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Buying Bitcoin with Paypal

Bitcoin is a decentralized, peer to peer cryptocurrency which is used to make anonymous transactions without leaving behind any traces. Bitcoin is the first cryptocurrency to gain this much public attention and is being largely accepted by merchants as a form of payment all around the world.

In terms of usage, Bitcoin investment is no different from traditional currency. The users can buy, sell items through online as well as trade goods/services in physical stores. However, not everything is same. There are several factors that differentiate Bitcoin from traditional currency.

Let’s take a look at some of the major ways in which Bitcoin is different from paper money.

How Is Bitcoin Different from Traditional Money?

  1. Unlike fiat money, bitcoin is decentralized. There is no clearing house or authority (Government, Visa Network, MasterCard, Central Bank, etc.) to regulate the flow of cryptocurrency.
  2. Bitcoin network is peer to peer and is managed by users/miners around the world.
  3. The transaction fees are much lower because the money is transferred without going through a clearing house.
  4. The coins are earned by a process called Bitcoin mining. The miners around the world assemble blocks and are given mathematical problems to solve using Bitcoin algorithms. Those who are able to solve them correctly are rewarded with bitcoins.
  5. All Bitcoin transactions are stored in a public ledger called “Blockchain”. Anyone can visit this ledger to verify a transaction. This openness makes the cryptocurrency more transparent and reduces the possibility of any kind of fraudulent activity and double spending of the same coin. (Find out more on what is Blockchain and how does it work here)
  6. The currency can be obtained via Bitcoin exchanges or mining.
  7. For now, just handful of merchants on the web and in physical stores accept Bitcoin as a method of payment. However, the trend is increasing each day.
  8. A downside of bitcoins is that they are not insured by the government agencies which ultimately makes them irrecoverable if lost. If an owner somehow loses a hard drive or any other device in which the currency was stored, the coins are gone for good.

These are some of the facts about bitcoins that make them different from traditional currency. Now let’s go and look for the answer of” “is Bitcoin a good investment?”

Is Bitcoin A Good Investment:

Although bitcoins are gaining more acceptance and increasing in popularity each day, investing in Bitcoin is never considered a good idea. This because the currency is highly volatile and unpredictable.

For example, the Bitcoin price skyrocketed from $14 to $1200 and then dropped to $632 per BTC within a year. Such high instability in value makes Bitcoin a risky investment.

The best way to invest in bitcoins is to buying bitcoin with Paypal when they are being sold for less than $10 per BTC as this will give investors a larger margin of safety.

Tags: bitcoin investment sites, trusted bitcoin investment sites

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Bitcoin Exchange Calculator

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Bitcoin is a decentralized crypto money that offers pseudonymity to its clients. In spite of the fact that a Bitcoin has no intrinsic value, it’s turning into an inexorably popular type of digital cash, drawing in venture capitalist attention, from Winklevoss twins to Fred Wilson of Union Square Ventures.

Bitcoin Exchange Calculator

There is a restricted supply of Bitcoins, 21 million to be precise, with 11 million currently available for use. While Bitcoin enables you to keep your identity concealed, the blockchain goes about as an open record of each Bitcoin exchange. Bitcoins can maintain a strategic distance from central banking and global cash wiring charges.

There are a couple of various approaches to obtain Bitcoins. You can mine a Bitcoin, but it becomes difficult when the amount of Bitcoin mining increases. You can likewise set up a wallet by means of Blockchain.info, or through a safe Bitcoin customer like CoinBase, and utilize destinations like BitInstant to load it.

For a simple way to calculate the estimation of your Bitcoin in fiat, check out this Bitcoin exchange calculator designed by BTCwonder.

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First Blockchain Healthcare Maybe out Sooner Than Expected!

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First blockchain healthcare

22 April 2017, Berlin, the first European blockchain conference for healthcare targets c-level executives. Where the conference organizers under the patronage of German federal ministry and will schedule from 31 may 2017. Therefore, Conference’s main focus will be on healthcare and health insurance. Let’s have a look at blockchain first. Afterward, we will discuss the different aspects of this conference.

 Blockchain And Healthcare:

Blockchain technology was anonymously introduced in 2009, without a need for central authority.

Worldwide acceptance of blockchain creates its history. As a result, Health industry notices the advantages in adopting blockchain. Not all the participants but current insurers partnering up with blockchain -linked system.

Basically, this is the start of blockchain in the healthcare industry.

Health Coverage Through Better Management:

As blockchain maintain secure transactions between its participants. Which provide the high transparency as compare to the current paradigm of the insurance world. Middlemen have a dominant role in our lives, especially in the insurance world. But with blockchain technology applications, things get quite different. For example, if a person needs a doctor, a psychologist. He/ She can easily apply to a blockchain-developed program. Similarly, same with health insurance.

Dr. Eberhard Scheuer, CEO eHealth Consulting and organizer of the summit states, “The conference provides an interactive platform for professionals in healthcare and associated industries to gain insights from blockchain experts and startups into the latest developments in this fast-growing industry.”

