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Amazing Facts About Bitcoin

The majority of people nowadays already have an idea as to what is Bitcoin and how does it work. But no matter how much you know about this cryptocurrency, there is always something to leave you amazed. Here are the bitcoin facts.

In this article, here are some interesting Bitcoin facts for you.

Bitcoin amazing Facts:

Independent of Third Party Influence:

Bitcoin is an open-source software. Anyone – whether it’s the owner or just a random internet user – can access it. Also, there is no regulatory authority such as a central bank, government or private organizations to control the flow of Bitcoin which makes it inexpensive to use.

Nobody Knows Who Invented Bitcoin:

It has been nearly a decade since the Bitcoin first came into circulation. However, the identity of creator still remains a mystery. Several investigations and search works have been conducted but to no avail.

Some say a programmer named Satoshi Nakamoto invented it but there is no proof to support that claim.

Bitcoin Transactions Are Untraceable:

One of the unique features of Bitcoin is that the transactions are untraceable. Whether a user is trading coins across the street or sending them to the far edge of the globe, all he has to put forward is a wallet ID. The personal information is not required. As a result of this, the transactions become anonymous and downright untraceable.

If You Lose Your Coins, Consider Them Gone for Good:

Bitcoins are stored in a digital wallet and protected by a private key. So, if a user loses the drive on which the wallet was stored, consider your coins gone for good.

Bitcoins Are Accepted as A Method of Payment All Across the World:

Numerous banks, corporations, and retail stores accept Bitcoin as a payment and the number is increasing each day. Using this currency, you can buy comics, fancy clothes, yachts, property, travel around the world and order a delicious pizza.

Amazing, isn’t it?

The First Ever Purchase Made Via Bitcoin Was for A Pizza:

One of the most interesting facts about bitcoins is that the first ever purchase made through this currency was a pizza.

In May 2010, the currency was relatively new and was still pretty far from gaining worldwide recognition. Due to this fact, the value of bitcoin was extremely low – let’s say, two Papa Johns Pizzas for two Papa Johns Pizzas.

Yes, this was exactly the case when Laszlo Hanyecz offered two Papa Johns Pizzas for 10,000 bitcoins, which was then equivalent to $41 or $0.0041 per coin.

However, the circumstances have changed and those 10,000 bitcoins are worth $7.6 million in today’s market.

These are some interesting facts about the ever-incredible currency that is Bitcoin. In conclusion, the characteristics of cryptocurrency are nothing short of incredible! The future belongs to Bitcoin! So make your move and take a dive into the world of Bitcoin; right now!

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Bitcoin Averted a Split – Now What’s Next for Bitcoin

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The Bitcoin development community is embracing a software upgrade which is known as SegWit. The purpose of SegWit is to increase the transaction capacity of the network and to avoid a split which possible in the cryptocurrency. As Bitcoin averted a split and here is what some proponents have to say about “What’s next for Bitcoin”.

Digital Currency Exchange

Adam White:

The head of Digital currency exchange ‘GDAX’, Adam White said, we are going to experience a better utility of the network. People can use Bitcoin as a source to transfer money more easily, more cheaply, and more quickly. It’ll attract the new users to the network.

There’ll possibly open blockchains like Bitcoin as we’re going forward, and that will be slow or conservative progression. But there’ll be other blockchains as Ethereum which may move much rapidly and it’ll introduce a larger platform for developers to lead it at the top. According to Adam White, both things will balance each other, not compete.

Elizbeth Stark:

According to the head of startup Lightning Labs, Bitcoin does not have Turning-Complete language as Ethereum, but there’re some new amazing factors which will enable to do so when SegWit will implement. She gave few examples as:

  • Small transaction as less than 1 cent, which may replace “ad networks”.
  • Instant-transaction confirmation in milliseconds.
  • Bitcoin can get a lot of its own ICOs.

