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Introduction to Bitcoin

Bitcoin is a new cryptocurrency in the digital world. To begin with, the bitcoin network isn’t under control of any one central authority with Bitcoin investment. Which means, no banks! No need of heavy fees for transactions. No need of central authority’s order to confirm the transaction and you can carry out transactions anonymously. Also, bitcoin stores details of every single transaction that ever happened in the network, in a huge version of a general ledger called the blockchain, which keeps a record of every transaction and verifies them through proper ways.

How Bitcoin works?

Bitcoin is pretty much like cash for the internet and is used to purchase things electronically.

How does Bitcoin work?

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4 thoughts on “What is Bitcoin and How Does it Work?

  1. I have read this article. It’s great. I get some sort of learning about bitcoin yet would you be able to clarify me what is blockchain?

  2. The blockchain is a distributed public ledger that records every digitally made transaction. It provides complete security to its users and stores each and every information regarding their transactions.

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Person Loses Over $300,000 Due to Simple Mistakes

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An ether wallet had received hundreds of thousands of dollars around two weeks ago. Unfortunately, those funds were later hacked form different wallets due to the negligence on the user’s end. If only a few security measures had been taken, some of those funds could actually be protected from the hacker.

How it happened

Maximum of funds were stolen from a user holding 973 ethers. What caused this hack was the fact that the user had a rooted android phone. Rooted Android phones are similar to jailbroken iPhones, which means that new applications can be installed but they have no security assurance that the apps are not malicious. That being said, such an app must have been installed on to the device providing the hacker access to your phone. On gaining access to the device, the hacker used an exploit to retrieve the backup phrase to Jaxx wallets. This exploit has not been fixed since Jaxx is a hot wallet, which means that coins are kept here for frequent use and not storage.

 

Ways to increase the security of your funds

Crypto security experts have provided a few tips on how you can maintain the security of your wallets and funds.

  1. Do not use public Wi-Fi even after using VPN.
  2. Be sure to turn on 2-FA for all your user accounts, with google authenticator.
  3. Do not store your private key unencrypted.
  4. Never access your funds from a rooted device.
  5. Do not install applications on your device that are not trustworthy.
  6. Keep a look out for phishing scams. Your private key should only be known by you.
  7. Bookmark your sites. Some fake sites are known to have URLs similar to the actual portals and could steal your personal info.
  8. If you possess a large sum of funds, split it amongst separate wallets to ensure that not all your money could be lost due to some blunder.
  9. Cold wallets are to be preferred over hot wallets and exchange wallets for storage.

 

Story Credits: coinidol.com

Image Credits: coinjournal.com

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What Should Be Considered in an ICO Whitepaper?

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As the popularity of ICOs (Initial Coin Offerings) is mounting along market’s instability and other cryptocurrencies fraud around the world, a debate has emerged about the appropriate regulatory policies for cryptocurrencies and ICOs. The most frequently asked questions include the proper division of authority amid the SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission), whether authority of these commissions should reach the core of the cryptocurrency ecosystem, as others are expecting that a whole new regulatory rule is required for cryptocurrency and token fundraisers. This blog illustrates the congressional testimony on cryptocurrencies, which aims to reflect the existing regulatory approach that is being used by the regulators to observe and manage ICOs and cryptocurrencies, and how more regulatory clarity can be achieved in such markets.

US Securities laws disclosure system is the prime one, where promoters can easily share information related to their company and management, openly. With SEC, this information is filed later. By dissimilarity, most of the ICO disclosures are enabled via “whitepapers” which are unregulated at this time, focusing mainly on the current technology and on such technologies that are under-development.

Investors and buyers of ICO tokens that are looking for a good return or technology users that are looking forward to contribute and support in an advanced product would have to expect certain disclosures for making a purchase in a conversant way. Some of the disclosures that have been identified by the entrepreneurs themselves are specifically relevant to ICOs transition.

Location of Promotors

According to a study, in 32% of ICOs, it is literally impossible to identify the promoter’s origin. From an investor’s point of view, this is a serious information asymmetry. It won’t be possible to identify what legal protections and rules are. without this information. Moreover, there are few ways through which investor can interact with related public authorities especially in case of fraud, like; loss or theft. So, ICO whitepaper should set out a comprehensive report of where the issuer and its key management are placed.

Issues

If we talk about the history of US Securities law, there was no such information important for investors than the financial statements of the issuer. Investors could easily evaluate the past performance of the company by scrutinizing income statements, cash flow and balance sheets, and by doing so, they could make well-versed guesses about the future performance of the company as well as its profitability.  A whole ecosystem of third-party auditors, credit rating agencies, and accountants, were settled due to the criticality of financial statements in securities offerings, to make sure the accuracy of financial statements.

