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The hottest news coming out of the Bitcoin world is it being split into two. The hard fork, everyone was eagerly waiting for was carried out on August 1st and we no more have Bitcoin – the lord of the crypto – as a single entity. Yes, now there are two bitcoins:! BTC (original Bitcoin) and Bitcoin Cash or BCH (forked version of Bitcoin).

what is bitcoin cash?

Bitcoin Cash is similar to Bitcoin in terms of protocol: same block time, 21,000,000 supply, proof of work SHA-256 hashing, and the same reward system.

However, two of the main things that separate it from Bitcoin are: block size limit and the difficulty level.

Bitcoin Cash proposes to expand the block size to 8 MB compared to Bitcoin which offers a block size of just 1 MB. The other major difference between the two crypto-bros is difficulty level as BCH will adjust the difficulty every 6 blocks as opposed to Bitcoin’s 2016 blocks.

Some other differences are discussed in the following part of the article.

What Is The Difference Between Bitcoin And Bitcoin Cash?

  • BCH is an altcoin forked off Bitcoin
  • It separates blockchain and bumps up the block size up to 8MB
  • It removes Segwit
  • If the split is not successful or the community refuses the usage, BCH will soon diminish after the split.

How To get Bitcoin Cash?

Before obtaining Bitcoin Cash, make sure you go through the following points:

Get Your Private Key Ready:

Get a private key to make sure you have access to Bitcoin wallet. Having a private key is essential as without it, there is no way you can access the coins.

Create A BCH Wallet:

In order to keep Bitcoin Cash somewhere, you will need to create a BCH wallet. This will help secure your bitcoins and also assist to make transactions.

Do Not Trust Anyone:

Do not trust anyone, I repeat, do not trust anyone under any circumstances. You will be contacted with numerous scammers/tricksters whose sole purpose is to steal your coins. You can avoid them by not responding back and keeping your private key unrevealed.

What Are The Exchanges And Wallets That Except BCH?

bitcoin vs other cryptocurrencies:

The list of Exchanges/wallets that except BCH include:

  • Bitfinex
  • com
  • BTCC
  • CoinFloor
  • Quoinex
  • ViaBTC
  • Cryptopia
  • Jaxx
  • Korbit
  • HitBTC
  • Huobi
  • OKCoin
  • Bitflyer
  • Bithumb
  • Bittrex
  • Kraken
  • OKEx
  • Yobit

Wrap Up:

The word is, we now have two bitcoins: Bitcoin and Bitcoin Cash (BCC or BCH).

Just remember to be cautious while splitting your BTC and read as much about the split as possible. Hopefully, you made most of the split and are now enjoying your free coins.

Do let us know how the split turned out for you below!

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Online Pharmacy Bitcoin – Do Online Pharmacies Accept Bitcoin?

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Online pharmacies are the pharmacies that allow purchasing of the medications hard to find at physical drug stores. Due to increase in the demand for prescription drugs, numerous online pharmacies have popped up on the chart. These pharmacies mainly deal only with fiat. However, with the ever-growing popularity of cryptocurrencies, the trend is starting to shift as online pharmacies have already started accepting Bitcoin payments in exchange for their services. In addition, some online pharmacies offer special discounts to those who opt for Bitcoin as a payment option due to simple Bitcoin exchange rates.

Bitcoin Online Pharmacies – Bitcoin As A Payment Option:

Over the last couple of years, there has been an alarming rise in drug prices. The same medications cost $11 are now being sold for over $35. Yes, more than 200% higher!!!

This astonishing price increase is really a worrying issue. However, there is one solution: Bitcoin. A lot of online pharmacies are allowing their customers to pay in Bitcoin for convenient purchases. Also, some financial analysts have shown their support for Bitcoin pharmacy trend and declared it a good investment option.

Those who have put some of their resources into Bitcoin for the sake of increasing income in near future; they indeed have made a good deal.

At this point, one might ask: “Why using Bitcoin as a payment option is a good deal?” Well, Bitcoin is a safe mode of doing business. It is not tied to your bank account, provides user anonymity, and takes the security to another level to complete online purchases.

How To Use Bitcoin As A Payment?

The majority of online pharmacies accepting Bitcoin offer special discounts to their customers who use Bitcoin to pay the bills. Anyone who wishes to pay in Bitcoin must own a virtual wallet and have access to a Bitcoin buying platform.

The online pharmacies have established a guideline for their crypto users. According to the guideline, a user must not engage in buying or selling Bitcoin until they receive an email, confirming the number of bitcoins required to complete the order.

This helps the customers avoid any security-related issues.

What Are The Best Places To Buy Prescription Drugs Online With Bitcoin?

Once you have made up your mind to buy prescription drugs online with Bitcoin, do a simple Google search. The results will contain many names that incorporate Bitcoin payments.

Some names that you might want to bookmark are:

Wrap Up:

With the latest advancements in cryptocurrency technology, bitcoin health stores have become an essential part of the payment system. As a result, several online pharmacies are now offering their services for Bitcoin. To encourage the usage of this currency, the pharmacies are also offering special discounts to those buying their products with Bitcoin, thus lowering the cost of prescription medicines.

