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Introduction to Bitcoin – How Does Bitcoin Work?

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How Does Bitcoin Work

Bitcoin Introduction:

Bitcoin is a type of cryptocurrency that is free from the influence of traditional banking. The currency first came into circulation in 2009 and was invented by an individual/group called Satoshi Nakamoto. The identity of the creators is still unknown.

Bitcoin exchange rates are independent. They are autonomous of the central bank and no government/private authority governs the supply of this type of currency.

The only factor that determines Bitcoin’s worth is the trust level of users. The more companies accept Bitcoin as a payment, the higher its value goes. How Bitcoin works?

What Are the Benefits of Bitcoin?

Wondering what are the advantages of Bitcoin? The list is quite long. But let’s take a look at some of the major benefits that this currency has to offer.

No Taxes:

As the bitcoin is free of any third-party influence, there is no system to implement taxes on this money. The only form of tax that may come with bitcoins is if someone purposely sends a small percentage of payment as cash. 

Free of Third Party Seizures:

Again, as there are no third-party involvements and no unnecessary copies of transactions are made, the chances of Bitcoin being seized are zero. This implies that the government can’t freeze the Bitcoin accounts and the users can do whatever they want with their money.

The Transactions Are Tracking Free:

The Bitcoin transactions are tracking free. Unless a user publicizes his wallet address, there is no way a transaction can be traced backed to him/her.

In case a user mistakenly made his wallet address public, a new wallet address can easily be generated. The benefit of keeping your wallet address a secret is that no one can ever know how much money you have in your account.

This means more privacy as compared to the traditional currency systems. You can read details about the theory behind a Bitcoin transaction.

All the Transactions Are Free of Cost:

There are no costs involved in Bitcoin transactions. Users can send/receive money in whichever part of the world they want. The only cost that may come with Bitcoin transactions is the vendor fees that they charge in return for the services they provide.

What Are the Risks of Bitcoins?

Using Bitcoins is not always safe. There are some risks associated with Bitcoin. The risks may include:

Bitcoins Are Easy to Lose:

There is not any system to recover lost bitcoins. If lost, they are gone for good. You have to be very careful to prevent your bitcoin account from hackers otherwise your account may compromised.

 They are hard to trade:

Bitcoins are hard to trade as compared to transferring the normal currency. Although there are vendors that trade bitcoins, it’s not as easy as sending money via PayPal, Western Union or some other money transfer service.

 Too New In The Market:

Bitcoins appeared on the radar just a few years ago, so it’s hard to predict what their future would be.

 Lastly – They Can’t Be Used to Buy Stuff For Now:

Bitcoins are still not the complete replacement of real money and are only accepted at very few places as a form of payment. So, it’s still pretty hard to buy stuff using this currency.

How does Bitcoin works?

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Bitcoin Sky-rockets above $4,400 – Sets new all-time high

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Just about a week ago, the cryptocurrency’s value was around $3,382 however, it gained a little over 30% and stood at $4,111 until Sunday, August 14.

On August 15, global exchanges experienced another $200 gain, rising to $4382 from $4,111 just a day ago. This movement is created from the sudden interest shown by new investors and analysts.

Investment managers and experts are now not only following the digital currency, but licensed financial specialists have put about $200 million in an initial coin offering (ICO) for a blockchain network known as filecoin a week ago, a project that targets at making a distributed protocol for file storage.

Additionally, with information from Coinmarketcap demonstrating the digital currencies are currently esteemed at $141 billion, a rise of about 20 percent from $118 billion a week ago.

 

News credits: coindesk.com

Image credits: dailyreckoning.com

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Good News: Bitcoin Price Bounces Back to $8,000

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After such a tenacious week of downward slides, the cryptocurrency market, and the price of bitcoin are once again firmly growing. The price of bitcoin is currently trading above the $8,000 mark.

Over the last 24 hours, bitcoin has leaped by 10%. Bitcoin dropped to a low of $6,000 early on Tuesday and now finally we’re seeing a subsequent recovery in the value of the world’s first cryptocurrency at $8,114 right now. It is also said that the Bitcoin price could be set to bounce back to its $10,000 mark this year.

On Tuesday, the US Senate hearing raised the possibility of cryptocurrency regulations and this rise has become a subject of discussion for many.  As it was publicly broadcasted, so it’s been a part discussion, since Jay Clayton, who’s a chairman of SEC (Securities and Exchange), and J. Christopher Giancarlo, who’s a chairman of CFTC (Commodities Futures Trading Commission) testified on their intent to emphasis supervisory efforts on Initial Coin Offering (ICOs) and regulations of cryptocurrency exchanges at federal level, as they were completely opposing the current state-level laws.

Aptly, the testimony is seen as a progress by the cryptocurrency community, as it won’t detriment the cryptocurrency markets. However, the remarks that were offered at the hearing eventually demonstrated quite emboldening in a way that regulatory analysis wouldn’t deter the blockchain technology or the development of other cryptocurrencies.

bitcoin price bounce back

Chairman of CFTC Christopher Giancarlo took another step to enlighten the committee by highlighting the complex nature of the blockchain technology and said, that it’s really important to remember that there’d be no blockchain if there was no Bitcoin!

The combined market cap is currently trading at $382 billion, after it hit a low of $275 billion on Tuesday, and the cryptocurrency market is also showing a lot of intervals with substantial double-digit gains as the cryptocurrency market cap dropped below the $400 billion mark recently, and even bitcoin itself fell below $6,000, before its price started to bounce back. The cryptocurrency market made a strong comeback, as US regulators specified that they’ll take a vigilant approach to cryptocurrency regulations.

