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Everything about bitcoin

Bitcoin is a new cryptocurrency currency in the digital world. Transactions are made without a middle authority. Which means, no banks! No need of heavy fees for transactions. No need of central authority’s order to confirm the transaction and you are allowed to do transactions anonymously. This is the secure and legal way of transactions. Because the transaction is verified by the proper channel named blockchain. Who keeps the records of transaction and verify them through proper ways. Bitcoin is pretty much like cash for the Internet.

Who controls the Bitcoin network?

This is the network, nobody owns, Same like email technology. No one owns this technology. Bitcoin network is controlled by its users in all over the world. Developers are working on bitcoin services continuously, but they don’t have a right to interfere in transactions process. They even don’t have authority to create change in bitcoin protocol. Because users of this technology are free to use any software or version.

Who created Bitcoin?

Satoshi Nakamoto …….

A great silence. Still, the creator of this worldwide technology is unknown. 9-pages paper was released named,” bitcoin, peer-to-peer electronic cash system” in the last of 2008. From that day and today, bitcoin is number one cryptocurrency in the world. And, still, the inventor of this technology is a mystery.

Is Bitcoin worldwide technology?

There is a large number of bitcoin users in the world from different sectors. Includes the business transactions, buying and selling of good, restaurants start accepting bitcoin as a payment and much more. At the end of August 2013, bitcoin exceed with the US $ 1.5 billion with millions of dollars. US, Canada, China and most of the other countries start transactions by using bitcoin. Worldwide acceptance of this technology shows that the future of currency is bitcoin. Till 2017, more than 2-time bitcoin cross the value of the gold. This is the fact, and there is no comparison of gold and the bitcoin. Because of digital currency. The primary purpose of this comparison is, bitcoin’s value crossing the value of gold. This shocking fact has blown away everyone’s mind. As a result, bitcoin takes part in most of the international transactions.

 Acquiring bitcoin, is it simple? 

will make a sensible decision of transaction. A person is wise if he/she knows the value of a single bitcoin.  Either he/she is buyer or not.

Here, the question is, how acquire bitcoin?

How can we use it the for the transaction? and

Where do they come from?

Simple, you are interested in doing transactions via bitcoin. You will download software, make an address, choose a right and desired person for your transaction and send him/her a request. As, that person accept your request, create a business relation and exchange your needs with one another.

And, if you are going to buy or sell the goods. Do payments through US dollar or Euro, then exchange them into bitcoin.

You can also purchase bitcoin from bitcoin exchange

Purchasing of the bitcoin is not a big deal. Keep them save from scam’s eyes is an important fact. Technology anonymously uses in all sectors of the world. Once you will drop the catch…. Means you didn’t hold it again. Which, clearly means that you have to take decisions safely and wisely.

You also can earn bitcoin through mining.

What are the advantages of bitcoin?  

People don’t want to someone own them in their lives. They want to play hide and seek in real life, in daily routine. That is why they like the transactions through bitcoin.

There is complete freedom of payments. No bank holidays, no borders, no bureaucracy, no restrictions.fully control their money. Here, you can choose your desired fees for transactions.

Scams

While you are going to do transactions, be aware of scams.

Good luck!

Tags: Everything about Bitcoin, Bitcoin news.

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Enigma Hacked – Almost $500,000 in Ethereum stolen

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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.

ethereum exchange

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

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How to Make Money with Bitcoin Faucets (in less than 30 minutes)

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Everything you need to know about Segregated Witness

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I have been noticing on many online bitcoin districts that various users are unable to understand the concept of Segregated Witness. This post will clear up any doubts, uncertainties, and myths regarding SegWit.

So, what happens in SegWit?

SegWit is short for Segregated Witness and it’s a proposal presented by the developers of Bitcoin Core. Originally it was aimed to solve the transaction malleability, which is a well-known weak spot in the Bitcoin system. The idea behind SegWit is that the signatures in a transaction, also known as the “witness data” are skipped when calculating the transaction id.

Basically, SegWit will update the 1MB size block limit to 4-million unit block weight limit. This counts serialized
witness data and one unit and core block data as four units. This is an entirely new transaction format, meaning the block size is increased. SegWit counts each byte in a witness as 0.25 bytes towards the 1MB block limit, thus the maximum size of a block becomes just under 4MB.

It’s not that the data gets smaller, it’s just counted in a way that allows for the block limit to be increased.

The short/easy version

In simple words, signature related data is removed from bitcoin transactions, causing them to appear smaller in size. Also, making the block size smaller, further, allowing more transactions to take place.

 

Clearing up myths and rumors

Myth: SegWit as a soft fork is much more dangerous than a hard fork

A soft fork ensures that the backward and forward compatibility is under control. Also, when a soft fork is set up, old versions of Bitcoin software will be able to function without any faults. On the other hand, a hard fork requires every Bitcoin user to update to the new software to support the consensus rules. Any user that fails to upgrade to the new software might be under the risk of getting thrown off the Bitcoin network.

 

Myth: SegWit is more complicated than a super simple hard fork

Similar to a hard fork, SegWit proposes the same idea of increasing the block size limit. No doubt, it is pretty complex and introduces several changes, but it is a relatively simple conceptual change. Basically, SegWit ignores the signatures when calculating the transactions, but as a soft fork, some additional changes must be made to make SegWit transactions compatible with non-segwit nodes. These changes then have side effects which can be beneficial to Bitcoin. It also contains more functionality than a hard fork increasing the block size limit. The hard fork to increase the block size limit also appears simple, but additional changes need to be made to support the deployment and to solve the quadratic hashing issue with transactions.

