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Ever heard of Bitcoin gang?

No?

Well, it’s a thing now in India!

According to the news coming from India, a local businessman got abducted and looted by Bitcoin Gang. Probably the first ever incident of its kind.

Remember that Bitcoin is still not legalized in India and chances of it being legalized are very slim in future.

The Backstory:

So this businessman (identity unrevealed) posted a requirement of Bitcoins worth $55000 on localbitcoins.com, a site which enables P2P trade of Bitcoins/fiat in the same country. A large portion of you can already envision this is a major sum in India, equaling around INR 3594937.50. A seller then contacted this guy to sell Bitcoins. He wanted to pay online but the dealer talked him into paying in cash, by offering him a discount.

Cheeky I see!

I am certain the seller would have given him the reason of tax avoidance and protection from Govt as well!!! The seller was a young lady in her graduation, probably the biggest reason the guy went for a physical exchange.

Anyways, the soon to be victim packs his $55,000 in a briefcase and goes to meet this woman. She, alongside her boyfriend, has officially set the trap for this person. When he meets this woman, an armed gang shows up and snatches all his fiat from him!!!! Also, they gave him some great beating, punch marks, purple eyes, and life threats if he tells about this ordeal to anybody!!!

However, the good thing is that the gang was caught and the cash that had been looted was returned to the owner. But looking at the bigger picture, events like this don’t really give Bitcoin a good name. Particularly in a country where it is already struggling for legalization. A government which is apparently in no mood to legalize Bitcoin may go on putting further restrictions on Bitcoin and other cryptos.

So, let’s see what the future holds for Bitcoin India. Fingers crossed!

Tags: bitcoin news india, bitcoin india

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All you need to know about Bitcoin Faucets

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A question that is asked by everybody is “Where can I get free bitcoins from?” The answer is free bitcoin faucet. It obviously won’t make you rich overnight, but it’ still free!

All you need to know about Bitcoin Faucets

 

As the name suggests, Bitcoin faucets are like taps with dripping bitcoins, instead of water. Just like a drop of water takes time to accumulate before dripping from the faucet, users have to wait a certain time limit before they could collect their coins.

What are Bitcoin faucets?

Bitcoin faucets are reward systems that are programmed to distribute small fractions of bitcoins for visitors to claim. There is a time interval that a visitor must wait between every batch of bitcoins released.

Purpose of Bitcoin faucets 

  • To introduce users to bitcoin: Faucets are a great way to introduce new people to the bitcoin network. Most faucets provide information to users and giving them a practical experience on how they can earn bitcoins is a beneficial way to promote digital currency and attract new users.
  • To achieve maximum traffic: It is not that difficult to get traffic on websites that give out free money, faucets are usually high traffic websites.
  • To make money: Adding additional content to the website, or including some unique attraction for users is the only way to generate an income for a Bitcoin faucet. There are many of these sites around nowadays so it’s a very competitive market.

Why Bitcoin Faucets?

There are rewards placed to attract visitors to the faucet’s webpage. These sites usually contain advertisements and advertisers pay these faucet owners to display their ads on the websites. Advertising costs are calculated on Cost per Thousand Impression (CPM) basis. Which means if the site gets more visitors and they spend a long time on the site, then the owner gets more money from the ads.

Faucets also play an important role in the bitcoin ecosystem. It encourages more people to understand and adopt bitcoin.

How to use bitcoin faucets?

Once you’re on the faucet webpage, you just need to enter your wallet address or the email address linked with your Xapo wallet.

A timer will start to measure the time you spend on the site. Each ad is viewable after a certain period of time. The interval is usually of 30 minutes.

All you need to know about Bitcoin Faucets

In order to claim your reward, you’d have to solve a mathematical question or prove that you’re a human by filling in a Captcha, and that’s it!

Typically, faucets have a minimum time interval between claims by each visitor in order to prevent one from claiming all the available bitcoins from faucet’s wallet.

This duration varies from 5 minutes to 24 hours, depending upon the faucet.

Here are a few best Bitcoin faucets for you to explore from:

  • Moon Bitcoin
  • Freebitco.in
  • Bitcoin Aliens
  • Bitcoinker

You can visit and explore these sites. It might be worth your while to study and recognize the techniques they use in order to make money from their faucets.

You will find hundreds of bitcoin faucets to choose from, go ahead, explore and earn a few satoshis while you’re at it. (1 Satoshi = 0.00000001 BTC)

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Will Bitcoin Become World’s ‘Single Currency’?

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Due to a number of reasons cryptocurrencies are becoming intensely popular form of internet money. The main reason for that can be no other than the fact that unlike conventional currency cryptocurrencies are safe, anonymous and completely decentralized. Moreover, their flow totally depends upon the market demand. Due to the Blockchain technology and the so much complicated code system, it is also impossible to counterfeit them.

bitcoin single currency

Views of Twitter CEO about the Future of Bitcoin

In an interview with The Times, Jack Dorsey, the CEO Twitter presented his views that there are chances that Bitcoin will become world’s single currency in the future. When asked for the time frame, Dorsey said that it may take further ten years. He further exclaimed that no matter how much time may take, but a day will come when the world will ultimately have a single currency, and the name of that currency will probably be Bitcoin according to him.

Role of ‘Square’ in Promoting Bitcoin

Jack Dorsey is also the CEO of world famous payment service Square, with this regard he has a keen eye for online transactions and the internet money flowing from one place to another. Jack Dorsey is personally very much interested in the rise of Bitcoin. According to one of his previous statements, his company Square will try its best to focus on options to interact with Bitcoin via their Cash App. Jack Dorsey believes that it will become a “transformation technology” for the internet technology.

