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On November 26, 2017, a news came out about a former SpaceX employee claiming that Elon Musk was “presumably” Satoshi Nakamoto, the creator of Bitcoin. Bitcoin was established in 2008 and claimed under the pseudonym “Satoshi Nakamoto”, the rumored holder of more than one million Bitcoins.

The secret of Satoshi has been a hotly debated issue in the digital currency world, with entrepreneurs regularly claiming and denying responsibility. Many individuals jumped at the opportunity to get a reaction out of Musk, with very little success on the first day.

In under 48 hours, the news reached Musk, who swung to Twitter to expose the claims in true Musk way:

“Not true. A friend sent me part of a BTC a few years, but I don’t know where it is.”

Image credits: cryptocoinsnews.com

The gossip started from this Medium post from Sahil Gupta, a student at Yale University and former intern at SpaceX. Gupta’s post was widely covered over media, bringing together a blend of supportive and skeptical responses. Normally, the dominant part of reactions was doubtful:

“Obviously, and on the 7th-day Musk rested.” – Phil Thompson

“Musk is a serial self-promoter. Had he come up with anything 1/1000 are groundbreaking we’d have known about it.” – Frayed_Knot

“I will debunk this right now. There is no way Elon Musk is Satoshi. He would never create a currency system that uses so much energy. One bitcoin transaction uses the amount of power an entire home uses in a full week. No way would he impact the environment like this.” – Adam W.

“Yes and no doubt one of his P.R. companies facilitated this article.” – Dave

The last comment can be easily exposed. Yes, Musk is capable of many things, but it is safe to say that he didn’t create Bitcoin.

With Musk’s latest response, the secret of Satoshi lives on and stays to be one of the best mysteries in the crypto world.

 

STORY AND IMAGE CREDITS: CRYPTOCOINSNEWS.COM

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What Are the Advantages and Disadvantages of Bitcoins?

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Bitcoin has taken the market by storm and the number of people looking to make transactions through this currency is increasing each day. If you are one of those fascinated by this mysterious yet amazing currency and want to discover its advantages and disadvantages, you have come to the perfect place. This article will provide you with all the information about advantages and disadvantages of bitcoins.

So, let’s get started with knowing what are the pros and cons that come with this currency.

Advantages of Bitcoin:

The list of basic benefits of Bitcoin includes:

  • With bitcoins, there are no boundaries on transactions. The users can send the currency anywhere in the world at any given time without any hassle.
  • Bitcoin transactions don’t need rescheduling in the event of bank holidays.
  • The users are in complete control of their money as there is no central authority to regulate the Bitcoin flow.
  • Since the users are in complete control of the currency, it allows them to control the transactions as well which helps in keeping the Bitcoin network safe.
  • There is no way for merchants to charge extra fees without it coming into the notice of users. In case a merchant wants to charge extra fees, he must inform the consumer about those charges.
  • Bitcoin payments can be finalized without a user having to give away his information. This gives Bitcoin users complete anonymity.
  • The fact that Bitcoin users are not supposed to reveal their identity is extremely handy as it provides protection against identity theft.
  • Bitcoins can be encrypted and backed up to ensure the safety of your money.
  • All Bitcoin transactions are recorded in a public ledger called Blockchain which enables everyone to see those transactions. This makes the transaction process more predictable and transparent.
  • Personal information of users is always hidden and no one can access it unless a user decides to publicize it.
  • Bitcoin is cryptographically secure and can never be influenced by a government, bank or a third person.
  • Bitcoin payments involve very low fees, that too within Bitcoin system.
  • How much fee is charged on a transaction depends on the urgency level of a user. The faster he wants it to process, the more priority it gets. As a result, the fees become higher.
  • In countries like China where moving cash to other countries is prohibited, Bitcoin is a great way to transfer money to different parts of the world.

These are some major advantages of Bitcoin. Now let’s move to the next part of the article, which discusses the disadvantages of Bitcoin.

What Are The Disadvantages Of Bitcoin?

The list of basic disadvantages of Bitcoin includes:

  • Bitcoins are finite, which makes them extremely volatile.
  • A very small portion of the business is willing to accept Bitcoin as a method of payment.
  • It needs strong networking to spread the word on bitcoin.
  • Bitcoin is relatively new and most of its features are incomplete.
  • There is still a long way to go before Bitcoin gets to its full potential.

Conclusion:

These are some advantages and disadvantages of Bitcoin. The cryptocurrency has many unique advantages that traditional currencies lack; however, it also has disadvantages. Mainly due to the fact that Bitcoin is relatively new and will take the time to reach to its full potential.

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A beginner’s guide to surviving a coin-split

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We have all been hearing about the coin-split for a while now, so there are possible chances that it could happen any moment. While most miners are choosing to side with Bitcoin Unlimited and mine blocks larger than 1MB, some are sticking with the current Bitcoin asset aka, Bitcoin Tokens. This could lead to the network being split into two, aka “hard fork”.

Before the Split

First of all, be aware that this is a high-risk zone. Do not be holding onto more value in bitcoins than you are willing to lose. If you are planning on holding onto your bitcoins, then keep your private keys secure and under your control. Try investing in a hardware wallet, like TREZOR, Ledger Nano S etc. These will keep your private keys secure and provide you a backup PIN in case you ever tend to lose them.

Bitcoin guide

BE SURE TO MAKE A BACKUP OF YOUR PIN. 

You must not skip this step while installing any wallet.

We are not sure of when the fork would take place, but indications are that it could take place at any time and things could get messy from a scale of a few hours to maybe even days.

