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3 Things You NEED to Know About Bitcoin – Learn Liberty

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Bitcoin

Bitcoin is basically an anonymous, centralized digital currency. So, theoretically, it was built to be the untraceable version of cash. Not money but cash. The idea of having a digital unhackable and invulnerable decentralized currency got so well liked by people that they started treating it more like a commodity than the currency. Just like gold, People started investing and hodling (the typical term of holding coins till they generate profit) the coins. It soon turned out to be an investment vehicle and the basic idea of it being a digital currency got dragged down the tunnel somewhat.

So, yeah it is basically both a currency and a commodity. Yet untraceable! Sounds like a win-win?

Bitcoin is a secure and decentralized digital currency. It’s also a trad-able financial asset like bonds and stocks. Think if you want to pay or transfer another person a hundred dollar. What you do is you transfer your money to that other person. But in reality, what actually you are doing is asking a third commodity to deduct the cash from your account and transfer it to that person’s account. Bitcoin eliminates this interference of the third or fourth entity. It establishes this direct transfer link between you and the other person.

Unlike other monetary and economic affairs, Bitcoin is not regulated by any financial body or the government entity. Unlike stock market and shares, there is no fundamental rule or practice that can predict or determine the future value of the currency. Due to its incredible price volatile nature, the transactions or investment in the currency can be extremely complicated.

Why Criminals like Bitcoin?

Bitcoin is a totally secured and anonymous network. Anybody can come up and make an account and start the transactions. It requires literally no name, address or any else personal information. This encrypted platform generates a unique user ID, wallet IDs to the operator. During the transaction, only that specific ID will be visible and displayed to the viewer.

Due to this feature of the Bitcoin structure, making all the transactions complete anonymously, a lot of criminals were attracted. They used this platform to hide their identity and their transactions to practice illegal and unauthorized dealings.

With the ability to buy or sell anything without your name ever being revealed, a huge set up of the black market started running in around 2011. Silk Bank became an online transaction hub for all these illegal activities using Bitcoin. FBI broke the phenomena resting that these Bitcoins were untraceable. They were traced and Silk Bank was shut down. All the Bitcoins were subsequently acquired by the FBI.

21 Million… Ever!

One of the most amusing and interesting things about Bitcoins is that there are only 21,000 Bitcoins to be mined. Ever!! Yes, the total amount of these bitcoins will never exceed this amount no matter what. These coins are generated through a process called ‘mining’. Around 17 million of these coins have been generated till now. These coins are in circulation around the world balancing the network. This means, only 5 million of these coins are left to be mined to reach the limited threshold.

Generally, there is a new winner every 10 minutes, winning about 12.5 coins every time. This reward of 12.5 coins is halved every year too. So that means, in about 2140 we will be able to mine all these 21 million coins once in for all. Every existing Bitcoin is created using this same method. Anyone can mine these coins, provided with suitable supporting systems.

Merchants and consumers are slowly accepting and becoming comfortable with this digital currency. So, will this sum of 21,000 million enough bearing the collective economy pressure someday?

A bitcoin is divisible up to 8 decimal parts. Being deflationary in nature, if the market rises on a continues basis making its value to trillions, there will be an adequate amount resting with every coin in circulation.

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Deloitte Leader Resigns to Join Blockchain–based Startup

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According to a report, Eric Piscini — a former leader of Global Blockchain and a partner at Deloitte has left the company. Piscini is going to join the blockchain startup, Citizens Reserve in order to transfer supply chain networks to a blockchain.

Blockchain leader

Piscini is the one who helped in building a global blockchain practice. The startup that he is going to join is at its early-stage, and it is currently raising $300 million. This startup is a shared database, which is designed to work on all levels of a supply chain.

New Cryptocurrency — ZERV

A new cryptocurrency, ZERV has been developed within the project, using the ERC20 token. According to a report, the cryptocurrency will be used by the group members for accessing the blockchain — it will allow them to implement virtually instant borderless transactions.

