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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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What Are the Top 5 Myths About Bitcoin – Are They True?

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Myths About Bitcoin

It’s been over 8 years since the bitcoin first came into circulation. However, the general public and press are still confused as to what is Bitcoin and how to use it. The result of this is numerous myths about the currency.

Bitcoin is a digital currency. It’s different from traditional money in many ways, due to which it is often considered to be a difficult subject to grasp because it requires a basic understanding of many different areas of study such as cryptography, economics, and computer science.

In this post, we have discussed five popular myths about Bitcoin that still spark a debate in 2017.

Is Bitcoin Anonymous:

In spite of the fact that Bitcoin is regularly referred to as the currency to make anonymous transactions, the correct word to use would be “pseudonymous”. Meaning that a user can have one or multiple identifiable addresses. However, nobody essentially knows who is behind each address.

With Bitcoin, each transaction is stored on a public ledger and anyone can view this ledger on Blockchain. This ultimately makes the transactions more transparent for the users.

It’s Used by Terrorists:

Our media has completely ruined the image of Bitcoin. Whenever the currency is brought up in a television show or movies, it’s almost always being used by some kind of serious criminal or terrorist.

Although the user anonymity may account for some illegal transactions, there is no confirmation of terrorists using Bitcoin on a noteworthy scale.

The Currency Is Dead:

One of the most common myths about Bitcoin is that it’s dead or no longer in use.

In reality, Bitcoin is currently going through its most successful phase in history – at least according to the number of daily transactions on the network, which keeps on growing each day.

At the time of writing, one bitcoin was worth $1095.

Think the currency is dead? Think again!

It’s 100% Transparent:

Another myth about Bitcoin is that it’s completely transparent. But this is absolutely not true.

The true identities of bitcoin users – be it individuals or an organization – are kept secret and never publicized.

Also, there are several privacy-enhancing-services, for example, JoinMarket, which permit clients to upgrade their security on the blockchain.

If someone asks what is bitcoin, the perfect description would be: it’s not completely transparent nor anonymous. It’s somewhere in between the two extremes.

Bitcoin Is Useless Due to Its High Volatility:

Because of high instability in value, Bitcoin is frequently thought to be useless by a majority of the population. While Bitcoin has had a significant volatile history, the currency has undoubtedly been moving towards stability since the mining of first blocks in 2009.

Having said that, relatively few individuals are attempting to utilize Bitcoin as a unit of account at this point. It is rather viewed as a store of value by those who hold it.

Conclusion:

These are some common myths about Bitcoin. If you go into the market and dig up the details, you will realize that most of them are completely false and has no solid base to stand on.

In all, Bitcoin is a safe currency. The use of it increasing each day as several corporations, banks, retail stores, and outlets are starting to accept Bitcoin as a payment. This, as a result, has seen an ultimate rise in the value of the currency.

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Blockchain wallet

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Blockchain wallet

Blockchain provides secure wallet to its users with options to do transactions. After a year, you are able to buy bitcoin with debit or credit cards as well as bank transfer.

Whereas, blockchain is an online wallet that allows the people to do transactions anywhere in the world. It is like get set go to transactions. Accordingly, users of this technology want to stay up to date with this network. Which is strongly protected by the cryptography.

This wallet is just like your local bank account. Where you have the authority to save money or spend it in different ways. In the same way, you have to open an account with blockchain. where with complete authority you will be able to store your bitcoin.

Furthermore, you are free to convert your bitcoin to the cash for the sake of payments. The process of creating an account with blockchain will take few minutes.

Funding in blockchain and Peter Smith’s statements

CEO of the blockchain Peter Smith says, “This announcement represents a giant step forward in making bitcoin, still a nascent currency, a more compelling and efficient financial solution for new users.”