 

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Bitcoin vs. Ethereum- 2017 Edition

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There are various warriors out there fighting for the cryptocurrency crown, but the lead runners are Bitcoin and Ethereum and both have serious backing. Due to the increase in competition, it is important for investors to understand the similarities and differences between the two.

Bitcoin vs. Ethereum- 2017 Edition

What is Bitcoin

Bitcoin is the first form of digital currency which was created by Satoshi Nakamoto. Since everything is shown on the public ledger, the blockchain, you can be confident that the transaction is legitimate. Bitcoin offers lower transaction fees than traditional online payment mechanisms and has no interference of banks. Also, it is used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also trading digitally at the moment.

What is Ethereum

Ethereum is meant to be much more than a payment system. It is also based on blockchain technology and was introduced to supplement decentralized applications.

It even features smart contracts and the Ethereum Virtual Machine. Firstly, Ethereum’s smart contracts allow contract negotiation and facilitation using an app which provides a decentralized way to verify and enforce them. It is powered by the Ethereum cryptocurrency Ether, which is held in the Ethereum wallet. Their aim is to provide greater security than normal contracts and bring down the associated cost. Also, the Ethereum Virtual Machine helps to create blockchain applications in a much easier and efficient way, enabling people to run any program.

Bitcoin vs. Ethereum:

In Bitcoin blockchain, miners mine to earn bitcoins and two-thirds of all available bitcoins have already been mined. The reward for mining halves about every four years and it’s current value is at 12.5 bitcoins with average block time as 10 minutes. Due to this block time, Bitcoin is suffering from slow transaction speeds thus, vendors and purchasers are choosing to shift.

On the other hand, Ethereum rewards its miners with ethers, which is a kind of token that fuels the network. You earn 5 ethers given for each block and unlike Bitcoin, Ethereum’s block time is 12 seconds. Ethereum’s GHOST protocol enables quick block time. The faster the block time, the quicker the confirmations. However, there are also more orphaned blocks. Ethereum gives application developers the opportunity to create all sorts of applications that carry out their own set of operations, which have never been seen before. While smart contracts are set up to be unchanging and trustworthy, they are still ultimately a creation of humans who are capable of error.

Another major difference is the supply of Bitcoin, which is exceedingly low, with just 16.24 million left from 21 million. Whereas, Ethereum has over 89,752,192 coins currently existing. This is an advantage for Ethereum since Bitcoin might be left behind due to its low supply.

Furthermore, both Ethereum and bitcoin use different hashing algorithms. While Bitcoin uses SHA-256 algorithm that produces a number in hexadecimal format, Ethereum uses Ethash algorithm.

Here’s a table representing all the differences between Bitcoin and Ethereum:

 

The future of Bitcoin and Ether

As we glance into the future, it’s hard to get a grip on who exactly is going to be on top of the chain. Over the years, Bitcoin has become more and more popular, there has been a steady increase in volume since the beginning of 2017. It now represents a technological breakthrough that has the potential to change the way the world banks. Now standing on $2209, for the first time in history, surpassing even the price of gold.

However, as high as Bitcoin pushes, it is going to drag Ethereum with it as well, which is now trading at $175. While the future of Ether is more uncertain than the future of Bitcoin, the potential gains are also much greater.

Both digital currencies continue to push all-time highs for almost every available metric and show no or very little signs of slowing down.

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New Payment System: Bank of England Considers to Analyze Blockchain Features

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On 27th March, The Bank of England stated that it is undertaking a POC (proof-of-concept) to figure out how the new RTGS (Real Time Gross Settlement) facility is capable of interacting with DLT (Distributed Ledger Technology).

blockchain features

Real-Time Gross Settlement

Real Time-Gross Settlement systems are basically special payment systems where the funds transmission is conducted amid banks on a gross basis and in real-time. On the other hand, this means that the transactions are processed immediately after being settled on a one-to-one basis, deprived of connecting with any other transaction. RTGS systems are generally used for “high value” transactions requiring prompt payment and operate by the central bank of a country.

The RTGS blueprint was issued by the Bank of England in May 2017, stating that the new service will be providing a different and flexible variety of settlement models, to make sure that the payment infrastructures have gained access to the money of central bank.

Reason Behind Central Banks’s Announcement

After the announcement by central bank to test blockchain features, it explained the main purpose behind it, which is to develop a payment service, compatible with Blockchain technology. However, in the recent announcement of the central bank, it excluded the idea of transferring to DLT completely due to the immaturity of technology.

The central bank announced that:

“Although the Bank has concluded that Distributed Ledger Technology (DLT) is not yet sufficiently mature to provide the core for the next generation of RTGS, it places a high priority on ensuring that the new service is capable of interfacing with DLT as and when it is developed in the wider sterling markets.”