  • The cryptocurrency, ZERV, is also considered as a utility token.
  • It allows users to exchange services within the platforms.
  • This digital currency comprises a third element — it sets it apart from other ECR20 tokens.
  • The reserve assets are intended to fund the token a certain value of $0.01.
  • Reportedly, 100 billion tokens will be issued to the value of $1 billion.

So, let’s enlighten you about the platform — it is based on the public Ethereum blockchain with smart contracts that consist of self-executing code — which could be implemented by using multiple private blockchain solutions. However, the contracts will be limited for a long period of time and it is expected that the transactions of cryptocurrency will be conducted any time soon.

According to Piscini:

“We are building the Ethereum of supply chain… The private blockchain is more for supply chain transactions, and the public blockchain is used for payments. There is a bridge that we created that is kind of our secret sauce.”

Reports also show that 85% of the funds that were involved in the token presale will be utilized in purchasing assets that will sponsor the tokens. Out of the total funds, 30% that were raised after the round gets closed will be issued to the users through a mechanism that is designed to stimulate and encourage the creation of the new supply chain services on its platform. It is expected that the Citizens Reserve will be launched in July 2018, however, Piscini didn’t disclose the names of the related group members, as he said that Citizen Reserve is going to work with three organizations — these organizations are providing software to the defense industry supply chain at this time — in a centralized manner.

The decision of blockchain leader, Piscini, is amid an exodus of top executives from the financial companies and traditional tech to cryptocurrency and blockchain. David Marcus left Facebook and Paypal as he was appointed to the exchange Coinbase – as a board of directors.

The co-founder of Coinbase, Brian Armstrong said, the knowledge of Marcus for both mobile space and payments is the main thing that would help as a guide for the platform to go forward. The CFO of Commonwealth Bank of Australia has also quitted to join Block.one, which is an EOS token developer.

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What is a Hardware Wallet? (or How to Make Your Cold Storage Hot)

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Bitcoin Highlights – 2017 Edition

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2017 has been an adrenaline-packed roller-coaster ride for Bitcoin so far. Especially taking in the fact that it hit its highest record, crossing over 2,900 USD towards the end of June.

Here we are going to take a look at this year’s top bitcoin news from around the world.

 

BITCOIN VS. GOLD:

Who could’ve ever thought that something that exists virtually could cross the value of something as valuable as GOLD?

On March 3rd, 2017, the cryptocurrency set a fresh record of $1,268 while Gold rested at $1,233. The precious metal seemed to be having a bad month as it had dropped more than 2 percent within the same week. Meanwhile, Bitcoin seemed to be on the rise, with a 7 percent rise in a weeks’ time.

This cross is something that will always remain symbolic due to Bitcoin’s incomparable fighting power.

JAPAN:

The reasons behind the success of Bitcoin, particularly in 2017 could begin with the legalization of the cryptocurrency in Japan, which is Asia’s richest economy. Following the announcement, retailers and companies began queueing up to accept the popular digital currency. Moreover, the number of retail storefronts has risen to 300,000 in 2017 alone, things are definitely turning around for Japan.

Also, let us not forget that Japan has officially eliminated the tax on Bitcoin which is bound to drive an increase in Bitcoin trading.

RUSSIA:

Russia announced their legalization of the use of cryptocurrencies in 2017. Their government confirmed in late April, that a draft bill would create the legal framework for trading in cryptocurrencies. Surprisingly, this is coming exactly a year after the same Russian institutions had announced that anyone caught using Bitcoin or any other cryptocurrency would be jailed.

Why this change you may ask?

Russia plans on implementing the blockchain technology within its banking sector, to eliminate liquidity crisis and money laundering. Central authorities have closed down many banks but shutting down is not enough to wipe out frauds. Ultimately, authorities have decided to implement new technological applications that allow the government to surveillance people throughout. Thus, the sudden involvement is being shown in the digital world.

