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It is obviously a good news for the Arizona blockchain dependent corporations. According to the new bill passed by the Arizona Senate recently, the corporations active within Arizona borders can now hold and share data on a blockchain law fully as it has been followed by the signing of a new act of law by the U.S. state’s governor. The bill concerning blockchain usage was first introduced by Jeff Weninger. According to amendments it will be applied to recognize data written and stored on various systems with the help of blockchain technology. As reported by a a legislation tracker, it was being signed by the Governor of state Doug Ducey on April 3.

blockchain news

The Arizona House was quiet efficient to pass that bill within eight days since it was being introduced. Though the senate followed the case roughly a month later. However it was passed by the senate as a result of unanimous voting. It was reported in a blockchain news that only four of the House Representatives voted against the bill or abstained it.

Why was the bill passed?

There were several reasons for that bill, however the main reason being in terms of legal documentations. Need for such a bill was felt more than ever after signatures recorded on a blockchain and smart contracts were considered as legal documentations. It was also mentioned in the bill that the law accepts these signatures as legal electronic signatures. Now it will be possible for concerned individuals to sign digital records or smart contracts on a blockchain with full authority. It has been assumed that this new amendment new legislation will also play an important role in arousing interest in blockchain applications across other parts of the United States of America.

Background of the bill

However Arizona is not the first state of America to pass such a bill. Lawmakers in Delaware have gone through similar legislative bills and law measures in 2017. Thus Delaware has the honour to be the first U.S. state which provided a legal basis for trading blockchain based stocks. Also, it was being reported by the most famous crypto discussion platform CoinDesk last year that four such bills were introduced by a lawmaker in New York. The aim of these bills was to evaluate blockchain applications for various types of storage purposes.

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Looking for Bitcoin Information? Here Is Everything You Need to Know

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Bitcoin Information

Bitcoin is a digital currency that only exists electronically. To be more precise, it’s a cryptocurrency that is based on code and encryption keys. The currency first came into circulation in 2009 and was created by an anonymous programmer called Satoshi Nakamoto.

The currency is relatively new and not many people have any idea about how Bitcoin works. The goal of this post is to give newbies clearer understanding of what bitcoin is, how it works and how it can be used to buy/sell services and goods.

What Are Bitcoins?

People often confuse the terms Bitcoin (capitalized) and bitcoin (not capitalized) with each other, not realizing that these two are completely different entities.

Bitcoin latest news refers to the Bitcoin Network while bitcoin information refers to the currency itself (i.e. 1 bitcoin, 2 bitcoins).

What Makes Bitcoin So Special?

There are several factors that make Bitcoin special and give it an edge over traditional currency. The list is unending. However, I’m going to write some advantages of Bitcoin to give you a clear idea as to what makes Bitcoin so special.

  • Bitcoin is a peer to peer currency and is autonomous to third party influence.
  • Bitcoin transactions are stored in a public ledger called blockchain. The recorded information is transparent and offers open access to its users, making transactions more transparent.
  • Since the Bitcoin transactions don’t go through a clearing house (Government, MasterCard, Visa Card, etc.) the fees involved are extremely low.
  • The currency is stored in a Bitcoin wallet which is equivalent to bank accounts for traditional currency.
  • The security level of Bitcoin is extremely high. The currency is secured with encryption keys and only the owner of the coins can know about it; which makes stealing coins nearly impossible.
  • Bitcoins are finite and their value depends on the volume of usage. The more people use this currency, the higher it goes in value.

These are some of the key features that make bitcoin special.

Are Bitcoins Decentralized?

Yes, bitcoins are decentralized. There is no government/private agency, a monitoring authority or clearing house to monitor bitcoin flow. This makes the digital currency spendable nearly anywhere around the world.

Due to it being decentralized, Bitcoin is also dubbed as “the currency of internet”. This is because the Bitcoin transactions are not bound to any physical boundaries and can be sent to/received in any part of the world.

Is Bitcoin Anonymous?

Bitcoin transactions used to be completely anonymous. But now many bitcoin escrow service providers have started implementing KYC (Know Your Customers) and AML (Anti Money Laundering) regulations.

These regulations bound the users to provide proof of identity and residence which makes it harder to achieve anonymous transactions.

How Can You Use Bitcoins?

Bitcoins can be used in a similar fashion as traditional currency i.e. to buy/sell goods, services, and for investment purpose. Another use of bitcoin is to generate revenue through money transfer.

How to Earn Bitcoin?

