Throwback Thursday: Kentucky Police Chief Asks to be Paid in Bitcoin
Vicco, Ky., is a town that’s known to be one of the smallest of the smallest towns, with a population of just around 330 people. But hey, don’t judge a town by the number of its inhabitants, right? Well in 2013, that was definitely the case here since that did not keep a Police Chief named Tony Vaughn away from the trends of the internet and rising cryptocurrencies.
Considering back then Bitcoin was still gradually growing and beginning to stabilize, it was a story that gave the currency quite a boost and hopes of becoming a payment method one day. Luckily, the city commission approved of this and after standard federal and state reductions in US dollars, Vaughn had received the bitcoins in his personal account.
Fast forward four years and Bitcoin has earned and is still earning a lot of fame and popularity as major investors have accepted the cryptocurrency as a means of payment. Also, let’s not forget the endless amount of altcoins following right behind. One can safely say that we are, as a matter of fact, entering a world of digitization.
Story Credits: cnet.com
Bitcoin is a type of cryptocurrency that is autonomous to the government, central bank or financial authorities. In other words, it’s a virtual currency which is only the controlled by those who own it.
Is Bitcoin Different from Traditional Currency?
In terms of usage, both currencies are same. Both can be used to buy goods and services and there are many merchants who accept Bitcoin as payment.
But going deep, we realize that there are some huge differences between the two currencies.
- Bitcoin is decentralized
- The currency is peer to peer and is only managed by users around the world
- Bitcoin transactions leave no traces behind which gives its users complete anonymity
- Bitcoin transactions do not need to go through a clearing house like Government, Visa Network, MasterCard, the central bank, etc. which means low transaction fees.
- Bitcoins are generated through Bitcoin mining – a process in which miners around the world assemble blocks and work on solving mathematical algorithms to generate new coins.
- Bitcoins are finite.
- Bitcoins are stored in a Bitcoin wallet and are protected by private keys.
- If lost, bitcoins are irrecoverable. The cryptocurrency is not insured or protected by any regulatory authority which makes it impossible to recover in case the coins are stolen or lost.
Who Created Bitcoin?
Bitcoin first appeared on the radar in 2009 and was created by a programmer called Satoshi Nakamoto. The inspiration behind the invention was to produce an electronic currency that would be independent of any third-party influence.
Considering the current situation and ever growing popularity, it’s safe to say that the goal is pretty much achieved.
Is Bitcoin Printable?
Bitcoin guide: I is a virtual currency and is not printable. The only way to generate bitcoins, as mentioned above, is Bitcoin Mining where individuals from different countries form a network which is open to anybody around the world.
The network also facilitates bitcoin transactions, making the cryptocurrency guide its own payment method.
Can We Create Unlimited Bitcoins?
There are specific rules and specification to create bitcoins. It has been decided that the maximum limit for bitcoins would be 21 million and this number is impossible to achieve until the year 2140.
The value of Bitcoin can be divided into several smaller portions. The smallest it can go is one hundred millionth of a coin and is called “Satoshi” – named after the creator of currency.
These are some of the characteristics and general facts about Bitcoin. Putting in a nutshell, the cryptocurrency is growing in popularity and the number of merchants accepting it as a method of payment is increasing each day. So, it’s safe to say that bitcoins will be playing a huge part in future transactions of money and goods.
The second-largest stock exchange of Germany, Börse Stuttgart is going to launch a crypto trading app by the end of this year. Sowa Labs, which is a subsidiary of Börse Stuttgart revealed the application on Friday, and said, the app would be available for use from September; also, the app will provide trading support for the following cryptocurrencies:
The official website of the app also says that more assets will be coming soon. The app is called “Bison,” and users will be allowed to download it for free. According to the developers of the app, Binson will not charge additional trading fees. Plus, the app’s prototype will be demoed in Stuttgart during a trade-show this week.
Crypto Trading App
The app is initially designed to offer easy means for investors so that they can gain exposure to the crypto markets. According to the Sowa Labs, the Bison app is going to be the first cryptocurrency trading app that is being supported by a stock exchange and will be the first one to be released by a German company as cryptocurrency stock exchange.
The managing director of Sowa Labs, Ulli Spankowski, said in a statement:
“Bison makes trading in digital currencies easy. It is the first crypto app in the world to have a traditional stock exchange behind it.”
Last year, the exchange developed Sowa Labs, in the month of December and took 100% of its interest in the Ulm-based startup. Even though the accurate figure hasn’t been known, some reports say that the price of the acquisition was in the millions of euros. The progress also shows the current instance of a traditional stock exchange going into the cryptocurrency trading game via subsidiary.
The operator of TMX (Canadian stock exchange company), announced last month that its very-own subsidiary had ‘struck a deal’ for setting up a cryptocurrency brokerage. The brokerage will focus on; bitcoin and ether and will be set to launch in the middle of 2018. The prototype for Bison was unveiled at Invest, which is a German finance and investment trade fair. Reports say, the German version of Bison is scheduled for release in autumn, and after it gets lauched, Börse Stuttgart will announce an English version of it.
Bitcoin wallets or digital wallets are the wallets that require a web browser in order to run, just like websites out there. It’s safe to say that they are pretty much similar to a website.
Surprisingly, the web wallet options are thin compared to the iPhone or Android options.
Right now, there are two Bitcoin wallets worth using. The most reliable online bitcoin wallet is Green Address.
To get a Bitcoin wallet that provided protection against cyber-attacks, GreenAddress is the way to go. GreenAddress takes cyber-attacks seriously and provides your coins protection against these attacks.
GreenAddress is a “multi-signature” Bitcoin online wallet. This implies GreenAddress shares control of your Bitcoin with you. While other online wallets are prone to cyber-attacks, GreenAddress gives genuine two-factor validation keeping your coins protected in your wallet.
SpectroCoin is London-based bitcoin wallet, exchange, debit card and merchant solution provider. It serves customers in more than 150+ nations. Right now, it encourages more than 20 types of deposits and withdrawals including bank exchanges, credit/debit cards, and cash deposits to name a few. It also gives bitcoin wallet addresses to iOS, Android and Windows Phone users.
These two are the safest online bitcoin wallets. Although these wallets provide all sorts of security, the ultimate protection comes down to the wallet owner. The best wallet security is the protection of its private key. As long as the key is unshared, chances of your coins getting stolen are very slim.