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Bitcoin miners are intending to support a new upgrade for the Blockchain of Bitcoin which may solve the scaling problem of digital currency. Most of the Bitcoin miners including Bitclub, AntPool, BTC.com, and BitClub have shown their interest to support the Bitcoin improvement proposal (BIP) 91, through adding a piece of code to every single new block of bitcoins they generated. This block needs 80% support to be “locked in” permanently to the blockchain. This will cause a relief as it stops the blockchain splitting into separate two chains, which would create two different coins effectively. Already 66 % of the last 144 blocks provided signal support for it.

According to Coindesk data, Bitcoin has recovered from a tough 8-weeks low of $1863 on Sunday to about $2329 today.

What is the Problem with Bitcoin?

 

Bitcoin has faced a scaling problem for some time, where the number of the transactions occur on the blockchain at one time are limited to 1MB every 10 minutes. This generates a backlog of the transaction which should process and slow things down.

The Bitcoin community has been looking for the best way to solve this scaling problem. Segregated Witness(SegWit) system is one of the solutions which would increase the transaction speed. But SegWit required about 95% support from the miners. Bitcoin fell about 12% on Sunday because of these concerns. However, Bitcoin miners have to respond to this problem.

What is the Solution of Scaling Problem?

Many members of the Bitcoin community have united on a solution known as BIP148. This may include a “User-activated Soft Fork”, where users of Bitcoin will force the blockchain to split by refusing any block of Bitcoin which didn’t indicate support for SegWit. BIP 148 was coming in action on 1st of August and if a large number of developers didn’t commit on the proposal, the blockchain can split.

Charles Hayter, founder and chief executive of CryptoCompare has explained, However, a large group of miners will continue to mine with Non-SegWit blocks in case of the BIP148. In such case two bitcoins would occur, one in which SegWit is active, and other in which SegWit is not active. This may have terrible results for one of the chains or even both. This could be one of the major factors behind the volatile support for BIP91.

Will Bitcoin Avoid a Fork?

To avoid Fork, miners are giving support behind BIP91, that would present SegWit2X to the blockchain. BIP91 requires only 80% support, rather than 95% and to be ‘locked in’ they would introduce the SegWit system.

The managing editor of The Black Swan Portfolio, Bram de Haas, told CNBC via an email on Tuesday, “BIP91 has a minor edge of adoption which made its implementation less risky and more realistic. Adopting the BIP91 will also decrease the possibility of a fork which many people like”.

Bitcoin will surely avoid a fork now but it’s not much terrible if it does not. Haas expected now the Bitcoin prices to rebound faster and faster.

 

Story Credit: cnbc.com

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Why Bitcoin Is Wonderful (In 2 Minutes) – Vanessa Collette With Mike Maloney

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Bitcoin – What Are Some Intriguing Facts About the Most Popular Digital Currency?

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Bitcoin is a form of digital money – also known as cryptocurrency that is free from the influence of any bank or governing authority. Bitcoin is used to make transactions anonymously on the global scale. The currency was created by a group called Satoshi Nakamoto and first came into circulation in 2009. The identity of group members is still unknown.

The usage of Bitcoin is increasing and the number of people making Bitcoin transactions is growing each day.

If you are one of the people who feel fascinated by this form of money and want to discover more about it, here are some intriguing Bitcoin facts for you.

Bitcoin facts:

There Is No Authority to Control This Currency:

You might be surprised to know that there is no entity that controls Bitcoin. The general concept of money is that it is controlled by a bank or other concerning authorities. But this is not the case with Bitcoin. The currency is autonomous from all sorts of regulatory authorities. The only person who can control the coins is the one who owns it.

Bitcoins Are Finite:

As bitcoins are not printed into cash or molded into physical coins, most people think that there should be an infinite number of bitcoins in existence. But this is not the case because if it were true, the coins would lose their worth. In order to keep them worth having, bitcoins are kept finite. The exact number of existing bitcoins is 21 million.

