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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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An Important Announcement By Global ICO Accelerator Program

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Iconiq Lab, based in Germany, is a global token sale accelerator and initial coin offering program. According to a recent announcement by Iconiq Lab, it has decided to launch two new branches in the US and Asia. This announcement was made public by Patrick Lowry, CEO of Iconiq Lab. The US branch is expected to be launched in New York in May, while the Singapore branch will be launched in July 2018.with the first batch scheduled to begin in Nov. 2018.

When asked about the reason for that launch, Patrick Lowry stated that due to the terrific success rate of German accelerator program and the unexpected feedback from the target community are the main reasons behind that launch.

accelerator program

Why was Iconic Lab launched?

Reason behind the launch of Iconiq Lab was to compensate the needs of both crypto investors and efforts leading to the completion of their own initial coin offerings. Iconiq Lab also launched a global ico accelerator program which was further made possible through the launch of their own token, the ICNQ Club Membership Token.

Basically the Iconiq Lab refers to a German based initial coin offering program which is also acting as a token sale accelerator program at the moment. Edge of that company is that it funds, develops and accelerates the most promising crypto-startups leading to their own token sale. Their speciality is that they help launch tokens supported by real-world business demands and sustainable solutions.

Financial cooperation with EOS and FinLab

FinLab AG is a public trade based German FinTech company builder. In Nov. 2017 it placed a an investment into Iconiq Lab which no doubt was a minor one but had strategic importance. This mutual cooperation led to the successful launch of an accelerator program on behalf of Iconiq Lab. the result and feedback was quiet amazing as Iconiq Lab received almost 200 applications for the first batch of that program  in late 2017. Due to several reason, it shortlisted the applications and eventually selected just five applicants to enter the program. That program was properly launched in Feb. 2018 in Germany.

These five selected companies are propelling towards their own initial coin offering and are at the moment in the middle of a digital roadshow. These companies are also giving rise to innovative Blockchain solutions.

Iconiq Lab’s mission behind all these efforts is to allow the flow of characterized creativity by using tokens as financial instruments. According to some crypto experts it will also facilitate crypto investors with dependable data in case they are trying to judge new token investment opportunities and their future impact.

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Social Media Platforms Banned Crypto-Related Ads- Did It Affect the Cryptocurrency Market?

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Recently, major social media sites, including Twitter, Facebook, and Instagram have banned ICOs (Initial Coin Offerings) and cryptocurrency advertisements, whereas Google is going to introduce the same regulations from June 2018. The series of bans have damaged the crypto-market, certainly. However, few experts claim that the restriction might lead to the industry’s legitimization.

social media sites

Ban on Cryptocurrency Advertisements

Facebook

Facebook announced it in a blog post, on 3rd January, that it will be banning advertisements that use deceptive promotional techniques, specifically mentioning the cryptocurrencies as well as ICOs.

Certainly, this move by Facebook seemed to agree with the US SEC’s (Securities and Exchange Commission) public announcement about the crypto-related investments and ICO. In the statement, Jay Clayton (SEC chairman) advised that the trend of deception and manipulation is growing day-by-day in the ICO and cryptocurrency markets due to their mounting popularity. However, Clayton also alerted investors that no ICOs were registered with the SEC.

Google

Soon after the reports from crypto advertisers related to the suspensions and account deletion of Adwords started to circulate, on 14th March, the company announced that all crypto-related advertisements will be banned by it, no matter whether they are wallets, exchanges, and ICOs. Google also announced that it will pull the crypto-mining extensions from its Chrome Web Store as well.

Twitter

The rumours about twitter banning all crypto-related advertisements were confirmed on 26th March as the social media giant twitter banned advertising only for ICOs and token sales. According to the policy, the ban was imposed on wallet services and cryptocurrency exchanges, unless they are public firms or are registered on major stock exchanges.

Snapchat

A report related to Snap Inc. (the company behind Snapchat) was also confirmed that since February, the company has been silently banning ads for token sales, however, its future plans related to rest of the cryptocurrency ads are unclear.

Did the Bans Affect Cryptocurrency Market?

