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Coincheck is a bitcoin exchange service rather referred to as a digital wallet. Headquarter of Coincheck is situated in Tokyo, Japan. It was founded by Koichiro Wada and Yusuke Otsuka. It operates bitcoin transaction and storage in some countries worldwide.

The hacking incident

In January 2018, Coincheck was hacked of approximately 500 million NEM tokens. As a result of which the Financial Services Agency took notice and ordered Coincheck to improve its security practices. Many people were surprised that why did Financial Service Agency not ordered Coincheck to shut down all its activities until this issue was resolved. Later, Coincheck announced that it would compensate and repay all the users affected by this fraud.

Effects of this fraud on NEM

bitcoin transaction

NEM is considered to be the 7th largest cryptocurrency in the world. It had a market cap of nearly 2 billion in October last year. However, NEM development team refused to conduct a hard check as the above-mentioned fraud was caused due to lack of security measures of Coincheck. Instead, NEM has announced to create an automated tagging system which will follow the money and tag any account that receives infected money of any sort.

Aftermaths of the hacking incident

Japanese crypto exchange Coincheck has announced that it will stop dealing in Monero, Dash, and ZCash as a result of the fraud that took place in January, this year. 534-million-dollar worth of NEM was stolen from the exchange as a result of that fraud. According to a note published in The Japan Times, Coincheck is also considering to accept the transfer of the currencies from verified Coincheck accounts only. That is why the exchange resumed activities of certain currencies on March 12. On the other hand, it also has been reported that the exchange has refunded 260,000 affected customers over 440 million dollars from its own funds.

It was also reported by a Japanese cyber security expert that about half of the NEM stolen in the above-mentioned hack was converted into different cryptocurrencies and was allegedly being used for money laundering purposes. The NEM Foundation had reported that the stolen NEM was traced to be moved to different wallet addresses at the end of January.

Some of the NEM stolen from Coincheck was reported to be been found at a crypto exchange in Canada, as well as some portion of that amount was found at the Japanese NEM exchange Zaif.

The Japan Times also stated that Coincheck’s decision to stop handling the three cryptocurrencies Monero, Dash, and ZCash was due to a response to the FSA’s improvement notice.

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Bitcoin vs. USD – Why Bitcoin wins this battle

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As Bitcoin goes through another day reaching a new mark and huge publicity, it is important to inform the public what makes it so different from our paper money.

This post will outline the pros and cons of both the currencies and explain why Bitcoin is achieving all the fame and fortune.

USD and other Fiat Currency Systems

Fiat means “simple” which is pretty self-explanatory. Paper money was introduced into the system in 1861 to help fund the Civil War. The printing of paper money is regulated by a country’s central bank in order to keep the flow of money in line with monetary policy. Moreover, the value of fiat currency is not determined by what it’s made of, rather it is the economic laws of supply and demand that dictate its value. They are occasionally updated to new versions containing security features difficult to counterfeit to create illegal copies.

Advantages of USD

  • Can be easily transferred, stored and claimed. You can easily get your cash in physical form with just a single trip to the bank.
  • It has the ability to inflate and deflate accordingly to adjust the impact economic problems.
  • Metals such as gold, are free to be used for commercial purposes, by not being tied to a currency.
  • It is very divisible, flexible and digitally usable. (with the help of credit cards)

Bitcoin & the future of money

Bitcoin was created as a cryptocurrency, by an entity known as Satoshi Nakamoto. People from all over the world can exchange products, credits, and services instantly- without the need for a bank.

The Bitcoin network relies on the blockchain, which is a shared public ledger. It is sort of a database design, where all the nodes hold a copy of the entire blockchain history. These nodes are distributed around the world and attempt to solve complex mathematical equations to confirm a transaction and record it in the blockchain.  The nodes are run by mining pools, bitcoin enthusiasts etc. with high computing power. Therefore, the more the computing power on separate nodes, the more secure the network is.

