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Bitcoin vs E-money E-money

In earlier days, the concept of money used to be a physical substance, such as gold and silver. Some ancient cultures used living things as a form of money – cattle were one of the oldest forms of money.

However, the modern world is becoming more technology centered. Ever since the introduction of the internet, everything, from space to schools and shopping centers is dependent on the internet, and even online transactions have suddenly become a THING! More and more people are starting to make online trades, as it gives them the ease to purchase any desired item without having to leave the comfort of their bedroom.

Many of these purchases are often made with e-money or Bitcoin – the most widely used form of digital currency.

The currency first came into circulation in 2009. During that short time span, Bitcoin was able to spark a lot of attention and worldwide interest. As a result, many merchants are now starting to accept Bitcoin payments for their services.

However, despite all the talk about how people nowadays keep themselves updated with the latest technological innovations, many still seem to struggle when it comes to differentiating between Bitcoin and e-money.

In this article, we’ve outlined how E-money and Bitcoin are different from each other. Let us begin.

How are they different?

Electronic Money aka e-money and Bitcoin are two systems for making payments that are digital in nature. Besides that, nothing is common between the two.

Electronic money is a mechanism designed to interact with traditional currency such as Euros and Dollars. Whereas, Bitcoin is an independent cryptocurrency with its developers and users having complete control over it.

Some anonymous programmers using the pseudonym, Satoshi Nakamoto, launched Bitcoin in 2009. It’s a digital file that consists every transaction that has ever happened in the network in its ledger, aka, block chain.

Bitcoins are not like fiat money, they are mined using computer power of high-tech computers in a distributed global network of volunteer “miners”.

The money balance recorded electronically on a stored-value card is electronic money. Unlike Bitcoin, e-money is under the regulations and controlling of the Government central banking system. Banks and customers would have public-key encryption keys. Public-key encryption keys come in pairs. Only the owner knows the private key whereas the public key is available to everyone.

In comparison, Bitcoin is strictly limited to Internet connection but E-money just requires access to electronic devices like mobile phones and an agent network. Also, e-money is equal to the amount of fiat money in exchange for electronic form whereas, Bitcoin has no possibility of reaching the real world in the form of a bill.

Example of a system supporting E-money

M-PESA is a mobile phone money transfer system that had launched in Kenya in 2007. It starts with converting fiat money into an equal e-balance, by only entering the recipient’s mobile number and the transferred amount. The issuer confirms the transaction by sending an SMS to the recipient. The benefit of this method is to eliminate the interference of banks which makes it so popular and successful in Kenya.

e-money

 

 

 

 

 

Conclusion:

E-money and Bitcoin have their pros and cons but it is solely the responsibility of the user on how they handle their earnings. If more and more people shift from paper money to virtual currencies, this could irreversibly change our lives and social interactions.

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Bitcoin vs Ethereum – Which One Is the King?

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Bitcoin vs Ethereum

Since its release in 2009, Bitcoin has completely revolutionized the cryptocurrency world. Incalculable imitators have made several attempts to dethrone BTC from the top spot, but Bitcoin still remains the undisputed king of digital currency.

However, this does not mean that Bitcoin is cruising through the digital world with ease. There are some huge names trailing hard Bitcoin by introducing super cool features in an attempt to overtake BTC. One of those names is Ethereum – the fiercest rival of Bitcoin – although there is still a long way to go to catch up.

The most important question is: “can Ethereum really live up to the hype surrounding it and usurp Bitcoin’s supremacy?”

In this article, we have compared the different features of both the currencies and tried to explain whether or not Ethereum can overtake Bitcoin.

Comparing Bitcoin and Ethereum – Popular Support:

Bitcoin:

Bitcoin is often revered as a counter to government and central bank. The users tend to be more conscious; both economically and politically and are more motivated ideologically.

Ethereum:

Ethereum users tend to be less ideologically motivated. They normally seem to be content giving away authority to a singular entity that is Vitalik Buterin – the inventor of Ethereum. The Etheruem community’s focus is to take on the business and technology in the future.

Scripting Language:

Bitcoin:

The scripting language in Bitcoin is limited, which means it doesn’t only confer the ownership coins but also comes with a certain set of instructions. Moreover, the scripting language enables a user to lock up the coins for a certain period of time.

(Read our guide about Bitcoin hardware setup here)

Ethereum:

Ethereum, on the other hand, focuses on expanding its set of instructions into a fully featured programming language such as JavaScript. This ultimately makes it less limited to the transactional processing.

Blockchain:

Bitcoin:

Bitcoin blockchain currently comprises of 1MB Blocks and can process around 3 transactions per second. Each block may take up to 10 minutes to mine. The mining is done through ASIC hardware in Bitcoin blockchain.

Ethereum:

Unlike Bitcoin, the blocks in Ethereum blockchain are of variable size. Moreover, it’s much faster than its Bitcoin counterpart. Where a Bitcoin blockchain performs only 3 transactions per second, the ETH blockchain can perform up to 25 transactions per second.

Supply:

Bitcoin:

Bitcoin’s maximum limit is set at 21 million. The currency is designed to never go beyond the said number. Moreover, its issuance is halved every 4 years, which means the currency won’t reach its maximum limit until the year 2140. Currently, there are 11 million bitcoins in circulation.

