View: 476
Want create site? Find Free WordPress Themes and plugins.

We’re well aware that Bitcoin is an entirely digital currency that lets its users trade money without the involvement of any third-party authority (such as bank, government etc.).  Also, these trades are made anonymously, that means no personal information is given out or even required for a transaction.

Out of the many perks of Bitcoin, two happen to stand out the most:

Instant Transactions:

  • With Bitcoin, you can exchange money almost instantly with anyone anywhere in the world (but do check if Bitcoin is banned in that country or not). You don’t require a bank account, just a Bitcoin wallet that could be installed on your smartphone, tab, computer etc.

Anonymity:

  • You aren’t required to mention any personal details which reduce or eliminates the risk of identity theft.

Bitcoin Mining & Blockchain:

For understanding Bitcoin, one must understand how Bitcoin mining works. It is the process behind the creation of bitcoins. During this process, complex mathematical equations are solved by mining hardware in order to verify and generate a block. Every time a transaction takes place, it is tracked digitally by computers in a record, where all transaction details are described.

Bitcoin miners are the people who own those computers and confirm transactions. Moreover, they’re also paid in bitcoins and sometimes even paid a fee for the transactions. Since there’s no involvement of a central authority, miners ensure whether the right amount has been transferred and each member has the right balance after the transaction is completed.

These transactions are shared onto a public ledger, also known as, the Blockchain, which can be accessed by anyone. Every transaction that ever took place is mentioned here along with the Bitcoin address linked to it.

Bitcoin Wallet:

Now you must be wondering, what’s a Bitcoin address?

Let me help you. In order to own bitcoin(s), one must have a Bitcoin wallet. You can get all sorts of wallets, hardware, and software. Install one on your phone, computer or just purchase a physical one. After you’ve got your personal wallet, the next step is generating a bitcoin wallet address and a private key. This is the address you’re going to share with everyone, whenever you want to make a purchase or transaction. Whereas, a private key is meant to be a secret as it basically holds the key to your coins, if you lose your private key, you lose everything.

Remember! Every transaction generates a new Bitcoin address and this is the reason for its anonymity. No one can actually trace the transaction back to you since it’s always a different address.

 

While Bitcoin has major advantages compared to fiat currency, it’d only seem fair if the drawbacks are pointed out as well.

  • The Bitcoin network is also vulnerable to hackers and viruses. Remember, you cannot enter any personal details on a site promising to give out free bitcoins.
  • Bitcoin is highly volatile, which means that its price is constantly fluctuating.
  • Another drawback is that there are only 21 million bitcoins available. So nobody knows what’s going to happen once it reaches that limit.
  • If you lose your wallet, those coins are gone forever, unless you’ve created a backup of it.
Did you find apk for android? You can find new Free Android Games and apps.

One thought on “UNDERSTANDING BITCOIN – Recap

Leave a Reply

Type Comments Here

Your email address will not be published.

Share Your Toughts

View: 742

Countries That Accept Bitcoin Having Soft/Strict Rules

Want create site? Find Free WordPress Themes and plugins.

Countries that accept bitcoins

There are more than 500 cryptocurrencies in the world, but Bitcoin has dominant worth. In fact, some countries become the hub of this peer-to-peer digital currency. Here, this article is about the story of some countries, which country uses Bitcoin and who accept the Bitcoin and use it in payment transactions.

Countries that say yes to bitcoins

If a country going to introduce Bitcoin technology to its financial sector. Then, it clearly means that country is going toward the revolutionary situation. It would leave a strong impact on its all sectors and also on related countries.

Bitcoin accepted countries:

Canada

Canada becomes a bitcoin-friendly country, which ensures that Bitcoin cryptocurrency is not used for money laundering. Canadian authority makes it sure that transactions of Bitcoin are taken place under complete supervision. Canada revenue agency takes Bitcoin transactions as barter transaction. In addition, income generated from these transactions named business income.

Australia

Australia allows The Australian taxation office considers Bitcoin transaction as barter arrangement. Which means, Bitcoin transaction legally completes its process under specific rules and regulation.

Estonia   

A small nation, accept the Bitcoin digital currency. It has no history of jumping to new technology. whereas, its financial sector show interest to implement on Bitcoin technology.  They are going to use blockchain technology for healthcare, banking services and much more.

Denmark

Denmark is one of the developed countries in the world with living standard and with financial stand as well. Bitcoin will be used in all aspects. Whether in means of exchange or to the alternative to central banking monopoly. Danish bank declares that “Denmark is home to a number of Bitcoin startups and exchanges such as CCEDK, which has been a prolific innovator in the crypto-space with recent releases of Bitcoin “3.0” technology and decentralized exchange.”

Countries with strict rules

In the same way, countries which opposed Bitcoin first. Now, those countries have a dominant part in Bitcoin transactions. They utilize its advantages in their investment. The main reason behind the opposition was the anonymous conduction of transactions between two account holders. it may use in illegal dealings like buying drugs or weapons…

Whereas, in presence of all securities, countries accept the Bitcoin with strict rules. Here are some countries with strict rules.