Bitcoin Has No Set Values:

There are no set values on Bitcoin. In fact, how much a bitcoin is worth depends on the popularity of the currency. The more people use it, the more it appreciates in value.

Bitcoin is Transparent:

Bitcoin is completely transparent in terms of transactions and amount. Each and every detail related to a transaction is available on blockchain. This openness, as a result, induces trust and security among the Bitcoin users.

Bitcoin Mining:

In Bitcoin mining, the users are supposed to solve mathematical problems using a specialized software to verify transactions around the globe. The users in return, are paid if their efforts were successful.

Want to learn more about Bitcoin mining, read our guide on what is Bitcoin mining and how does it work.

Bitcoin Transactions Are Irreversible:

The Bitcoin transactions are irreversible and a user can never be forced to pay. Once the bitcoins are paid, there is no way to revoke the transaction or force the receiver to pay back your coins.

It Costs Little to No Money to Make a Transaction:

Bitcoin transactions cost little to no money. There are no taxes on the currency and it doesn’t matter to which part of the world you send the money, there are no cuts on transactions and the receiver gets the exact amount that was sent to him.

Lastly -Bitcoins Are Stored in Digital Wallets:

Bitcoin wallets are equivalent to bank accounts for real cash. These wallets are used to store, withdraw and transfer bitcoins from one wallet to another. The wallets are protected by a security key and only the owner can know about it until he reveals it someone else.

Tags: digital currency bitcoin

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How to Buy Bitcoin – Is It Possible to Buy Large Amount of Bitcoin?

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How to Buy Bitcoin

With the start of 2017, a lot of investors appear to be keen on buying large amounts of Bitcoin. The traditional Bitcoin buying methods are not always suitable due to the limited supply of cryptocurrency and high transaction/deposit fees at most exchanges.

In this guide, we will explain how to buy Bitcoin in larger quantities (in excess of $100K).

How To Buy Bitcoin in Larger Quantities?

Wondering how to buy Bitcoin in bulk? You can buy it either through OTC exchanges or and traditional Bitcoin exchanges. OTC stands for “over the counter” and refer to individuals/companies that are willing to sell you Bitcoin without going through an automated or regulated trading platform.

What Are the Benefits of OTC Exchanges?

OTC exchanges have two major benefits over their traditional counterparts.

  • OTC exchanges own higher volumes of Bitcoin and fulfill your order faster as compared to traditional exchanges.
  • The exchange prices are negotiable.

Are There Any Disadvantages of OTC Exchanges?

Just like advantages, there are two major disadvantages associated with OTC exchanges.

  • OTC exchanges are less transparent. The buyers do not know exactly who they are dealing with or the volume they are supposed to trade. Their information is solely based on what they get from the seller.
  • The amount of risk involved in OTC transactions is pretty high as there are no regulations and the OTC sellers aren’t listed as money transmitters.

What Are Some Top OTC Exchanges?

There are several OTC exchanges around the globe. Some of the best exchanges to buy bitcoins are:

ItBit:

ItBit was founded in 2013 and is one of the most renowned OTC exchanges in the US. It provides Bitcoin for both small and large institutional investors.

Genesis:

Another leading OTC exchange. Over the last three years, the company has traded over 1.5 million BTC with the worth over $600 million USD.

Richfund:

Richfund is the largest Bitcoin hedge fund in the world. The company deals with market making, OTC trading, and mining operations. Richfund provides between 1000-5000 BTC and operates in Hong Kong, Korea, China, Cambodia, and Taiwan.

Something About Traditional Bitcoin Exchanges:

If you prefer traditional exchanges over OTCs to buy Bitcoin, you should consider going to the exchanges discussed below.

Coinbase:

The largest Bitcoin company. Coinbase operates both in Europe and the US and offers its users the opportunity to buy $10,000 to $100,000 USD worth of coins every day.

want to find out more about Coinbase? Read our guide on how to buy Bitcoin via Coinbase.

