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A blockchain is a growing list of records, called blocks, which are connected utilizing cryptography. Blockchains which are readable by the public are thoroughly used by cryptocurrency token. Personal blockchains have actually been proposed for company usage. Some marketing of blockchains has actually been called “snake oil.

Cryptocurrencies token

Each block consists of a cryptocurrencies hash of the previous block, a timestamp, and transaction information (normally represented as a Merkle tree root hash). By design, a blockchain is resistant to adjustment of the info. It is “an open, distributed journal that can tape-record handle between 2 individuals successfully and in a tested and long-lasting method”. For use as a dispersed journal, a blockchain is typically handled by a peer-to-peer network jointly adhering to a treatment for inter-node interaction and verifying brand-new blocks. When tape-recorded, the information in any used block cannot be changed retroactively without alteration of all subsequent blocks, which needs an agreement of the network bulk.

Alterations in Blockchain

Though blockchain records are not unalterable, blockchains may be considered protected by design and exhibit a dispersed computing system with high Byzantine fault tolerance. A decentralized agreement has for that reason been declared with a blockchain. We are going to discuss about tZERO which is offers Security Tokens that they stop their work.

tZero Stops its Work

tZERO, a blockchain ancillary of e-commerce retail huge Overstock, announced on Aug. 6 that its Security Token Offering (STO) will pertain to an end Monday night, with no additional extensions.

tZERO said that its STO will close at 11:59 PM EDT, whereas venture capitalist with completely carried out Simple Agreements of Future Equity (SAFEs) need to remit funds to tZERO Wednesday. The start-up will supposedly reveal the outcomes of the STO on Thursday, throughout Overstock’s revenues call. While tZERO originally restricted the maximum number of tokens to $250 million, it is presently uncertain just how much it raised during the round.

Initial Stage of STO Business

The business initially presented the STO in the form of a Preliminary Coin Offering (ICO) in December last year, has actually drawn in strong crypto and conventional institutional interest that apparently led to $100 million devoted to the platform throughout the very first 12 hours.

tZERO’s Analysis

tZERO’s ICO fell under analysis from the United States Securities and Exchange Commission (SEC), causing Overstock’s share rate to drop. Prior to that, Overstock had actually declared its ICO to be categorized under Regulations D and S instead of as a traditional securities filing. This implied that U.S. people need to be certified financiers to have actually invested in the ICO and that offshore transactions might not include U.S. citizens.

tZERO signed a letter of intent with Beijing-based investment firm GSR Capital for the purchase of $160 million in tZERO Security Tokens at a cost of $10.00 per token. Per the declaration, tZERO also “entered into executed SAFEs in excess of $168 million for Security Tokens, of which over $95 million had been currently funded.”

Conclusion

While Overstock announced its intentions to construct another ICO token trading platform late in 2015, tZERO at first presented the prototype of its security token trading form in April. Developers meant to present a method of trading security

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Introduction to Bitcoin – How Does Bitcoin Work?

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How Does Bitcoin Work

Bitcoin Introduction:

Bitcoin is a type of cryptocurrency that is free from the influence of traditional banking. The currency first came into circulation in 2009 and was invented by an individual/group called Satoshi Nakamoto. The identity of the creators is still unknown.

Bitcoin exchange rates are independent. They are autonomous of the central bank and no government/private authority governs the supply of this type of currency.

The only factor that determines Bitcoin’s worth is the trust level of users. The more companies accept Bitcoin as a payment, the higher its value goes. How Bitcoin works?

What Are the Benefits of Bitcoin?

Wondering what are the advantages of Bitcoin? The list is quite long. But let’s take a look at some of the major benefits that this currency has to offer.

No Taxes:

As the bitcoin is free of any third-party influence, there is no system to implement taxes on this money. The only form of tax that may come with bitcoins is if someone purposely sends a small percentage of payment as cash. 

Free of Third Party Seizures:

Again, as there are no third-party involvements and no unnecessary copies of transactions are made, the chances of Bitcoin being seized are zero. This implies that the government can’t freeze the Bitcoin accounts and the users can do whatever they want with their money.

The Transactions Are Tracking Free:

The Bitcoin transactions are tracking free. Unless a user publicizes his wallet address, there is no way a transaction can be traced backed to him/her.

In case a user mistakenly made his wallet address public, a new wallet address can easily be generated. The benefit of keeping your wallet address a secret is that no one can ever know how much money you have in your account.

This means more privacy as compared to the traditional currency systems. You can read details about the theory behind a Bitcoin transaction.

All the Transactions Are Free of Cost:

There are no costs involved in Bitcoin transactions. Users can send/receive money in whichever part of the world they want. The only cost that may come with Bitcoin transactions is the vendor fees that they charge in return for the services they provide.

What Are the Risks of Bitcoins?

Using Bitcoins is not always safe. There are some risks associated with Bitcoin. The risks may include:

Bitcoins Are Easy to Lose:

There is not any system to recover lost bitcoins. If lost, they are gone for good. You have to be very careful to prevent your bitcoin account from hackers otherwise your account may compromised.

 They are hard to trade:

Bitcoins are hard to trade as compared to transferring the normal currency. Although there are vendors that trade bitcoins, it’s not as easy as sending money via PayPal, Western Union or some other money transfer service.

 Too New In The Market:

Bitcoins appeared on the radar just a few years ago, so it’s hard to predict what their future would be.

