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The People’s Bank of China (PBoC) sketched out an agenda for 2018. According to this agenda the future of crypto in china has come under discussion again. China had to take this step to protect the national currency of China which is no doubt Yuan. Furthermore, according to a statement dated March 29 on the PBoC website, China will continue to apply strict measures against all kinds of virtual currencies to protect Yuan.

Background of Cryptocurrencies in China

We would have to go a couple of years back  to properly understand the situation cryptocurrencies are facing right now in China. According to the initial coin offering news few years back, Bitcoin had gained great popularity among the Chinese Citizens, prices were also going up steadily.

Concerned with the progress of Bitcoin and other cryptocurrencies,in December 2013 the People’s Bank of China along with some other ministries of China, published an official notice regarding Bitcoin. Originally this notice was meant to reduce or control the financial risk of Bitcoin. Several points were highlighted in that notice pertaining to the risks involved in the sale and purchase of cryptocurrencies.

initial coin offering news

Salient Features of Notice Against Cryptocurrencies

According to the above mentioned notice the People’s Bank of China strictly ordered that:

  • All companies offering Crypto-related services especially Bitcoins, must be registered with the relative government ministries.
  • Organizations dealing specially in Bitcoin-related services should implement necessary measures to prevent money laundering and other illegal activities.
  • Any kind of criminal activity such as fraud, money laundering and gambling etc should be reported instantly to the authorities.
  • Companies behind the deals of Bitcoin and all such services should educate the public about Bitcoin and the technology behind it. This measure will save the majority of laymen from frauds, and fake companies would not be able to mislead the public with misinformation.
  • Bitcoin can only be bought or sold in its original form and not to be exchanged with traditional currency at any cost.
  • Rather than money, cryptocurrency can be best defined as something that serves as a medium of exchange or a store of value.

China’s Latest Approach Against Cryptocurrency

The deputy governor of the People’s Bank of China Fan Yifei outlined objectives in protecting the yuan at the 2018 national video conference.  It was a serious effort dedicated to the major challenges faced by the Chinese monetary system in terms of Yuan.

In his statement Fan supported the development of a government based digital currency in order to protect the yuan against unofficial virtual currencies. However, as was done in the past, no specific policies against crypto currencies were offered this time.

 

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Ethereum Wallets – Top 5 Ethereum Wallets To Store Your Coins

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In the world of digital currency, there are numerous names that claim to be the best of the pack. They will often come up with catchy advertisements to grab the attention of those looking to invest in virtual currency.

However, Most of these so-called cryptocurrencies are scams – working for the sole purpose of stealing your money. If you want to make a safe investment, Bitcoin and Ethereum are the securest options, and to keep your digital assets secure, you will need a digital wallet.

Our previous articles were about Bitcoin and the wallets that store Bitcoin. In this article, we are going to talk about the best wallets to secure Ethereum.

Most Popular Ethereum Wallets:

Our rundown of most popular Ethereum wallets starts with:

CoinBase:

CoinBase is one of the largest and most reliable digital wallets to store digital coins such as Bitcoin, Ethereum, Litecoin, etc.

The wallet was established in 2012 and is available in both app and web versions. One of the primary advantages of CoinBase is that it doesn’t only allow users to store digital assets but also gives the option to buy crypto through bank transfer.

EthereumWallet:

EthereumWallet is a Canadian based wallet which uses a JavaScript design. The wallet collects data at the client side where an address is created to support Ethereum transactions. EthereumWallet is considered one of the safest to secure your Ethereum assets.

MyEtherWallet:

The wallet allows its users to send and receive coins simultaneously with the help of an Ethereum address. Similar to Ethereum wallet, MyEtherWallet uses a JavaScript-based design and collects data on client’s side. Due to the fact that data generation is done in the browser instead of the server, MyEtherWallet enables you to make offline transactions: my personal favorite feature of this wallet.

Exodus Wallet:

Exodus is a desktop wallet with a catchy UI and alluring design. In terms of UI and also the security, Exodus is one of the best if not the best wallet out there.

Exodus is only partially open source and there are many components that are restricted to the third party. In simple words, the Bitcoin community does not get to review the full code of Exodus wallet. But, if you are looking for your Ethereum safety, you can opt for Exodus without a second thought.

