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In the month of April 2018, 17 millionth Bitcoin was mined. But why this number is significant? Well, only four million tokens are left to mine. Bitcoin’s blockchain protocol is what makes Bitcoin mining a bit difficult, and the Bitcoin reward for mining a block also splits every 210,000 blocks. As seen, 12.5 BTC reward is received by the miners for unlocking a new block.

future of bitcoin mining

Mining of the Last Bitcoin

At this time, miners are deeply encouraged to mine so that they can get gradually more treasured Bitcoin tokens as a reward — before the supply reaches the capacity. However, when 21 million market cap is hit, there won’t be any Bitcoin rewards for miners. Though, transactions will be still required to get validated and stored on blocks, so that miners can profit from the transaction fees.

Segwit

  • Last year, the issue of scalability – block capacity – transaction costs showed up.
  • 1MB size limit for blocks was implemented by Nakamoto for halting miners making bigger blocks that were expected to be excluded from the network, as it could cause the blockchain to split.
  • At that time, the limit was big enough because of the small number of transactions. However, apprehensions that elevated were ultimately comprehended as Bitcoin advanced in popularity.
  • Ultimately, Bitcoin Core developers came up with a solution under the name “Segregated Witness,” which is more commonly known as SegWit.
  • Fundamentally, Segwit splits non-signature data from signature data of all transactions — significantly reduces transaction sizes that are stored on a block.
  • Moreover, it cancels out transaction flexibility by eliminating signatures from transaction data, paving the way for ‘Lightning Network’ incorporation.

Eventually, Segwit was implemented in August 2017, as a foremost stakeholder from the major Bitcoin mining pools and Bitcoin companies – for a solution to high transactions fees instigated by an accumulation due to the block size limits.

Core warning — the implementation of Segwit was possible because of the consent of the Bitcoin community. Even though there were huge concerns such as the inadequacies of Segwit2X, the community was divided up and the change was certainly not implemented.

  • Since August 2017, the implementation of Segwit has been slow across the global network. However, Bitfinex and Coinbase only presented the alteration in February 2018.
  • The launch matched with reducing the transaction fees – a testament to the envisioned outcome of Segwit incorporation.

future of bitcoin mining
Lightning Network

  • SegWit’s implementation laid the foundation for second layer solutions as well, in order to improve the network of Bitcoin.
  • The most projected one is the Lightning Network – it will do the same as the SegWit – though on a grander scale.
  • In terms of layman, the Lightning Network lets users excavate many payment channels amid themselves – off the Bitcoin blockchain.
  • The channel is going to be opened and recorded on the blockchain, though transactions will be made “off chain” till the payment channel is closed.
  • Basically, Bitcoin is deposited in this channel by users, so that they could make transactions by transferring potential of possession to each other.
  • When they plan to close the channel, users take their part of the total sum – the ownership of those sums is recorded on the blockchain.

This second layer solution matters a lot, as it will significantly upsurge the speed of transactions and the whole network. But if we talk about the future of bitcoin mining, this does stance few interesting questions for miners in the upcoming time. Once all 21 million Bitcoin have been mined – transaction fees would be the one and only incentive for miners. If the Lightning Network is completely integrated by that time, there’d be quite fewer transactions being recorded per-day. This could at the same time affect the amount of money that miners will be getting from transactions. Though, if we look 100 years from now, it is expected that all of these issues will have been solved by the wider crypto-community and Bitcoin Core developers.

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Prevent your bitcoin account from hackers  

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 Prevent your bitcoin account from hackers

Sometimes you have to face different issues with your funds. They may be snatched or hacked by someone. Whereas, bitcoin is a digital currency and addresses may be hacked by someone. To prevent from hacker, bitcoin must be kept behind multiple layers of security. In this article, we will discuss the ideas, how you can prevent your accounts as well as your addresses.

The most important feature of the bitcoin is transactions aren’t reversible. This means that once you do transactions either receive or send coins, they don’t have revers back feature. But, if your bitcoin account gets hacked then also you are not able to get back them.

Make sure first while you are dealing with someone via bitcoin technology. That person should be reliable and well-reputed. These precautions are necessary, but this is incomplete security.

