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News about generating blockchain funds by a Chinese company are in the news right now. But before discussing about that news, we must have a watch on the history and importance of blockchain. Designed in 2008, blockchain is the backbone of Bitcoin and all the other cryptocurrencies. Blockchain system works by taking in digital transactions and storing them in pieces of digital information called blocks. These blocks are in turn linked together to form ledgers. In case of blockchain, such ledger can be defined as a list of digital transactions. Each time you wish to change the data inside a blockchain database, the software adds a block to the chain containing all the information required to verify the changes. The block will have a unique identifier (a hash) and can be encrypted depending on the underlying software use-case for it.

blockchain funds

Importance of Blockchain Technology in other industries

Blockchain has also a serious impact on various other industries. Even IBM has started work on their own blockchain projects. The main reason for it is that blockchain has played an important role in maximizing the technology’s capabilities, such as autonomous records and easy to access contracts. Even the Pharmaceutical giants are planning to use blockchain to prevent frauds and secure their transaction records. Now let’s come to the point and elaborate why blockchain funds have become so important for China to show active participation in it.

Why China is interested in Blockchain Funding?

Due to such an important role of blockchain in digital transactions, especially cryptocurrency, it has been reported that a government-led investment firm known as Investment Association of China (IAC) is going to establish a funding center to strengthen the blockchain development in China.

This news leaked out when a document related to that entity was circulated by IAC on the internet. IAC reports directly to China’s National Development and Reform Commission.

Later, vice chairman of the IAC, Liu Ren confirmed the document’s authenticity. He further explained that IAC had to take an initiative in this regard due to the growing importance and popularity of blockchain in cryptomarket. That’s why their association decided to provide fundings and maintained standards for the good of cryptocurrency industry.

However, he did not disclose that whether the funding will be provided from the state or private sectors.

This new blockchain funding center will also seek further working with overseas blockchain projects to generate further investment options. It will also provide consultation services to those persons or firms that are interested in blockchain investment. In short, Chinese government is quite serious in its efforts to develop investment plans for the domestic as well as foreign blockchain industry. Chinese Ministry of Industry and Information Technology recently announced that it will soon launch a committee in order to set national standards for blockchain technology.

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Not Spending Them Coins Just Yet!

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Enjoy this picture of an adorable little girl holding onto these bitcoins like her life depends on them.

 

Image credits: google.com/images

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What is a bitcoin wallet address?

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If you’re having difficulty in understanding the difference between Bitcoin wallet and Bitcoin wallet address keep reading on to clarify your doubts.

Before we dive straight into the address bit, you need to understand what exactly a Bitcoin wallet is.

What is a bitcoin wallet address

A bitcoin “wallet” is basically a vault for your bitcoins. It contains all the information on your transaction history and balance.  It allows you to store, send and receive bitcoins.

There are two main types of wallets:

Software walletIt’s to be installed on your desktop or mobile. This wallet will be completely under your control and it is your choice what kind of software wallet you’d like to install.

Web walletIt is hosted by a third party and is usually quite user-friendly, but it is your call to trust the provider to maintain high levels of security to protect your bitcoins.

What is a bitcoin wallet address?

It is simply a unique 26-35-digit combination of letters and numbers and it looks something like this, 1ExAmpLe0FaBiTco1NADr3sSV5tsGaMF6hd

Addresses can be generated at random and free of cost by any Bitcoin user. You will use this address to receive and send bitcoins from your wallet. You are able to send bitcoins to someone, by sending it to their bitcoin address. However, for each payment request or invoice, a new bitcoin address is generated.

Your Bitcoin wallet address can also be represented as a QR code. If somebody wishes to send your Bitcoin, they can scan the code using their Bitcoin wallet and send Bitcoin to your wallet:

What is a bitcoin wallet address

Bitcoin addresses are created as part of a key generation process that creates a pair of keys. They are a matched set, where one is public and the other is private. When you “sign” a bitcoin address you are running the public and private keys through an algorithm that checks whether those keys belong together. Usually signing is talked about in the context of a message. Someone sends you a signed message and you can verify that the message came from the genuine person. You can verify the message because it was signed with their private key and you match it to their public key.