The UK bank is going to cooperate with the companies that develop payment solutions by using advanced technologies. Following are the names of the companies:

  • Baton Systems
  • Clearmatics Technologies Ltd
  • R3
  • Token

The capability of DLT-based payment systems to interrelate with the renewed RTGS service and to qualify techniques in which the service’s performance could be extended will be examined by the project parties. The bank is also considering to report their conclusions by the end this year. Also, the ECB (European Central Bank) along with the BOJ (Bank of Japan) released their Blockchain’s potential study this week, for altering securities settlements.

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SEC Uncovers A Case Of Fraudulent ICO

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No doubt cryptocurrencies have become notoriously volatile as various governments and financial organisations are imposing restrictions regarding the sale and purchase of fraudulent ico. On the other hand it is also a fact that continuous boom in the cryptocurrency market is the main reason behind the birth of some alarming situations regarding its investment and fundraising options. With an increase in the popularity of Initial coin offering and cryptocurrencies, many top social networking websites have recently banned advertisements related to all sorts of activities related to this specific market. Recently Facebook, Google and Twitter are on the top of the list among the sites which have prohibited ads related to cryptocurrencies. Not only that but the US Securities and Exchange Commission has also issued a strict warning according to which celebrities can no more endorse ICOs without proper announcement. Even a country like India has officially announced that Bitcoin is no more than an illegal tender within its borders.

ico fraud

some massive frauds and illegal activities related to the digital tokens have also become a reason for such restrictions. One of such recent fraudulent activities was reported by the US security exchange commission against two co-founders of a supposed financial services start-up for organizing a deceptive initial coin offering.

Who Was Behind That ICO Fraud?

The names of the two founders are Sohrab Sharma and Robert Farkas who are behind that ICO fraud. They were running of a cryptocurrency firm by the name of Centra Tech which was also authenticated by champion boxer Floyd Mayweather. The US Securities and Exchange Commission charged the founders of Centra Tech for organizing a fraudulent initial coin offering. All that information was made public in a press release dated April 2.

 

Sohrab Sharma and Robert Farkas, were arrested and charged for raising 32 million dollars in an unregistered investment with the help of so called “CTR Token”. Farkas was fully prepared to leave the country, but was arrested moments before he could board his flight.

How Was This ICO Fraud Discovered?

According to the statement issued by US Securities and Exchange Commission, Sohrab Sharma and Robert Farkas offered a number of financial products on behalf of their company Centra Tech which also included a debit card backed by Visa and MasterCard. It was being claimed by Centra Tech that with the help of this debit card users could instantly convert cryptocurrencies into US dollars and other legal tokens. In fact it was all based on a fraud as no such agreement existed between Centra Tech and Visa or Mastercard.

 

Centra Tech was also alleged for creating fictional resumes and biographies in order to promote its fraudulent company. The company also hired celebrities like champion boxer Floyd Mayweather to promote their initial coin offering.

 

According to a warning issued by the US Securities and Exchange Commission in November last year, the ICOs which involved celebrities could be illegal.

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Alibaba sues “Alibabacoin” For Trademark Violation

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Recently the well known Chinese e-commerce platform Alibaba has sued a Dubai-based ICO for copyright infringement. The dubai ico was functioning by the name of Alibabacoin Foundation and had initially raised $3.5 mln qaccording a Reuters report. The firm was involved in continuous misleading behavior related to Alibaba’s company name. Alibaba clarified that there was no relationship between them and the Alibabacoin Foundation. Furthermore Alibaba also made clear that it had no future intentions to enter the cryptocurrency business.

ico fraud

It was being reported that the Alibabacoin Foundation was aiming to create its own  e-commerce platform by making use of cryptocurrency Alibabacoin which was also generated by the foundation. It introduced itself as a digitally optimized firm which was going to use blockchain technology for various departments such as finance, shopping, security and marketing etc. The firm succeed in generating a handsome amount until it was declared as an ico fraud and a lawsuit was filed against it by Alibaba whose trade name was unlawfully being used by it.

Clarification by Alibaba

Though it was made clear by Alibaba that they had no intention of entering the cryptocurrency business but it should be remembered that it is not the first time that Alibaba has been a part of such rumors regarding its involvement in the crypto industry. It had to eliminate rumours early this year regarding its venture into the cryptocurrency mining industry with the help of its newly developed P2P platform. Alongwith dispelling that rumour the company also announced that Alibaba Cloud had never issued a single fraction of any digital currency from its platform neither it had any intentions to do so in the future.

 

According to a report published last year CEO of Alibaba Jack Ma exclaimed that he had no interest in bitcoin but blockchain technology, which he described as a powerful tool of future technology.

Aftermaths of the Law Suit

After initial hearing the judge issued a short term restrain order against the Alibabacoin Foundation, the lawsuit also circles threefold damages for violations of US and New York law. Further development in the case will be reported after the show cause hearing which will take place on April 11, 2018.

 

However the Alibabacoin Foundation did not pass any comment in this regard. Also, despite the orders issued by the court the company has showed no intentions to roll back its initial coin offering or other related activities.

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