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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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How to Purchase Bitcoin Online

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You can purchase bitcoins from either exchange or other individuals through marketplaces.

You can pay for them in various ways, going from cash to credit and debit cards to wire exchanges, or even with different cryptographic forms of money, depending on the person you are buying them from and the where you live.

How To Buy Bitcoin Online?

The fastest and easiest way to buy bitcoin online is buying it through credit or debit card. SpectroCoin is one of the renowned names that provide this feature. Through SpectroCoin, you can buy worth of $50 bitcoins jut within 10 minutes. And as you proved to be a reliable customer, the limit is raised to $200 and then $500 within a few days.

How To Buy Large Amounts Of Bitcoin?

Follow these steps to purchase bitcoins online in large amounts:

  • Find a reliable Bitcoin exchange such as Kraken or SpectroCoin
  • Buy bitcoin by paying in local currency
  • Transfer the coins to your wallet
  • Get a bitcoin debit card for easy spending

Learning how to utilize Bitcoin is much the same as adapting any other innovation. This will require you to get comfortable with how things work.

We profoundly prescribe you learn how to transfer bitcoins to a cold storage wallet.

Also, the Bitcoin cost can vary all over the world so make sure you do your examination to ensure you are getting a fair deal.

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Bitcoin Value Drops Back Down to Below $4000

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While Bitcoin had experienced a decent climb since the fork took place. It experienced a $150 drop on August 22, where it is now being traded at $3894.

Everyone has observed this rally quite extensively and some traders have started to believe that this rally might even be reaching its peak.

Organizer of the trading group Whale Club, BTC VIX, commented that he is slowly losing confidence in the rally. Since the price has dipped four times since crossing that $4000 mark, he thinks it’s a sign that the market doesn’t want to push the price higher.

On the other hand, market spectators predict that bitcoin might stabilize around the $4000 mark.  We are unaware of whether it’d rise back up or drop down lower. We do know that the next big date that’s marker on our calendars is Segwit2x in November.

 

News credits: coindesk.com

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Why Audi Is Also Interested In Blockchain?

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blockchain startups

Thanks to Bitcoin and all the related cryptocurrencies, blockchain startups no more a mystery. All those who are somehow related to the crypto market know that the blockchain technology is infact a decentralized technology that keeps the record of digital transaction and has so far its use been specific for the crypto transactions. To be more precise and accurate we can state that a global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. Blockchain is considered to be invincible because it can continuously replicate itself on multiple computers and databases.

So far Blockchain had been used in case of cryptocurrency transactions only but with the passage of time its use expanded for example in determining identity of digital assets, smart contracts, digital voting and distributed storage etc. Porsche can be considered a pioneer who for the first time decided to utilize Blockchain technology in car manufacturing. Let us see how they did it.

First Use of Blockchain in Automobile industry

With the help of  Berlin-based XAIN, Porsche has become the very first automobile manufacturer to successfully test blockchain in its cars. Blockchain technology based digital processes are both secure and super fast than anything that has come before. Test which was carried by the manufacturer of Porsche included locking and unlocking of the vehicle via an app, access authorisations and encrypted data logging. It is a part of further planning to improve autonomous driving functions of Porsche with the help of Blockchain technology.

What is the Plan of Audi?

For the time being Audi is planning to use Blockchain technology for its physical and financial distribution processing. In short Audi is just making an innovative effort to make its global supply chain more transparent and foolproof. For this purpose the car manufacturer also released a Proof-of-Concept (PoC) of its Blockchain system last year. As a result of positive feedback the manufacturer has now decided to advance the project beyond the PoC stage.

Moreover, the management of Audi is further researching on Blockchain in order to improve the process of data transfer and make it more safe and effective.

Interest Shown by other Car Manufacturers

Like Porsche other German car manufacturers such as BMW and Mercedes have also hit the news with announcements of their interest and expected experiments with Blockchain technology. According to authentic reports, BMW is planning to expand its portfolio by partnering with a Blockchain startup. Mercedes Benz has even took a step forward and has announced that it may issue its own cryptocurrency by the name of MobiCoin. According to the initial announcements Mobican will be used to reward drivers for their environmentally cautious driving.

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Bitcoin Sign Guy Nets Almost $15,000 – Here’s How!

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13 July 2017, It pays to be the Bitcoin sign guy. Don’t believe? Look up the new data released by Blockchain.

Main Story:

Yesterday, Bitcoin world was humming during congressional committee by Federal Reserve chair Janet Yellen. Where the image of sign speedily gets viral in few hours, yet the attendee with his partner was eventually asked to leave by a staffer.

After his arrival, it emerged that the solitary is a friend of cryptocurrency broker who tweets under the knob CryptoEthan. He also posted a picture, soon he will recognize as Bitcoin Sign Guy. In addition, he will have the complete authority to share Bitcoin and hold the now-infamous sign as well.