When sending bitcoins, the signed message is a portion of the bitcoin transaction and you do not explicitly see the message, it is just part of the transaction. This lets you validate the ownership of the address. The transaction was signed with the owner’s private key and you check that it’s valid using their public key. Bitcoin wallets usually contain this message signing and verification functionality.

Make sure you and only you control the private keys to your bitcoins!

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BitCoin Mining Hardware Guide ft. CRAZY Obsidian Mining Rig

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Are you looking to make some bitcoins but are not sure that what is the best bitcoin mining hardware, we have covered everything that you are looking for. We provide you a detailed information about the best miners used by the top mining professionals. So, visit our website to get a better idea about best miners out there.

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Cryptocurrency News: Putin’s Endorsement Gives a Boost to Ethereum

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As investors look for a safe place to store their assets, Ethereum – the second largest cryptocurrency after Bitcoin – is getting a boost, thanks to Putin’s endorsement of the currency.

The Main Story:

Ethereum continues to skyrocket after the Singapore government and the Russian president Vladimir Putin publicly showed their support to the currency. The latest Monday morning saw the currency trading at $407.10, a record rise of more than 5000% since the start of 2017, where Ethereum was trading at just $7.98.

The Russian president and Vitalik Buterin ­– founder of Ethereum – recently had a meeting during St. Petersburg International Economic Forum. According to some experts, the occurrence of this meeting suggests that Russia is willing to open its doors to using cryptocurrency in an attempt to make their economy less dependent on oil and gas.

“The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models,” said Putin at the forum.

The recent shift in Putin’s stance has had an immediate impact as the Russian entities such as the State Development Bank VEB, have agreed to use Ethereum.

Meanwhile, the government of Singapore has also released a report about their recent attempts of using Ethereum blockchain and creating their own digital currency.

Japan is also issuing new rules about making Ethereum a valid form of payment. Some major companies such as Microsoft and Toyota have shown their support for Ethereum too.

In conclusion, Ethereum is getting support from all across the globe and is likely to experience even more boost in the coming days. So, if you are looking for a safe digital investment option, Ethereum is the way to go.

Story Credits: vanityfair.com

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Best Auction Sites and Platforms for Bitcoins

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Members of the Bitcoin community are always looking for ways to buy and sell products in exchange for bitcoins. Fortunately, several sites make that possible by offering secure and safe platforms for sellers and automatic escrow protection for buyers who bid to purchase their desired items on sale.

The following auction solutions have gotten a lot of attention over the past couple of years:

OPENBAZAAR

Best Bitcoin Auction Sites

OpenBazaar is a top Bitcoin auction site for everyone looking to purchase or sell all sorts of items in one place. Although it is believed to be a normal shop on the internet, it does offer some auction functions as well. There is no limit as to what items can be sold on the platform. Also, OpenBazaar’s peer-to-peer nature means there is no company or middleman that can remove or block listings, charge fees, or hold money. By accepting bitcoin payments, sellers are opening up to their offering to the rest of the world.

BITIFY

Best Bitcoin Auction Sites

Another Bitcoin trading platform. Bitify was launched in September 2013 and was first known as CrptoThift. It uses an auction system to sell items. It also offers escrow services to the buyers. The buyers have an option to use the escrow service for 1% fee. This means that Bitify acts as a guardian over the customer funds until the transaction is fully settled. You can browse numerous posted items for sales such as E-gift cards, software installers, online gaming accounts and more. Although, it offers more of digital items rather than physical goods.

GLYDE

Best Bitcoin Auction Sites

This platform has been around the longest and sells items super-fast. Buyers can find reasonable deals on electronic items and much more, whereas sellers can benefit from selling their unwanted products. There have been thousands of feedbacks on this platform and have been nothing but positive. So, make sure to drop by this site if you’re ever looking to sell any items. Glyde provides insurance on every package, so in the rare event an item is lost in the mail you will still be compensated for the sale. It is the best bitcoin trading platform to buy and sell with bitcoins.

To help build and enhance your reputation, opt for websites having built-in feedback systems. Also, make deals with already established buyers where you send them the item first and then wait for them to send bitcoins after receiving the goods.

Best Bitcoin Auction Sites

REMEMBER! Your buyer should have an established reputation so you don’t suffer a loss. There could be cases where you send the item to the buyer and they never send the payment.

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