To secure your accounts some basic personal checks, which may reduce the chances of your account being hacked or compromised. They are;

  1. Secure your email account
  2. Secure your technology related social media accounts
  3. For all the online accounts, use unique and strong password
  4. Enabling two-factor authentication

The Main Issue:

Someone breaks into an unlocked house and take precious diamond jewelry away. This is not jeweler’s fault. You were not able to keep your things secure from a robber. Same with the email accounts. People says that their accounts got hacked. The reason is they don’t completely put security to their accounts.

If a hacker has access to your email account, he will see the history of websites you log in. In addition, will visit the sites one by one and ask to reset the new password. Once the password gets restart, you will easily cut off from your account.

Secure Your Email Accounts:

Following are some terms by which you can secure your account.

  • use the strong and unique password
  • keep eye on login activity
  • review and remove email auto forwarder
  • the review linked accounts
  • 2-factor authentication

Use Strong And Unique Password:

Now, its technology era and you have to follow its rules and regulations. When you make an account on social media you have to use unique and strong password consisting of letters, words or capitals. In addition, especially in a case of bitcoin. You have to make sure that your password is strong, tricky and unique.

Keep Eye On Login Activity:

well-reputed email provider websites allow you to see which locations and devices recently accessed your email account. If your email account is open on both laptop and mobile, sites will show you double login sessions. And, you don’t recognize your login session, immediately sign out of all other sessions.

Review And Remove Email Auto Forwarder:

Most of the email sites provide a feature where email can be forward to different addresses automatically. If you monthly received the invoice from telephone company then your spouse or housemate will receive the copy of the same email. Which is more secure for your email accounts.

Prevent your bitcoin account from hackers

Here, the issue is, if the hacker got access to your accounts in past. Possibly they have auto-forward setup. Accordingly, the one for sensitive emails to be forwarded to them. These saved emails can be used against you.

Review Linked Accounts:

Review links accounts may be used for good and bad both purposes. We humans like new changes in our routine life. The problem is when we don’t want to log-in and after switching to new one, emails still send to the old addresses.

In that sense, you simply link to two accounts. And, you also have the accesses to both accounts, you can log into the new one, link the old one and all emails sent to the old account will still arrive in your new account. You can send email from a new account by using the other addresses. while you are doing small business it is useful for you. Where you can receive, and send the email to the same inbox. But, the problem is still the same. If your account gets hacked and hacker receives and send the emails same as you. In that scenario, you don’t have another option. So, keep your accounts secure by adopting different ways of security.

2-Factor Authentication:

Two factors authentication needs two things to get access to your email account.

  • your password
  • your mobile phone

If two-factor authentications are enabled, no one can get access to your email account.

Secure Your Technology Related Social Media Accounts:

People are friendly with the social media they do the same with email accounts. They won’t need a new password or new email account.

 

 

Social Media Accounts

For all the online accounts, use unique and strong password

your password should be strong and unique. The reason behind is,

Why Should Password Be Strong And Unique?

we already discuss that password of your accounts should be strong. It is simple, that your login different accounts with same and simple password. You are leaving your account open to hacking.

Especially, when you are treating with bitcoin wallet addresses. you need more security for your funds. Hundreds of time we log in with hundreds of the sites. Which may have an option of encrypting. So, it’s totally up to you to choose a suitable and reliable site for your transactions.

It very simple for the hackers to hack bitcoin wallet. So, use password management tool for a strong and unique password. It will help you surely.

Enabling Two-Factor Authentication:

Prevent your bitcoin account from hackers

One of the best and free ways to secure your accounts is two-factor authentication with the time period of two minutes only. 2F-authentication create an extra layer to any account by requiring two things. Are, • something you know which is your password. And,

  • something you have is your device

Now, many sites support two-factor authentications including google, Luno, and Facebook etc. It is possible that you already receive a message with the one-time pin for certain transactions from your bank or credit card provider. These are the type of 2F authentication.

How To Enable 2FA?

  1. Download and install 2FA app:    

You need to install well reputed and reliable 2FA app on your device. Like, freeOTP, authy, google authenticator, And, set it up on supported sites.

  1. Set up 2FA on your online account:

There is a large number of sites who support 2FA authentication. For setting up, please contact the supporting sites. For example, I am giving you the example of Luno. Below is some instruction for Luno,

 

 

Prevent your bitcoin account from hackers

You have to,

  • Add a new account
  • Scan QR code as shown by site
  • Save that account

Luno will send you six-digit code,

Prevent your bitcoin account from hackers

  • Store this code and store it in safe place
  • Type it into your 2FA app
  • Click enable

Above code changes in every 20-30 seconds. Your device and Luno now connected. As a result, if someone wants to get access your account, he/she have to get Luno password first.