Furthermore, the blockchain is the world’s most famous funding startups with $30.5 million in 2014. Whereas, the wallet has nearing 10 million users. Company claims about, “The world’s biggest provider of digital wallets for bitcoin, with over 50% market share. Over 150,000 transactions a day on average.” And android version downloaded 500,000 to 1 million times.

Now, we are going to discuss blockchain wallets in detail.

Steps to make an account on blockchain

  1. when you have done with your verification to make an account then look up your new wallet dashboard.
  2. when you have done with your verification to make an account then look up your new wallet dashboard.
  3. Open a website of blockchain info to read some information about the blockchain wallet.Blockchain wallet
    1. when you visit blockchain website, click the button create the account.

    Blockchain wallet

    1. Here, you need to download the registration form. It will ask some verifications regarding your email address. Then, in that scenario, you have to use your email id and create a strong password. Accordingly, use the password consist 16 words including letters, digits or characters.

    Blockchain wallet

  1. when you have done with your verification to make an account then look up your new wallet dashboard.

Blockchain wallet

Here, you have blockchain wallet account with 0 BTC. Here, you have complete authority to in-cash your BTCs.

5. Verify your email id associated with your wallet. And login with new blockchain wallet.

Blockchain wallet Blockchain wallet

  1. Now, you have to secure your wallet. where get your back up phrase, enter your mobile number and blocking IP that suspects to be part of anonymous from the network.

Blockchain wallet

Blockchain wallet

Blockchain wallet services

Here, we are going to know about services of the blockchain programmatically. Few of the content of services are given below.

Getting started

If you are using this API, you need to must run the local service, doesn’t matter it is small. wallet. In addition, your service and application is connecting via API. Here, you have to complete some steps, are;

  • follow the installation instruction and completes it
  • start the server; $ blockchain-wallet-service start –port 3000
  • start interacting with your wallet pragmatically

Your application and wallet service is running locally on the same machine. Moreover, except localhost. Therefore, make you sure the appropriate rules to prevent authorize use. If you want to accept this service an external connection.

You need an API code for higher request limits and wallet creation.

Upgrading

You have to complete the requirements of the site if you already use blockchain info’s wallet API. In addition, replace calls to blockchain.info/merchant/… with localhost:<port>/merchant/….

API Documentation

New blockchain wallet

This method is used to create an account through blockchain info, here is an example;

localhost:3000/API/v2/create
utilize the method of POST or GET

Password: New Password must contain 10 characters.

API_code: An API code with creating wallets permission.

Preview: A private key is optionally add to the wallet.

Label:  Label is set first address in wallet ,which is optional

Email:

creating an email address with this wallet on the behalf of. optional

create wallets with the permission from create and code.

Blockchain wallet

Your payments

Parameters:

  •  required bitcoin address
  • the amount must be in Satoshi
  •  your wallet password
  •  in case of second wallet, required wallet password.
  •  API code is optional
  •  bitcoin address or account index is optional
  • the fee may or may not in Satoshi, is optional

 

 

Blockchain wallet

Send it to Many

Parameters:

  •  bitcoin address as keys and Satoshi amounts as value are required.
  •  required main wallet address
  • your second address is required
  •  wallet API code is optional
  •  bitcoin address or account index is optional
  • the fee may or may not in Satoshi, is optional

Blockchain wallet

Blockchain wallet

Fetch Wallet Balance

Parameters:

  •  main  wallet address is required
  •  API code is required

Sample,

Blockchain wallet

List Addresses

Parameters:

  •  required main wallet address
  •  API code is optional

Sample,

Blockchain wallet

Fetch Address Balance

Parameters:

  • requird address to fetch balance
  • required main wallet password
  •  API wallet code is optional.

Furthermore, there is no confirmation parameter.

Sample,

Blockchain wallet

Generate Address

Parameters:

  •  required main wallet password
  •  label to give an address is optional
  •  API code is optional

Sample,

Blockchain wallet

Archive Address

Parameters:

  •  required an address to archive
  • required your main wallet password
  • API code of wallet is optional

Sample ,

Blockchain wallet

Unarchive Address

Parameters:

  • required an address to unarchive
  •  required main wallet password
  •  API code of the wallet is optional here.