Ethereum:

Ethereum’s annual issuance rate is much higher than Bitcoin – 18 million to be precise. This represents an inflation rate of -20% at the current supply. Due to the fact that Ethereum is not consumed by a software program and rather sent to the miner of the associated transaction, its value is likely to go further down in the longer run.

Conclusion:

Looking at the bigger picture, Bitcoin is a safe bet and will easily continue to dominate the cryptocurrency world. On the other hand, there is a large amount of uncertainty surrounding Ethereum, which consequently leads many users to lose interest in ETH.

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What Is Bitcoin Hard Fork? The Most Heated Bitcoin Topic Explained!

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To begin with, Bitcoin has been the talk of every news channel, tabloid, website, etc. for a long while now. It’s increasing popularity might’ve caused a little problem for the network. Bitcoin is in a messy situation right now and something needs to be done. Fortunately, two possible solutions have been proposed as well, but only one can exist.

 

bitcoin hard fork

 

What’s The Issue?

In simple words, Bitcoin is unable to withstand the number of transactions taking place on the network.

The technical explanation is that the 1MB block size limit which is programmed into the system has become a problem and is causing delays in the processing of transactions. Basically, a purchase can take from a few minutes to hours to confirm.

Two techniques were proposed, which result in two different solutions: Bitcoin Unlimited, and Segregated Witness. They’re both proposed software updates to the Bitcoin network with the aim to completely change the way Bitcoin functions.

Obviously, the two can’t coexist, that would “fork” the Bitcoin network – splitting it into two different digital currencies.

A fork is known as a software update. Basically, updating a program from an old version to a new one.

Hard Fork:

It is a compulsory software update that is required in order for the program to function.  It can be implemented to fix bug errors or any security issues present in the older version of the software. Also, a hard fork is irreversible.

The “hard fork” will split the blockchain, leading to the introduction of a new chain of transactions branching from the original one.

Bitcoin Unlimited:

Starting off with Bitcoin Unlimited, this proposal is favored majorly by Bitcoin miners. To understand this, you must know the concept of Bitcoin mining. Bitcoin miners use specified powerful computers to solve complex mathematical algorithms in order to verify a transaction and be rewarded with newly issued bitcoins.

We are aware that there is a built-in block size limit of 1MB in the Bitcoin network, however, BU gives miners the permission to vote on increasing the block size whenever they want. This gives them control of the Bitcoin network, due to which they’re favored by miners.

Segregated Witness:

On the other hand, SegWit is being voted by many Bitcoin enthusiasts and developers. Their aim is to optimize the Bitcoin coding in a way that allows them to decrease the transaction size and increase the transaction volume, all while sticking to the 1MB block limit. They suggest the use of a soft fork.

A soft fork is a software update that lets the network to adapt to the new functionalities and features implemented. The update doesn’t interfere with the existing software and the older version will still be usable.

Who Will Be The Winner?

Aha! Too bad we can’t answer this question because half the community goes for SegWit and the other half for BU. There’s not really much we can do, just voice out our opinion and educate others with whatever we learn and maybe help them come up with opinions of their own.

We’ll just have to patiently wait and watch how this turns out.

I’d like to point out that I have a very limited technical knowledge and only know my way around a few technical terminologies. This post is a compilation of weeks of research that I’ve put together myself. So, if you do find any errors, do let me know in the comment section below and I’ll be sure to check back on them.

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Bitcoin and Games – Is Bitcoin making things More Difficult for Gamers?

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As digital currencies are creating momentum between a higher user base and getting fame within the non-virtual world, there are also some unexpected effects. For a supporter of Bitcoin, the largest cryptocurrency by market cap, more users of Bitcoin mean a more competitive and a greater market, as well as other examples of brick and mortar stores, are also taking on Bitcoin.

This shows that Bitcoin users can spend their coins without converting it into fiat currency and more easily as time goes on. Furthermore, a higher demand for Bitcoin creates a greater number of potential and Bitcoin miners are hoping to capitalize on the increased interest.

On the other side, some people are feeling negative pressure due to these developments, and one these groups are computer gamers.

Competition in Gaming and Mining Operations:

There is a question, why would Bitcoin fame make thing difficult for gamers? It comes down to basics as hardware costs for gamers are going high as demand for powerful rigs and in some particular graphics cards has driven prices up. It shows that gamers and Bitcoin miners both require some expensive hardware in order to run their operations most effectively.

Some professional and amateur miners have set up a huge number of rigs around the world, everyone working on complicated mathematical problems in order to get Bitcoin as a reward. The mining rigs use particular graphics cards as AMD RX 400/500 series, the increasing interest in mining has flooded the market with demand requests to purchase those cards. Many sellers in the market are out of stock completely, and the cards which are available have high prices.

Why Do Gamers Feel the Pressure?

On the other hand, the gamers use similar graphics cards for a different purpose. Many of the gamers felt the pressure of higher prices on the graphics cards and other different hardware items which they need in gaming.

However, one of the largest manufacturers of graphics cards “ASUS”, recently declared plans to introduce a new series of products with digital currency mining in mind. This may guide to the new generation of graphics cards with different focus dependent on whether the user is going to mine or to game.

As interest in mining is growing day by day, it is questionable that the pressure will abate. But in such situation, maybe gamers will get that their graphics cards are not much expensive any longer.

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