Advantages of Bitcoin

  • Bitcoin transactions can be carried out instantly. Money can be sent with ease from one end of the world to the other easily.
  • No or very less transaction fees. Bitcoin transactions are extremely cheap with very little or no transaction fees to be charged.
  • It is infinitely divisible. At the moment, 1 bitcoin can only be broken down into million smaller units, which are known as satoshis.
  • There is nothing hidden with Bitcoin, it is completely transparent. We are aware of the supply of bitcoins and with that, we can even predict its future.

 

Should Bitcoin be preferred over digital currencies?

Whenever something new is introduced, there is always a certain amount of fear and resistance present in traders. However, with the rapid growth Bitcoin has shown in the past few years, it is becoming every investor’s need. Even a small investment can show twice the doubling of your deposit in a relatively short time period which is not possible with traditional currencies. Bitcoin has stabilized a lot in the past year and with its short supply and increasing demand, it is definitely not slowing down anytime soon.

To be honest, this is up to your personal preferences. Also, people invest in bitcoin because it shows a good profit in a short amount of time, some do it to learn more about the cryptocurrency world while others just enjoy it. Due to its popularity and drastic growth, I’d recommend everyone to get acquainted with it.

Here’s a graphical representation of the differences of Bitcoin vs Paper money outlined:

 

Tags: bitcoin future, bitcoin news.

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Get Your Online Bitcoin Wallets Adderss Through Btcwonder.com

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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.

GreenAddress:

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 coin’s 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.

Spectro Coin:

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.

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Cryptocurrency Market Rebounds: The Market Valuation Has Surpassed $400 Billion

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Finally, the cryptocurrency market has surpassed $400 billion in valuation after such a long correction and since 10th February, the market has been recovering really fast; however, it’s still not ready to instigate strong rallies.

Speedy Recovery:

At this time, all cryptocurrencies in the market have the market valuation of $418 billion as a whole, and the price of Ethereum has leaped over $840, whereas the price of bitcoin has hit $8,525. The price of native cryptocurrency of the Ethereum network “Ether” fell to $820 recently and is now following the same trend as bitcoin over the past few weeks.

Generally, we can say that the whole market has been following the trend of major cryptocurrencies, which includes both Bitcoin and Ethereum because in times of extreme instability, the cryptocurrencies that have huge market caps tend to work as stand-by currencies of the market.

Cryptocurrency market rebounds

In the past corrections, the cryptocurrency market recovered really fast because the casual investors and newcomers still had hope that the market would recover within a short period of time. This correction was quite different from the previous ones and the media also reported many stories that focused only on the investors who lost their money, rather than the positive developments within the cryptocurrency sector. South Korea continued to show sanguinity throughout 2017 however, it was still hit with a bear market recently due to the negative press.

As the cryptocurrency market has got negative press all around it, even with the fervent approach of regulators, as it’s been seen in US CFTC (Commodities and Futures Trading Commission) and US SEC (Securities and Exchange Commission) congress hearing, few more weeks will be still required for the market to recuperate and the major cryptocurrencies like Ripple, Ethereum, and Bitcoin to regain their absolute thresholds at $10,000, $1,000, $1 individually.

Market Will Soon Bounce Back:

According to the CEO of Pantera Capital, Dan Morehead, within few weeks, the cryptocurrency market could start assembling. He added, he’s certainly aware that it’s a very speculative market and is volatile on the downside for the past 52 days. He thinks that in a couple of weeks, everything will get back to normal and the price of bitcoin will start to grow back once again.

Morehead highlighted that bitcoin is still “under-owned” by the retail traders and if the institutional investors adopt the asset class, the market could grow really quickly.

 

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Bitcoin Future — What Will Happen When There’ll Be No Bitcoin to Mine?

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In the month of April 2018, 17 millionth Bitcoin was mined. But why this number is significant? Well, only four million tokens are left to mine. Bitcoin’s blockchain protocol is what makes Bitcoin mining a bit difficult, and the Bitcoin reward for mining a block also splits every 210,000 blocks. As seen, 12.5 BTC reward is received by the miners for unlocking a new block.

future of bitcoin mining

Mining of the Last Bitcoin

At this time, miners are deeply encouraged to mine so that they can get gradually more treasured Bitcoin tokens as a reward — before the supply reaches the capacity. However, when 21 million market cap is hit, there won’t be any Bitcoin rewards for miners. Though, transactions will be still required to get validated and stored on blocks, so that miners can profit from the transaction fees.