Closing:

There are too many ways to secure your bitcoin account from hacking. In the end, a decision is yours.

Good luck!

 

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Taiwan – the Crypto Nation and Blockchain Island

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In the recent time, there is a huge awareness being conveyed to the public regarding the Crypto currency. Crypto currency is the digitalized currency or an alternative currency which doesn’t depend upon the country, its economy and its centralized banking system. Crypto currency represents a digital token which carries some value against itself. The first Crypto currency is bitcoin which is regarded as the new gold in the crypto industry due to its overall minimal value. Crypto currency paved the way for the digital payment. Crypto currency differs from fiat currency in terms of exchange rate and other banking trades.

blockchain technology

Many Countries have allowed the trade in the Crypto currency such as in Taiwan according to the legislator Jason Hsu Yu-Jen the legislators in the country have formed a blockchain alliance to provide parliamentary blockchain group to promote the crypto industry in their region and to define regulations so they can attract global crypto exchanges in Taiwan.

Block Chain

The computer protocol which allows its user to transact their cryptocurrencies is called Blockchain. Basically, blockchain represents the blocks of data which are made secure by using cryptography. It acts as a transacted database which is decentralized and can be stored on many computers at once. It can be accessed by only using the cryptography. This technology confirms the legalizing of the trades in real time using only cryptography. There are three types of blockchains which are mentioned below:

  1. Public Blockchains
  2. Private Blockchains
  3. Consortium Blockchains

Public Blockchains which have no restrictions and anyone can access their data or blocks. Anyone can send transactions and as well as can become an activator of the blockchain.

In the Private blockchain provides security and have some set of rules to follow in order to become the validator of this blockchain. This type of technology considered as the permanent block in the companies regarding the blockchain industry.

Consortium Blockchain is also referred to as the semi-centralized. In this type of blockchain multiples of permission is required from multiples companies instead of a single unit.

Taiwan’s Parliamentary Blockchain Alliance

Crypto currency has started a new revolution in the modern time and many countries are moving towards the crypto industry. In this way, Taiwan has also started to promote crypto industry in their country.

According to Jason Hsu Yu-Jen, a member of Taiwan’s parliament and one of the big supporter of crypto industry in the country has said that the Taiwanese legislators have formed a parliamentary blockchain alliance in order to promote crypto currency in their country. Hsu further said that he hopes that the Taiwanese legislators will decide on a clear regulatory network for the blockchain and Crypto currency for the development of crypto industry in the country. The Taiwanese government should be open-minded towards the new technology and innovation said, Hsu. In this way, Taiwan can attract all big and global crypto exchanges to their country and attract global leaders of digital cryptocurrencies in order to make Taiwan a crypto nation.

In this end, many countries are trying to set up the crypto-industry in their countries and Taiwan is one of them and the actions taken by the Taiwanese legislators to make blockchain alliance in the form of parliamentary blockchain to promote crypto-industry in the country and define set of rules regarding its market.

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Cryptocurrency Project Controlled by China’s Government: Have a closer look!

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legal digital currency

 

China is among those countries that have exerted more control over cryptocurrency and continues to go forward in its exertions to present a government-controlled cryptocurrency. Recently, a group of Shanghai reporters learned about a secretive cryptocurrency projects during the Global Blockchain Summit Forum.

Last week, the ministry of industry and information technology of China revealed that a study searching for a framework in order to regulate blockchain technology locally has been already conducted by it. The embracive perspective for blockchain technology is exactly opposite to the Chinese crippling curbs against the local cryptocurrency markets that have called on ICOs (Initial Coin Offerings) ban and cryptocurrency exchanges phased out to effectually broad up the local trading markets.

Progress

According to a report, 22 blockchain technology invention patents have been applied by the China Boxer Blockchain Technology Research Institute. The primary technology architecture by the team has been finished and according to Yifeng, the digital billing business of central bank has been also completed. At this time, it is encouraging the opening and closing of a blockchain registration platform.

According to Yifeng, the most crucial part of the blockchain is to advance the technology with the real business while searching for application scenarios. The members of the platform cannot only use it, but they’ll be also able to conduct the institutional certification and attain shared trust and assistance amid all parties.