USA

As the USA is considered as Bitcoin friendly country. Whereas, the government is trying to control Bitcoin transaction process. Same as with its traditional money. Incidentally, Bitcoin is peer-to-peer digital currency and never controlled by anyone or any authority. In that case, USA government generate some rules regarding Bitcoin.

Japan

In the same way, Japanese Financial service agency place regulations to Bitcoin exchanges. According to Motokazu Endo, Attorney of FSA,

“Cryptocurrencies’ prices fluctuate sharply, and they’re highly speculative. Many exchanges have the weak financial basis, and should they go bankrupt, it would be tough to protect creditors’ assets.”

At this point, if Japanese people want to buy bitcoin. Then, they have to pay 8% consumption tax. And this all transaction will be through Yens. Because bitcoins considered as imported goods.

China

In July 2016, China introduces a law named “civil right object” to the public. Chinese can buy and sell goods through Bitcoin under this law.

 

Did you find apk for android? You can find new Free Android Games and apps.
View: 498

Is Cryptocurrency Still Great for GPU Makers?

Want create site? Find Free WordPress Themes and plugins.

On Thursday, an American technology company, Nvidia has announced its financial results which were remarkable. The company has revenues of $3.2 billion from January to April. But what’s the reason behind this profit?

gpu makers

Well, the value of ether and other cryptos recently soared up and created lots of demand for graphics cards – to mine them. Due to the upsurge in the demand, the price of few high-end graphics got doubled between the mid of 2017 to February 2018. It’s a matter of concern for the GPU makers of major graphics-card, as the most important market for them is eventually the gamers, not the miners.

The idea of graphics-card makers collecting hefty profits from the high prices, due to the mining demand doesn’t seem to be liked by the gamers. However, Nvidia accredited that cryptos have played an important role in boosting the financial outlook of the company.

What does Nvidia’s CFO have to say about it?

CFO of Nvidia, Colette Kress said:

Cryptocurrency demand was again stronger than expected, but we were able to fulfil most of it with crypto-specific GPUs, which are included in our OEM business at $289 million.”

The $298 million figure is around 10% of the revenue of Nvidia and it seems like it lessens the cryptocurrency influence on the bottom line of Nvidia. If a customer buys a graphics card at retail, Nvidia won’t be able to know if it’s being used for mining, gaming or something else. The same story goes for the main graphics-card of a rival, AMD, which released first-quarter results a few weeks ago. According to AMD, the sales related to cryptocurrency accounted for almost 10% of total revenue, which could be again understating its influence on the profits of AMD.

GPUs Value

It has been observed that the value of cryptocurrencies has been falling for the past few months. Also, the value of GPUs has also gotten a lot cheaper than it was before. AMD didn’t provide any specific projection for revenues related to blockchain in the second quarter, however, the spokesman of the company suggested that the rest of the year 2018, is going to be significantly below the first quarter sales.

If the price of cryptocurrencies still keeps dropping, it will end up in the form of awful results for the GPU makers. But if the price of cryptocurrencies falls really low, it’s clear that we won’t only see miners halting to buy new GPUs but, we would also see them selling the graphic-cards that they already had on the secondary market. The resulting graphics card surplus could exhort the value of graphics-card below MSRP — MSRP would be good news for gamers though it might be bad news for the companies that are trying to sell new GPUs.

The president of AMD, Lisa Su said that she wasn’t really anxious about the scenario.

“There are multiple currencies being used — People who are mining do go from one currency to another depending on what’s happening.”

She also added that customers can buy graphics-cards for both purposes; gaming and mining. They will be able to hold onto the graphics-card for the gaming purposes — in the case of mining becoming unprofitable. On the other hand, this analysis seems to be debatable. There’s no doubt that there are profusions of cryptos, but at the same time, there are some of them which are economically significant.

Ethereum’s ether is the most important and significant GPU-mineable so far, and the prices of cryptocurrency are strongly linked to it. So, if the value of ether drops, there’s a possibility that the value of other cryptocurrencies might also fall with it. There are many people who want to buy graphics-card for various applications, and there are a lot of those as well that have many of them (graphics-card). These individuals might hold onto one or two cards for the gaming purpose, however, if the price of cryptocurrencies falls quite low, lots of those cards will end up in the used GPU market. This will also make it hard for both AMD and Nvidia in selling their new cards.

Did you find apk for android? You can find new Free Android Games and apps.
View: 522

Bitcoin Mining – An Italian Bank’s Server Was Hijacked

Want create site? Find Free WordPress Themes and plugins.

 

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.”

Did you find apk for android? You can find new Free Android Games and apps.
View: 801
View: 581

How to Set Up a Bitcoin Mining Rig w/ BITMAIN ANTMINER U2 & CGMiner

Want create site? Find Free WordPress Themes and plugins.

Did you find apk for android? You can find new Free Android Games and apps.