Segwit

  • Last year, the issue of scalability – block capacity – transaction costs showed up.
  • 1MB size limit for blocks was implemented by Nakamoto for halting miners making bigger blocks that were expected to be excluded from the network, as it could cause the blockchain to split.
  • At that time, the limit was big enough because of the small number of transactions. However, apprehensions that elevated were ultimately comprehended as Bitcoin advanced in popularity.
  • Ultimately, Bitcoin Core developers came up with a solution under the name “Segregated Witness,” which is more commonly known as SegWit.
  • Fundamentally, Segwit splits non-signature data from signature data of all transactions — significantly reduces transaction sizes that are stored on a block.
  • Moreover, it cancels out transaction flexibility by eliminating signatures from transaction data, paving the way for ‘Lightning Network’ incorporation.

Eventually, Segwit was implemented in August 2017, as a foremost stakeholder from the major Bitcoin mining pools and Bitcoin companies – for a solution to high transactions fees instigated by an accumulation due to the block size limits.

Core warning — the implementation of Segwit was possible because of the consent of the Bitcoin community. Even though there were huge concerns such as the inadequacies of Segwit2X, the community was divided up and the change was certainly not implemented.

  • Since August 2017, the implementation of Segwit has been slow across the global network. However, Bitfinex and Coinbase only presented the alteration in February 2018.
  • The launch matched with reducing the transaction fees – a testament to the envisioned outcome of Segwit incorporation.

future of bitcoin mining
Lightning Network

  • SegWit’s implementation laid the foundation for second layer solutions as well, in order to improve the network of Bitcoin.
  • The most projected one is the Lightning Network – it will do the same as the SegWit – though on a grander scale.
  • In terms of layman, the Lightning Network lets users excavate many payment channels amid themselves – off the Bitcoin blockchain.
  • The channel is going to be opened and recorded on the blockchain, though transactions will be made “off chain” till the payment channel is closed.
  • Basically, Bitcoin is deposited in this channel by users, so that they could make transactions by transferring potential of possession to each other.
  • When they plan to close the channel, users take their part of the total sum – the ownership of those sums is recorded on the blockchain.

This second layer solution matters a lot, as it will significantly upsurge the speed of transactions and the whole network. But if we talk about the future of bitcoin mining, this does stance few interesting questions for miners in the upcoming time. Once all 21 million Bitcoin have been mined – transaction fees would be the one and only incentive for miners. If the Lightning Network is completely integrated by that time, there’d be quite fewer transactions being recorded per-day. This could at the same time affect the amount of money that miners will be getting from transactions. Though, if we look 100 years from now, it is expected that all of these issues will have been solved by the wider crypto-community and Bitcoin Core developers.

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Dara Khosrowshahi, Uber’s new CEO has plans for Bitcoin

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Most commonly known for running the traveling site Expedia, Dara Khosrowshahi has just accepted the CEO job for Uber.

Khosrowshahi made a bold move when Expedia had announced that it will accept bitcoin as means of payment back in 2014. Back then the currency was still quite new and not many institutions were willing to invest in it.

Now, it’s very intriguing to think how Khosrowshahi is going to experiment with the world’s best cryptocurrency and the largest ride-sharing platform. Travis Kalanick, the founder and former CEO of Uber never gave in to the ideas of having Uber accept bitcoin but, this could change under Khosrowshahi’s charge. With the increase in interest shown by major companies, one can only imagine how far Uber would go if it joins forces with the cryptocurrency.

Nonetheless, we have only well wishes for Dara Khosrowshahi as he takes on this new challenge. No doubt, he’s got the potential to take the ride-sharing platform to places.

 

News Credits: fortune.com

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