The rise of Bitcoin continues as It rose to an all-time high on Monday. The current value of bitcoin is around $8,000. It comes after CME’s declaration that it will soon launch Bitcoin trading, and Square uncovering it will pilot Bitcoin deals by means of its Square Cash application. It’s for these reasons that one research firm trusts that Bitcoin’s prosperity has just barely begun.
Ronnie Moas, the author of Standpoint Research, wrote in an answer to customers: ‘There have been numerous positive improvements amid the last five months and a couple of obstacles that were in Bitcoin’s direction have been thumbed down.
An argument can be made that the uplifting news is still not completely reflected in the current value.’ They trust the cost for Bitcoin is set to surge to $14,000. Bitcoin was launched in 2009 by a puzzling software engineer referred to as Satoshi Nakamoto, which is believed to be a pseudonym, who has never given an interview. Bitcoin caught the mainstream financial attention after its value expanded by up to 1,000 percent since the beginning of this year.
At the start of the year, Bitcoin was just trading around $800 per BTC, but the current value of bitcoin has gone past $8000, which is clearly the indication that there’s no stopping this currency.
On 22nd March, a cyber-attack was discovered in the US city of Atlanta. In the attack, hackers shut down the main computer systems and demanded $51,000 in Bitcoin for re-enabling the affected systems. It was noted that this disruption was affecting systems through which some consumers used to pay bills and access information related to court. Computer hacking isn’t something new to hackers as cryptocurrency related hack has been attempted by them many times before.
According to some reports, the officials of the city are working with the US Department of Homeland Security FBI, and Microsoft to discover the extent of this violation and to find ways to resolve it. City officials invigorated citizens on 23rd March, in order to check their personal accounts and information, if any of them think that their personal information could be conceded in the hack.
Public Announcement of The Attack
The attack was announced by the mayor of Atlanta, Keisha Lance Bottoms, in a press conference on 22nd March. The members of the press were told by her that the officials still don’t have any idea about the extent of the attack or if bank accounts or personal data of anyone will be compromised as she stated:
“All of us are subject to this attack.”
Is there anything done to resolve the situation?
However, the situation still needs to be resolved. The price of Bitcoin is trading at $8,469 at this very moment, which shows that the demanded ransom is going to cost the city around 6 bitcoins as this is not the very first attempt of hackers to hold municipal computer systems as a hostage in exchange for the cryptocurrencies.
Former Attacks Linked to Bitcoin
Back in November 2017, Sacramento Regional Transit system was attacked by a hacker for a ransom of 1 bitcoin demand, and bitcoin had the worth of $8,000 at that time. Another malicious example of ransom for Bitcoin is from December 2017, when a parcel bomber in Germany demanded a €10 million ransom to be paid in the form of Bitcoin as he sent this in a message to a Potsdam Christmas market. However, the package failed to explode and had a QR-code for depositing bitcoins, as well as explosive material that was derived from nails and fireworks.
The People’s Bank of China (PBoC) sketched out an agenda for 2018. According to this agenda the future of crypto in china has come under discussion again. China had to take this step to protect the national currency of China which is no doubt Yuan. Furthermore, according to a statement dated March 29 on the PBoC website, China will continue to apply strict measures against all kinds of virtual currencies to protect Yuan.
Background of Cryptocurrencies in China
We would have to go a couple of years back to properly understand the situation cryptocurrencies are facing right now in China. According to the initial coin offering news few years back, Bitcoin had gained great popularity among the Chinese Citizens, prices were also going up steadily.
Concerned with the progress of Bitcoin and other cryptocurrencies,in December 2013 the People’s Bank of China along with some other ministries of China, published an official notice regarding Bitcoin. Originally this notice was meant to reduce or control the financial risk of Bitcoin. Several points were highlighted in that notice pertaining to the risks involved in the sale and purchase of cryptocurrencies.
Salient Features of Notice Against Cryptocurrencies
According to the above mentioned notice the People’s Bank of China strictly ordered that:
- All companies offering Crypto-related services especially Bitcoins, must be registered with the relative government ministries.
- Organizations dealing specially in Bitcoin-related services should implement necessary measures to prevent money laundering and other illegal activities.
- Any kind of criminal activity such as fraud, money laundering and gambling etc should be reported instantly to the authorities.
- Companies behind the deals of Bitcoin and all such services should educate the public about Bitcoin and the technology behind it. This measure will save the majority of laymen from frauds, and fake companies would not be able to mislead the public with misinformation.
- Bitcoin can only be bought or sold in its original form and not to be exchanged with traditional currency at any cost.
- Rather than money, cryptocurrency can be best defined as something that serves as a medium of exchange or a store of value.
China’s Latest Approach Against Cryptocurrency
The deputy governor of the People’s Bank of China Fan Yifei outlined objectives in protecting the yuan at the 2018 national video conference. It was a serious effort dedicated to the major challenges faced by the Chinese monetary system in terms of Yuan.
In his statement Fan supported the development of a government based digital currency in order to protect the yuan against unofficial virtual currencies. However, as was done in the past, no specific policies against crypto currencies were offered this time.
Litecoin is a peer to peer digital currency which enables instant, almost zero-cost payment in the world. Litecoin is a global and an open source network which is completely decentralized without any fundamental authorities.
The blockchain of Litecoin is capable of handling higher transaction volume than its corresponding currency – Bitcoin. Because of generating more frequent blocks, the network supports more transaction without modification of the software in the future. By this way, merchants get the faster confirmation times.
Miners are awarded currently with 50 new Litecoin per block. Therefore, the Litecoin network is scheduled to generate 84 million Litecoin, which is 4 times as Bitcoin.