EDUCATIONAL INDUSTRY:

The University of Ohio has now officially begun hosting their first classes about Bitcoin and other cryptocurrencies as a part of its MFE curriculum. To follow up, several colleges have even started to accept Bitcoin as a payment method, a step that has definitely pushed Bitcoins to new heights.

In addition, two Montessori schools in Flatiron & Soho have now started to accept Bitcoin as a payment and 10 parents have already opted to enroll their kids using Bitcoin. Marco Ciocca, co-founder, and chairman of the schools added this payment option in June.

The above points prove that Bitcoin is becoming more and more popular as we type this article. People are intrigued to know more about the cryptocurrency and have adapted to the system to develop a better understanding. Obviously, because who wouldn’t want to exchange or shop for anything and everything without having to leave the comfort of their homes.

These are the major bitcoin highlights 2017 but, this is definitely not the end of it. Bitcoin is known for its staying power and we know that despite all of its competitors, it’s one tough cookie!

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How to Find Out If an ICO Is Worth Your Time or Not?

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If you want 2018 to be the most profitable year for you, then it’s time to make some smart investments, as advantageous opportunities are still there waiting for you. Technology gets advanced real-quick, so you make an investment in something promising like ICOs. But which one is the best ICO to invest in? Well, it’s obligatory to choose an ICO launched by a reliable company that means business; or else, you might have to cope with a thwarting experience that might even daunt you from investing anymore.

Best ico invest

Future Development

  • It’s imperative to know the nature of a business, which starts by evaluating whether the ICO has been created by a trustworthy company or not.
  • New tokens must have a connection with the business model of the company.
  • It’s important to know the purpose of the token as well as its worth for the firm.
  • Apart from going for a well-organized business with a robust plan, the investor must comprehend the feasibility of the financial and economic model behind the ICO.
  • The platform must explain the post-ICO strategy clearly as well as its future development.
  • Nevertheless, funds that are raised through ICO should have an evident purpose.
  • The top ICO is the one that describes all the targets and objectives that the business is ready to accomplish in the future.

Ability of Team

  • Stay away from ICOs that run anonymously.
  • An ICO website should have each and every detail about the team.
  • A hard-working team will showcase the abilities of members through their project.

ICOs have become a huge hit for investors, and the technology behind them is extremely complicated.

 

Implementation

Scrutinize not only the business idea but also the possible long-term operation. Many ICOs seem great on paper, however, the idea behind them is unrealistic. Also, make sure that the project has a robust and feasible idea behind it.

ICO Scalability

A business that doesn’t have any aim to scale will not go so far; showing a lack of perception from the team and the circumstance of having no goal in mind. Deprived of any target, it will be quite easy for the whole project to ultimately fail.

ICO Transparency

  • You should have complete access to information before you deposit even a single penny.
  • If you hardly understand what ICO all about is and find no communication means to find out more, don’t invest in it.
  • The whitepaper signifies the idea and mission statement that explains the business and how investments are going to be used.
  • It must encompass enough details for investors and the platform should be mainly substantial as well – offering easy access to inclusive materials about the activity of the company.

 

Presence of Social Media Platforms

  • Online presence matters a lot. The company behind the ICO has to be active on social media networks including; Facebook and Twitter.
  • The blog posts and social media accounts must also contain educational content so that investors can get informed related to the current state of the cryptocurrency market.

 

 

Project Phase

  • Developers that don’t have enough experience can turn your investment into an anarchy. So, do not take a chance of investing in ICOs that are launched by inexpert individuals.
  • Consequently, the best option is to stick to an ICO that is developed by a company that has a strong position and is stable on the market.

 

Soft Cap and Hard Cap

  • Pay attention to the soft and hard caps of the ICO.
  • Make sure to take a long look at the roadmap, submitted by the company as portion of their whitepaper and ensure that the hard cap makes sense.

 

Tokens Management

  • The token distribution structure should not errand the developers. This could also specify that the intention of team is to increase their own financial gains whenever the value of token will upsurge.

According to a recent report, 204 ICOs were analyzed with known-outcome and the data shows that ICOs created an average ROI of 1,320%.

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