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2017 is the big year for Bitcoin. The highest value, disappointment from SEC ‘the Winklevoss twins and the price higher than the gold.

But other digital currencies are also growing in volume. Ethereum is the just like Bitcoin but more complex. Earlier of this month ethereum approaches against the bitcoin in its daily volume.

So, do I know about Ethereum?

A distributed application support to crypto-market same as Bitcoin. You can shop with ethereum anyplace that accept it. Where ethereum is running on a smart contract, named as blockchain. Under the certain conditions, the system allows the trading of ethereum. Bitcoin also runs on the blockchain but don’t have an extra step for the completion of the trading process.

Ethereum can do that Bitcoin can’t????

This cryptocurrency is not an alien’s currency in this digital world. In addition, with little bit difference ether has the same features as the bitcoin has. Smart contract means you are performing something different from the daily routine such as shopping with ethereum. Furthermore, if you want to place a bet, ethereum will pay in case of Patriots wins.

By using ethereum you can arrange the crowdfunding campaign. According to the Huffington post, “Things are possible with Ethereum that aren’t imaginable with any other technology today.” Means your money will be taken over if the project didn’t meet its goals.

The smart contract has the power to replace lawyer, CEOs, and companies as well.

A Ph.D. student Benedikt Bunz says, “You don’t need to have Uber, the company, anymore,” and, “You could have the Uber contract handle the money and do the payouts.”

How use the Ethereum now?

Basically, ethereum is at its early experimental stage. Investors and speculators just keep their focus on building new applications – not working on the ethereum’s ATMs.

How can I buy Ethereum?

Just like bitcoin you need to register yourself with well-reputed company and place order for purchasing of the bitcoin.

What is the value of Ethereum?

March 24, 2017, ethereum’s values was $24 and now today ethereum’s value is $278.48.

What Ethereum already was done?

Ethereum is also used in build apps by taking the advantage of smart contract technology. Few of them use backing microfinance, build a practical world and prevent individuality of theft.

Is Ethereum is only substituted to Bitcoin?

No, there are more than 600 actives cryptocurrencies in the digital market. But, Ethereum comes with the complete different setup of the facilities.

Different risk of Ethereum

If there is something wrong with ethereum’s smart contract, the program will not crash only but it will sweep away all the money with no way to get that money back again. Bunz says, “the command could go through and would be irreversible.” Relax, it is a scary aspect but its chances are low.

How important could Ethereum actually be?

Potential is the main quality of the ethereum. Users of this technology are free to say that; this technology has the ability to replace the Uber including other varieties of service. Bunz says, “There are things that are absolutely possible that aren’t possible with mainstream currency and are not even possible with Bitcoin today,” and, “Things are possible with Ethereum that aren’t imaginable with any other technology today.”

 

 

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Will Kazakhstan Ban Cryptocurrencies?

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The National Bank of Kazakhstan has surprised all those who are interested in the crypto business by announcing its sudden plan to ban cryptocurrency in Kazakhstan. In fact Kazakhstan’s central bank has some serious plans to prohibit the use of all kinds of cryptocurrencies. All this information was disclosed in a report published by Sputnik News which is the official news outlet of the Russian government. According to that report all this information was personally revealed by Daniyar Akishev who is the chairman of National Bank of Kazakhstan.

crypto exchange

Reasons for ban on Cryptocurrencies?

Daniyar Akishev further added to his statement that the National Bank of Kazakhstan had to take this decision to ban the exchange of digital currencies for the national currency of  Kazakhstan at the moment. The cryptocurrency exchanges and miners operating within  Kazakhstan would also be banned completely and no such activity will be allowed within the borders of  Kazakhstan. When asked about the reason behind that action he stated that the main reason was the vast number of problems associated with the user’s rights. That’s why the country’s central bank wants to prevent its residents from converting the nation’s fiat currency from any sort of crypto exchange within Kazakhstan.

Further Risks Daniyar Akishev Sees

When asked further about the reasons behind that ban Akishev said that he probably sees a lot of problems associated with cryptocurrencies, main reason being the protection of user’s rights. He also stated that the possibility of using cryptocurrency to commit illegal activities is also one of the major reasons behind that ban. The statement of Daniyar Akishev cannot be overlooked as far as the illegal use of cryptocurrencies is concerned. Cryptocurrency has become an ideal way of money laundering and to escape taxation around the world.

It is not the first time that Daniyar Akishev has showed his concern about cryptocurrencies. He had also stated last year in October that the National Bank of Kazakhstan was planning to prohibit activities related to cryptocurrency to protect its residents from the vast risks associated with these transactions. At that time his suggestions were to prohibit the:

  • Exchange of the national currency for cryptocurrencies.
  • activities regarding the generation of cryptocurrencies.

