and as a result, unauthorized transactions were made from their user’s accounts.
Since then, Binance’s CEO, Changpeng Zhao has claimed that the exchange is working normally and the funds of users are safe as well. Many users have shown their concern and complained by using social media platforms; Twitter and Reddit, that without their permission, their altcoins had been converted into Bitcoin and most of them didn’t even logged into their accounts.

There were many posts on Reddit, claiming that hackers have used their bitcoins for buying VIA coins for 0.025 BTC each. Without attracting any attention, hackers managed to withdrew the bitcoins in small amounts. It’s claimed by a Reddit user, Profetu, that Binance’s administration took actions to the complaints of their users by freezing their accounts in one hour. Furthermore, the user suggested;

“The hacker accumulated VIA in advance (from Binance or other exchange and sent to Binance) then he set a huge sell order at 0.025BTC. Then using API made some account sell alts and buy VIA with that BTC, [and then withdrew] BTC.”

Another user wrote;

“Same happened to me. I had 100% USDT worth $1548. Today I logged in so I can buy some xrp, but my account balance is $200 out of $1548, and apparently I bought 5 VIA coins and exchanged my USDT to BTC while I was in the gym?”

Few traders have presented a theory that the attack was linked with compromised API keys which had been requested by Binance’s users to further use inside the range of other applications such as; chart in monitoring services and trading bots. This theory also explains how the attackers have managed to pass over the two-factor authentication. But at the same time, it fails to explain why this attack affected the users who never requested API keys.

A user asked;

“Do you use any trading bots like profittrailer or gunbot? Do you have any API opened for any kind of services?” – Bonnie_channel

Another Reddit user wrote;

“That is what I am wondering! I never gave permission for this API key to be created. That is why I think it’s an issue on [Binance’s] end”.

Later, a tweet was posted by Binance, saying that deposits and withdrawals are now in a working condition and all illegitimate trades have been rebounded. Changpeng Zhao also said that a phishing website has been used by hackers to get the login information and to divert users from the authentic Binance website.

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Is It Possible for the Blockchain Technology to Survive Without Cryptocurrencies?

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Recently, there’ve been many fluctuations in the price of Bitcoin and altcoins. Bitcoin was once traded at $20,000, but the recent slump in the cryptocurrency prices made the top-cryptocurrency to drop to almost $6,000, however, it has now recovered and is now priced above $10,000. Ups and downs in the price of Bitcoin and other cryptocurrencies have been one of the most usual characteristics of the cryptocurrency market trend.

Will All Cryptocurrencies Fail?

Yves Mersch, who’s a member of ECB highlighted, that the wild fluctuations in the price of virtual currencies mean that businesses evaluation could find a large and detrimental break between their accurate and optimum price. There’s another negative prediction for Bitcoin which has come from a well-known investor, Warren Buffet. He says that cryptocurrencies are plunging, plus, he also highlighted, that he’d never invest in any of the cryptocurrencies. According to Buffet, all cryptocurrencies will come to a bad end.

Many other critics have also listed their opinions on this recent slump in the price of cryptocurrencies, in which most of them predicted a miserable future for all of the cryptocurrencies. But the problem arises when some of the critics firmly condemn the idea of cryptocurrencies and at the same time, they have a soft side for the “blockchain”.

CEO of Netcoins, Michael Vogel doesn’t really share the same views that the recent crash in the price of Bitcoin and other altcoins indicates technology’s failure. He also highlighted, that seeing the growing phase of cryptocurrencies, the current instability should be considered as normal.

According to Vogel, these slumps are a part of “strong-trading” and he even contends that it’s almost impossible to separate cryptocurrencies from Blockchain. He thinks that cryptocurrencies and blockchain are intimately linked to each other, and both these technologies are mainly intended for huge success.

 Analysis:

According to Auxesis Group’s Kumar Gaurav, Bitcoin has got the same value for everyone who are investing in it and also notes, that while this pullback frightened the new-comers or made its sceptics feel inveterate, everyone who is familiar with the Bitcoin’s history knows that it shouldn’t be a surprise at all and such situations always recover quickly.

Cryptocurrency Blockchain Technology:

Cryptocurrency blockchain technology can help in achieving better efficiency, which doesn’t have anything to do with the cryptocurrencies. The Indian Finance Minister recently acknowledged blockchain’s latent that there’s a need of cryptocurrency, however, interests have shifted away from these cryptocurrencies to tokens in the past few years.

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