Sample ,

Blockchain wallet

Enable HD Functionality

Parameters:

  • required your main wallet address
  • API code is optional

These wallets allow the use of accounts.

List Active HD Accounts

Parameters:

  • main wallet password is required
  • API code is optional

List  xPubs

Parameters:

  •  main wallet password is required
  •  API code is optional here

 New HD Account

Parameters:

  •  its optional when you are labeling to assign to the newly created account
  • required main wallet password
  •  API is optional here

Get Single Account

Parameters:

  •  required main wallet password
  •  API wallet code is optional

 HD Account Receiving Address

Parameters:

  •  required main wallet address
  • API wallet code is optional

Check account’s balance

Parameters:

  •  main wallet password is required
  • API code is optional

Archive  Account

Parameters:

  • required main wallet password
  • API wallet code is optional

Unarchive  Account

Parameters:

  • the main password is required
  •  API wallet code is optional

RPC

starting RPC server which is bitcoin-compatible RPC API. Whereas, blockchain wallet service start RPC, In addition, RPCssl is not supported and different from server API

 

  • .this method does not support the listsin block
  •  list received by the address and param min confirmation is not supported for methods
  •  This confirmation not supported to get balance
  • list accounts don’t have support from the method.
  •  transactions have a different format

Installation

Nodejs and npm are required to install and use this API service. Installation:  by using this API service, Nodejs and npm are needed to install. Moreover, you need to make sure that you are using the latest version.

 check your version:

blockchain service V

update the latest version:

npm update -g

Requires:

  • node >= 0.12.0
  • npm >= 2.12.0, < 3.0.0

some troubleshooting is given below, during the installation.

Troubleshooting

following are few installation error .if you find some error in installation use sudo command for installation

Startup

if your node is installed with different name, then creat a symlink to your binary. In addition , install node through node version manager.

Runtime

  •  it may show the arror of not method compare. whether, it is because of old versiom , in that scenerio , update your version
  •  and , if you do not install jawa , you may face the wallet decryption error.

Timeout

  •  when you are using un recognize browser or IP address , you may get time out response. In addition, authorization from your blockchain wallet may be required.

Usage

Once installation is complete, you are free to use blockchain service

claim 

  •  h-help
  •  V- version number output
  •  c- currency directory as wallet service moduale.

Commands

this command will start service efficiently to make blockchain wallet APIV2 on a specific port.

Command options

h-help

p-to run the server, you needs the port number

b-bind

ssl- it’s optional the path to your key

ssl-cert – SSL get certificate

bind to 0000, to open service for all incoming connections

RPC- start 

this command will start JSON RPC server.

command option

k- for server request use API

P-RPC server port

b-bind to an ip

e.g.

start service on 3000 port, start wallet API

Development

  1. Clone
  2. Run and install npm
  3. start npm
  4.  the development server is running on 3000 port

this is useful to create a symlink to my wallet V3, especially when you are developing blockchain wallet client alongside

Test

Test: npm

composition 

these  parameters may be configured in

  •   running server default is 3000
  •  ip address to bind and the default is 127.0.0.1

 Deployment

Furthermore, if you use blockchain service in UNIX server. you just need to run “nohup, blockchain wallet service with port 3000.

 

Good luck!

 

 

 

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Bitcoin Price Analysis 2017 – The Drop in Bitcoin Value is Not Real

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Marc Kenigsberg, The CEO of JamWorx states that the Recent drop in the Bitcoin price is a slight retreat from the highs of 2017. In Kenigsberg’s views, there are two main factors which are causing to reduce the value at the moment: Some of the speculative money invested in the last few months by some external investors have reserved off the tables as profits.
The market is still behaving to Bitmain’s threat strategies and the threat of a possible hard fork as a reprisal for UASF.
Bitcoin is ultimately almost 150% YTD and I’m not worried at all. Obviously, the basics are strong and the demand for Bitcoin is increasing.

