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Myths About Bitcoin

It’s been over 8 years since the bitcoin first came into circulation. However, the general public and press are still confused as to what is Bitcoin and how to use it. The result of this is numerous myths about the currency.

Bitcoin is a digital currency. It’s different from traditional money in many ways, due to which it is often considered to be a difficult subject to grasp because it requires a basic understanding of many different areas of study such as cryptography, economics, and computer science.

In this post, we have discussed five popular myths about Bitcoin that still spark a debate in 2017.

Is Bitcoin Anonymous:

In spite of the fact that Bitcoin is regularly referred to as the currency to make anonymous transactions, the correct word to use would be “pseudonymous”. Meaning that a user can have one or multiple identifiable addresses. However, nobody essentially knows who is behind each address.

With Bitcoin, each transaction is stored on a public ledger and anyone can view this ledger on Blockchain. This ultimately makes the transactions more transparent for the users.

It’s Used by Terrorists:

Our media has completely ruined the image of Bitcoin. Whenever the currency is brought up in a television show or movies, it’s almost always being used by some kind of serious criminal or terrorist.

Although the user anonymity may account for some illegal transactions, there is no confirmation of terrorists using Bitcoin on a noteworthy scale.

The Currency Is Dead:

One of the most common myths about Bitcoin is that it’s dead or no longer in use.

In reality, Bitcoin is currently going through its most successful phase in history – at least according to the number of daily transactions on the network, which keeps on growing each day.

At the time of writing, one bitcoin was worth $1095.

Think the currency is dead? Think again!

It’s 100% Transparent:

Another myth about Bitcoin is that it’s completely transparent. But this is absolutely not true.

The true identities of bitcoin users – be it individuals or an organization – are kept secret and never publicized.

Also, there are several privacy-enhancing-services, for example, JoinMarket, which permit clients to upgrade their security on the blockchain.

If someone asks what is bitcoin, the perfect description would be: it’s not completely transparent nor anonymous. It’s somewhere in between the two extremes.

Bitcoin Is Useless Due to Its High Volatility:

Because of high instability in value, Bitcoin is frequently thought to be useless by a majority of the population. While Bitcoin has had a significant volatile history, the currency has undoubtedly been moving towards stability since the mining of first blocks in 2009.

Having said that, relatively few individuals are attempting to utilize Bitcoin as a unit of account at this point. It is rather viewed as a store of value by those who hold it.

Conclusion:

These are some common myths about Bitcoin. If you go into the market and dig up the details, you will realize that most of them are completely false and has no solid base to stand on.

In all, Bitcoin is a safe currency. The use of it increasing each day as several corporations, banks, retail stores, and outlets are starting to accept Bitcoin as a payment. This, as a result, has seen an ultimate rise in the value of the currency.

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Best Way to Buy Bitcoin with Bank Accounts

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Bitcoin is for the unbanked – and those who’d like to get unbanked. Transferring bitcoins to bank account is not viable, but buying is. There are several exchanges that allow the feature of buying bitcoin with the bank account. The most renowned ones being:

CoinBase:

CoinBase is the world’s biggest Bitcoin broker. In the United States, you can purchase bitcoins with an associated bank account by means of ACH bank transfer. In Europe, you can purchase with your bank account by means of SEPA exchange. Buys made with ACH take 5 days for the coins to be conveyed, while SEPA buys take under two days. CoinBase charges 1.49% fee on all exchanges. Americans may include a Visa or Mastercard as reinforcement to unlock instant payments by means of bank transfer.

BitStamp:

Bitstamp is one of the world’s biggest Bitcoin exchanges. It makes it simple for Europeans to buy bulks of bitcoins quickly with SEPA bank exchange. Practically anybody on the planet can utilize their bank account to send a wire exchange to Bitstamp. Fees may apply.

Kraken:

Kraken is the world’s biggest euro-designated Bitcoin exchange based on daily trading volume. It underpins bank transfers from US, European, Canadian, British, and Japanese clients and deposits can be made through SEPA exchange and international bank transfers.

So, these are the top three Bitcoin exchanges which allow their clients to buy bitcoins with the bank account. based on your location, choose one that you are most convenient with.

Tags: best place to buy bitcoins, buy bitcoin with bank account

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A tour to bitcoin

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A tour to bitcoin

Jonathan Johnson chairman of the board of overstock and president of Medici venture become and how this technology will be use in transactions. His business partner did the same. Both partners come to know that bitcoin is a rising star,  and it has a large number of users. At the end of the year, both had different sessions of discussion about blockchain technology.

Management discussion

The discussion ended up with positive waves. They include their senior management in the discussion. With more discussion, their interest for bitcoin increases. Then, Both partners want to provide a secure, absolute ways to buy the product.

Overstock already had a lot of project in the queue but it was the target to get bitcoin coding during the first half of 2014. Everyone come to know that company is going to launch a new project and for this purpose best developers of the company voluntarily did this instant duty.