However, it is also a fact that the local community of Kazakhstan is showing extra ordinary interest in cryptocurrencies. According to a survey by Yandex, this interest has become 15-fold as compared to the previous years. According to that survey the citizens of Kazakhstan were showing 10 times more interest in search results related to crypto mining and how to mine.

Do not forget to share your thoughts regarding this ban in the comments section below.

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How Bitcoin Works in 5 Minutes (Technical)

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Bitcoin is a decentralized digital currency. There is no physical existence of Bitcoin, just the verification and value it has been given by a global peer-to-peer network. All these transactions are recorded in Blockchains.

The blockchain is very much like a public shared ledger. All the confirmed transactions performed ever using Bitcoins are recorded in this ledger. These blocks are an ultra-secure data, treated like cash. All the transactions are received and sent through wallets which are digitally signed. To ensure security, bitcoin wallets come with a private key or seed. These signatures ensure that the transaction is performed by the current owner of the wallet and provides with the mathematical proof. In reality, there is no transfer of Bitcoins but the change of ownership and quantities of Bitcoins.

How Does a Transaction Work?

If person A needs to transfer Bitcoins to person B, the transaction carries three parts.

  • An Input- record of wallet of person A
  • An Amount- the number of bitcoins person A sends to person B
  • An output- person B’s wallet

How Can You send Bitcoins?

To send the Bitcoins to anybody you require two things.

  • Bitcoin address
  • Private key

A bitcoin address is generated by an individual randomly. It mainly consists of a sequence of numbers and letters.

A private is a secret key with a unique sequence of numbers and letters.

When person A wants to send coins to person B, she signs a message with her private key to authorize the transaction. The transaction will include,

  • Input (source wallet)
  • Number of Bitcoins to sent
  • Output (person B’s address)

Person A then sends the number of Bitcoins to the Bitcoin network from her wallet. Once entered in the network, miners will then verify the transaction included in the blockchain. The miners will then solve the mathematical puzzle and in the end, it will verify that person B is the new owner of the specified number of coins.

Blockchains

Just like account ledgers containing amount and names, blockchains function almost the same. People exchange money by changing this file.

For instance, if person A sells a product to person B for $5, person A’s balance goes up by $5 and person B will have a reduced balance of $5.

There are no third parties involved in the system, like banks or other financial institutions. So, who takes control and responsibility of controlling and maintain this ledger? Every coin holder maintains their own copy of the ledger. All the participants can see each other’s ledger and their balances. In Bitcoin ledgers, these names are exchanged with specific numbers to ensure anonymity.

To keep every ledger synced and harmonized, there is a protocol that needs to be followed. To do a transaction you tell everyone by broadcasting a message with your account number, the receiver’s account number and the amount to be transferred. Every coin holder around in the world will update their ledger.

There are people who help in maintaining the system. You can simply use the system to perform the transaction without maintaining the ledger.

To ensure sender is the real owner of the account, Bitcoin requires a signature to verify it, but a mathematical signature.

System

When an account is created, a private key is generated mathematically linked to that account number. The private key and the text from the transaction are processed through a special cryptographic function to generate a signature. To make sure the signature is done by the wallet owner and to the specific transaction, another function allows the other people to verify the signature. These signatures cannot be copied as they are unique to each transaction.

The main problem with the system is that this cannot verify when a transaction was performed.

For example, if a person falsely has to withdraw 2 cheques out of an account but it has enough money to cover one account. the bank will refuse the second cheque due to an inadequate amount of cash after the with drawl of the first cheque. It is much harder to determine the order in Bitcoin. Due to the scattered individuals all over the world taking part in the transaction, there may be a delay in different orders in different places. Fraudsters could lie about these time lapses.

Two recipients might both think their transaction is first and ship a product allowing the fraudster two spent the money twice.

New transactions go into a pool of pending transactions. These transactions then get into the giant chain that locks in their order. A lottery is then held, enabling participants to choose a transaction of their choice to solve a special problem to link them to the end of the chain. The person to find the solution first wins and gets their transaction next in the chain.

That’s how pretty much all the transactions in the Bitcoin system are performed.

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CapitalWave, Inc. Announces Launch of The Blockchain Academy – Blockchain Programs for Corporation’s & Developers.

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NEW YORK – April 25, 2017 – CapitalWave, Inc., a leading global provider designed to deliver highly engaging training for the financial markets, announced the official launch of The Blockchain Academy, a new institution offering online video training courses to professionals seeking to have a greater understanding of the impact of blockchain and its most famous use-case Bitcoin.

The Blockchain Academy offers progressive courses to increase the understanding of someone fresh to the blockchain network. It includes everything, from foundation to immersive courses that provide a thorough understanding of each aspect of the technology. Blockchain Academy prepares businesses to reach their internal targets and better serve their employees and customers.

