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Coinsquare is a Canadian crypto exchange which has launched its very first television commercial, as it’s looking forward to extend its customer base before divulging to public by the end of this year.

initial public offering

Coinsquare Advertisment

The exchange, Coinsquare is sometimes called “Canada’s Coinbase” and has launched an ad on Monday that will start running on television later this week. According to the advertisement, Coinsquare is the most secure platform of Canada for trading cryptocurrencies, and also, the advertisement attempts to initiate the reputation of exchange as a reliable and trustworthy option to the scams and other warning tales that fill the space.

Also, the timing of the ad campaign is eminent, since the interest of consumers in cryptocurrencies has declined in the past few months. But, it relates with the ambitious plans of Coinsquare to continue its development, internationally and as an IPO (initial public offering).

At the beginning of this year, the exchange, Coinsquare unveiled that it intends to go public in the month of September by listing on the Toronto Stock Exchange. The company expects that it will raise almost $120 million (C$150 million) and after that, it will use those funds to finance expansion into the United Kingdom and United States.

Cole Diamond, the Chief Executive Office of Coinsquare told bloomberg, back in January that:
“The United States and the UK market are next… We believe that we will be a strong competitor to Coinbase and other exchanges in the US by the end of the year.”

While Coinsquare considers itself as a strong competitor to Coinbase in the future, at this time, it processes quite less trading volume than its correlative south of the border. According to CoinMarketCap, at this time, Coinsquare is ranked as the 95th-largest exchange of the world, with daily volume of almost $1.7 million. Amid exchanges that provide CAD trading pairs, it is ranked on the third position, behind QuadrigaCX and LakeBTC .

Although it isn’t the first cryptocurrency company that’s going public, however, Coinsquare is going to be one of the first to do so via conventional means, which offers an extensive regulatory analysis process. Many have done the same through RTOs (reverse takeovers), where a firm joins a company that is already listed on an exchange and after that, it modernizes its ticker symbol as well as its name.

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Bitcoin Criminals Are Using Bitcoin & Other Cryptocurrencies for Ransomware Payments

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As we already know that Bitcoin is the most popular cryptocurrency, complaints about Bitcoin are also growing rapidly. It’s been reported by many people that bitcoin’s transaction takes too long to get processed and it’s also very much expensive. Bitcoin Criminal use new hacking resources.

There are many indications that the currency is not going so well in favour of the underworld and the stories about culprits looking for bitcoin alternatives are not so new. The latest report by the forensic firm Chainalysis shows that the amount of bitcoin transactions that are related to the dark websites, where people frequently participate in criminal activities, has reduced by 30%.

The reason behind this huge drop is that many people are using bitcoin, and they’re only choosing to keep it, rather than spending it. However, Chainalysis counts multiple law enforcement agencies among its clients and also mentions the growing use of other cryptocurrencies like Zcash, Monero, and Dash.

bitcoin criminal

Fast and cheap transactions are not the only things that are offered by the new currencies, but they also include additional layers of anonymity that make them hard to track than bitcoin. Rob Wainwright (Executive Director of Europol), has also warned that this trend is already in progress. He also added that we’ll definitely see a progressive change in 2018 towards the criminal use of cryptocurrencies other than bitcoin, making it even more challenging for the law enforcement to counter.

A report by tech site ZDNet also shows that many researchers have claimed that slow transactions and high fees are causing culprits to move to Monero. ZDNet writes that it’s expected that soon, culprits will be also providing instructions to their ransomware victims on how to buy and exchange Monero. It’s been also reported that many companies have started to buy amounts of bitcoins so they’d be ready to pay up if they’re hit with ransomware.

While criminals are trying to turn away from the bitcoin for regular transactions, there’d be still very less chance of finding out if they’ve actually lost their interest in it or not. According to a report by Chainalysis, culprits might not want to use bitcoin, but they’d definitely want to steal it.

According to Chainalysis, theft of bitcoin has increased from at least $3 million to $95 million from 2013 to 2016, adding almost $172 million worth of bitcoin between the 2013-2017.

Image Credit: thehackteam

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Bitcoin Wallet – A Guideline for Creating a Paper Bitcoin Wallet

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Guideline for Creating a Paper Bitcoin Wallet

A paper wallet is one the most popular and safest options to store your bitcoins. But before we go into the details paper wallet, we’d want you to know what is a Bitcoin wallet and why do you need one.

Bitcoin Wallet:

A Bitcoin wallet is a digital wallet that is used to store coins and make transactions; similar to a traditional bank account.

