Image Credits: picoloresearch.com
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.
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.
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 to fork bitcoin.
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.
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.
Every Bitcoin user around the world is anxiously waiting for August 1st– a day that will mark the history of bitcoin. No one really knows what to expect but we are all eager to know what will be the fate of Bitcoin. We’re approximately 2 weeks away from the big day so let’s reflect back on the possible end result.
On 31st July, the activation of SegWit2x is set to take place. SegWit2x is a proposal that will enact SegWit through a Soft Fork but will increase its block-size limit by Hard Fork after three months. So, basically, SegWit2x will be introducing Segregated Witness first which will follow a 2MB block-size increase three months later.
Moreover, SegWit2x has the support of major mining pools which means it’s backed up by miners.
When the 2MB hard fork is scheduled to be introduced, there are chances of a chain split to occur cause of the soft fork. This, in return, would lead some part of the community jumping on to SegWit2x while others remain on SegWit.
This can create a very messy situation as there would be two different kinds of Bitcoin present. The last thing we’d want is to damage Bitcoin, particularly since there are high chances of two competitor blockchains existing simultaneously.
You’re advised to move your bitcoins to a private wallet, where you solely are in charge of your private keys. Also, be sure to do this before July 31st, and remain until storm calms down. We are not aware of what is in store for us on August 1st or the day after, and the future is a total blur. So, let’s sit back and watch the calendar hit August.
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.
1 July 2017, 09:42 AM, entrepreneur Mark Cuban
Well-known entrepreneur Mark Cubam is now planning on switching to another cryptocurrency after dropping the value of the Bitcoin. Accordingly, your clue about the ethereum is absolutely wrong. It may be UnikoinGold.
By offering an initial coin, Cuban is going to participate in fundraising round of his company.
With more than 30 ICOs, ICO method gets popular this year. Companies effort in the different channel to enhance its capability. In that scenario, companies start to sell their own cryptocurrencies and use the return to boost their business fund.
In addition, including Asthon Kutcher, Unikrn has already erected $10 million from investors. According to the CoinDesk, these companies allow its users to place bets with its digital token.
Up to 1 billion UnikoinGold will be available for grabs and the registration for pre-sale will be started in the mid of the July.
Up to now, a company has to set down the Price of the UnikoinGold. Accordingly, investors will be able to start transactions under Ethereum’s token.
News credit: fortune.com
The majority of people nowadays already have an idea as to what is Bitcoin and how does it work. But no matter how much you know about this cryptocurrency, there is always something to leave you amazed. Here are the bitcoin facts.
In this article, here are some interesting Bitcoin facts for you.
Bitcoin is an open-source software. Anyone – whether it’s the owner or just a random internet user – can access it. Also, there is no regulatory authority such as a central bank, government or private organizations to control the flow of Bitcoin which makes it inexpensive to use.
It has been nearly a decade since the Bitcoin first came into circulation. However, the identity of creator still remains a mystery. Several investigations and search works have been conducted but to no avail.
Some say a programmer named Satoshi Nakamoto invented it but there is no proof to support that claim.
One of the unique features of Bitcoin is that the transactions are untraceable. Whether a user is trading coins across the street or sending them to the far edge of the globe, all he has to put forward is a wallet ID. The personal information is not required. As a result of this, the transactions become anonymous and downright untraceable.
Bitcoins are stored in a digital wallet and protected by a private key. So, if a user loses the drive on which the wallet was stored, consider your coins gone for good.
Numerous banks, corporations, and retail stores accept Bitcoin as a payment and the number is increasing each day. Using this currency, you can buy comics, fancy clothes, yachts, property, travel around the world and order a delicious pizza.
Amazing, isn’t it?
One of the most interesting facts about bitcoins is that the first ever purchase made through this currency was a pizza.
In May 2010, the currency was relatively new and was still pretty far from gaining worldwide recognition. Due to this fact, the value of bitcoin was extremely low – let’s say, two Papa Johns Pizzas for two Papa Johns Pizzas.
Yes, this was exactly the case when Laszlo Hanyecz offered two Papa Johns Pizzas for 10,000 bitcoins, which was then equivalent to $41 or $0.0041 per coin.
However, the circumstances have changed and those 10,000 bitcoins are worth $7.6 million in today’s market.
These are some interesting facts about the ever-incredible currency that is Bitcoin. In conclusion, the characteristics of cryptocurrency are nothing short of incredible! The future belongs to Bitcoin! So make your move and take a dive into the world of Bitcoin; right now!
Bitcoin’s price has rebounded to $11,997 with a 4.9% gain after falling to $10,000 recently and is now affecting the whole market with its momentum.