Level of Jack Dorsey’s Trust in Bitcoin

Being a personal investor of Bitcoin, Dorsey believes that time will soon come when cryptocurrency especially fractions of Bitcoin would be used for buying simple things like coffee and other everyday purchase. Not only Bitcoin, Dorsey has also invested in ‘’Lightning Labs’’, which is working hard day and night to make the use of bitcoin much more faster and easier. Last week, Lightning Labs, released its first Bitcoin ready LN implementation. Due to this implementation free and frequent Bitcoin transaction has come closer to reality.

When asked about the scaling issues faced by Bitcoin right now, making it “slow and costly,” Dorsey answered that though it is a fact right now but with the passage of time new solutions will resolve that problem too. He further explained that when more and more people would have an easy access to Bitcoin, things would start to improve gradually.

The acceptance of Bitcoin by companies like Square, has probably led to future investment opportunities in it, further fueling its journey to become a single currency worldwide.

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What Are the Best Bitcoin Hardware Wallets In 2017?

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What Are the Best Bitcoin Hardware Wallets

 

In comparison to online wallets, hardware wallets are the more secure form of Bitcoin wallets. These wallets use 2FA (2 Factor Authentication) to make sure your Bitcoin assets are secure. The 2FA requires the identity and PIN code of your wallet.

If you really want to ensure the security of your wallet, get a hardware wallet ASAP.

In this article, you will learn about what are the best performing hardware wallets in 2017, thus making the choice easier for you. So, let’s get started with knowing what are the best hardware wallets in 2017.

Best Bitcoin Hardware Wallets In 2017:

Ledger Nano S:

 

The main reason why I have put Ledger Nano S on top is that:

  • It has a catchy UI
  • Sleek design
  • Support of different cryptocurrencies (Ethereum, Stratis, Zcash, Dogecoin, Litecoin)
  • A reasonable price tag.

Currently, the ledger sells for $63, making it one of the most affordable hardware wallets out there.

Trezor:

 

One of the oldest and most reputable hardware Bitcoin wallets address. Similar to Nano S, Trezor has a catchy UI and a nice design. The altcoins it supports, apart from Bitcoin, include Dash, Zcash, and Ethereum. However, in order to use Ethereum, you will need to use an external wallet called ‘MyEtherWallet’.

Compared to Nano S, Trezor is a bit on the expensive side – $99 per wallet to be precise.

One of the main reasons that give Trezor edge over its competitors is the fact that it belongs to ‘Merk Slush Platinus’ who is also responsible for creating the first ever mining pool.

KeepKey:

 

The last one on our list. KeepKey is pretty much similar to Nano S and Trezor in terms of UI, usage, and support for altcoins. The wallet supports a number of altcoins such as Testnet, Dash, Ethereum, Namecoin, Dogecoin, Litecoin, and Bitcoin. However, there are few reasons that make it less attractive as compared to the other two. The reasons are:

  • Almost twice the size of Nano S/Trezor – making it less convenient to carry around in your pocket.
  • Not enough reputation in the community.
  • Poor support department, etc.

The wallet currently sells at $99.

The Final Word:

When you look at the prices of both online and hardware Bitcoin wallets, the latter is on the expensive side. And this might force you to think that why spend extra money on something that you can get for free or lesser amount? Remember, the amount of security you get with a hardware wallet is much more valuable than a few dollars that you will save with online wallets. So, lay out some money and take the safer route.

 

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What Are Some Different Ways to Trade Bitcoin?

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Different Ways to Trade Bitcoin

Bitcoin is a computerized currency which is produced through mining. Mining is a procedure that includes understanding and solving complex algorithms using a PC. Once that complicated algorithm is decoded, then a single block can deliver around 50 bitcoins.

The time it takes to decode a single block greatly relies on the services of the miner as well as the processing power of CPU. Since the procedure of mining is long and frantic, many people want to purchase Bitcoin on the web.

Trading Bitcoin is most likely the quickest and simplest approach to make money through Bitcoin. The estimated value of the currency varies so much on the daily basis that it has become a primary investment option for traders. The currency is super exciting due to the fact that nobody knows how high or low Bitcoin can go.

Safe Approaches to Trade Bitcoin:

Here we are going to demonstrate the safest approaches to trade bitcoins. Read carefully best Bitcoin trading platform.

There are many ways to make money through Bitcoin trading. Much the same as stock markets, Bitcoin trading includes purchasing coins at low cost and selling them when the cost has gone up. To begin trading, you have to set up an online account with a consistent trading site and then store your assets into that account. When your account has been effectively verified, you will then need to closely observe the trading market for a chance to make a profit through purchasing and selling bitcoins.

Depending on the amount, the Bitcoin exchanges will charge you a specific rate for each transaction. You will also have the option to convert your local money into Bitcoin and vice versa. In any case, you should remember that Bitcoin is highly unstable. If you are not well-informed with the price trends, you may end up losing a considerable amount of cash.

A usual Bitcoin trading procedure includes four easy steps. The steps are:

  • Making an exchange account and filling it up with currency. The currency will be later used to make your first Bitcoin purchase.
  • Creating multiple accounts with the different exchange as it will help you eliminate the risk of theft in the event your primary account crashes.
  • Choosing an exchanging methodology: There are a few different methods to exchange bitcoins such as informal investment, swipe trading or becoming an investor that sits tight and hold on until the market stabilizes. Make sure you go with the option that suits you best.
  • Once you have done it all, wait until the market offers the right opportunity to make money.

These are some ways that can help you keep your bitcoins from theft and make secure trades. Good luck with your venture.

Tags: Bitcoin trading sites

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