 Lastly – They Can’t Be Used to Buy Stuff For Now:

Bitcoins are still not the complete replacement of real money and are only accepted at very few places as a form of payment. So, it’s still pretty hard to buy stuff using this currency.

How does Bitcoin works?

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5 Advantages of Digital Currency – Is This the Currency of the Future?

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Do You Want to Become Independent of Banks?

The last few years have all been about cryptocurrencies as more and more people are becoming aware of the word. In particular, terms such as Bitcoin, Ethereum, and Litecoin are more common in the digital currency department.

Here are some of the best performers in the market:

  • Bitcoin
  • Ethereum
  • Bitcoin Cash
  • Ripple
  • Litecoin
  • IOTA
  • NEM
  • Dash
  • NEO
  • Monero

 


How Are Cryptocurrencies Meant to Help You?

With the world becoming more and more economically dangerous, we are advancing towards different means of payment. This is where cryptocurrencies come in to play.  Below we’ve outlined a few pros and cons of accepting cryptocurrencies worldwide.

Advantages and Disadvantages of Using Cryptocurrencies

The benefits of using digital currency over fiat currency

  • Accessible by everyone: Out of 7 billion people, around 2.2 billion don’t have access to exchange systems, even while having cell phones and internet access. These individuals can easily access the cryptocurrency market, as there are so many mobile phone-based applications that allow you to transfer digital currencies.
  • Fraud: Digital currencies cannot be faked as real money is, and they can’t be reversed either as in credit card charge-backs.
  • Low Fees: Cryptocurrency exchanges ask for transaction fees which are quite low compared to other transaction charges, this is in return given to the miners as a reward for mining a block.
  • Identity Theft: There is no such issue with cryptocurrencies as identity theft since you are not revealing any personal information. It is a simple process, involving a public and private key.
  • No Third Party: Cryptocurrency transactions do not revolve around any central authority, it is completely independent. You are in control of your money.

In the end, technology is already here, it’s just a matter of acceptance. You must be able to weigh out the good and bad and decide what is the better choice for you. Cryptocurrencies are becoming an easier option of payment for many users since they’re fast as well as secure. If the above advantages are convincing and you’re wishing to buy some bitcoins or any other cryptocurrencies, then follow the link below.

Related: How to Buy Bitcoins?

 

Story Credits: ameerrosic.com

Image Credits: google.com

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Bitcoin Hacked 2017, Who To Blame?

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Bitcoin trading was started since 2010 which is the source of Bitcoin’s universal myths or discussions. When a Bitcoin exchanged gets hacked, financial media considers this hack a result of the flaws of cryptocurrencies. Until now, Bitcoin protocol has never been hacked. Due to its next level encryption, hackers do not attack Bitcoin directly. Instead, they manipulate the weaknesses of Bitcoin exchanges.

Are Bitcoin Exchanges Vulnerable To Hacking?

According to the report of the U.S Department of Homeland Security, one-third of Bitcoin exchanges were hacked between 2010-2015.

A South Korean exchange ‘Bithumb’ was hacked last month with 30,000 customer’s data on it. The hackers were able to steal $1million worth of bitcoins. As a result, the price of Bitcoin dropped about 3.5% during the following two days of the event.

Bithumb revealed that employee’s computers which provide the access to customer’s data were targeted during the attack.

In August 2016, Hackers successfully took 120,000 Bitcoins, worth $65million from Bitfinex exchange. In that case “Hot wallet” feature was the weak link. These frequent Bitcoin exchange hacks are no doubt concerning, but this should not be a reason to dismiss Bitcoin usage.

For example, if a diamond jewelry shop is successfully robbed, it’s not the diamonds’ fault, rather the security management that was hired by the owner. Same is the case with the Bitcoin code users.

Why Has Bitcoin Itself Never Been Hacked?  

Bitcoin codes use a network security protocol known as SHA-256. SHA: Secure Hash Algorithm. This is the prime reason why Bitcoin is known as a cryptocurrency. SHA-256 is widely used by the government and financial sector of the Bitcoin and was designed by the National Security Agency.

Crypto experts and programmers believe that SHA-256 is unbreakable by the currently available technology. Chris Wilmer, founder of Blockchain-Focused said, “Bitcoin itself, and most of the other cryptocurrencies, have never been hacked or even really had any downtime.”

Due to the fact that Bitcoin uses SHA-256, and that its transactions are broadcasted to the network for confirmation, Bitcoin is the securest form of currency ever created.

Just think about it, if you have fiat money and it gets stolen or snatched by someone, it becomes incredibly difficult to trace it. In addition, a stolen bag exposes your data including bank’s check book, debit/credit card to untrusted parties and takes a whole lot of months to resolve the issue.

Besides, credit/debit is an old fashioned payment system. Considering the tools available these days, hackers could get an easy approach to this old form of digital money.

Today, the Credit card breaches have become a daily routine. The hits at Target Corp. (NYSE: TGT) and (NYSE: HD) occurred a couple years ago. Neiman Marcus and Wendy’s Co. (Nasdaq: WEN) breach is another example which just happened in 2016. The most recent ones are Chipotle Mexican Grill Inc. (NYSE: CMG), Arby’s Restaurant Group, and Kmart Corp, which happened in 2017.

Whereas, bitcoins are safe at your Bitcoin exchanges and provide maximum security against breaches. Don’t let one or two incidents define the whole currency and start your Bitcoin venture right now!

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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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Onestpay Best Method to Exchange Bitcoin to Paypal – PerfectMoney – Payeer etc

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