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5 Things About Bitcoins

Bitcoin is one of the coolest cryptocurrencies out there. It provides complete anonymity and liquidity to the users. The currency first came into circulation in 2009 and has survived numerous attacks since then.

The terms used by the Bitcoin community are quite interesting and can evoke misleading images and ideas in public’s minds. All that mix-up results in skepticism which ultimately stops people from having a clear understanding as to what is Bitcoin and how to use it.

In this article, we have addressed the things that most people find confusing and misleading about Bitcoin. And we hope that it will help eradicate all the doubts in your mind and encourage you to invest in this incredible form of currency.

Common Misconceptions About Bitcoin:

The Currency Comprises of Gold Coins:

The first misconception that people have about Bitcoin is that it comprises of gold coins. And we can’t blame them. Because every time you want to fin bitcoin-related information, the results always exhibit a coin with the letter B and two vertical bars resembling the USD.

To your surprise, Bitcoin has no physical shape and only exists on immensely secured computers in the form of encrypted code. In other words, it’s a virtual currency and all the images you see are false.

You Keep Bitcoins in A Wallet:

When talking about Bitcoin wallet address, most people think that they are physical purses with sections to carry cash. But this is not the case with Bitcoin wallets.

The wallets store coins virtually. There is no physical way to use those wallets which leave the owners with a very few security risks.

In addition, the Bitcoin wallets use encrypted keys for coin protection and only the owner can have access to it – unless he/she decides to publicize the key.

Bitcoin Is Based on a Debit System:

Another misconception about Bitcoin info is that it works on a debit system. Meaning that you can spend the coins you don’t have. However, Bitcoin doesn’t work this way.

The currency uses a system called Unspent Transaction Output.  The system enables the network to work out a user’s balance and authorize a transaction based on the number of coins available.

Miners Dig for Gold Coins:

A process called Bitcoin mining is the primary source of digging coins. However, the mining does not involve men using pickaxes to dig gold. It’s actually a network of computers where miners from around the world connect with each other through mining programs and work on solving mathematical algorithms.

Those who successfully solve the problems are then rewarded with bitcoins.

Bitcoin Is a Currency for Criminals:

The fact that Bitcoin offers complete anonymity often raises doubts in people’s minds that the currency is designed for criminals. Although this feature attracts a large number of criminals, the majority only use it for daily life transactions.

Conclusion:

These are some Bitcoin-related misconceptions among the general public. It’s usually the beginners or people who have never been to the Bitcoin world where the false information originates. If you want to clear doubts, get in touch with an experienced user and do an extensive research on the topic.

Read our article on top 5 myths about Bitcoin.

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Cryptocurrency-Mining Marked as a Malicious threat by Microsoft

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The continuous demand and popularity as well as a sudden increase in the prices of various types of cryptocurrencies has aroused a wide scale interest. Instead of all that popularity and demand, the future of digital currency is still uncertain due to many reasons.

Cybercriminals played a critical role in this scenario when they started to demand ransom in the form of cryptocurrencies, most notably Bitcoin, which is the most popular and precious of these cryptocurrencies. It was already expected due to the safe and anonymous transaction facility. As a result, the demand of cryptocurrencies increased and automatically led to the mining of cryptocurrencies.

That’s why Microsoft has recently released a blog post elaborating the increasing threats of malicious cryptocurrency miners. Let’s see what actually cryptocurrency mining is:

cryptocurrency mining

Cryptocurrency Mining

Talking in simple words, coin or cryptocurrency mining is the process of running complex mathematical calculations in order to maintain the blockchain ledger. Though this process gets you a very small amount of coins but it pays well as the prices have gone up during the past few years. As a matter of fact, cryptocurrency mining will celebrate its 10th year in 2019. Because of the continued use of high level computing and uninterruptible power supply, it is not a too much popular practice. It is an intensive task that requires significant resources from dedicated processors and other hardware including heavy duty graphic cards.

