View: 427
Want create site? Find Free WordPress Themes and plugins.

5 Things About Bitcoins

Bitcoin is one of the coolest cryptocurrencies out there. It provides complete anonymity and liquidity to the users. The currency first came into circulation in 2009 and has survived numerous attacks since then.

The terms used by the Bitcoin community are quite interesting and can evoke misleading images and ideas in public’s minds. All that mix-up results in skepticism which ultimately stops people from having a clear understanding as to what is Bitcoin and how to use it.

In this article, we have addressed the things that most people find confusing and misleading about Bitcoin. And we hope that it will help eradicate all the doubts in your mind and encourage you to invest in this incredible form of currency.

Common Misconceptions About Bitcoin:

The Currency Comprises of Gold Coins:

The first misconception that people have about Bitcoin is that it comprises of gold coins. And we can’t blame them. Because every time you want to fin bitcoin-related information, the results always exhibit a coin with the letter B and two vertical bars resembling the USD.

To your surprise, Bitcoin has no physical shape and only exists on immensely secured computers in the form of encrypted code. In other words, it’s a virtual currency and all the images you see are false.

You Keep Bitcoins in A Wallet:

When talking about Bitcoin wallet address, most people think that they are physical purses with sections to carry cash. But this is not the case with Bitcoin wallets.

The wallets store coins virtually. There is no physical way to use those wallets which leave the owners with a very few security risks.

In addition, the Bitcoin wallets use encrypted keys for coin protection and only the owner can have access to it – unless he/she decides to publicize the key.

Bitcoin Is Based on a Debit System:

Another misconception about Bitcoin info is that it works on a debit system. Meaning that you can spend the coins you don’t have. However, Bitcoin doesn’t work this way.

The currency uses a system called Unspent Transaction Output.  The system enables the network to work out a user’s balance and authorize a transaction based on the number of coins available.

Miners Dig for Gold Coins:

A process called Bitcoin mining is the primary source of digging coins. However, the mining does not involve men using pickaxes to dig gold. It’s actually a network of computers where miners from around the world connect with each other through mining programs and work on solving mathematical algorithms.

Those who successfully solve the problems are then rewarded with bitcoins.

Bitcoin Is a Currency for Criminals:

The fact that Bitcoin offers complete anonymity often raises doubts in people’s minds that the currency is designed for criminals. Although this feature attracts a large number of criminals, the majority only use it for daily life transactions.

Conclusion:

These are some Bitcoin-related misconceptions among the general public. It’s usually the beginners or people who have never been to the Bitcoin world where the false information originates. If you want to clear doubts, get in touch with an experienced user and do an extensive research on the topic.

Read our article on top 5 myths about Bitcoin.

Did you find apk for android? You can find new Free Android Games and apps.

Leave a Reply

Type Comments Here

Your email address will not be published.

Share Your Toughts

View: 516

chinese Stock Exchange Takes Action Against Blockchain-Related Company

Want create site? Find Free WordPress Themes and plugins.

Shenzhen Stock Exchange (SZSE) is one of the major stock exchanges of China. China is taking action against companies that are planning to start Blockchain research labs as on 21st March, a local media reported that SZSE has started an investigation against a company that has announced its plans to start a Blockchain research lab for applications in the medicinal industry.

blockchain research lab

Stock Trading Company

The stock trading of healthcare device manufacturer, Lifesense has been suspended by SZSE temporarily and now the company is required to provide all the information, explaining why Blockchain technology is so important for the company, also the project’s plans for the next three-years, as well as the amount of Lifesense’s funding shares.

Letter Issued by SZSE

On Tuesday, March 20, SZSE issued a letter and ordered Lifesense to reveal all the details about its plans to launch a “Blockchain laboratory.” SZSE is also expecting to get a reply from Lifesense by 23rd March. The announcement of Lifesense project is the move that made the company’s share price upsurge by 10% as it succeeded to grab the attention of the stock exchange while the price hit the daily limit of SZSE.

A similar inquiry was sent by SZSE to Zhejiang Enjoyor Electronics earlier this week, which made Enjoyor Electronics confiscate its announcement on WeChat as it claimed to launch the very first Blockchain-based electrical data forensic certificate, all around the world. A warning was also issued by SZSE in January that it’s going to carefully observe those companies that are using the popularity of Blockchain to improve their stock prices.