 

Myth: Miners who don’t upgrade to segwit will be forcefully told to quit the bitcoin network

This is false since SegWit will be deployed using the BIP9 versionbits which uses a 95% threshold. A miner would not run into any trouble, as long as he follows certain rules. However, if he fails to follow these rules, he could end up with transactions including witnesses but he wouldn’t be having the witnesses nor the witness root hash in the Coinbase. This would be an invalid block that would be in the orphan pool.

 

What are the benefits of SegWit?

Besides the obvious benefit of having to increase the capacity, there are several other benefits that come with the introduction of SegWit. Some of those benefits are:

  • Node performance is tested based on how weighting data
  • Signature covers value
  • Linear scaling of sighash operations
  • MultiSig gets more security
  • Script versioning
  • Increased security to almost-full-nodes

Why hasn’t SegWit been activated yet?

If there is not enough support shown, it might result in a contentious fork. That means a part of the network switches to the new client while some remain to use the older version. This leads to two sets of cryptocurrencies with different rules, co-existing and competing for users and legitimacy.

In order to avoid such a situation, the developers of SegWit have programmed a specific rule in the software proclaiming that it will only activate once it reaches the 95% mark.

Currently, the support is hovering around 32-33%. 

Everything you need to know about Segregated Witness

 

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A tour to bitcoin

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A tour to bitcoin

Jonathan Johnson chairman of the board of overstock and president of Medici venture become and how this technology will be use in transactions. His business partner did the same. Both partners come to know that bitcoin is a rising star,  and it has a large number of users. At the end of the year, both had different sessions of discussion about blockchain technology.

Management discussion

The discussion ended up with positive waves. They include their senior management in the discussion. With more discussion, their interest for bitcoin increases. Then, Both partners want to provide a secure, absolute ways to buy the product.

Overstock already had a lot of project in the queue but it was the target to get bitcoin coding during the first half of 2014. Everyone come to know that company is going to launch a new project and for this purpose best developers of the company voluntarily did this instant duty.

From here on, team member doing their duty volunteering. They lock themselves in a room and order for the pizza, slid under the door. So, they can work on mixing the technology into overstock websites.  On the other hand, workTeam exception works on this project over the holidays, because they were bitcoin believers. Finally, on 9th January 2014, exact after two weeks of hard work, Overstock became the first retailer to accept bitcoin.

At this point, bitcoin news holders came to overstock and started the purchase of the products. Afterward, both partners start to speak about the bitcoin and tend their company toward accepting cryptocurrency. Overstock is a company, who do care about customers and provides complete eases and best shopping experience.

Therefore, with the began of bitcoin acceptance, bitcoin community moved toward overstock. In addition, they spend plenty of bitcoin. They increase their business with the tight margin of e-commerce. They had experience that bitcoin provide secure, crystal clear system of exchanging.

You may not hear about its retail cases, but most of the companies, individuals are going to use its. They feel that bitcoin is safer and world widely accessible way to purchase a good or services from any company.

It’s simple to say that “its technology era and this the time of bitcoin.”

You can easily purchase a thing from any company all over the world by using bitcoin.

Tags: Bitcoin discussion

 

 

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Risks involved in Bitcoin Mining

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Risks involved in Bitcoin Mining

Bitcoin mining is a multi-billion industry, but with increasing number of blocks, the difficulty to mine bitcoins is growing as well.

The question that arises is whether one should invest in such phenomena or avoid it.

In this post, we’ll give you a few pointers on what are the risks involved in this particular venture.

Bitcoin Mining

Bitcoin mining risk secures transactions that are recorded in the Bitcoin’s public ledger the blockchain. The blockchain confirms these transactions to the rest of the network while they’re taking place.

Miners

Miners play a vital role in the Bitcoin ecosystem by keeping the Bitcoin community in check. They perform complicated mathematical tasks with specialized mining hardware, in order to mine new bitcoins but bitcoin’s system adds a new block to the blockchain every 10 minutes to ensure the verification and security of unprocessed transactions so that there is no double spending. Miners earn bitcoins investment, as rewards for their effort and often even paid transaction fees by buyers.

Possible risks follow:

  • Susceptible to High Price Volatility:

The main issue that comes with bitcoin mining is the fluctuation of the virtual currency. The cryptocurrency tends to swing over short periods of time. Also, the price depends on the demand and supply, since there are only 21 million Bitcoins available and with two-thirds of it to be already mined, the demand of bitcoins increases with each passing day.

  • Competition due to the introduction of Ethereum:

The reward for mining bitcoins about every four years and its current value is at 12.5 bitcoins, with average block time as 10 minutes. Whereas Ethereum’s block time is 12 seconds. Faster block time means quicker confirmation of transactions. Ethereum reward miners work to earn Ethers, which is a kind of token that fuels the network. You earn 5 ethers given for each block. You can also use it to pay for transaction fee and services on the Ethereum network. Also, Ethereum has over 89,752,192 coins currently existing, unlike Bitcoin, if it reaches its limit, more investors would switch to Ethereum or other cryptocurrencies thus, leading to lesser or no transactions for miners to confirm and earn rewards.

  • The “hard fork” scenario: 

Bitcoin has become so popular that it isn’t able to manage the weight of all the transactions. With the currency growing exponentially along with the number of transactions, the 1MB block size limit is starting to be an issue thus, leading to delays in payment processing. This hard fork is splitting the network into two i.e. Bitcoin Unlimited (BU) and Segregated Witness (SegWit). Miners are in favor of BU as it gives them more control of the BTC network but BTC developers and enthusiasts choose to side with SegWit since they’re not in favor of letting miners be more in control of the network than they already are. The two obviously can’t co-exist side by side so they have to compete for legitimacy and users in order to function.

To conclude, bitcoin mining does have its pros and cons. Surely, as people become more aware of this cryptocurrency they would show more interest but for now, no one can predict the future of it.

Happy mining!

 

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