As such, our advice is that you don’t make any bitcoin transactions during that time period, at least not until we’re sure of what the post-fork situation looks like.

During the Split

There is no set date given as to when the “split” could take place, which means that a fork could happen at any time. However, if BU does fork, things would get complicated for a while. For eg, post-fork, transactions will look the same on either side. If a transaction is picked up by one end, there are chances that it’d be picked up on the opposite as well and may be valid for both chains. This is called a “replay attack” and unfortunately, BU does not include “replay protection.” Ultimately, spending coins on one end could lead to the same amount being spent on the other.

What you should do is, avoid sending any transactions until the post-fork situation is clear to everyone and you are sure that Bitcoin Unlimited is a winner.

After the Split

In the future, if both coins survive and you still have control of your private keys, you will have coins on both sides of the fork. But, it will be tricky to spend coins on one chain without unintentionally spending the same amount on the other end.

A solution for this would be to mine new bitcoin value after the split. If the coins are not present on either end, then no one can spend them.

Some exchanges might even set up coin-splitting services that will credit your account with BTC and BTU. Perhaps you might have to upgrade your wallet.

Also, if neither of these survives, your private keys will probably become worthless.

 

No one clearly knows what the post-fork scenario would appear to be, so as of now, we simply wait and see.

Hope for the best!

Tags: Bitcoin generator

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How to buy and sell bitcoin for cash

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Bitcoin has taken the world by storm over the last couple of years. everyone, be it a kid or an elderly person, seems to be talking about Bitcoin as it is deemed to be the instant way to become rich. And quite rightly so, as there are numerous stories of people going from rags to riches just within a matter of days/months. This has led people believing bitcoin is an instant way to become and they are often seen asking: how to buy a bitcoin / bitcoins?

The best and safest way to buy Bitcoin is through exchange. There are numerous exchanges that sell Bitcoin both in bulk and minority. Some reliable exchanges are: CoinBase, BitQuick, Wall of Coins.

Once you have bought bitcoins and held them long enough to significantly appreciate in value, it’s time to sell.

Don’t know how to sell bitcoins?

Trade them at an exchange or find buyers in your area through local bitcoins and sell them on high returns.

You can sell Bitcoin for cash, commodities such as gold, or something you want to have in your locker to look at.

Remember that Bitcoin is highly unstable and continuously goes up and down in value. So, don’t hold much on your bitcoins and sell them right when the profit is high.

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Bitcoin Hacked 2017, Who To Blame?

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Bitcoin trading was started since 2010 which is the source of Bitcoin’s universal myths or discussions. When a Bitcoin exchanged gets hacked, financial media considers this hack a result of the flaws of cryptocurrencies. Until now, Bitcoin protocol has never been hacked. Due to its next level encryption, hackers do not attack Bitcoin directly. Instead, they manipulate the weaknesses of Bitcoin exchanges.

Are Bitcoin Exchanges Vulnerable To Hacking?

According to the report of the U.S Department of Homeland Security, one-third of Bitcoin exchanges were hacked between 2010-2015.

A South Korean exchange ‘Bithumb’ was hacked last month with 30,000 customer’s data on it. The hackers were able to steal $1million worth of bitcoins. As a result, the price of Bitcoin dropped about 3.5% during the following two days of the event.

Bithumb revealed that employee’s computers which provide the access to customer’s data were targeted during the attack.

In August 2016, Hackers successfully took 120,000 Bitcoins, worth $65million from Bitfinex exchange. In that case “Hot wallet” feature was the weak link. These frequent Bitcoin exchange hacks are no doubt concerning, but this should not be a reason to dismiss Bitcoin usage.

For example, if a diamond jewelry shop is successfully robbed, it’s not the diamonds’ fault, rather the security management that was hired by the owner. Same is the case with the Bitcoin code users.

Why Has Bitcoin Itself Never Been Hacked?  

Bitcoin codes use a network security protocol known as SHA-256. SHA: Secure Hash Algorithm. This is the prime reason why Bitcoin is known as a cryptocurrency. SHA-256 is widely used by the government and financial sector of the Bitcoin and was designed by the National Security Agency.

Crypto experts and programmers believe that SHA-256 is unbreakable by the currently available technology. Chris Wilmer, founder of Blockchain-Focused said, “Bitcoin itself, and most of the other cryptocurrencies, have never been hacked or even really had any downtime.”

Due to the fact that Bitcoin uses SHA-256, and that its transactions are broadcasted to the network for confirmation, Bitcoin is the securest form of currency ever created.

Just think about it, if you have fiat money and it gets stolen or snatched by someone, it becomes incredibly difficult to trace it. In addition, a stolen bag exposes your data including bank’s check book, debit/credit card to untrusted parties and takes a whole lot of months to resolve the issue.

Besides, credit/debit is an old fashioned payment system. Considering the tools available these days, hackers could get an easy approach to this old form of digital money.

Today, the Credit card breaches have become a daily routine. The hits at Target Corp. (NYSE: TGT) and (NYSE: HD) occurred a couple years ago. Neiman Marcus and Wendy’s Co. (Nasdaq: WEN) breach is another example which just happened in 2016. The most recent ones are Chipotle Mexican Grill Inc. (NYSE: CMG), Arby’s Restaurant Group, and Kmart Corp, which happened in 2017.

Whereas, bitcoins are safe at your Bitcoin exchanges and provide maximum security against breaches. Don’t let one or two incidents define the whole currency and start your Bitcoin venture right now!

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