Measures from Microsoft to Block Miners’ Attack

As mentioned earlier, Microsoft has shown some serious concern in this regard. The main reason is that technically, cryptocurrency mining can come in various malicious forms and can be implemented in a lot of ways. The largest threat is the so-called cryptojacking. Cryptojacking refers to remote browser-based coin mining that uses background resources to mine when a user visits the malicious URL turning his computer into a host. The same thing can also infect your computer with unwanted applications, while some hackers might be able to modify the startup settings of your computer, so every time you boot it, the unwanted malicious application will run in the background affecting your system speed.

The main reason for Microsoft’s concern is the core issue associated with the loss of computer resources. Corporate setups can face a huge drain of their available resources.

Precautionary Measures

Fortunately, Microsoft has successfully blocked a major attack at the beginning of this month.

In order to stay protected, Microsoft has recommended to use advanced machine learning detection modes in Windows Defender ATP to identify and prevent such malicious threats.

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How To Use A Bitcoin ATM

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Bitcoin ATM

Bitcoin ATMs are nothing much unlike than the traditional ATMs that almost all of us are very familiar with. The main difference is the usage of Bitcoins for transactions rather than the debit cards. In a traditional ATM, you insert a debit card to receive the cash you require; Bitcoin ATM helps you exchange cash for Bitcoin or vice versa. These Bitcoin ATMs allow you to dispense in fiat currencies too just like the traditional ATMs.

Keeping the true essence alive, these ATMs also allow you to perform the transaction anonymously as well. For Bitcoin ATM users this privacy comes with some privacy though. These ATMs charge about 7-10% for the sale and purchase of these Bitcoins per transaction. Which may be a good amount for some of the coin holders to pay. But it may be a price worth paying for some.

Some of these Bitcoin ATMs also aid other cryptocurrencies, like Ethereum and Litecoin.

A Bitcoin ATM near you

With the increasing acceptance and interest of people in Bitcoin around the world, there are now successfully 1700 Bitcoin ATMs installed in across 58 countries. So finding a Bitcoin ATM installed near or closest to you is easy. There are specific Bitcoin ATM maps designed, where you enter your location and you get a list of ATMs in your area. It’s more of a radar service that also connects you to the live worldwide Bitcoin ATM map. You will be surprised to see the number of ATMs emergence in the map.

Once you get to choose the suitable ATM, you can click for more details about certain specs and particularization of the particular ATM.

Though there are around 40,000 different service providers to help you exchange cash for Bitcoin and Bitcoin for cash. So why use Bitcoin ATM?

At most, these ATMs, at least most of them don’t really require a lot of information from your end. These machines don’t require your personal information. Bitcoin wallets or their addresses and the cash is all that is required.

Inserting your cash and acquiring the subsequent number of Bitcoins in return in a few seconds is a very simple and easy process. Out of all the other services available, this is the easiest, quickest and most cloaked form of the transaction of this digital currency.

Bitcoin ATM-Basics

So, basically, most of these ATMs work more or less the same way. But a few may vary from the others in few ways and steps. For instance, a few places, you can only acquire Bitcoins and cannot sell the coins. These ways may also vary depending on the manufacturing formation of some brands and types, depending on their set limits and verifications.

  • Verification
  • Bitcoin deposit address
  • Insert cash
  • Confirm operation

These are the general processes following all the Bitcoin ATM processes throughout. Two of the world’s biggest Bitcoin ATM companies that have laid hands in the manufacturing of this vastly spreading industry is Genesis Coin and General Bytes. These companies offer different models and types of Bitcoin ATMs specific to the needs and for the relevant business nature, they are required for. These machines are also exported by General Bytes to other countries around the world.

Bitcoin ATM- Process

The basic process for the usage of these ATMs is the same but it may vary due to a number of specific reasons.  The process to exchange Bitcoin for cash is very similar to the following process.

  1. The ATM will require you to scan your Bitcoin address first. If you want to receive Bitcoin, open your wallet in your smart device and scan the QR code to the specified screen on the ATM.
  2. The ATM will then require you to insert a bill. Your choice entirely. You can calculate the exchange rates on your smart device.
  3. After inserting the cash, the ATM will pop a screen showing the equivalent number of Bitcoins according to the cash you inserted. You can choose to SEND Bitcoins once you are done inserting the cash.
  4. Under a minute you will be able to receive the number of coins in your wallet.