There are two major ways to earn bitcoins: buying and mining.

Buying Bitcoins:

Bitcoin can be bought through many online exchanges. The exchanges operate on both local and global scale. You can also buy bitcoins from other people via LocalBitcoins.

Bitcoin Mining:

In Bitcoin mining, users on different computers assemble together to form a block and work to solve mathematical algorithms. Those who successfully solve the problems earn their reward in bitcoin.

Conclusion:

Bitcoin is well secured and the fact that Bitcoin transaction data cannot be deleted or tampered with makes it even more protected. Moreover, the currency is cost effective and many major corporations have shown their interest in accepting Bitcoin as payment. The future seems pretty cool!

 

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The Biggest Misconceptions About Bitcoin and How Experts Are Trying to Debunk Them

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ICO News – Louisiana City Plans to Launch Its Own Cryptocurrency

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According to the Acadia Advocate, the mayor of Lafayette, Louisiana has offered the city to create its own cryptocurrency in order to raise money for public finance, taking a prompt from Berkeley, California. The proposal was made by the mayor-president of Lafayette, Joel Robideaux, at Heymann Center, during his annual address as he called the city a ‘technology hub’ that will advance the government services and diversify the local economy. Currently, the city is in extreme economic straits and the government is planning for the additional taxes.

public finance

Public Finance

Joel Robideaux sees cryptocurrency as a mean to public finance work; also, it allows citizens to contribute in the financing. For him, cryptocurrencies are an alternative for financing public infrastructure. Robideaux said, he was distinguishing that the domain of finance, banking and payment systems has changed persistently, and almost every industry will be soon disrupted. Robideaux dropped the idea of cryptocurrency being promoted by worldwide libertarians in quest of undetectable and unregulated digital currency transactions.

Robideaux didn’t give any detail about how his suggestion for cryptocurrency application to municipal finance will operate, and how he will be encouraging investors to support his idea. Whereas, Berkeley is considering to promote its cryptocurrency with municipal-ties and is looking forward to offer cryptocurrency-enabled “microbonds” in order to support reasonable housing projects.

What does Robideaux see?

According to Joel Robideaux, an ICO will fund a living-lab of blockchain developers, however, he didn’t clarify what the lab would exactly consist of and where it would be sited. He added, the city must diversify its economy to deal with the unemployment which was resulted after the oil crash (2014). Robideaux said the cultural economy of the city is already in existence and will turn out to be the alleviating force in its budget; however, the budget is still in a crisis mode as the over-all fund has been reduced.

Even as the cryptocurrency project of Berkeley is in the developmental phase, councilors in Berkeley have joined with Jesse Arreguin (the mayor) along with “Neighborly,” which is a tech-startup with software engineering support from UC Blockchain Laboratory of Berkeley and its aim is to offer an ICO that would encourage transactions inside the local area.

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Creating a Bitcoin bank with USB drive

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People can store their Bitcoins offline or online through multiple ways. They are free to use a paper wallet or hardware option to store.  However, users of this technology also have the option to create a wallet on cheaper USB to store coins offline.

Creating low-cost Bitcoin wallet USB

Today, we are going to create a low-cost bitcoin wallet with a USB drive. You have the option to download few different wallets for this procedure. While, for this walkthrough, we use an electrum wallet. bitcoin users need to follow such installation process.

First

You need to download electrum wallet to your computer. Linux, Windows or Mac OS will take few minutes to download.

Second

Install this software directly on the USB drive. Use USB thumb drive for other application isn’t the good idea. There is an option that drive should play one man show as bitcoin wallet.

Offline installation of wallet into USB drive

Third

To perform offline line installation, you need to disconnect from an internet connection. It will be better to refresh your computer before installation. When you are sure that your operating system is offline then plug your device into the computer.

Forth

Open an installation program from your USB drive. The client does not have the option to reach the bitcoin network, but you still have complete opportunity to create a new wallet. This installation follows the same procedure. You need to install to USB, then go through security session. Where you will create a strong password and write down your seed phrase. Keep in mind, if you forget your password or seed phrase, you will not recover your bitcoins on that wallet.

A Little Bank or Bearer Bond Instrument

After securing your wallet with an encoded passphrase and get your seeds, you will have a fresh wallet. you can easily send or receive the bitcoins. like a hardware wallet, you need a device to access your keys, so that you can easily restore it with seed. The cost for this method is round about $2. Furthermore, they also can use the bearer bond instrument.

 

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