The daily trading volume of the cryptocurrency market including the top-cryptocurrency (bitcoin) has been comparatively strong over the past 24-hours. The daily trading volume of the top-cryptocurrency remained strong across all major cryptocurrency exchanges including; Bithumb, Binance and UpBit, which demonstrates signs of another recovery towards $13,000, as many experts have highlighted it.
The daily trading volume of bitcoin has hit a monthly high in South Korea, as around about 80,000 bitcoins were traded within a single day. South Korea’s largest mainstream media outlet “HanKyoReh” reported, that for the first time since January, the demand for bitcoin is rapidly growing.
Multiple investors have started to invest in the bitcoin market out of the fear of missing out, as the top-cryptocurrency has continued its rising momentum throughout the past few days. Another South Korea’s mainstream media outlet “Chosun” highlighted that bitcoin has built flexibility just within a month, as a lot of investors have started to enter the cryptocurrency market once again.
According to Chosun, strong cryptocurrency (bitcoin) remains above $10,000 mark even though it has been through many adverse issues, criticisms, and huge corrections. At this time, the crypto-market is seeing similar prices as it has seen only two months back, preceding to bitcoin’s enormous bull run that permitted the top-cryptocurrency to achieve its all-time high at $19,000.
CEO of venture capital firm Pantera Capital, Dan Morehead said last week, that the price of bitcoin would be expected to surge by the following week after it recovers from the bear market. He highlighted that most bear markets have a tendency to last 71-days and from now, bitcoin would be in a perfect position to see an upsurge in its price in the coming week.
He added, the past doesn’t predict the future, however, it looks like this is the right correction. It had been on a 71-day bear market so, it looks like within few weeks, everything will go back to normal.
Other major cryptocurrencies (including Ethereum) with ICO tokens have been following the trend of bitcoin for the past 2 weeks, however, it just dropped to $945 on February 20th. Just few cryptocurrencies have been able to exceed the gains of the top-cryptocurrency bitcoin, and most cryptocurrencies have recorded declines in their worth. Ethereum has declined by 2% against Bitcoin. However, it is also essential to perceive that Ethereum is only down by 0.52% over the past 24 hours.
It’s a kind of breaking news that Sweden going to use bitcoin accounts. For that purpose, the government allows the sweden blockchain startup. Which directly means they opposed the traditional bank accounts. They pay their attention and prove their liquidity and incorporate domestically with the Swedish Companies registration office.
The idea of introducing an investment vehicle by the founder of Brave New World Investment to the companies traded on Tehran stock exchange. Six banks of Sweden rejects this idea.
Brave New World Investments might be considered as a violator of US approvals against Iran. Madeleine Idvardsson told to CoinDesk “we examined whether it would be possible to use bitcoin as non-cash property. Whereas, we found that it would be possible”.
For the company registration in Sweden by using bitcoin, incorporates have to sign a statement from an auditor. The property value must be less or not higher than the actual company’s value. The signed statement must describe the accounting principles for how the property’s value determined.
As Johansson says” we want to invest in Iran. In good, hard-working companies and individuals.” accordingly, they are ready to invest in Iran without any difficulty. Two identical accounts were programmed bitcoin wallet addresses as subtitle account on 27 January.
therefore, accounts keep overlooking on transactions. Now, accounts are empty but reserves for further transactions.
World of Bitcoin and other cryptocurrencies will use for investment purpose in Iran. where they will be converted and invest in traded companies on Tehran stock exchange.
US and UE signs a comprehensive plan in Iran for peace development. EU keep going with an agreement but in the US, something going changes in response to missile tests. US president Donald Trump considered this tests as a threat and moved to tighten US sanctions on Iran. Iranian resolution of 1979 changes the world’s history again and sections against the country increase not only in daily routine but also highly create the effect on business with the nation.
With all of these negativities, Johnson feels that climate will be change soon. He clearly commits that the work will be obedient with both countries sections positions. He also added one thing that they are working crystal clear, they have the fair and proper setup of working. We have the proper system of an audit to make sure that we don’t allow money laundering.
It’s clear that Johnson’s firm is going to help Iranian companies to overcome the different obstacle by using bitcoin and other cryptocurrencies. As describe by Johnson that Brave New Company Investments was unable to get an account in Sweden due to violation and agreement issues. This is clear that bitcoin will not face any obstacle. bitcoin face already some restrictions and other are waiting for.
Johnson says, “sanctions create a strong impact. Both, on economically and in the humanitarian sense. They will totally cut from the international banking community”.
Johnson can easy elaborate that sweeten companies entered in the bitcoin world. whereas, they are unable to obtain bank accounts, buying anything, providing services in bitcoin and other cryptocurrencies.