Although, his gathered address is 6.32570673 BTC, with the amount under $15,000 at the existing price. whereas, it holds the transaction with 556 number according to blockchain.info. That was small in scale with a 1BTC contribution.

Later on, that photo was deleted at Bitcoin Sign Guy’s request. This viral activity drove numerous scams tries with photoshopped versions of the original picture.

Story Cerdit: Coindesk

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What are the Top Blockchain Trends in 2017?

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Top trend in 2017

By creating its own entity and reputation blockchain finally enter to the typical awareness in 2017. No doubt, blockchain has the capacity to change industrial operating models. Whereas, the distributed ledger industry grew up throughout the year. However, most of the companies are still stuck in survey phase. In addition, are unable to bring fascination into the reality because they are charmed by its beauty.

The primary application is still in banking. 15% of the banks have the plan to put blockchain into the commercial production by 2017.  Whereas, 91% of banks are investing in blockchain technology. The world economic forum estimates that 80% of banks are actively working on blockchain technology.

Technology is evolving, $1.4bn invested in blockchain technology startups across different sectors. Whereas, it is not only financing that blockchain is set to disrupt.

Investor look more use cases

Funding to blockchain increases day by day. According to the latest report of KMPG and GB, plus of fintech Q3 ‘16’ investment of this technology fell to $87 million in the third quarter of 2016. $119 in the second quarter and $153 in the first quarter. This is expected thatThe fall specifies that investors are beginning to grow anxious that exploration is not translating into action. In addition, excitement remains the same, this is what the report said.

The report says, ‘To-date, however, the ability to move blockchain from proof-of-concept to adoption and production has been minimal. While the market is still giving blockchain companies plenty of room to prove themselves. Investors are also becoming more concerned about results’. In addition, ‘Over the next year, investors will make more rational assessments of where the main use cases associated with fintech are and how long it will be before they are implementable.’

Growth in Asia

In North, Asia blockchain has received more attentions as compare to other. Where a number of the financial institutions are investing in blockchain related projects. In China, with record breaking of fintech investment, increases for each of the past four quarters. And, there is still a room for growth in Asia in 2017. Accordingly, KPMG China’s fintech investor and innovation partner say that investor is still interested in investment. Not only in massive rounds CV investors are investing in small blockchain technology companies in Asia. Few of them companies are at the second or third round of funding. These small projects are starting to lead the large investment. A Chinese investor has made an investment of $1.7 million for Taiwanese startup Bitmark. A trend may continue in next year.

Outside finance     

Companies like Uber and Airbnb provide the services by linking consumers with their needs. They are still playing the role of the middle person. Accordingly, they still take a cut. Whereas, blockchain is entirely different from all this. It has the ability to remove the middle person from needs and its satisfactions. Which clearly means that someone needs take their full dues.

For example, arcade city is the new ride-sharing app that connects the customers with drivers by using Ethereum blockchain. Christopher David, Arcade city’s driver, a former Uber driver says that ‘The Achilles’ heel of Uber and Lyft is their centralized management of pricing. By decentralizing that decision to the level of the driver and rider, Arcade City frees the driver to be an entrepreneur and empowers the rider with control over their entire experience. Both drivers and riders are loving it so far’. May of this year, Arcade city become first in blockchain startup at GTEC awards.

In the same way, blockchain allows an artist to upload, sell or market their work without any middle authority. Edith Suarez of CNN discuss about the blockchain transparency, which other platforms failed to provide, ‘Music is placed in the decentralized server, then each song is embedded with a piece of code (meta information) […] [When people download] a track with a cryptocurrency, a payment is automatically sent to anyone involved, be it the writer, the producer, the singer, as well as many others.’’

Government’s involvement

Now, government and establishment fail to maintain their trust in the public. In that scenario, public related information should be held in transparent easily available manner. Where anyone will have the ability to verify the ledger and also have the copies of that data.

Most of the countries in the world want to move their currencies to blockchain trend. And, they are also exploring the other areas of the government. A prominent example of this year is, Governor Jack Markell, announce two blockchain initiatives. Whereas, Estonia use the blockchain technology to enhance an e-residency program. In addition, anyone from anywhere in the world can apply to become e-resident of Estonia.

Environment takes shape   

In 2016 Japan’s legislatures pass a bill to regulate bitcoin in a country. Furthermore, with the adoption and popularity of bitcoin, they have a plan to focus on security and other risk issues. While regulators are trying to provide a transparent system. Not only Japan is starting working on digital world but US, South Korea and many more countries trying to provide a transparent system to the public.

Education and collaboration

Education is the biggest challenge while blockchain is still new in market trends. There are security issues, companies must not put off or panic if proof of concept does not reveal themselves immediately. They are going to improve their work and understandings with other companies. Early adopters of any technology get benefits. That is why organizations need to know how they can use blockchain technology as soon as possible.

Good luck!

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