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In a recent interview, the estimated $90 Billion worth, second richest man on earth tried to knock Bitcoin again. Bill Gates was later met with great criticism by the early Bitcoin investor, Tyler Winklevoss. In a recent tweet after listening to the Gates interview, Winklevoss dared him to short Bitcoin as he claims.

Bill gates bitcoin

Its almost a decade Bitcoins have been around, but the Bitcoin came widely under the mainstream not before until late 2017. After a steep rise of Bitcoins’ value from $5,800 to nearly $20,000 within four weeks, it showed people around that this is the ‘new wave of future’.

Despite the huge interest in this digital, electronic alternative to government-issued money, their acceptance in the system has been slower. They are still not used as consistently and reliably for buying services and goods as frequently. People are more prone to hold this cryptocurrency as a digital asset than as means of a transaction. High volatility, minimal adoption, and high transaction fees have slowed down the Bitcoin’s embracement and adoption as a regular form of money.

‘Greater Fool Theory’ Investment

Bill Gates has always come up with strong criticism and disapproval regarding this Bitcoin. On several occasions, he opted for the opportunity and bashed the cryptocurrency. Bill Gates accuses Bitcoins to be worthless and ‘greater fool theory’ type of investment. He further there is nothing being produced or generated here so, you shouldn’t expect anything to rise high in the regard.

Gates has come up with very strict and naïve views about the currency lately. Regarding the misuse of the digital currency in illegal and unlawful dealings in drugs and other things, he directly alleges the Bitcoin to be responsible for the deaths and menace.

Joining the hatred league, other big names of the wall street has also some serious and grave remarks for Bitcoin. Names like Warren Buffet called Bitcoin ‘rat-poison squared’, while his partner Charlie Munger associates trading Bitcoins as trading ‘feces’.

Despite saying the cryptocurrencies, ‘crazier, speculative things’, Gates acknowledges the importance and worth of the Blockchains. After a continuously lambasting Bitcoin, it is very much clear that Bill Gates is not on the Bitcoin bandwagon, nor is he becoming one any time sooner.

Gates also states that he at some time back received Bitcoins on his birthday, and later sold them understanding and realizing they were of no such use and credibility.

Crypto ‘Twin Guard’

The early Bitcoin holder twin and the founder of cryptocurrency exchange– Gemini, sour heartedly took the whole incident. After the harsh statement, Tyler Winklevoss bashed Bill Gates in a direct tweet. Winklevoss pointed out the claim that it is easy to short Bitcoin and he should put his money where his mouth is.

It is not the first time Tyler has bashed and dared someone to short Bitcoins. The CEO of JPMorgan Chase, Jamie Dimon was dared before too, to short Bitcoins before after he claimed Bitcoin to be a fraud. Jamie Dimon later expressed his regret for making that statement.

Being very critical about the Bitcoins and the whole scenario, Winklevoss twins hold strong statements against these wall street titans spilling negating about Bitcoin and other cryptocurrencies. The twins see this whole scenario as the failure of imagination by these wall street personals. They believe they are too old to understand the whole Bitcoin phenomena and their emergence. According to the twins, these Bitcoin opponents are very small ‘privileged minority’ who have an easy access to their resources, money and bank accounts.

Last year, respective Bitcoin futures market was launched by Chicago based CBOE and CME. This enabled a short selling for Bitcoin. This process may be a little less straightforward than a more traditional asset, but technically there are others ways too. Maybe Gates understood it.

According to another assumption, maybe Bill Gates wasn’t really clear on the way to short Bitcoins and he finds it too naïve and awkward to follow. Or maybe he just doesn’t really follow the whole protocol behind this cryptocurrency and Bitcoin gig.

Still, that doesn’t seem to stop and refrain the noted Bitcoin bull twins for striking and daring back these wall street personalities, which are all bashing cryptocurrencies and all these gaudy vocal detractors of Bitcoin happen to consist of the richest names in the world.

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British Crypto-Exchange Looking Forward to Launch Bitcoin Futures Contracts

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CoinfloorEX is basically a London-based exchange, which was founded back in 2013.  On Wednesday, it announced that from next month, it will be launching bitcoin futures contracts by merging with numerous other companies to propose such product to their consumers. This British cryptocurrency exchange’s main focus is to enter the bitcoin futures market.