Yifeng said that the major difference between the current electronic payment and digital currency is that it can be both “account-based” and “non-account-based.” Digital currency appears to ease the expediency, speed and low-cost of a trade payment system, although simultaneously, delivering protection and security of the privacy of the user.

The Real Digital Currency

According to Yifeng, the statutory digital currency that is issued by the central bank is the only real digital currency. For him, the digital currency that bitcoin represents is, in fact, a digital asset with firm qualities, less intrinsic value and more volatility.

Yifeng said that the coins issued by ICO are more preposterous. He added, how can an autonomous credit currency turn out to be a payment and liquidity instrument. He furthermore added, there’s no clear schedule for the launch of the legal digital currency.

The Blockchain Technology Research Institute will be establishing obliging associations with numerous research institutes and universities to encourage research in extents like distributed technologies, cryptography algorithms and zero-knowledge proofs.

Based on blockchain technology, the Digital Billing Platform which was taken on back in 2016 by the China Boxer Blockchain Technology Research Institute was effectively established on the Stock Exchange. According to the chairman of China Bills Credit Card Industry Development Co., Ltd., Fan Guiluo, blockchain is a trusted technology and it will be used under the reliable system of the China’s banknote printing and issuing company.

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What Happens With Bitcoin When The Owner Dies?

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An interesting story came out earlier this year when the death of a young Colorado man left his family with the daunting task of sorting out his state. Only for them to discover that their beloved had been investing in bitcoin, a digital currency which cost as low as $13/BTC back in 2013 and recently cruised past the $14,000 mark.

The grieving family was in for a fortune – but only if they could find and access this little crypto treasure.

Bitcoin is a digital currency secured with some unbreakable cryptography, an attribute makes bitcoin a great medium to store wealth. However, there’s one downside to it. When the owner dies, the digital fortune goes off map, rotting behind a piece of code for good. And this is probably the biggest problem for the relatives of those putting resources into this crypto worth about $245,355,661,320 at the time of writing this article.

Bitcoins are stored in a virtual wallet. Every wallet utilizes a string of arbitrary characters called “public key,” visible to anybody, as an address for sending and receiving the digital currency. The “private key” enables the owner to access the wallet’s contents.

In the event that a Bitcoin owner passes away without passing on the private key, his beneficiaries may find his wallet just to realize that they will never access the riches inside. To avoid this, the owner just needs to ensure that somebody gets a duplicate of the private key by recording it or securing it on a hard drive.

But some of these strategies accompany their own particular risks. Suzanne Walsh, a wills and estate attorney with Murtha Cullina, says agents and beneficiaries may fail to perceive a private Bitcoin key for what it is and wind up discarding it.

Putting in a nutshell, the only way for bitcoins to be passed on to someone is if they are listed in a will or the owner discloses the private key to someone they want to have their coins. If neither of the two happens, then bitcoins are susceptible to what attorneys call “probate by truck”— where beneficiaries walk off with the assets by claiming that “he would have wanted me to have it.”

Story credits: fortune.com

 

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Burger King Russia to Accept Bitcoin as a Payment Method

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Russia has been one of the reasons behind Bitcoin’s drastic increase the past few months since it announced that Bitcoin is “not illegal” anymore in the country. The acceptance towards bitcoin shown by the Russians has boosted the bitcoin value, which is a major advantage to the cryptocurrency.

Burger King is one of the largest fast-food franchise in the world and to hear that it is leaning towards Bitcoin as a payment method is interesting. Although, it is yet to decide the software they’d be using to accept bitcoins.

Let’s not forget, this isn’t the first region to accept bitcoins as a payment option at Burger King. Arnhem Bitcoinstad welcomed Burger King to their list of Bitcoin merchants, by the name of Burger King Arnhem. It was the first Burger King restaurant to experiment with Bitcoin.

Since the cryptocurrency hasn’t exactly been announced as a legal tender, it causes some taxation issues. We are yet to see how Burger King will handle this problem as they move along with their decision.

It is possible that after seeing Russia’s initiative, other countries may begin to implement such payment options as well, which is what every Bitcoin enthusiast is waiting for. This will only open new doors for Bitcoin, especially in Eastern Europe.

 

News Credits: newsbtc.com

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