  • After the announcement of Facebook about crypto-related bans, Bitcoin collapsed from $10,000 mark to $6,914 however, it managed to come back.
  • When Google announced its plans to ban crypto and ICO ads, the price of Bitcoin dropped below $8,000and loss 9% of its value.

After Twitter’s announcement to ban crypto-related ads, Bitcoin fell below $7500 on March 29, which shows that the bans have affected the overall cryptocurrency market.

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Buy Bitcoin in UK – 6 Best ways to buy Bitcoin in UK

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This article explains six easy methods of buying Bitcoin in UK. There are several options to choose from, such as buying Bitcoin using cash, card, or bank transfer. Based on your level of convenience, you can choose whichever you want.

Ways To Buy Bitcoin In UK

Method 1 – Buy Bitcoin With Credit Card In The UK:

The steps involved in buying Bitcoin with credit card in UK are:

  • Pick a Website: Some of the best sites to buy Bitcoin with credit card in the UK include Bittylicious, CoinCorner, and Circle. The process mostly includes some steps which are chosen service and follow their on-site instructions. A new arrival named ‘Circle’ may change this trend but they are newcomers and don’t officially support UK cards.
  • Enter the Amount You Want to Convert: The limits of transactions may be low at the start but they will increase after the first successful transaction or after finishing their verification procedures.
  • Enter the Bitcoin Wallet Address to which you want to transfer the coins.
  • Make the Card Payment.
  • Depending on restrictions and a time limit set by each site, you’ll receive your bitcoins.

Method 2 – Buy Bitcoin Using a Buying Service:

Some steps to buy Bitcoin using a buying service are:

  • Pick a service: The purpose of buying services is to make it easy to buy a small amount of Bitcoin. Best options in the UK include Bittylicious, SpeedyBitcoin, QuickBitcoin, CoinCorner, and CoinDuit. Some of them accept cards and some accept cash payments.
  • Enter the amount You want to exchange.
  • Enter the Bitcoin Wallet Address to which you want to transfer the coins.
  • You will pay them usually by Bank Transfer, and you must have the transaction reference which they provide you with.
  • Within 15 minutes after the payment, you’ll receive your coins.

Method 3 – Buy Bitcoin Using an Exchange:

  • Go to a Bitcoin Exchange as CoinCorner and CoinFloor and create an account. CoinCorner and CoinFloor allow you to pay directly in Pounds. You may also choose Bitstamp and Kraken but these Exchanges will involve a conversion of Pounds to Euros and also a SEPA transfer. Generally, this conversion results in an additional fee. This is the best option if you buy Bitcoin regularly or in bigger quantities as the Exchange rates are generally competitive. If you are just starting, you must prefer to use a different option.
  • Transfer money by SEPA or Bank Transfer.
  • Wait for your money to clear about 1 to 4 working days. This differs between Exchanges.
  • Transfer your money for bitcoins.
  • Transfer your Coins from Exchange to your Bitcoin Wallet.

Method 4 – Buy Bitcoin With ATM:

  • Check if there is a Bitcoin ATM nearby.
  • Make sure before going to the ATM that you’ve some Sterling notes because these machines don’t accept credit/debit cards.
  • Go to the ATM. You may also have to bring Proof of ID because some ATM machines require this.
  • Follow the on-screen instructions.

Method 5 – Buy Bitcoin From a Friend Who Owns Bitcoin:

  • Find a friend who already owns Bitcoin.
  • Check the exchange rate.
  • Decide a number of Pounds which you want to exchange.
  • Pay them your Pounds.
  • Provide them your Bitcoin Wallet address so your friends can pay you in Bitcoin.

Method 6 – Buy Bitcoin Using a Trader:

  • Find a Bitcoin Trader as Mycelium, BitBargain, and LocalBitcoins.
  • Choose a Trader with a respectable reputation score.
  • Send a message to Trader and ask further details about how to pay. For pay through cash agree the meeting place and time.
  • When the seller gets the payments, the seller issues the Bitcoin amount to Bitcoin Wallet address you provided.

These are some methods that you can use to buy Bitcoin in UK. Wishing you good luck with your purchase!

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