Unlike its competitors, Coinfloor will be offering substantially firm futures contracts, and according to a wire service report, when the contract will come to an end, the actual asset that is being traded will be delivered and, in this case, it’s bitcoin. Cboe and CME are offering these bitcoin futures contracts and these contracts are cash settled, however, they don’t deliver bitcoin to the owner of the contract.

bitcoin futures market

According to the co-founder of Coinfloor, Mark Lamb, the product was originated because of an extensive demand from some of the exchange’s customers.

Mark Lamb told Reuters (news agency company);

“When you talk to the liquidity providers, they all say the same thing, which is they want a physically delivered futures contract so they can hedge their exposure across exchanges.”

Coinfloor is probably the fifth one in the companies that offer bitcoin futures contracts by joining with following trading platforms;

  • Bitmex
  • CBOE
  • CryptoFacilities
  • CME Group

crpto exchange

Cash-settled contracts are being offered by the U.S.-based Cboe and CME, so does the CryptoFacilities, which is based in the UK. The main perception of bitcoin futures is still contentious, as the U.S. CFTC (Commodity Futures Trading Commission) is also announcing that after getting a pushback on the current products, for the futures contracts, it needs to work on a heightened-review-process.

Likewise, more information about the CFTC’s oversight of such products has been also requested by few representatives, as they also noted that the taxpayers have to be protected from manipulation, vicious activities and scams, for the better future of the market.

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Bitcoin Escrow Service – Multisignature

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An escrow service provides safer transactions especially since bitcoin transactions are irreversible. It holds the buyer’s coins in escrow and releases them after the satisfaction of both the parties. Escrow protects sellers from fraudulent buyers and likewise, buyers are protected if the seller turns out to be a scammer and doesn’t deliver the goods.

bitcoin escrow service

Bitcoin Multisig

Multisig aka Multi-signature is a technology that takes care of bitcoin wallet address. The basic principle is very simple: more than one person must sign the transaction in order for it to be valid. Bitcoin has a built-in feature that lets you choose as many signatures as you like, and then choose how many signatures in total must be provided for a valid transaction.

Use Bitcoin Multisig for Escrow

How to Use Multisig to Escrow Bitcoin?

The most common use of Multisig would have to be bitcoin multi-sig escrow. Multi-sig escrow provides consumer protection without the need of a central escrow provider to hold the coins on your behalf. Instead, an address is created which requires ‘2 of 3’ signatures from the buyer, seller and a third person who provides arbitration in case there is any disagreement. This address holds the payment until the product or service is delivered, and then can be used to pay the seller or refund the buyer.

Multisig can strongly benefit both individuals and organizations in improving security, establishing access controls, and enabling the delegation of partial trust. The additional signature proves that the transaction process is complete when both parties are aware that the terms of the transaction have met.

Bitcoin Escrow- Specialized Services

There are some specific platforms present for providing bitcoin escrow service to bitcoin users.  When you use one of these services, you are able to choose a third-party arbitrator from a list. If this list isn’t available in the event of a disagreement, they will act as a mediator.

  • Bitrated – Costumers choose from a list of independent arbitrators registered on a platform. After confirmation, the buyer secures bitcoins into a multi-signature address and the payment is secure until two of the participants agree to release them.
  • Escrow My Bits – This Bitcoin escrow service charges 1% escrow fees which provides possible dispute resolution. Storing your funds in a secure 2 of 3 multi-signature transactions where they hold one key.
  • StrongCoin- It’s an online wallet with built-in escrow with 1% fee on bitcoin cryptography. Use this service to buy items as they are able to offer escrow where no single party holds bitcoins. They hold one vote and to release the coins, you require two votes.

While in escrow, coins cannot be stolen unless two of the users also sign the transaction. This is much more secure and is highly recommended for anyone dealing with a large number of bitcoins.

Bitcoin Escrow Service

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Bitcoin startups in India

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Bitcoin startups in India

As we know blockchain has created the great impact all over the world. In India, the situation is quite different.  Blockchain technology is considered as nascent technology. There are many controversies regarding the status of Bitcoin in India. Joint director,head-corporate affairs and capital market division of ASSOCHAM Santosh Parashar said,”all insecurities and controversies are due to the lack of knowledge about this technology”.

bitcoin startups in india

India’s going to assert itself in financial technology

This technology is Legal or illegal. These are two different aspects. Both are in discussion. Santosh said , the technology holders have not come from Neverland, but their work based on experiences. What is the future of blockchain in India? Future is uncertain. We know that India is known as IT hub for more than a decade, but things could soon take an even better turn as the country carries huge potential to create the same story in financial technology.