Image Credits: coinjournal.net

What Is the Best Time to Buy More Bitcoin?

Marc also describes that the merchant adoption for Bitcoin is at all-time high and the ecosystem is analyzing record amount of everyday transactions.

Furthermore, an extensive interest is in Bitcoin as a way of payment and there is a fundamental understanding of what it can do.

Marc also explained that if more merchants will accept Bitcoin, then more people will use it and more people will want to get it than ever before. The increased price of Bitcoin is a correction of the aspects that underestimated the price of Bitcoin.

He also advised the community that not to sell Bitcoin and hold them since the price of Bitcoin will surely go high soon.

He further recommended as now is the best time to buy more for everyone that can. From his thinking, a price tag of $2500 may seem an expensive to people today, but it is going to look cheap in a year from now.

Did Speculation Push the Price of Bitcoin?

Marc disagreed that the last price rally of Bitcoin was just because of the speculation. Moreover, he explained that there is a speculation in almost every currency of market but it was not the key factor to increase the price. He also described that the increased price has been the main catalyst for the speculation.

He believes that the world is going to accept and understand Bitcoin as an effective payment method and this is the point which is driving the price up.

Story Credits: Cointelegraph.com

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Bitcoin News Today – Bitcoin Involved in a Civil War, Here’s One Way to Explain

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Bitcoin Civil War:

A civil war is going to take place in Bitcoin world, it is putting the future of red-hot digital currency in question. Bitcoin is high over 250 percent since last year, but its price has experienced big swings in the past few months. The CEO of BitMex, Arthur Hayes, he thinks the recent instability in the price of Bitcoin reflects the doubt surrounding the outcome of this war, that would decide on 1st of August when crypto-power dealers determine how the technology will structure that influence the currency.

The Main Story:

The current Bitcoin battle relates to the design of digital currency. According to Bitcoin campaigner Paul McNeal, the blockchain network of Bitcoin can only process so much data at a time. In technical language, the blocks which transfer the information in the chain are restricted in their size to 1MB.

McNeal says this was done for the purpose to protect the blockchain network from the hackers and some other cyber security threats. As the number of digital currency users has increased, so it takes more time for transactions to process. According to Morgan Stanley, Bitcoin transaction has made more expensive because of this, which is one of the main reasons that why merchants have not been so active to accept Bitcoin as a form of payment. Consumers have limited places for their Bitcoin to spend and it shows that merchants don’t have a sufficient number of consumers to make it worth, to invest the energy, and the capital to understand and accept.

The Battle Line:

The size issue of blockchain has drawn a battle line between the two main camps. On the one side, you have people which are mostly miners, who think that the size of blocks should increase because it will be economically profitable to do so.  The other are those people who want to maintain the size of the blocks, safety, and security of the network.

People who want to maintain the block’s size are the core developers. They maintain the code and also responsible for apply changes when necessary for future innovation, according to McNeal. By this job, they keep the blockchain stable.

The view to increasing size of the blocks more than the current 1MB cap will be a risk to the whole networks. For this purpose, they’ve come up with another solution to the problem called as SegWit. Some core developers are trying to move the activity on Bitcoin blockchain to an external network.

Bloom berg wrote that moving data from the blockchain successfully diminish the inspiration of the miners, people who are basically from China, and the people who have invested millions in huge server farms.

According to McNeal to find a middle ground for all of them, some miners and business executive have created a proposal, called as SegWit2X, that would change the threshold for applying SegWit down to 80 percent and also it allows for a small increment in the size of blocks in the chain to 2MB.

Fundamentals on the both sides of the dispute are in their positions. This may finally lead to a split in Bitcoin world, thereby making more than one Bitcoin currency.

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