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Everything You Need to Know About Bitcoin

Bitcoin is the most widely used form of digital currency in the world. It is a kind of currency that is controlled and put away altogether by high-tech PCs spread over the Internet. More individuals and organizations are starting to use this currency.

Unlike a plain U.S. dollar or Euro, bitcoin is a type of payment system, much like Paypal. (Learn how to buy Bitcoin from PayPal in two minutes)

You can hold on to it, spend it or exchange it. It can be moved around as efficiently and effortlessly as sending an email.

For those seeking information on how to make online transactions anonymously, Bitcoin is the perfect answer. Bitcoin allows its users complete anonymity to make transactions and leaves behind no traces of personal information.

Down below, we have discussed some important points as to how Bitcoin makes a complete sense and whether it can be used as an alternative to the traditional currency.

Important Points to Understand Bitcoin:

  • Bitcoin transactions are stored in public ledger called Blockchain. These transactions are recorded online and anyone with the access to Blockchain can view them. Thus, making the process more transparent. The transparency also drives new interest to the economy and results in the downfall of illegal use of the currency, such as drug ring.
  • Saying that understanding Bitcoin is more than just a currency makes perfect sense. Unlike traditional currency, it can be transferred from one country to another without any legal obligations. It dissolves the global barriers and frees currency from the control of federal governments. However, the value of Bitcoin is still dependent on the U.S. dollar.
  • Bitcoin is an open source software and the technology used in Bitcoin is quite interesting. The currency works under the laws of mathematics and is overseen by a group of highly skilled professionals. The software can run on thousands of machines simultaneously, operating in different parts of world – making it one of the unique programs out there.
  • Bitcoin was created and released onto the internet 8 years ago by an anonymous programmer called “Satoshi Nakamoto”. The software is designed to run on multiple machines – called bitcoin miner – simultaneously. These machines can be accessed and operated by anyone on the planet with the basic understanding of a PC.
  • Bitcoin miners are used to generate new coins and are designed to mine no more than 21 million coins before the year 2140. These machines enable the coins to slowly expand and encourage the Bitcoin miners to keep the system growing.
  • When new coins are generated, they are given to the miners. The miners keep track of all the bitcoin transactions and add them to the Blockchain ledger. In exchange, they are rewarded with a few extra bitcoins. The currency reward limit currently stands at 25 bitcoins, which is paid out to the world’s miners about six times per hour. Those rates can change over time.

Wrap Up:

These are some facts that make Bitcoin unique in comparison to other currencies out there. Taking everything into account, bitcoin pushes the limits of innovation. Much like PayPal in its outset. However, the marketplace will have to decide if the risks related to Bitcoin and payment system make good sense in a longer run.

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Cryptocurrency Trends: Are Crypto Prizes another scam?

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Nowadays, everyone is following the cryptocurrency trends, whether it’s the art world or the gaming world. Even some of the app developers have also jumped onto the trend of cryptocurrencies to attract people to their work.

Many gaming companies seem like they have found a technological link to the digital currency, which sets up as a prize for the market, globally. They can benefit from the publicity; however, they can also attract a huge audience with an attractive prize.

crypto prizes

Crypto Prizes in Digital Paintings

Artist Marguerite DeCourcelle hid Bitcoin prizes in digital paintings on literally three occasions for the public to discover them. When the key to the Bitcoin wallet was initially placed into the digital painting by DeCourcelle and her team, the wallet had almost 4.87 Bitcoins, which had the worth about $1,400 at that time.

Gaming Companies Hiding Cryptocurrency

Well, gaming companies are also doing their best to hide cryptocurrency in their games especially for those who get to the end first. Let’s take an example of Montecrypto: The Bitcoin Enigma! This game features a digital world player, solving 24 ‘enigmas’ to claim the last prize of 1 Bitcoin. The developers of this game are anonymous and they wish to remain the same ’til the prize is claimed. Another game is Neon District that is going to be launched soon and just like other crypto prizes games, it will have a crypto prize at the end.

Prizes are very commons especially when it comes to games. But, the attraction of Bitcoin has started to spread to the likes of paintings. So, what’s the appeal of joining a “Bitcoin-based prize” game in which someone can beat you quite easily? Well, the main reason behind it is that Bitcoin media comes with lots of hype and publicity.

Another Scam?

According to DeCourcelle,

DeCourcelle and her team have built up a respectable name in regards to this small, yet growing, aspect of cryptocurrency. But, at the same time, she admits that no matter whether a person or a company offers Bitcoin prizes, or ICOs (Initial Coin Offerings), reputation and trust is supreme.

She stated:

“We’re working on trustless systems that still rely heavily on trusting people based on social merit or reputation-based systems. Most ‘giveaways’ these days do not turn heads. In the old days, you could tweet – “1 Bitcoin for one lucky follower” and include a fancy gif. This doesn’t work anymore.”

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Gates on Bitcoin Shorting Spree

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In a recent interview, the estimated $90 Billion worth, second richest man on earth tried to knock Bitcoin again. Bill Gates was later met with great criticism by the early Bitcoin investor, Tyler Winklevoss. In a recent tweet after listening to the Gates interview, Winklevoss dared him to short Bitcoin as he claims.

Bill gates bitcoin

Its almost a decade Bitcoins have been around, but the Bitcoin came widely under the mainstream not before until late 2017. After a steep rise of Bitcoins’ value from $5,800 to nearly $20,000 within four weeks, it showed people around that this is the ‘new wave of future’.