Global Summit platform

On 21st April 2017, the second Global Summit will be held in Bangalore. The summit will serve as a platform to discuss all the insecurities, challenges and opportunities linked with blockchain technology. It will try to work out the future of digital currency in India.

Summit will focus the impact of this technology on different sectors including banking, insurance and on different financial technology sectors.

A few years ago, the Reserve Bank of India issued a warning in relation to the purchase of Bitcoins. Now the Central Bank has released the updated version of the warning.

Earlier this year, the government of India was going to ban Bitcoin. As Some largest countries of the world like China, US, Japan tried to ban the technology, but due to the ever-growing interest from common folk, couldn’t implement it.

Can you hear us??

Local Bitcoin’s group wants to meet with financial technology sectors.  They want to explain their point of view regarding blockchain technology. block chain’s trade process and how you can earn from bitcoin. At this point, digital assets and blockchain foundation characterize the interest of the domestic industry.   local bitcoin’s group make it clear that they want to maintain the transactions, and will promote the blockchain in India as well.  For that purpose, they want to create meetings. Bitcoin exchange Unocoin were also there.

“We request the committee to give us an opportunity to meet them and showcase the benefits of this technology for our country. Financial inclusion, cheaper cross-border remittance, full trace and track on the movement of value on the blockchain network, and the potential for India to become a financial hub are key benefits that can be derived using virtual currencies.”

So, a message from Local Bitcoins group has changed the wind, and positive waves are starting to flow in India. Last week, India declared that they’d soon be taking part in Bitcoin trades, while revealed a committee that will develop and report back to tech. several government departments and country’s central banks are also taking part.

Tags: bitcoin price in India, buy bitcoin India

 

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Had You Made A $100 Bitcoin Investment In 2010, You’d Be Worth Millions By Now!

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Bitcoin is the first ever cryptocurrency and is famous for its rapid value highs. The currency which first came in 2009 is trading at $7292.20 at the time of writing, which means an investment of $100 made in 2010 would make you a multimillionaire now. Many people still have no idea how to invest in bitcoin investment. Although you have missed the first chance, it’s never too late. You’ve still got the chance.

Bitcoin has got the support of some distinguished business tycoons such as Bill Gates, Elon Musk, etc. and is being widely accepted by the business giants like Amazon, Microsoft, Overstock, and Subway as a method of payment.

Where Bitcoin has helped business by introducing an entirely new method of payment, it’s price-spikes have outrageously helped common folk turn around their life.

There are countless stories where someone invested few bucks of their savings into Bitcoin and the next thing they know, they are worth millions.

Here we are going to reveal the incredible story of a teenager – Erik Finman – who put $1,000 of his pocket money into Bitcoin and made over $100,000 within a year.

Idaho Teen Makes $100,000 From The Best Bitcoin Investment:

Erik Finman, 15, from Idaho made a well-timed investment of $1,000 in 2012 which earned him an astonishing amount of $100,000. He later found an education startup from it.

Erik took $1,000 he got as a gift from his grandma and put it in bitcoin in 2012. After holding his bitcoins for one year, he sold them for $100,000.

Finman then chose to reinvest his profit into Botangle.com, an online video tutorial service that “gives students and teachers access to an array of resources that simply don’t exist in a typical classroom setting”, as indicated by its authority website. Notably, Finman pays his employees in BTC.

He stated: “I’m more than certain that Bitcoin will become even more valuable in the upcoming years. It’s like the internet in the ‘90s.”

He proceeded by saying that he collected more bitcoins “so I can win against my brother in what was a battle of ‘who got more bitcoins’”, including that he initially found out about Bitcoin in 2010.Luckily for Finman, he sold his reserve of bitcoins when the cost floated around $1,200 per bitcoin. Though business people will be unable to imitate Finman’s success, they can learn from the individuals who have entered the business through more conventional in-roads.

List of trusted bitcoin investment sites:

CoinBase

UnoCoin (For Indians)

Genesis

HashFlare

 

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