The wallet consists of two keys: A public key and a private key.

  • Public key: Your address on which other users send coins to you.
  • Private key: Which you use to send bitcoins to others. They key is kept private and only the owner of the wallet knows about it.

The combination of public and private key is what makes a bitcoin transaction possible.

It is important that no one knows about your private key , otherwise, it would give some unwanted entities the access to your wallet, which puts your coins at the risk of theft.

So, if you are using an online or an offline wallet, you’ll be vulnerable to hacking/malware attacks as your keystrokes can easily be logged.

Moreover, a stolen PC or losing your hard drive means you can wave bye to your digital assets for good.

Utilized with care, a paper wallet can shield you against these possibilities.

What is a Paper Wallet?

A paper wallet consists of the public and private keys that make up the wallet in a documented form.

It often has a QR code, so that you can quickly scan it and add the keys into a wallet to perform a transaction.

The prime benefit of having a paper wallet is that it doesn’t store the keys digitally; making it immune to cyber-attacks or a hardware failure.

A downside of the paper wallet is that it’s delicate and must be kept away fire and water.

How to Create a Paper Wallet:

  • Open your favorite browser and go to BitAddress.org
  • After typing some random characters to create randomness, you will be presented with a QR code, a private key, and a public key.
  • Click the tab “paper wallet”
  • Select the number of addresses to generate
  • Click “generate” button for creating new wallets
  • Once the wallet is generated, print it out to make a hard copy
  • Make a note of public addresses
  • Scan the QR code in your Bitcoin app to start depositing funds

What Are Some Security Tips for Paper Wallet?

Due to the fact that these wallets are used to save large amounts of money, it’s necessary to take precautions and make it as secure as possible.

The list of some useful tips for protecting your bitcoin wallet (paper) includes:

  • Make sure no one sees you while creating a wallet
  • BitAdress uses an algorithm named BIP38 to support encryption of private keys. The algorithm utilizes two-factor authentication i.e. something you have (paper wallet) and a passphrase.
  • Use a clean operating system such as Ubuntu to eliminate the risk of a spyware monitoring your activity.
  • Laminate your wallet or store it in a sealed plastic bag to protect it from water/damp.
  • Store it in a locker to protect it from theft.

Follow these tips and your paper wallet would be safer than ever.

To make sure your wallet is safer than ever, read our tips on how to secure a Bitcoin wallet.

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How to Purchase Bitcoin Online

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You can purchase bitcoins from either exchange or other individuals through marketplaces.

You can pay for them in various ways, going from cash to credit and debit cards to wire exchanges, or even with different cryptographic forms of money, depending on the person you are buying them from and the where you live.

How To Buy Bitcoin Online?

The fastest and easiest way to buy bitcoin online is buying it through credit or debit card. SpectroCoin is one of the renowned names that provide this feature. Through SpectroCoin, you can buy worth of $50 bitcoins jut within 10 minutes. And as you proved to be a reliable customer, the limit is raised to $200 and then $500 within a few days.

How To Buy Large Amounts Of Bitcoin?

Follow these steps to purchase bitcoins online in large amounts:

  • Find a reliable Bitcoin exchange such as Kraken or SpectroCoin
  • Buy bitcoin by paying in local currency
  • Transfer the coins to your wallet
  • Get a bitcoin debit card for easy spending

Learning how to utilize Bitcoin is much the same as adapting any other innovation. This will require you to get comfortable with how things work.

We profoundly prescribe you learn how to transfer bitcoins to a cold storage wallet.

Also, the Bitcoin cost can vary all over the world so make sure you do your examination to ensure you are getting a fair deal.

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Bitcoin Mining Energy Consumption: Generating Bitcoin Requires A Lot of Energy!

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As you already know that bitcoin is purely digital, so there’s no physical digging in it. And in a world of virtual currency, such creation is known as mining. However, the computer power needs a lot of electricity to create digital tokens.

According to Alex de Vries (an economist who tracks energy use in the industry), each digital token consumes energy, equivalent to an average American household burns in two years.

If we talk about the total number of computers that are plugged into bitcoin network, then the energy consumed by the network is equivalent to the energy of a medium-size country. The network that supports the second most valuable virtual currency, Ethereum, also consumes energy in a hefty amount.

Bitcoin and Ethereum are consuming so much energy that now it has become a part of a debate among some people. Since the energy consumption of these systems has risen, the prices of these virtual currencies have also gotten very high.