ETHADDRESS:

Another Ethereum wallet with a design developed in JavaScript. Similar to EthereumWallet and MyEtherWallet, ETHADDRESS also facilitates data generation at the client side but is different in look; more like a paper wallet to be precise.

Wrap Up:

So, these are some top Ethereum wallets to store your coins. All are pretty safe, secure, and easy to use. If you have any questions regarding these wallets or any other subject related to cryptocurrencies, please drop them in the comment section below.

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LITECOIN GAMBLING – BEST SITES, ADVANTAGES AND DISADVANTAGES

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This article will give you a complete and comprehensive guide to Litecoin gambling. First of all, you have to find a description of how this digital currency works and by what means to gamble with Litecoin. In this article, different available litcoin gambling games are discussed.  These games are including dice games to complete casinos and also simple lottery games. In the end, you will find some benefits of gambling with Litecoin and also a comparison between Litecoin and other Digital currencies like Bitcoin.

How Litecoin Works and How to Gamble with It?

Litecoin mined same as Bitcoin. There are ultimately 84 million Litecoin, however, at this time there is a lower percentage of that number. You may hold this digital currency in a dedicated wallet, which you can download on the most computer and also your mobile devices. You can buy and sell Litecoin at the same exchanges which sell you Bitcoin. These exchanges include BTC-E and Coinbase. There are some restrictions on purchasing Litecoin and Bitcoin by using payment method which is potentially reversible. But you can buy Litecoin with Bitcoin and Vice-Versa.

Anyone can gamble anonymously with Litecoin. You just have to register yourself at an online casino with an email address. You pay through your wallet using a receiver Id, which you do through cut and paste from a gambling site. The deposit ad withdrawals both are almost instant. When you have to withdraw you just enter your wallet Id and the total amount you want to transfer.

There are a lot of Casinos which accept Bitcoin have started to allow gambling through Litecoin too. Known as “Natural Successor” to BTC, and is the second most famous digital currency online.

What are Litecoin Gambling Options?

There is a wide range of online gambling options with Litecoin. Some gambling games are also available which you can play with Litecoin. The main difference is the simple games that have established by the digital currency community, and the by the fully developed casinos. These online gambling games offer different payment method as pay through Litecoin or Bitcoin.

Some games are graphically much ugly. The biggest attraction these games is that they have the technology which shows that they are provably fair.

Here are some examples of best gambling sites

1.     Litecoin Hi-Lo:

This a simple game in which you have to guess high or low through a sequence of cards. Since you can discuss the odds you get and can also choose how much risks you are ready to take for every card. These games are Provably Fair.

2.    Litecoin Dice:

This is a probability based game, generally based on a casually generated number which is between 1 and 100. You have to just set your own odds by selecting the range of wins. You will be able to check whether the game was random after facts. The sites which provide these games offer a trail of the last 20 games for you so you can able to see the results of those too.

3.   Ponzi Games:

In these games, you have to make sure you have not left holding the bounty after 24 hours are up. You will buy a string from the last player, then 0.01 LTC will be added to the total at this point. Then try to sell the string. If someone buys the string, you make a profit, if not, then you will get a 10% as a consolation prize.

What are The Casinos Accepting Litecoin?

Bitcasino.io is the fully featured casino which runs on the platform offered by CoinGaming. This includes 3D slots from the acclaimed BetSoft, Video Poker, and Keno. You can also find a Live-Dealer Casino too. The suggested names also accept Bitcoin. If you like sports, the Bittcasino also have a fully-featured sportsbook.

What are Gambling Advantages With Litecoin:

Most of the advantages of gambling with Litecoin are common with Bitcoin.

·        These advantages include check and balance to verify to confirm the fairness of games.

·        You can play with Litecoin anonymously.

·        No personal backup document and information is required by the gambling sites.

·        There are no transaction fees playing with Litecoin.

There are some technical benefits however, these are behind the scenes in the Blockchain processing.