Companies Investigated By SZSE

According to China Money Network, over 20 listed companies have been investigated by SZSE due to the baseless claims about Blockchain technology. Earlier, a report was published on companies that were using the ‘Blockchain’ word in the US to improve their share prices through the publicity surrounding the innovative technology.

In February, SEC suspended three companies from trading that revealed statements about getting “Blockchain technology-related assets.”Also,

U.S. SEC (Securities and Exchange Commission) has announced more investigation of companies in the US, who alter their name to add the word “Blockchain” into it.

Did you find apk for android? You can find new Free Android Games and apps.
View: 493

Bitcoin Spurs a Shortage of Graphic Card

Want create site? Find Free WordPress Themes and plugins.

The increasing popularity of Bitcoin is causing a prominent shortage in the supply of graphic cards. It is considered a key component of the digital currency system over the last few years.

The chief executive of JIB group of computers, known as a leading IT retail and computer gaming chain said that the price of graphic cards is also increasing since mid of May 2017.

Graphics cards are the main part of computer systems which used for mining the cryptocurrency like Bitcoin. People who invest in Bitcoin can get revenues on their investment from Bitcoin much faster than other investments. They can get returns of their investment within only 5 to 15 months.

A mining rig is a computer system which miners use for mining cryptocurrency. According to Mr. Somyot, people think investing in a mining rig is not very risky. They use minimum six graphic cards. At a price of almost 2940 USD, for a mining rig.

In gaming markets, the margin on graphic cards has also been increasing since the 2nd quarter this year, and it is about 2-3% to 8-10%. The graphic card companies need to reserve the cards to dodge a negative impact on gamers. In the markets, the demand for the graphics cards is also at a high point.

 

 

The most commonly used graphic card for Bitcoin are NVIDIA 1060 and 1070, and AMD 570 and 580. These were in short supply and causing a 20% price hike.

According to predictions, the higher prices will remain until October.

Don Sambandaraksa is a long time Bitcoin enthusiast associated with cryptocurrency since 2013 when the price of Bitcoin was at 40 USD, he said, these days Bitcoin may no longer be efficiently mined with CPUs or even GPUs (Graphics Processing Units).

He said people have made chips that could only do Bitcoin hashes, nothing else.

Mr. Don said, 1080Ti card’s price is about 700 USD and it can get a return on investment in almost 108 days. Over a year can make 2300 USD, an annual return on investment of about 300%. He said, as more people come to buy graphic cards then the less profitable they will be. Mr. Don also said it is a sign of the crazy levels of the profitability that mining offers.

Story Credits: www.bangkokpost.com

Did you find apk for android? You can find new Free Android Games and apps.
View: 615

Ripple Target China with Blockchain-Based Payments Tech

Want create site? Find Free WordPress Themes and plugins.

Ripple wishes to target the Chinese market with its dispersed journal innovation created to accelerate cross-border payments, an executive at the company informed CNBC. ” China is certainly of interest, it is certainly a target,” Jeremy Light, vice president of European Union tactical accounts at Ripple, informed CNBC in a phone interview. “China is certainly a nation and area of interest.”

ripple cryptocurrency

Previously this year, the blockchain business struck a handle Hong Kong-based monetary services firm Lian Lian International, focused on powering the latter’s cross-border deals in between China, the United States and Europe. It is unclear whether Ripple’s innovation is being released by Lian Lian yet.

Function of Blockchain

Blockchain, likewise called dispersed journal, is the innovation that underpins cryptocurrencies like bitcoin. It tapes deals throughout several areas, instead of one central server. Ripple’s dispersed journal innovation is various to bitcoin’s, nevertheless, as deals are confirmed by a network of independent servers – owned by banks, sellers and traders – instead of the “miners” that confirm deals on bitcoin’s public blockchain network.

If it were to look for an entry into the Chinese market, Ripple’s emphasis would unlikely be on advancing the adoption of cryptocurrency XRP, as Beijing has actually fastened on the trading of virtual currencies. China in 2015 prohibited preliminary coin offerings (ICOs), a questionable methods of monetary innovation start-ups raising funds through the sale of brand-new digital tokens.