Vitalik Buterin (the creator of Ethereum), is trying to find out ways so the tokens can be created without requiring that much energy. He said that he’d feel unhappy if his main contribution to the world was adding Cyprus’s worth of electricity consumption to the global warming.

According to Peter Van Valkenburgh (director of research at Coin Centre), such electricity usage is really important. This argument has its essentials in the complex systems that create tokens like Bitcoin and Ether, the currency on the Ethereum network, and other new virtual currencies.

The enticement of new bitcoins is encouraging people to use fast computers and lots of electricity in order to find the right answer and to unlock new bitcoins that are distributed every 10 minutes. The process was well-defined by the original Bitcoin software, which was released in 2009.

Bitcoin Mining Energy Consumption

At this time, the 12.5 bitcoins that are being distributed every 10 minutes are worth about $145,000 and people are willing to invest in it, which shows why there are huge server farms around the world that are devoted to bitcoin mining.

This process is essential for Bitcoin’s existence, as all the computers are serving as accountants for the Bitcoin network. No one can fudge the records and dominate the accounting as the mining race is meant to be really hard. According to Satoshi Nakamoto (the creator of virtual currency), the system was designed to thwart greedy attackers who might try to change the records.

Because of mining and accounting rules, the attackers have been kept away and the network is still safely going on. However, there’s been a disagreement over the original value of bitcoin and the network that supports it.

Marc Bevand (a miner and analyst) wrote in his blog that “labelling bitcoin mining as a waste is a failure to look at the bigger picture”. Although some people who are interested in all that innovation are anxious about the massive use of electricity. The concern about the use of electricity has become a subject of debate among many, however, other virtual currencies like Stellar and Ripple that were created after the Bitcoin don’t require much electricity.

The new mining process has been proposed by Mr Buterin for Ethereum. This process has been already used by some other smaller cryptocurrencies. New coins are distributed to only those people who are able to prove their ownership of existing coins. The current method totally relies on computational power and it just needs lots of computers which can play an important part in the computational race.

According to Mr Van Valkenburgh from the Coin Centre, if you want strong security at the moment, then you need proof of work.

Photo Credit : Mashable

 

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Virtual currency Bitcoin being split into 2: here’s what you need to know

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Everyone has turned skeptical on how to scale the bitcoin cryptocurrency since the chances of a “hard fork” have arisen within the market.

Bitcoin seems to be in a crisis and everyone in their community is suffering along with it.

Virtual currency Bitcoin

Stakeholders and developers stuck in a heated argument over “hard fork”

What is the issue?

Basically, Bitcoin is so well-known that it isn’t able to handle the weight of all the transactions. Transactions are processed in “blocks” that include complicated cryptography to verify and set. But, with the currency growing exponentially and the number of transactions increasing, the 1MB size limit of the block that is built into the system is becoming an issue, causing delays in processing transactions. Thus, purchases would take a long time to confirm.

The time taken for a virtual currency bitcoin transaction has been gradually increasing. The median currently sits at 13 minutes.

What are the alternatives?

The split is leading to two possible solutions: “Bitcoin Unlimited” and “Segregated Witness”. They obviously can’t exist together, they’re software updates to the bitcoin network that would change how it works. This “hard fork” would split the chain of transactions in two, producing another chain splitting from the original one.

 

BU vs SegWit

Starting off with Bitcoin Unlimited, you must understand the concept of bitcoin mining. Miners sift through and verify transactions using computers in order to get rewarded with newly issued bitcoins. Professional miners with computers having specialized hardware do the majority of the mining by performing mathematical tasks.

Miners are in favor of BU because it would give them control over the Bitcoin network.They would be able to increase the block size when required and effectively give them control to set the transaction fees.

On the other hand, to keep the cryptocurrency more decentralized rather than giving additional work to miners, bitcoin developers, and enthusiasts are in favor of SegWit.

SegWit would double the transactions per second capacity of bitcoin by juggling the makeup of transactions, stripping out some details such as signatures. It would also add some extra functionality, including possibly moving some transactions off-chain in a way that might not benefit the miners. This solution would keep control over the network dispersed (decentralized).

Although, SegWit is just a temporary solution. It only doubles the network’s bandwidth, while BU allows miners to vote to increase the capacity when required with no upper limit.

Who’s the winner?

It is possible that bitcoin value will fork and then the two opposing currency will co-exist and compete for users and legitimacy. It is up to the users to choose sides and it isn’t simple to predict the future of the BTC world.

What does this mean for the value of bitcoin?

Bitcoin is hitting high records currently and if the fork conflict’s solved in a timely and satisfactory manner, it would make the market even more powerful.

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