ICOs serves for a different purpose as compared to most of the traditional IPOs (Initial Public Offerings). Rather than funding trading companies, ICOs involve products industrialized by startups identifying technology-based issues and offering the sale of solutions based on technology.

It’s not the past performance of the company or financial statements for most of the offerings, but it’s the venture’s technology plan. Therefore, guaranteeing that investors/retail buyers comprehend the crucial contours of the fundamental technology solution is ultimate as ICOs turn out to be a more and more popular way of fundraising.

Moreover, further technical chunks of the ICO whitepaper would be a perfect subject to a system of third-party authentication, especially for larger fundraises. Also, when describing the solution, hyperbole should be avoided by the promoters which are an endemic problem in whitepapers. Plus, investors should be required to identify an objective base for all the upcoming statements as well.

Blockchain

Investors should be well-versed about how the secondary infrastructure works, and how it is going to affect the governance of the token. Also, the consensus method for a virtual currency’s Blockchain should also be revealed as well, along with a summary of how the governance decisions, plus other decisions affect the network, such as; software upgrades, which will be synchronized amid the several investors such as designers, miners, and users.

Token’s Description

This is obvious that tokens can have a number of different economic and qualitative features, like; currency, utility, or securities. The disclosures would have to elucidate what it means to a typical holder, if the tokens are created in a technological format, complying with firm guidelines, like; ERC20 standard.

Likewise, if some efforts will be made for listing a token, for example, to list a securities token on an ATS (alternative trading system), or if there are trading limitations on the security, then such facts have to be disclosed in a way that is clear to the owner of the token. The description of token should specify the envisioned use of the coins that are issued in the offering, their quantity, plus whether the advisors will keep the reserve coins, and if they do, then how they’d liquidate them. Promoters should be required to reveal their intellectual ownership of the company’s protocol.

Technical Team Qualification

Common disclosure requirement in registered offerings is the information about the business experience of executive officers as the investors are given a sense of the quality of management and are probably the success of the company once it goes public. In ICOs, companies have restricted histories and the problem may be exceptional, if same information about the offering’s technical team could be evaluated. At the same time, coders have diverging backgrounds, as some are more qualified and experienced than others. Also, to provide investors with an intellect as to the proficiency and reliability of the white paper, many founders should provide all info linked to key engineering experience, skills, qualifications and other relevant features. Plus, it should also be mandatory for developers to provide links to their previous work.

Risks

ICOs should involve disclosures regarding the most substantial risk aspects affecting token holders in the offering document. Even though many investors will probably understand that even successful ventures can be later disintermediated by more effectual nonentities. A token holder may get astonished to discover that the product doesn’t function as it’s intended or might develop a purpose all-in-all contingent on the progress of the technology, possibly even less in all likelihood, the requirements of the contributors in the ecosystem. Shareholders should comprehend as well that the greater sectoral risks, including variations in the trade that could demote some designs of blockchain into further parts of the sector, making many tokens worthless. Buyers had to be completely aware of their latent susceptibility to hacking, disruption, and data-loss, also authorized subjects like privacy concerns and information transportability across borders.

No doubt, there are other imperative disclosures as well that should be operationalized in means that are way too much effective.

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Why Bitcoin Puts Governments on Edge | Interview with David Seaman

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Is Bitcoin Really Bad for Games?

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July 11, 2017. Digital currencies continually making their momentum among a huge number of users. This increasing distinction creates an effect on the market cap. A large number of Bitcoin users indicates the more modest market with a surge in market cap as well.

So, it is clear that Bitcoin users can keep their coins without converting it to fiat money. On the side, bitcoin mining potential is growing with the increase in demand for Bitcoin.

Furthermore, most of the groups such as computer games community have faced negative pressure because of the development.

Mining or gaming????

With the rise in the Bitcoin market, things getting more difficult for the gaming community. In addition, both hardware cost and graphics cards’ price is getting high. Which shows that the gamers and miners required an expensive hardware in order to perform their operations more efficiently.

Basically, mining is a process of generating new bitcoins. whereas, supporters of digital currency campaign frequently favor the decentralized process of the cryptocurrencies. Because its allows users to generate new tokens.

Professionals have huge members set up to solve math solutions and get their Bitcoin reward. In addition, they use the AMD RX 400/500 series in mining process to boost up the whole process.

Why do gamers feel the pressure?

Gamers use the same card for the different purpose. Means, the similar card is used by two different communities. Accordingly, card seller is completely out of stock and most of the gamers feel the increasing pressure of prices.

Though, may be a relief is on the way, ASUS, one of the well-known graphic card manufacturers announced that they will introduce the new series of product soon. This announcement may lead two different classes with different focuses.

Doesn’t matter mining interest is growing on but graphic card is not more expensive for gamers.

News credit: www.investopedia.com

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Bitcoin Averted a Split – What’s Next?

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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”.

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 are 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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