Ripple presently has more than 100 banks registered to its network, UniCredit, UBS, consisting of Santander, and Requirement Chartered. However, with simply one Chinese customer, the company would have a long way to precede making waves in the nation. China is the home of a variety of big fintech (monetary innovation) companies, with payment apps like Ant Financials’ Alipay and Tencent’s WeChat Pay showing popular with Chinese customers.

The Cash Tap

In other places in Asia, Ripple has actually produced an app called Loan Tap in Japan, in collaboration with 61 domestic lending institutions. The app is created to permit banks to settle day-and-night payments in the nation. Many banks and monetary companies are withdrawn in the cryptocurrency side of Ripple’s offering, nevertheless. Ripple is primarily understood for its digital token, which is utilized to basically bridge payments from one currency to another.

Rather, loan providers have actually sealed handle the start-up to utilize its xCurrent item, which is focused on settling payments quickly all over the world. Ripple’s xRapid platform on the other hand– where XRP is utilized– has actually seen interest from cash transfer companies consisting of MoneyGram and Western Union. Both uses of the cryptocurrency remain in trial stage instead of industrial release.

Exactly what are the Worries

However, there are worries the volatility of cryptocurrencies might prevent XRP from seeing mainstream adoption with banks and other banks. The cryptocurrency skyrocketed to unmatched levels late in 2015 and early this year, notching a record high of $3.81– and a market price of $147 billion– on January 4. It has actually given that declined to simply 29 cents, a decline of more than 90 percent.

Did you find apk for android? You can find new Free Android Games and apps.
View: 568

Bitcoin Hacker Helps FBI Track Down a Murderer

Want create site? Find Free WordPress Themes and plugins.

 

A bogus dark-web website offering hitman services had its information leaked by a hacker known by the name “bRpsd”. The data that was disclosed provide leads to the FBI on their investigation of a man who murdered his wife.

Stephen Carl Allwine, 47, of Cottage Grove, Minnesota, murdered his wife, in November 2016. Allwine tried to stage the murder as a suicide by placing a 9mm pistol next to Amy Allwine’s elbow. Although, the detectives were quick at gathering the electronic evidence- computers etc. and arriving at the conclusion that it was a murder. He was then arrested in late January and charged with second-degree murder based on the forensic interpretation of the evidence.

Hacker turns Hero

In May 2016, a hacker that goes by the name “bRpsd”, violated the database of a questionable website on the dark web, which supposedly offered hitman services.

The site, “Besa Mafia”, requires you to register on the site anonymously. It offers a link between customers and hitmen, where they can decide on a price for murder, ranging from $5000 to $200,000. Whereas, customers that just require having someone beat up or set their car on fire could hire contractors for $500 and $1000.

The data dump was uploaded by the hacker onto a public website which was consisting of user accounts, email addresses and messages between the admin and its clients, “hit” orders and a folder called “victims”, which included additional info on the pawn.

The scam nature of the site was emphasized on, pointing out that it clearly just collected money from its clients.

An independent researcher, Chris Monteiro, also hacked into the site to conclude that the owner(s) of Besa Mafia had made at least 50 bitcoins ($127,500) from the hoax operation.

Arrest of Stephen Carl Allwine

The leaked data from the Besa Mafia database helped the police in investigating the murder of Mrs. Allwine. While analyzing her husband’s devices, the discovered that he had been a frequent visitor of the dark web since 2014. The pseudonym used by Mr. Allwine on the dark web “dogdaygod”, was also linked to his email address, “dogdaygod@hmamail.com”. Further investigation brought them upon the conversation between Besa Mafia and Allwine, which included a bitcoin address and linked the husband directly to the “dogdaygod” pseudonym.

According to a criminal complaint, the suspect paid between $10,000 to $15,000 to the hitman service to kill his wife. The complaint explains how the hitman was under instructions to shoot Mrs. Allwine at a close range and burn down the house right after.

Although, the Besa Mafia communicator told Allwine that “local police [have] stopped the hitman [from] driving a stolen vehicle and taken [him] to jail prior to the hit,” due to which the service is left incomplete. Sergeant McAlister reported, during that time, “no one was apprehended in Minnesota and western Wisconsin in a stolen vehicle and possession of a gun.”

The hacker’s data breach provided a push to the investigators in the right direction. On March 24, 2017, the Washington County District charged him with first-degree murder.

Did you find apk for android? You can find new Free Android Games and apps.
View: 550