Despite the huge interest in this digital, electronic alternative to government-issued money, their acceptance in the system has been slower. They are still not used as consistently and reliably for buying services and goods as frequently. People are more prone to hold this cryptocurrency as a digital asset than as means of a transaction. High volatility, minimal adoption, and high transaction fees have slowed down the Bitcoin’s embracement and adoption as a regular form of money.

‘Greater Fool Theory’ Investment

Bill Gates has always come up with strong criticism and disapproval regarding this Bitcoin. On several occasions, he opted for the opportunity and bashed the cryptocurrency. Bill Gates accuses Bitcoins to be worthless and ‘greater fool theory’ type of investment. He further there is nothing being produced or generated here so, you shouldn’t expect anything to rise high in the regard.

Gates has come up with very strict and naïve views about the currency lately. Regarding the misuse of the digital currency in illegal and unlawful dealings in drugs and other things, he directly alleges the Bitcoin to be responsible for the deaths and menace.

Joining the hatred league, other big names of the wall street has also some serious and grave remarks for Bitcoin. Names like Warren Buffet called Bitcoin ‘rat-poison squared’, while his partner Charlie Munger associates trading Bitcoins as trading ‘feces’.

Despite saying the cryptocurrencies, ‘crazier, speculative things’, Gates acknowledges the importance and worth of the Blockchains. After a continuously lambasting Bitcoin, it is very much clear that Bill Gates is not on the Bitcoin bandwagon, nor is he becoming one any time sooner.

Gates also states that he at some time back received Bitcoins on his birthday, and later sold them understanding and realizing they were of no such use and credibility.

Crypto ‘Twin Guard’

The early Bitcoin holder twin and the founder of cryptocurrency exchange– Gemini, sour heartedly took the whole incident. After the harsh statement, Tyler Winklevoss bashed Bill Gates in a direct tweet. Winklevoss pointed out the claim that it is easy to short Bitcoin and he should put his money where his mouth is.

It is not the first time Tyler has bashed and dared someone to short Bitcoins. The CEO of JPMorgan Chase, Jamie Dimon was dared before too, to short Bitcoins before after he claimed Bitcoin to be a fraud. Jamie Dimon later expressed his regret for making that statement.

Being very critical about the Bitcoins and the whole scenario, Winklevoss twins hold strong statements against these wall street titans spilling negating about Bitcoin and other cryptocurrencies. The twins see this whole scenario as the failure of imagination by these wall street personals. They believe they are too old to understand the whole Bitcoin phenomena and their emergence. According to the twins, these Bitcoin opponents are very small ‘privileged minority’ who have an easy access to their resources, money and bank accounts.

Last year, respective Bitcoin futures market was launched by Chicago based CBOE and CME. This enabled a short selling for Bitcoin. This process may be a little less straightforward than a more traditional asset, but technically there are others ways too. Maybe Gates understood it.

According to another assumption, maybe Bill Gates wasn’t really clear on the way to short Bitcoins and he finds it too naïve and awkward to follow. Or maybe he just doesn’t really follow the whole protocol behind this cryptocurrency and Bitcoin gig.

Still, that doesn’t seem to stop and refrain the noted Bitcoin bull twins for striking and daring back these wall street personalities, which are all bashing cryptocurrencies and all these gaudy vocal detractors of Bitcoin happen to consist of the richest names in the world.

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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.
binance hacked
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 Bitcoin A Decentralized Cryptocurrency!

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Do you think Bitcoin is decentralized? I guess 95% of you will say YES but after this little analysis, I think that number will be lower. First of all, I am not hating on Bitcoin, I love BTC because without BTC, market would collapse. However, I was just curious whether Bitcoin is really decentralized? As I said, most of you will say ” Yeah, it is “, I would say so too but after giving it a few hours of thinking I am not sure if it is decentralized or not.

Why?

To understand this whole review, first you have to know what mining means. Mining is a process where we use special algorithms to find solution on how to confirm transaction. Without mining, transaction won’t be confirmed, price will slump and all bad stuffs would come. So, without mining, there would be no Bitcoin.

bitcoin decentralized

Let’s Suppose If there are 1 million miners, Bitcoin will be decentralized because none of them is able to control Bitcoin.  And here is the biggest problem, there are a lot of miners but there are also mining pools. They are huge. For example, AntPool and BTC.com are the biggest at the moment with percentage of 16.9% and 15% respectively and total 31.9%. So only 2 mining pools are almost one third or all mining power. 3rd one is BTC.top with 13.3%, 4th is SlushPool with 12.4%. These 4 pools have total mining % of 57.6 (Dated: 11 December 2017). So, they are mining more Bitcoins than all others together.

Still think that BTC is decentralized?

What would happen if they decide to cooperate and decide to stop mining or something like that? Bitcoin will encounter a HUGE price inflation. These problems wouldn’t be unresolvable but enough to make big correction that would last for few months if not years. What would happen if they decide to make their own version of BTC and stop supporting current BTC? As we have seen Power of Forked Bitcoin Cash and some glimpse recently when it touched ATH of $1758 back in November.

This is a big problem for BTC. Main idea was to create decentralized money but, for me, result is not same as the idea. They are able to manipulate and make huge money and grow every single day.

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