Matthew Werner:

The head of payments engineering at Coinbase describes that it is a beneficial step for Bitcoin. There were a lot of queries about a Split but reaching a consensus for how to scale the Bitcoin further is obviously a huge step. Allowing things like Lighting Network and activating SegWit will be a great thing. By expanding the block size, we’ll be able to increase the number of users on a network. The element BIP91 came through and it’s a good signal because everyone wants to grow this network further.

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Expected Blockchain Support By Cloud Computing Giant Salesforce

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Salesforce is a world famous company well known for its cloud computing software. It provides services related to customer relationship management in various industries, including healthcare, finance, media, retail, and manufacturing. The revenue generated by Salesforce in the year ending January 31st was $10.5 billion. And now Salesforce is ready for its blockchain integration with a brand new idea.

blockchain and cryptocurrency

Parker Harris, the co-founder of cloud software giant Salesforce has confirmed that his company is hoping to develop a product for Blockchain and cryptocurrency support by September 2018.

The same news was being disclosed by CEO of Salesforce Marc Benioff in an interview with Business Insider on March 28. In that interview he also stated that he had finalised this plan to work on Blockchain technology and various forms of digital currency while he had a chance to participate in the World Economic Forum Davos, Switzerland last January. It was simultaneously being held with a cryptocurrency conference, where Benioff’s conversation with another event attendee transformed into the above mentioned idea according to which Salesforce could actively participate in the utilization of blockchain and cryptocurrency into its current operation.

 

He further added that he had been thinking about various ways through which Salesforce’s strategy around blockchain and cryptocurrencies could be finalized.

What is in Benioff’s Mind?

There were a lot of things which the company CEO did not reveal about his forthcoming product in his interview. However, he stated that he was planning to have a blockchain and cryptocurrency solution for Salesforce and for all its clients.

 

However, in a recent briefing for its Configure-Price-Quote (CPQ) software, the company appreciated the revolutionary blockchain technology for verification and maintenance contracts and automation of trust.

Salesforce is not Alone in this Race

In the past Blockchain was just used as a decentralized ledger to log all cryptocurrency transactions, but now its definition has changed. Now a great number of applications and technologies have a strong connection with it. In the present context,  blockchain keeps or is used to keep record of every digital transaction and exchange which might be in the form of goods, services or private data of any sort. With the passage of time it has been transformed into a global spreadsheet running simultaneously on millions of computers around the globe. The beauty of this technology is that every single individual connected to this peer-to-peer system can see all transactions being made, hence there is no need for a middle man.

 

It is clear that the involvement of Blockchain technology is getting deeper and deeper day by day and no field of life will be functional without it.

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Why does IMF chief Christine Lagarde want to regulate the ‘cryptomarket’?

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Christine Lagarde, Chief of the International Monetary Fund (IMF), has said in an IMF blog post that the blockchain technology used to regulate cryptocurrencies can also be considered helpful in regulating and legalizing them.

In fact, it would prove to be a good news for crypto lovers as they have also been longing for the cryptocurrency to be legalized. Once it will be legalized, more people would get attracted towards it and the market ratio will automatically stabilize. According to some, the blog statement of Christine Lagarde can be considered as the first step towards the legal monitoring of cryptocurrency.

cryptomarket

In her above-mentioned blog, Christine Lagarde, appreciates the salient features of blockchain technology, which she refers to as an “exciting advancement that could help revolutionize fields beyond finance.” However, addressing the “dark side of the crypto world” she further explained that cryptocurrency market also needs legalized regulation in order to avoid illegal activities e.g; money laundering and funding terrorist activities around the globe. According to her some of the main features of cryptocurrencies is their anonymity which can inturn prove them safe for criminals and terrorists — that’s what makes them dangerous in short and blockchain technology is the only way to monitor what is actually going on in the world of cryptocurrency. To understand her statement further we must know what actually the Blockchain Technology is.

Blockchain Technology

Blockchain technology is the actual power behind Bitcoin, Ethereum, and other major cryptocurrencies. Technically, it is an openly accessible collection of financial accounts of all transactions which have been made in the crypto system since its starting point.