Tags: bitcoin vs other cryptocurrencies

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Top 5 Intriguing Bitcoin Conspiracy Theories

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We’re surrounded by all sorts of mysteries that are yet to be solved but, the biggest one yet is how the cryptocurrency king, Bitcoin, was created and why. Keeping that in mind, there have been various bitcoin conspiracy theories on the internet. Here are some of the ones that seem more legitimate than others.

  1. JPMorgan Was The Reason Behind The MT. Gox Collapse

It’s a fact that organizations such as JPMorgan don’t see much profit in bitcoin but, they’re all in for the technology that lies behind it. Mt. Gox drove bitcoin’s value to higher limits, while JP Morgan composed a price crash by selling over 8000 coins to drive the price back down.

Parallelly, JPMorgan was funding anti-bitcoin articles teamed up with mainstream media firms. To tell you the truth, all these concepts, do sound quite reasonable, however, it seems unreal to think that such an institution would intentionally crash the bitcoin price.

  1. Satoshi to Bitcoin Said To Be An AI

Has it ever occurred to you that Satoshi Nakamoto could be an artificial intelligence? Well, considering that the world has been on several hunts as to find out the persona behind the pseudonym that no one can actually think that it might be an AI created by a hidden government. While this theory does seem a little far off, it spurs up some really exciting discussions.

  1. China Invented Bitcoin:

Many seem to believe that the Chinese created Bitcoin as to wipe out their dependence on the US dollar. While it is a fact that China has been working with Russia and others to create a payment system, it is doubtful they would create bitcoin to substitute the US Dollar.

  1. Bitcoin Is A NSA Project:

This is a theory that has been quite popular on the web that how bitcoin was created as an experiment by the NSA. Claiming that Satoshi Nakamoto is actually a pseudonym behind the top-secret cryptocurrency project. Also, it is said that the NSA has access to the SHA-256 algorithm, which makes bitcoin a lot less secure than what it’s assumed to be.

  1. Major Governments Partake In Bitcoins “Arms” Race:

In 2013, a conspiracy theory had risen from the Bitcointalk forums. A user came up with the concept that major governments like US and China were buying bitcoins in bulk for themselves. Let’s not forget both these governments had first opposed the cryptocurrency when it emerged, which makes this theory quite believable.

Tags: Satoshi to Bitcoin converter

 

Story Credits: themerkle.com

Image Credits: google.com

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Cryptocurrency Ecosystem and Altcoins

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Cryptocurrency Ecosystem and Altcoins

When we start our conversation about cryptocurrency ecosystem, bitcoin considered the only player in a digital market. Where bitcoin has the dominate value in the market as compare to other cryptocurrencies. 500 cryptocurrencies trading are in a market with symbols, with their identities.

Altcoin is using to describe the cryptocurrency that shares the core building blocks. The best example of altcoin is litecoin.

Cryptocurrency Ecosystem

Basically, there are 150 to 500 altcoins in total. There are five altcoins with the market capitalization of $10 million each.

The revolutionary logic about altcoin is, “altcoins serves two purposes “. Antonopoulos says. “First, they test new tech features, showing whether they work and whether the market will accept them.”

Variations

The proof of work who keeps securing the transaction records and distribution of currency. In addition,

Variations include those allowing a currency to be processed by different equipment than bitcoin (Litecoin, current market cap $330 million), those purporting to use less energy (Peer coin, $47 million), and those that offer faster transaction confirmation times (many, among them Feather coin, $5 million). Other crypto coins claim more idiosyncratic variations, such as the demurrage built into Frei coin ($2 million), which loses value if it is held without being spent. There’s even a currency that uses its proof-of-work algorithm to search for new prime numbers (that currency is named, of course, Prime coin, $6 million). Those features that prove attractive and compatible after ‘testing’ by an altcoin, Antonopoulos says, will likely be incorporated into Bitcoin.

Strength of Bitcoin

Any of the altcoin fails to displace the dominant place of bitcoin. As the bank of America points out that is, bitcoin’s dominance is the guarantee of altcoins. Without bitcoin strength, may be some of the altcoins will disappear.

Where Antonopoulos describe the second purpose of altcoins whose lessons will strengthen the survivor. Which is demonstrate spectacular failure modes.