Right now, some experts predict that the price of bitcoin will hit $50,000 soon and the markets could also hit $1 trillion this year. CEO of Outlier Ventures Jamie Burke, noted that such amazing price upsurges, that the cryptocurrency market had seen last year could be surpassed this year. He said he believes that the market is expected to hit a trillion-dollar mark after February.

 

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Bitcoin vs. Ethereum- 2017 Edition

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There are various warriors out there fighting for the cryptocurrency crown, but the lead runners are Bitcoin and Ethereum and both have serious backing. Due to the increase in competition, it is important for investors to understand the similarities and differences between the two.

Bitcoin vs. Ethereum- 2017 Edition

What is Bitcoin

Bitcoin is the first form of digital currency which was created by Satoshi Nakamoto. Since everything is shown on the public ledger, the blockchain, you can be confident that the transaction is legitimate. Bitcoin offers lower transaction fees than traditional online payment mechanisms and has no interference of banks. Also, it is used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also trading digitally at the moment.

What is Ethereum

Ethereum is meant to be much more than a payment system. It is also based on blockchain technology and was introduced to supplement decentralized applications.

It even features smart contracts and the Ethereum Virtual Machine. Firstly, Ethereum’s smart contracts allow contract negotiation and facilitation using an app which provides a decentralized way to verify and enforce them. It is powered by the Ethereum cryptocurrency Ether, which is held in the Ethereum wallet. Their aim is to provide greater security than normal contracts and bring down the associated cost. Also, the Ethereum Virtual Machine helps to create blockchain applications in a much easier and efficient way, enabling people to run any program.

Bitcoin vs. Ethereum:

In Bitcoin blockchain, miners mine to earn bitcoins and two-thirds of all available bitcoins have already been mined. The reward for mining halves about every four years and it’s current value is at 12.5 bitcoins with average block time as 10 minutes. Due to this block time, Bitcoin is suffering from slow transaction speeds thus, vendors and purchasers are choosing to shift.

On the other hand, Ethereum rewards its miners with ethers, which is a kind of token that fuels the network. You earn 5 ethers given for each block and unlike Bitcoin, Ethereum’s block time is 12 seconds. Ethereum’s GHOST protocol enables quick block time. The faster the block time, the quicker the confirmations. However, there are also more orphaned blocks. Ethereum gives application developers the opportunity to create all sorts of applications that carry out their own set of operations, which have never been seen before. While smart contracts are set up to be unchanging and trustworthy, they are still ultimately a creation of humans who are capable of error.

Another major difference is the supply of Bitcoin, which is exceedingly low, with just 16.24 million left from 21 million. Whereas, Ethereum has over 89,752,192 coins currently existing. This is an advantage for Ethereum since Bitcoin might be left behind due to its low supply.

Furthermore, both Ethereum and bitcoin use different hashing algorithms. While Bitcoin uses SHA-256 algorithm that produces a number in hexadecimal format, Ethereum uses Ethash algorithm.

Here’s a table representing all the differences between Bitcoin and Ethereum:

 

The future of Bitcoin and Ether

As we glance into the future, it’s hard to get a grip on who exactly is going to be on top of the chain. Over the years, Bitcoin has become more and more popular, there has been a steady increase in volume since the beginning of 2017. It now represents a technological breakthrough that has the potential to change the way the world banks. Now standing on $2209, for the first time in history, surpassing even the price of gold.

However, as high as Bitcoin pushes, it is going to drag Ethereum with it as well, which is now trading at $175. While the future of Ether is more uncertain than the future of Bitcoin, the potential gains are also much greater.

Both digital currencies continue to push all-time highs for almost every available metric and show no or very little signs of slowing down.

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Bogus Company Registers to Exploit Telegram’s mega ICO

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On 28th February, Telegram Open Network Limited was registered in Britain under the name Pavel Durov (the founder of Telegram). Telegram is a chat app, which has almost 200 million monthly users and is a commonly used platform for both ICO teams and investors, so that they can interact with each other.

telegram ico news

 

 

 

 

 

 

 

 

 

 

According to the latest telegram ICO news, the new crypto-project of the company has raised a huge amount of $1.7 billion in funding for its token sale, up to now, and will be providing services such as:

  • File storage
  • Private VPN
  • Encrypted browsing platforms
  • Services for decentralized apps
  • Decentralized browsing
  • Micropayments
  • P2P payment capabilities

Crypto Scam Alert

The company, Telegram Open Network appears to have been formed in an exertion to divert funds away from the legitimate project and it would have accomplished, if the scam didn’t expose. Their legal registration as a company could’ve legalized the project in the front of genuine investors, however, the project recently grabbed the attention of Telegram. A tweet was posted on 6th April, which revealed that it was entirely unrelated to the official project. According to this tweet by Telegram Open Network Limited, the company wasn’t linked to Durov and cited numerous red flags that raised incredulity in register document.

$1.13 Billion In Paid-Up Capital

Telegram Open Network has claimed to have $1.13 billion in paid-up capital in their registeration, and this is something which elevated uncertainties. Seemingly, the process of registration for British companies isn’t as severe as it might be anticipated however, applicants are expected to confirm their own details without actual oversight, and the procedure can be finished online for under $20 at Companies House.

Low Barriers to Entry

Even with difficulties for startups, the company’s registration can allow scammers to play away from the victims, especially from those who are searching for the legitimate registration without examining the details. Last week, the Telegram’s ICO made almost $850 million. Various investors have already earned a lot by flicking their tokens before the sale went public. With demand for a place in this enormous ICO success, it is not hard to envision how the bogus company could’ve deceived genuine investors who were eager to contribute to the action.

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