The reason behind Christine Lagarde’s blog statement

The main reason behind Lagarde’s statement is that she’s also well-aware of the financial stability faced by crypto-market during the past few months. At the same time the tremendous variations in the value of cryptocurrencies have also served to ignite her interest.

She further suggested that cryptocurrencies require the same sort of regulation as implemented on traditional currencies. However, she acknowledged that a lot of work needs to be done. She also suggested the use of biometrics and some other techniques like artificial intelligence, distributed ledger technology etc. could ensure the information-sharing between market participants and regulators.

Lagarde’s point of view is that with the help of modern technology, we can easily turn crypto-market for the public good, instead of making it a place of comfort and shelter for criminal minded people.

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Cheapest Bitcoin Wallets – Best Bitcoin Wallets 2017

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Before using Bitcoin for any bigger transaction make sure to what you have to know and what are some best ways to secure your Bitcoin wallet. Always keep in mind it’s your responsibility to decide about your wallet carefully. Adopt some better practices to protect your money. A Bitcoin wallet is a collection of some private keys and used to make transactions on the Bitcoin network.

Some best Bitcoin wallets 2017 are:

1- BitCoin Core:

Bitcoin Core is developed to choose which blockchain have valid transactions and the users only accept the transactions for that blockchain. It’s those users who keep Bitcoin decentralized. They run individually their personal Bitcoin Core full nodes and each full node individually follows the same rule to decide which blockchain is valid.

Some Bitcoin Core features are:

  • Full Validation
  • Better Privacy
  • Excellent Security
  • Better User Interface
  • Support the Network

2- Armory:

Armory is a full featured and most secure means available for the users and organizations to generate and store Private Keys. The Armory team is experienced in private key and cryptography ceremonies.  Armory established cold storage and distributed multi-signature. The Bitcoin cold storage is a system for storing Bitcoin safely on a fully air-gapped offline computer.  At Armory, we attempt to improve constantly the best Bitcoin wallet with some extra security features.

3- Mycelium Wallet:

With the Mycelium Wallet, you can send and receive Bitcoin by using your mobile phone. The Supreme cold storage functionality enables you to secure your funds 100% until you spend them.

Features of Mycelium Wallet are:

  • Provide 100% control over your Private-Key.
  • No blockchain download, just install and run in seconds.
  • Manage your multiple accounts and never recycle addresses.
  • Ultra-fast connection to a Bitcoin network with the help of super nodes.
  • Read only addresses and Private-Key imported for secure cold-storage integration.
  • Protected your wallet with a PIN.
  • Support for BIP38 Keys.
  • Compatible with other Bitcoin services.

4- MultiBit:

  • MultiBit enables your Bitcoin wallet to make easy and fast transactions. After the installation process, a wizard guides you through effective steps to create your wallet and its backup. In just a few moments, you’ll be ready to join Bitcoin economy and now you can handle your funds and wallets. Your wallet and its backup resides encrypted on your personal computer and never with a third party.
  • MultiBit adds an extra security layer for your bitcoins when used with KeepKey. KeepKey is USB device which stores and secures your Bitcoin.

5- Xapo:

Xapo Wallet offers a way to handle your funds when or where you want with just the click of a button. You can also manage your funds by sending an email and swipe of your Xapo Debit Card. Xapo iOS is your mobile Bitcoin wallet that combines industry-leading and convenience security to handle your bitcoins and sending currency to your family and friends. Simply scan a QR or wallet address or enter a name, or email to instantly send money worldwide.

Features of Xapo Wallet are:

  • Fully insured Bitcoin storage in the market.
  • Send and receive Bitcoin in just two clicks.
  • Two-factor authentications.
  • By sharing Xapo on social networks you can earn Bits.
  • Zero network transaction fees.

6- Wirex:

Anyone can get the best for digital and traditional currency. You can get an online banking account, cheap money transfer, worldwide issued Bitcoin debit cards, and much more in just one place.