Reto Gradient, Founder B. ACADEMY and co-organizer of the event states, “The financial industry has had its blockchain wake-up call in 2015. Today they are working on solutions already. Now it’s up to the traditional players in the healthcare industry, to understand the disruptive power of this new technology”.

Registration of the blockchain healthcare starts now. Companies are interesting to join this event.

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A Beginner’s Guide on Bitcoin – The Cryptocurrency

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A Beginner’s Guide on Bitcoin

Bitcoin is a type of cryptocurrency that is autonomous to the government, central bank or financial authorities. In other words, it’s a virtual currency which is only the controlled by those who own it.

Is Bitcoin Different from Traditional Currency?

In terms of usage, both currencies are same. Both can be used to buy goods and services and there are many merchants who accept Bitcoin as payment.

But going deep, we realize that there are some huge differences between the two currencies.

  1. Bitcoin is decentralized
  2. The currency is peer to peer and is only managed by users around the world
  3. Bitcoin transactions leave no traces behind which gives its users complete anonymity
  4. Bitcoin transactions do not need to go through a clearing house like Government, Visa Network, MasterCard, the central bank, etc. which means low transaction fees.
  5. Bitcoins are generated through Bitcoin mining – a process in which miners around the world assemble blocks and work on solving mathematical algorithms to generate new coins.
  6. Bitcoins are finite.
  7. Bitcoins are stored in a Bitcoin wallet and are protected by private keys.
  8. If lost, bitcoins are irrecoverable. The cryptocurrency is not insured or protected by any regulatory authority which makes it impossible to recover in case the coins are stolen or lost.

Who Created Bitcoin?

Bitcoin first appeared on the radar in 2009 and was created by a programmer called Satoshi Nakamoto. The inspiration behind the invention was to produce an electronic currency that would be independent of any third-party influence.

Considering the current situation and ever growing popularity, it’s safe to say that the goal is pretty much achieved.

Is Bitcoin Printable?

Bitcoin guide: I is a virtual currency and is not printable. The only way to generate bitcoins, as mentioned above, is Bitcoin Mining where individuals from different countries form a network which is open to anybody around the world.

The network also facilitates bitcoin transactions, making the cryptocurrency guide its own payment method.

Can We Create Unlimited Bitcoins?

There are specific rules and specification to create bitcoins. It has been decided that the maximum limit for bitcoins would be 21 million and this number is impossible to achieve until the year 2140.

The value of Bitcoin can be divided into several smaller portions. The smallest it can go is one hundred millionth of a coin and is called “Satoshi” – named after the creator of currency.

Final Word:

These are some of the characteristics and general facts about Bitcoin. Putting in a nutshell, the cryptocurrency is growing in popularity and the number of merchants accepting it as a method of payment is increasing each day. So, it’s safe to say that bitcoins will be playing a huge part in future transactions of money and goods.

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Bitcoin Mining – An Italian Bank’s Server Was Hijacked

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That was the time when you had the option to snip your company’s server power and mine bitcoin for yourself.

British cyber security

During last week presentation, British cyber security professionals had some discussion to tell about the sneaky and illegal mining of the bitcoins. In January 2015, Darktrace considers a possible interference in Italian bank’s system.

The firm exposes that the data is diffuse from one of the bank’s server to the European crime association. Director of the Darktrace Dave Palmer declares in Al summit, “It was a fairly well known European criminal botnet.” He says “The data was not customer data; it turned out to be a fairly buggy implementation of bitcoin mining software.”

The hijacked Italian bank was revealed speedily. It was inactivated within half an hour of it beginning to mine bitcoin. Palmer says, “I don’t think they made very much money out of it.”

2014 was the prime time for the criminal bitcoin mining activities. Palmer says, “It was super fashionable to have coin mining going on alongside sending spam from botnets.” According to the Palmer, bank server case was rare in the history, because these activities’ victims are laptops or desktops mostly.

Darktrace didn’t have the complete data of the mining malware. But Palmer says, “felt like it was a daily occurrence.” In that case, the company perceived 24 such cases in last six months across 24,000 monitoring sites. He says, “It has really dropped off.”

 

Palmer’s Experience

Although, mature cyber criminals steal computing power for mining in that days. It was common among the employees calmly mining from corporate laptops. Palmer says, “We’ve seen normal employees running these services on their workstations overnight.” Accordingly, “No surprise; people do all sorts of things like peer-to-peer file sharing and hosting Tor nodes [infrastructure for the anonymized network that’s part of the dark web], so I bet there is a load of coin mining stories all over the place.”

In addition, Few employees took their digital currency passion a step too far. Darktrace has found the same server covered by company’s staff in data center mining bitcoin non-stop. The severs advantage from superior cooling systems and consistent power supply at data center. Palmer says, “We found employees had procured some servers, [and] had hidden them under the data center false flooring.” And, “They were ‘off-the-record’ servers that no one recognized, mining coins 24/7.”

Those days of secret Bitcoin mining is now over. In addition, too much computing power is needed to mine bitcoin. Now, thousands of the servers are stored in huge warehouses. In addition, processing power increased by 770-fold since 2014, leaving the little chance for cyber criminals. Palmer says, “I think we have seen the last of successful coin mining.”

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