In order to receive the cash, the process is pretty much identical.

  1. You can choose the option for ‘CASH’ from the main screen of the ATM.
  2. The screen will allow you to choose the amount of cash required.
  3. It will generate a QR code which you will scan on your smart device, showing the number of Coins being transacted during the process.
  4. Hit ‘Send’ from your device and confirm it.

In less than a minute you will receive your cash, just like the ATM.

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Crypto Fraud Cases: CFTC Is Stepping Up Against Market Manipulation

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Commodity Futures Trading Commission is making a quick move to declare its jurisdiction to police scam in the cryptocurrency trading. Jack B. Weinstein, a Judge of the Eastern District of New York, favoured the CFTC and affirmed its definition of cryptocurrency as a commodity. A notice of supplemental-legal-authority was given to My Big Coin Pay Inc, which is a crypto-services company that got charged with deception and misuse of funds in January.

cryptocurrency trading

This ruling was basically the outcome of a distinct crypto fraud case that CFTC is pursuing against a crypto-trading-scheme known as CabbageTech. Mentioning from that ruling, the notice directs My Big Coin Pay that;

Virtual currencies ‘fall well-within…the [Commodity Exchange Act’s] definition of commodities and the Commission has the standing to exercise its enforcement power over fraud related to virtual currencies sold in interstate commerce.”

The SEC (Securities and Exchange Commission), the IRS, and the CFTC, all have a different meaning of cryptocurrencies at this time and have selected them as securities, property, and commodities individually.

Now for My Big Coin Pay, the Commission asserts that the stable and related parties; Randall Crater and Mark Gillespie embezzled over $6 million from their clients, as well as by transferring funds of customers into their private accounts and later, spending their funds on purchasing their luxury goods and personal stuff.

cryptocurrency tradding

Many novel cases have been also filed by the CFTF in the past months, which includes three linked to virtual-currency fraud. These cases were the first ones that were brought to the commission since it allowed the launch of bitcoin commodities contracts, the past month. The notice also revealed how CFTC is working hard to establish legitimate precedent and potentially provides a vision of how it will endure regulating the industry.

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Bitcoin and Ethereum – The $80 billion question

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Bitcoin reached to new heights of its career, two months ago: after a rigorous time period of growth bitcoin’s value is exceeded to one ounce of the gold.

That seems like antique history, bitcoin current trading rate is 2574.10 US dollars and its cousin’s trading rate is $262.11. Both digital currencies’ values increasing by 1200% in last three months.

Is this the end of the crypto-rally? and what has pushed its growth in first place. In the crypto-currencies’ world, you will get the answer to these questions.

New Variety Of Cryptocurrencies:

It is essential to understand that Bitcoin is the biggest cryptocurrency in the world. It is not the only one digital currency, there are more than 600 active currencies but its value is high as compare to other. Accordingly, the Current market cap of all digital currencies is around $79 billion. And, only bitcoin’s market cap is $35 billion.  Cryptocurrency Ethereum and ripple’s market cap is $17 and $18 billion respectively.

The crypto-market cap is depending on your viewpoint. If you have confidence that bitcoin will eventually replace money, then $35 billion is pocket change. But in reality, its never happen, and let’s suppose it is done, bitcoin may be left behind.

Furthermore, Bitcoin comprises the both, digital currencies’ features and payment platform at the same time. But, new breeding of digital currencies such as bitcoin and ethereum is quite different. A software has the ability to solve the scaling issues. In addition, litecoin adopt SegWit, ethereum come up with advanced feature such as the smart contract. It aims to become blockchain-based foundation which is basically a new type of internet. how’s that for determination.

The value of cryptocurrency

There is always a good reason behind the rising value of a commodity or a currency doesn’t matter it is a cryptocurrency or traditional money. Apple’s stock price grows up in the case of a good quarter. In the world of the bitcoin cryptocurrency got double as a crypto-payment system.