Blockchain Academy courses prepare students to:

  • Understand the disruptive impact of blockchain
  • Learn how Bitcoin, mining, and cryptocurrencies work
  • Get a deep and thorough understanding of the concepts that underpin how blockchain works.
  • Discover where this technology is headed and the changes this will mean.
  • Understand the basics of virtual currencies, with a focus on adoption and use within the financial sector.

Current Blockchain Academy Courses

  • The Blockchain Foundations
  • Blockchain Intensive I: Bitcoin and Blockchain
  • Blockchain Intensive II: The Financial Sector

 

“We anticipated the need for alternative eLearning solutions to serve both large and small businesses with an easier, more efficient process,” said Bryant Nielson, the Executive Director of both CapitalWave and The Blockchain Academy. “The needs of companies are constantly evolving and we have successfully expanded our training course offerings to meet and exceed these demands.”

 

Each course is designed to provide companies the edge in understanding FinTech by learning online with engaging, self-paced e-Learning modules. Being one of the first learning organizations to provide a truly dynamic educational simulation training platforms.  Their goal is to be the preeminent provider of training platforms, financial simulation and competitions for the Corporate and University markets.

 

About CapitalWave Inc.

With offices in New York and London, CapitalWave is a leading global provider of financial training solutions in the capital & wealth markets. In addition to delivering courses in Equity Fundamentals, Fixed Income programs, Investment Management, Investment Banking, Forex, Commodities & Energy, Wealth Management, Risk Management, Asset & Liability Management, CFA programs and more.  The company’s headquarters in New York.

 

For more information, please visit: http://www.capitalwave.com or www.TheBlockchainAcademy.com

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Cryptocurrency Ecosystem and Altcoins

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Cryptocurrency Ecosystem and Altcoins

When we start our conversation about cryptocurrency ecosystem, bitcoin considered the only player in a digital market. Where bitcoin has the dominate value in the market as compare to other cryptocurrencies. 500 cryptocurrencies trading are in a market with symbols, with their identities.

Altcoin is using to describe the cryptocurrency that shares the core building blocks. The best example of altcoin is litecoin.

Cryptocurrency Ecosystem

Basically, there are 150 to 500 altcoins in total. There are five altcoins with the market capitalization of $10 million each.

The revolutionary logic about altcoin is, “altcoins serves two purposes “. Antonopoulos says. “First, they test new tech features, showing whether they work and whether the market will accept them.”

Variations

The proof of work who keeps securing the transaction records and distribution of currency. In addition,

Variations include those allowing a currency to be processed by different equipment than bitcoin (Litecoin, current market cap $330 million), those purporting to use less energy (Peer coin, $47 million), and those that offer faster transaction confirmation times (many, among them Feather coin, $5 million). Other crypto coins claim more idiosyncratic variations, such as the demurrage built into Frei coin ($2 million), which loses value if it is held without being spent. There’s even a currency that uses its proof-of-work algorithm to search for new prime numbers (that currency is named, of course, Prime coin, $6 million). Those features that prove attractive and compatible after ‘testing’ by an altcoin, Antonopoulos says, will likely be incorporated into Bitcoin.

Strength of Bitcoin

Any of the altcoin fails to displace the dominant place of bitcoin. As the bank of America points out that is, bitcoin’s dominance is the guarantee of altcoins. Without bitcoin strength, may be some of the altcoins will disappear.

Where Antonopoulos describe the second purpose of altcoins whose lessons will strengthen the survivor. Which is demonstrate spectacular failure modes.

Antonopoulos contains 80 to 85% of all cryptocurrency capitalization. Whereas remaining altcoins offer the release value for those who think, that bitcoin is the most expensive cryptocurrency. One feature has been more efficient as compare to other. Altcoin built-in process needs honest, transparent and relatively selfless behavior by its developers.

Charlie lee lead developer of litecoin gives the easiest and transparent ways to mine. As he says,’’ I released the source code a week before the launch [in October of 2011], so people could prepare [to mine].”

Because of this struggle, Now, litecoin is the second digital cryptocurrency after bitcoin. After which, peer coin is at the third number of cryptocurrency, its creator sunny king releases source code nine days before its mining. Lee says “I haven’t seen any other coin roll out with the same level of transparency.”

The most important thing for the cryptocurrency is the community acceptance. Bitcoin and other cryptocurrencies are acceptable in societies. Which clearly means that the developers want to provide the transparent and trustworthy transaction system. Ellis says,” Banks are operating a tollbooth economy.” “Banks want 10% of revenue for credit cards,” a cost that cryptocurrency is distributing. Altcoins, Ellis says, “anyone with sufficient will and devotion and time to nurture the community”.

Now we can earn money?

In the meantime, altcoins are in a bumpy ride. Antonopoulos says “99% of them will expire in the process of creative destruction”. “And that’s fine because every once in a while, something unique and amazing will pop out’’.

Tags: Bitcoin Disadvantages.

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