From here on, team member doing their duty volunteering. They lock themselves in a room and order for the pizza, slid under the door. So, they can work on mixing the technology into overstock websites.  On the other hand, workTeam exception works on this project over the holidays, because they were bitcoin believers. Finally, on 9th January 2014, exact after two weeks of hard work, Overstock became the first retailer to accept bitcoin.

At this point, bitcoin news holders came to overstock and started the purchase of the products. Afterward, both partners start to speak about the bitcoin and tend their company toward accepting cryptocurrency. Overstock is a company, who do care about customers and provides complete eases and best shopping experience.

Therefore, with the began of bitcoin acceptance, bitcoin community moved toward overstock. In addition, they spend plenty of bitcoin. They increase their business with the tight margin of e-commerce. They had experience that bitcoin provide secure, crystal clear system of exchanging.

You may not hear about its retail cases, but most of the companies, individuals are going to use its. They feel that bitcoin is safer and world widely accessible way to purchase a good or services from any company.

It’s simple to say that “its technology era and this the time of bitcoin.”

You can easily purchase a thing from any company all over the world by using bitcoin.

Tags: Bitcoin discussion

 

 

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ICO Market is Skyrocketing! How Are Regulators Going to Handle It?

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Nowadays, ICOs (Initial Coin Offerings) are among the most contentious fundraising techniques. Though, based on market figures, it looks like there’s no halt in raising money with ICOs anytime soon.

ICO Market Analysis

The very first successful ICO event took place in 2014 by Ethereum. However, the year 2017 saw some of the biggest ICOs, such as Filecoin and Hdac, that raised more than $250 million only with their token sales. But the trend seemed to slow down by the end of the year, with a huge number of failed ICOs.

According to a report, out of 169 projects, only 69 managed to raise money through token sales, effectively. As the trend started to fade away, it grabbed the attention of protruding figures of the blockchain sector.

ICO market

Trends

By the end of 2017, the failure of ICO trends rebounded with force and achieved a whole new level in the starting of 2018. More than $1 billion worth token sales were registered back in December. However, in a mere three months of 2018, the blockchain firms raised more than $5 billion by selling tokens.

The number of ICOs are skyrocketing. Plus, 50 ICOs are now being registered every month, whereas in 2017, not a single month saw ICOs more than 26, except the month of December.

 

Scams

People with dubious business models saw a huge opportunity in the unregulated ICOs market. Major projects such as Bitconnect, was shut down after it reached a $2.5 billion market cap. Furthermore, the intense funds on digital platforms turn out to be an easy target for hackers and according to a report, 450 ICO projects were attacked in 2017.

Problems Faced by Regulators

ICOs are gaining huge popularity and have become a huge concern for regulatory authorities around the world for two main reasons:

  • The vulnerability of the investors.
  • The cash-flow to an unregulated sector.

Though, the complex decentralized architecture of the blockchain has made it quite hard to execute any regulations on the wild-market, the largest ICO market, US, has recently become the centre of the regulatory discussion on cryptocurrencies and ICOs. Deprived of any real plan, numerous US agencies, like SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission) are trying their best to explain the rules according to their own partial understanding.

Is there any solution?

Well, it’s quite clear that the ICO market is far-off from coming to a “full-stop.” Though, on the other hand, this also means that more projects are going to target investors. However, in an attempt to regulate the market, the SEC keeps on banning legit ICOs.

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Kakao Denies ICO Rumour While Confirming Blockchain Platform Establishment

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Kakao was established in 2014 and is a South Korean internet company. Kakao is basically internet giant in South Korea and recently rumours had been circulating about Kakao’s ICO plans. However, it’s been confirmed by Kakao that it is going to set up new blockchain, revoking the rumours of any planned ICO (Initial Coin Offering).

blockchain platform

Kakao’s Blockchain-Powered Platform

On Tuesday, a press conference was held, in which the largest messenger app of South Korea, Kakao Talk’s operator said, that a new division has been launched by the company to develop a blockchain platform for the completion within a year. The South Korean news agency, Yonhap reported, that its new product will be accessible to the public as an institute for application developers.

Views of Kakao’s CEO

According to the CEO of Kakao, Joh Su-Yong and Yeo Min-soo – while mentioning Ground X, they said that the company is also planning to assimilate the upcoming services related to blockchain technology along with the current internet offerings of Kakaos.

Joh stated at a news conference:

“Now at Kakao 3.0, we will continue to explore our growth potential by seamlessly integrating services among Kakao companies and actively building a presence in the global market.”

On the other hand, this news confirms a report which was published earlier this month that a blockchain unit has been launched by Kakaos. Another rumour has been shot-down today, which is also mentioned in the report above that Kakao is considering its own cryptocurrency under the name of “Kakao Coin”, which will be issued through an ICO outside of the country, South Korea, where they are prohibited.

ICO Rumour

On ZDNet, Joh denied all the plans related to ICOs, either inside South Korea or through a foreign strategy to avoid regulation in the country that banned the fundraising method based on tokens, back in September 2017. Earlier, Kakao was involved with the establishment of Upbit (South Korean cryptocurrency exchange), when its messaging services got merged with the trading platform.

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Bitcoin TUTORIAL – How to get a wallet and your first bit coins

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