But the recent news of the bitcoin is not good. Few areas of the United State decline the acceptance of the coin. In addition, from the last couple of the year’s Bitcoin community has divided. Whether bitcoin’s block size should be increased or not.

What’s happening?    

Charles Haytar says, “The Japanese have given bitcoin the green light as a currency and are looking to increase the rigor that their exchanges are subject to.” Japanese markets and other offer the opportunity for arbitrage, but old greed is going on.

Haytar added, “Lots of inexperienced investors are surging into the market, and it’s causing a bit of a bubble.”

Jörg von Minckwitz, Bitwala’s CEO pointed out that ethereum has got additional development due to the rise of ICO.

Mashable says, “Many crypto projects raise money from the Ethereum community to develop their projects and most of them use ETH to raise money. ETH set a standard, so it is way easier to start with ETH. The result is that many people buy ETH to be able to invest in the projects and many of the ICO projects hold the money afterward in ETH. That drives the price up.”

 

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Bitcoin Developing Countries – Top 8 Countries Growing In Bitcoin

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Countries around the world noticed the surge in the price of Bitcoin in 2016. Few countries’ made reforms in the financial market sector and grew faster than others. A large number of Bitcoin exchanges provides the growing data of these countries. In this article, we will read about the top bitcoin developing countries.

Japan: 

After China, Japan is the second highest Bitcoin trading market. Additionally, due to Bitflyer’s zero-fee campaigns yen beat the US dollar in May. According to the well-known platform Bravenewcoin’s data, the exchange has 50% share of Bitcoin market in Japan. This trading volume increases from 1845 to 97,815 Bitcoin on daily basis, a 53-fold gain.

Venezuela:

Venezuela has the money supply problems but Bitcoin demand is still increasing in the country. SurBitcoin is a top and the well-reputed company of the Venezuela but denies to publish its volume data.

Though, country’s trading volume can be examined through LocalBitcoins. Only 22 bitcoins were traded in the first week of the year. However, during the following couple of months, the volume went up to 373 bitcoins before settling down at 223 Bitcoin at the time of writing. The overall trading volume grew by 913% this year.

Indonesia:

Indonesian Bitcoin trading is a fifth top rated market in the volume. It observed a huge spike in trade during June. Quoine  – a Singapore based exchange with 90% of current trade in rupiah was trading at 3,344 Bitcoins at the time of writing, with a volume of 51,500 in June.

South Korea:

Koreans have the option to buy Bitcoin from convenience stores. The networks of these convenience stores use an exchange called Korbit. The exchange hosts over 70% of the Korean won Bitcoin trading volume. Korbit’s volume was 583 bitcoins/day at the start of this year. However, at the time of writing, it has reached 3,168 bitcoins – showcasing a growth of 443%.

Colombia:

Colombia also shows the signs of life on LocalBitcoins by trading 26 bitcoins for a week up to 122 most recently.

Malaysia:

Malaysia’s Bitcoin trading market jumped from 150 to 542 bitcoins on LocalBitcoin last week. A humungous growth of 261 percent. The Bitcoin experts indicate that this major shift is possibly due to the introduction of a new exchange ‘Xbit Asia’ to the market this year.

Russia:

Rubles is the seventh most traded currency for the bitcoins. A well-reputed exchange shows the 121% growth by raising its volume to 5,983. The digital currency is facing different circumstance regarding legalization in the country this year. However, the new Bitcoin startups hold the 50% volume of trade on LocalBitcoin.

Australia:

At the start of this year, the departure of ‘igot exchange’ – a major Bitcoin exchange in the country – the market dropped from 3,850 bitcoins/day to 500 Bitcoin/day. However, the arrival of a new exchange called ACX has restored the market. Currently, the daily trading volume of Bitcoin is over 12,000BTC/day.

These are the major countries using bitcoin making more opportunities for crypto adoption. So, next time someone asks which country uses bitcoin, just link them to this particular article.

Tags: which country uses bitcoin, which country use bitcoin currency, bitcoin developing countries

Chart and image credits: cryptocurrency.com

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