Features of Wirex are:

  • Secure and Convenient: Secured with multi-signature and two-factor authentication.
  • Easy Access: Manage all your accounts, past transactions, and debit cards by using your smart phone 24/7.
  • Total Freedom: Send and receive currency from 130+ countries and with almost no limits.

7- BitGo:

Generally, Bitcoin wallets have just a single Private-Key to make your Bitcoin susceptible to misplaced or theft. The multi-signature technology of BitGo offers three keys for your wallet. BitGo does not have the facility to access your Bitcoin as other Bitcoin companies have. BitGo only holds one key which not enough for the transaction on your behalf.

If only a single key is compromised, your Bitcoin cannot be stolen. This makes BitGo almost hack proof. BitGo required 2F authentications and use high-level security measure to make a full protection of your Bitcoin.

8- GreenAddress:

GreenAddress is a safer Bitcoin wallet which provides you full control and it doesn’t compromise your privacy. Our pre-transaction 2-factor authentications and multi-signature wallet empower you with a supreme control over your transactions. GreenAddress never keep your Private-Keys, not even encrypted. We also make it fast to view and transfer your funds.

9- CoinBase:

CoinBase is the world-famous source to buy and sell Bitcoin.  It is CoinBase is also a popular Bitcoin and Ethereum wallet. CoinBase provides the facility to buy, store, use, and accept Bitcoin and Ethereum securely. You can experience a best digital currency managing on the mobile phone.

Some additional features of Coinbase wallet are:

  • Send and receive Bitcoin.
  • Track the Price of Bitcoin anywhere with the help of Bitcoin price charts, Bitcoin price alerts, and Bitcoin price ticker.
  • You can check transaction history, balance, and transaction details of all your accounts.
  • You can send Bitcoin and Ether via email.
  • Send via QR code with zero transaction fees.
  • You can set a password to secure the mobile app.
  • You can remotely inactivate your phone’s access if it’s stolen or lost.
  • Historical and real-time Bitcoin and Ether price charts.
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Mastercard Scrutinizes Blockchain To Fight False Identities

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Mastercard, which is considered as a payments giant has filed a patent, suggesting that it sees blockchain as a mean to protect the identity data. The U.S. Patent and Trademark Office (USPTO) released an application on last Thursday, that Mastercard has defined a system in the application, in which a semi-private/private blockchain would be used to collect and store identity information, including; name, tax identification number, and street address.

blockchain based database

The Mastercard company has stated in the filing, that the technology could help it to block the use of false identity data inside its systems, as it initially succumbed back in September 2017 and it seems like the Mastercard and blockchain get along with each other quite well.

Mastercard Company Statement

According to Mastercard:

“The use of a blockchain for the storage of identity and credential data may provide for an immutable storage of such data that can provide an accurate verification thereof and also prevent the fabrication of such data.”

The network proposed by Mastercard would just permit specific nodes to submit data. These authorized-nodes would work to avert the data addition that may negotiate the precision of the data stored within. The filing also elucidates that data files for all entities will be generated by the system respectively, which would be linked to a public key as well as geographic authority. The entities would be subsidiary, whereas a superior entity would carry out a digital sign on their data files.

Mastercard Approved Nodes:

Only nodes approved by Mastercard can update the identity information inside the system and according to Mastercard, the projected system could perhaps substitute other ways of demonstrating the identity that might be vulnerable to forgery and imprecisions.

The company also said:

“In such instances, it may be difficult for an entity to disprove a false identity, leading to an interaction with an inauthentic individual or entity. Thus, there is a need for a technical solution to provide for the immutable storage of identity and credential data that may prevent fabrication and inaccuracies.”

 

Until now, Mastercard has submitted numerous patent applications related to the blockchain. One filing proposed an infrastructure that could enable refund services for the users of cryptocurrency. Another filing explained a blockchain based database that could promptly process payments, notably dropping the transaction settlement times. Also, the payments tech company announced that it was going to hire 175 new technology developers, as well as blockchain specialists.

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