Bitstamp:

Bitstamp is the oldest traditional exchange around. Currently, the company sells 5,000 on average per day with the deposit fees as low as 0.05%. The fees may also go up somewhere between 0.25-0.1%, based on your trading volume.

Kraken:

Kraken is one of the very few companies that deal in Euro, British pounds, USD, Japanese yen and Canadian dollar. Similar to Bitstamp, Kraken also sells 5,000 BTC on average per day.

Conclusion:

Regardless of all the hype, Bitcoin is still in its earliest stages and the options to bulks of it are restricted. Nonetheless, the choices listed above should be more than enough to take care of this issue for you.

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What Are The Best Altcoin To Invest in 2017?

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Here are some suggested best Altcoins you might consider to invest in 2017:

Ethereum:

Vatalik Buterin stated in late 2013, this blockchain based, public, and open source distributed computing platform is the great rival of Bitcoin. The Ethereum’s main target was to program required agreement into the blockchain that led to the introduction of a new smart contract hallmark. It has gone from $8 to $130 1st of January to 17th of June and its worth is $235.91 at the time of writing which is impressive.

Litecoin:

Litecoin is a peer-to-peer virtual currency which allows flash and almost zero cost subsidies to anyone who is producing it. This digital currency is a global remittance and an open source channel which is totally decentralized without any major credit. Math defends the arrangement and offers the people to regulate their own investment. The main features of Litecoin include advanced storage capacity and high-speed transaction verification times than the other digital currencies.

Dash:

Dash is the first decentralized and independent system which offer their users all that Bitcoin has to offer. It also presents their users some advanced capacities which include private transaction, instant transactions, decentralized governance. Dash offers the users the solutions for applying increased time to confirm a transaction, double spending dilemma, and secrecy concerns etc.

Ripple:

Ripple is a technology which allows the banks to send real-time payment worldwide across the network. It’s also a solution which exclusively relates to securing real-time payment among the banks at low cost, low risk, and a great speed. Some international banks such as Mizuho Financial Group, Siam Commercial Bank, UBS, and Fidor Bank have joined hands with the Ripple which show the remarkable potential of Ripple.

Primecoin:

Primecoin is an altcoin, produced by Sunny King. It finds the prime chains composed of Cunningham and the Bi-twin chain for proof-of-work, which may drive to some useful byproducts. These prime number chains consider being very important for the mathematical investigation.

Peercoin:

This digital currency does not have an inflexible limit on the possible coins like Bitcoin and Litecoin. Peercoin has designed to grow an annual inflation rate of 1 percent. If you have got a device which works for Bitcoin network then the same device will also work with Peercoin.

Dogecoin:

Dogecoin introduced on December 8, 2013. It made its online community rapidly and lead at a capitalization of 60 million USD in January 2014. Dogecoin project has a large number of the coin which is lower in value and suitable for transferring out the small transactions. It provides faster transaction and it’s also extremely cheap.

Feathercoin:

Feathercoin offers borderless transactions by using an end to end technology. It has enough uniqueness to bypass banking and it is one of the best features of Feathercoin. Conflicting to other digital currencies, it revives on regular basis to combine additional features and developments and providing a safeguard for the fork.

Monero:

Different from other digital currencies which are challenging to Bitcoin, Monero base on the CryptoNote protocol. It occupies basic algorithm irregularities and restating to the blockchain complications. It offers the characters with the Ring Signatures and Stealth Addresses. Monero has also a discreetly fleet production arcs.  Monero with a smaller inflammation of 12% per year is already acceptable and it’ll surely a risk for the Bitcoin rank in DarkNet markets.

Antshares:

Antshares is the newest platform to make a call on the market with a shouting cap of more than $7 million at the issuing time. It has produced some serious partnership with different chief multinational companies in the world as Alibaba.

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