Antonopoulos contains 80 to 85% of all cryptocurrency capitalization. Whereas remaining altcoins offer the release value for those who think, that bitcoin is the most expensive cryptocurrency. One feature has been more efficient as compare to other. Altcoin built-in process needs honest, transparent and relatively selfless behavior by its developers.

Charlie lee lead developer of litecoin gives the easiest and transparent ways to mine. As he says,’’ I released the source code a week before the launch [in October of 2011], so people could prepare [to mine].”

Because of this struggle, Now, litecoin is the second digital cryptocurrency after bitcoin. After which, peer coin is at the third number of cryptocurrency, its creator sunny king releases source code nine days before its mining. Lee says “I haven’t seen any other coin roll out with the same level of transparency.”

The most important thing for the cryptocurrency is the community acceptance. Bitcoin and other cryptocurrencies are acceptable in societies. Which clearly means that the developers want to provide the transparent and trustworthy transaction system. Ellis says,” Banks are operating a tollbooth economy.” “Banks want 10% of revenue for credit cards,” a cost that cryptocurrency is distributing. Altcoins, Ellis says, “anyone with sufficient will and devotion and time to nurture the community”.

Now we can earn money?

In the meantime, altcoins are in a bumpy ride. Antonopoulos says “99% of them will expire in the process of creative destruction”. “And that’s fine because every once in a while, something unique and amazing will pop out’’.

Tags: Bitcoin Disadvantages.

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How Does Bitcoin Work?

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What is Bitcoin?

Bitcoin is a digital currency and this world-wide payment system has been all over the news for several years now. Bitcoin was basically created as a reward for a process called mining and it can be exchanged for products and other currencies. Bitcoin was the first cryptocurrency but in 2009, it appeared for the first time from a developer named, Satoshi Nakamoto and all cryptocurrencies that were created after Bitcoin are called Altcoins.

Just because Bitcoin is completely digital and doesn’t really match to any of the existing fiat currency, it’s not really easy for a newcomer to understand what it is actually about. So, let’s find out how does Bitcoin work and what is it exactly about!

How does it Work?

As we already know that it is a digital currency, to understand how does Bitcoin work is going to be a little complex. Bitcoin is not a physical element like coins, the verification and value of each Bitcoin is provided by a global peer-to-peer network.

Bitcoin is conducted on a public ledger known as blockchain and because it’s transferred digitally, it automatically means that it exits only online. It has a monetary value just like gold and is also decentralized. You don’t need a bank to use it, because it’s not managed by a single person but rather a group of people called miners, who process its transactions

how does bitcoin work

Blockchain:

It’s miner’s responsibility to ensure that bitcoin transactions that are made by the users are legit and after that, all confirmed transactions are added to the blockchain.  In this way, spendable balance can be calculated and new transactions can be verified. The veracity and the sequential order of the blockchain are obligated with cryptography.

Transactions:

You must’ve been confused about what exactly transaction is. It is basically a transfer of value between Bitcoin wallets that is also included in the blockchain. Bitcoin wallet stores the information that is essential for the transaction of bitcoins. It also has a private key which keeps a secret data and is used to sign transactions. It also provides a mathematical proof that they’ve actually come from the owner’s wallet. A plus point about “signature” is that it prevents the transaction from being changed by anyone else after it’s been issued. Each transaction is broadcasted between its users and it often gets confirmed by the network within the following 10 minutes, through a process known as mining.

Mining:

Mining is a process in which records are kept through the use of computer processing power. It is a distributed consensus system that confirms the waiting transactions by adding them in the block chain. It protects the impartiality of the network, imposes a sequential disorder in the block chain and allows multiple computers to settle on the system’s state.

To get these transactions confirmed, they must have to be packed in a block that fits quite strict cryptographic rules that are going to be verified by the network. These rules also help in preventing previous blocks from being altered because by doing that, it would overturn all the subsequent blocks.

Mining can also make the equal of a competitive lottery that averts individuals from adding new blocks easily in the block chain and in this way, no individual can regulate what’s added in the block chain or swap parts of the blockchain to get back their own spends.

If you want to get involved in the top-cryptocurrency, make sure to do your research on how does bitcoin work. It can be a profitable and a thrilling investment, but just like other investments, it’s always better to look out for safety.

Image Credit : Steemit

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