Wallet encryption allows their users to secure coins through a wallet so that user can check transactions and account balance. This requires entering user password before spending Litecoin. This method provides protection from wallet-stealing trojans and viruses as well as check sanity before sending payments.
It is an open source software project which is released under the MIT/X11 license that gives you the full control to run, copy, and modify the software. It also gives the power to distribute at your option and modified copies of the software. The Intel integrated graphics cards which are in most laptops are just not suitable for this purpose. To retain speeds up to a high level, most Litecoin miners build dedicated machines by using motherboards which can hold many graphics cards, generally via riser cables.
How to Get Started with Litecoin?
It’s very simple to get started with Litecoin.
Here are some ways to start:
- Get a Litecoin Wallet
- Get Some Litecoin From an Exchange
- Use Your Litecoin
- Stay Up-To-Date
What are Main Litecoin Features:
Litecoin features are:
- Faster Transaction Confirmation Time
- Improved Efficiency than the top math-based currency.
How to Mine Litecoin:
Except you own specific mining hardware, there are two ways to mine digital currency:
- With Your Central Processing Unit
- With Your Graphics Processing Units
GPU provides better performance which required for the cryptographic calculations. If you are making your first ever raid in mining and don’t have a heavy gaming computer, then with just a laptop having Intel integrated graphics will possible to mine Litecoin.
Be careful, mining digital coins is highly system intensive and may reduce the lifespan of your electronic machinery. It’s a good idea to be sure that you have an adequate place, keep an eye on the temperature, and also keep in view any other warranties, just in case.
Mining may also be a solitary project or you may join a mining ‘pool’. In mining pool, many people combine their mining system and all take a share of the rewards.
How Much is a Litecoin Worth?
At the time of writing, one Litecoin is worth $52.75111396. The past few weeks was quite remarkable for Litecoin. However, many people assumed this currency will be dead but that is not the case. In fact, this currency is heading to a very bullish direction. The value of Litecoin has increased by over 700%. This is because of Coinbase listing and SegWit locking in. The future is looking bright for Litecoin because the price of Litecoin Continues to Climb.
How to Buy Litecoin:
Some points which will lead you how to buy Litecoin:
- A way of getting Litecoin is mining them through standard computing apparatus.
- Always try to have a check balance before investing funds, and should not take a risk the amounts you can’t afford.
- Buying Litecoin is not an easy job as buying Bitcoin.
- One of the straightforward ways is to simply buy Litecoin with Bitcoins, this is actually the fastest approach, and it is also the cheapest option for most of the users.
Anyone with Bitcoin can easily buy Litecoin from a number of exchanges:
- Others have mentioned on Litecoin wiki.
You are thinking that buying Litecoin is the much easy way via fiat transfer through an exchange, but it can be a boring process for some reasons. Some main exchanges of Bitcoin like Coinbase and BTC China don’t deal with Litecoin transactions.
Another way is to buy Litecoin locally, forgoing the disturbance of wiring currency abroad, and changing it into Litecoin.
What are The Top Litecoin Wallets?
- Many exchanges provide the service of online Litecoin wallets, but they are not modern solutions. Most of the users want something more secure as offline or cold storage wallets. Litecoin has luckily built-in encryption features that you can use to secure your wallet by just a few clicks.
- Many users like to use the official Litecoin-Qt desktop client, but it has some syncing issues with another fair share of faults.
- For a more secure and long-term storage, you have to setup a Litecoin paper wallet.
- It is also possible to get a paper wallet with credit card quality from Crypto Coin Wallet Cards, but some smaller companies are also selling physical Litecoin or coin holograms.
What Is the Difference Between Litecoin And Bitcoin?
Here are some differences between Litecoin and Bitcoin:
- The coin Limit of Bitcoin is 21 million and the Litecoin network will generate 84 million Litecoins, which four times more than coins issued by the Bitcoin network.
- Bitcoin uses SHA -256 algorithms, however, Litecoin uses Scrypt algorithm, the main purpose of using the Scrypt was to allow the miners to mine both Litecoin and Bitcoin at the same time.
- The mean block time of Bitcoin is 10minutes whether it is 2.5 minutes for the Litecoin.
- The initial reward of Bitcoin is 50 BTC and the initial reward for Litecoin is 50 LTC.
- The market cap of Bitcoin $10,467,596,650.78 and Market cap of Litecoin is $540,274,528.26.
In the end, many people still looking at Litecoin as a Bitcoin testbed. Many people will keep an eye of SegWit malleability fix and be looking at how it effects Litecoin. This time is still much exciting to involve in Litecoin, although people having Litecoin may see the increment in the value of Litecoin these coming weeks.
Bitcoin investors get apprehensive as Bitcoin’s value surpasses $3000, hitting a new record within a week after the split.
According to CoinDesk.com, Bitcoin climbed to $3,360.87 on Saturday and by Sunday, it had settled down to $3,286.87 while pushing bitcoin’s market capitalization past $50 billion for the first time ever. It’s market cap now lies at $52.3 billion at press time.
The reason behind these price jumps is the launch of Bitcoin Cash, which is a new version of the cryptocurrency. While Bitcoin’s price did have a 5% drop during the initial days of the new currency, it rapidly recovered. Previously in June, Bitcoin had hit the $3000 however, it fell 20% soon after.
As expected, market volumes have increased along with the price due to the increase in trade volume within the past couple of days and by the looks of it, Bitcoin is back and better than ever.
bitcoin image via atlanticbase.com
rocket image via Science Learning Hub