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What is Bitcoin? => What is Bitcoin? => Topic started by: admin on Oct 28, 2019, 03:36 pm

Title: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:36 pm
What is Bitcoin?
Satoshi Nakamoto introduced the bitcoin in the year 2008. Bitcoin is a cryptocurrency(virtual currency), or a digital currency that uses rules of cryptography for regulation and generation of units of currency. A Bitcoin fell under the scope of cryptocurrency and became the first and most valuable among them. It is commonly called decentralized digital currency .
A bitcoin is a type of digital assets which can be bought, sold, and transfer between the two parties securely over the internet. Bitcoin can be used to store values much like fine gold, silver, and some other type of investments. We can also use bitcoin to buy products and services as well as make payments and exchange values electronically.
A bitcoin is different from other traditional currencies such as Dollar , Pound , and Euro , which can also be used to buy things and exchange values electronically. There are no physical coins for bitcoins or paper bills. When you send bitcoin to someone or used bitcoin to buy anything, you don?t need to use a bank, a credit card, or any other third-party. Instead, you can simply send bitcoin directly to another party over the internet with securely and almost instantly.
How Bitcoin Works?
When you send an email to another person, you just type an email address and can communicate directly to that person. It is the same thing when you send an instant message. This type of communication between two parties is commonly known as Peer-to-Peer communication.
Whenever you want to transfer money to someone over the internet, you need to use a service of third-party such as banks, a credit card, a PayPal, or some other type of money transfer services. The reason for using third-party is to ensure that you are transferring that money. In other words, you need to be able to verify that both parties have done what they need to do in real exchange.
For example , Suppose you click on a photo that you want to send it to another person, so you can simply attach that photo to an email, type the receiver email address and send it. The other person will receive the photo, and you think it would end, but it is not. Now, we have two copies of photo, one is a simple email, and another is an original file which is still on my computer. Here, we send the copy of the file of the photo, not the original file. This issue is commonly known as the double-spend problem.
The double-spend problem provides a challenge to determine whether a transaction is real or not. How you can send a bitcoin to someone over the internet without needing a bank or some other institution to certify the transfer took place. The answer arises in a global network of thousands of computers called a Bitcoin Network and a special type of decentralized laser technology called blockchain .
In Bitcoin, all the information related to the transaction is captured securely by using maths, protected cryptographically, and the data is stored and verified across the entire network of computers. In other words, instead of having a centralized database of the third-party such as banks to certify the transaction took place. Bitcoin uses blockchain technology across a decentralized network of computers to securely verify, confirm and record each transaction. Since data is stored in a decentralized manner across a wide network, there is no single point of failure. This makes blockchain more secure and less prone to fraud, tampering or general system failure than keeping them in a single centralized location.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:38 pm
What is Bitcoin.
Bitcoin.
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren't printed, like dollars or euros - they're produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
It is one of the first and foremost of growing category of money called as cryptocurrency.
Difference between Bitcoin and Normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it's like conventional dollars, euros, or yen, which are also traded digitally.
The most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized . No single institution controls the bitcoin network. A large bank can't control their money so people doesn't need to worry about showing their records.
Creator: Satoshi Nakamoto.
A software developer proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
Does someone prints it?
It is printed by none. This currency isn't physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency.
Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are 'mined', using computing power in a distributed network.
This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.
Unlimited bitcoins-Sorry,not possible.
That's right. The bitcoin protocol - the rules that make bitcoin work - say that only 21 million bitcoins can ever be created by miners. However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a 'Satoshi', after the founder of bitcoin).
What is bitcoin based on?
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn't actually work in practice). But bitcoin isn't based on gold; it's based on mathematics.
Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.
The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.
characteristics:
1. It's decentralized.
2. It's easy to set up.
3. It's anonymous.
4. It's completely transparent.
5. Transaction fees are miniscule.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:38 pm
I bought $250 in bitcoin. Here's what I learned.
Some people kill time at the airport by browsing duty-free shops. I dec > But first, there are two things you should know about me: I tend to be almost as afraid of losing money investing as I am of flying. On some level, I figured one fear might cancel out the other.
So last Thursday, while waiting for a flight to Nashville, I pulled up a popular application called Coinbase that can be used to buy and sell bitcoin. The virtual currency had hit $10,000 for the first time a couple days earlier, before retreating somewhat. News of bitcoin's rapid rise was everywhere, including on CNN.
For 15 minutes at the airport, I refreshed the price of bitcoin over and over, watching as it gained and lost hundreds of dollars in a matter of minutes. I called out the price fluctuations breathlessly to my wife, who gently encouraged me not to be an idiot, before returning to her magazine.
She was in good company. JPMorgan Chase CEO Jamie Dimon recently called bitcoin a "fraud" and suggested people who buy it are "stupid." Warren Buffett called bitcoin a "mirage" in 2014 and warned investors to "stay away."
Are you trading Bitcoin? We want to hear from you .
And yet bitcoin has climbed more than tenfold since Buffett's warning. Earlier this month, one college friend casually told me over drinks he'd made tens of thousands of dollars investing in another cryptocurrency. He said he hoped it would be worth enough one day to buy a house.
When I saw the price of bitcoin fall to $9,500, I pressed buy, defying the wisdom of two finance titans and my wife. One hundred dollars, or 0.0101 bitcoins. (A few days later, I bought another $150.) By the time we got to our hotel, my stake had already gone up 10%. One week later, it was (briefly) up 100%. My wife's opinion of me has reportedly decreased by the same amount.
What is happening?
It's an investing frenzy, plain and simple.
Bitcoin cracked $1,000 on the first day of 2017 . By this week, it was up to $12,000, and then it really took off: The price topped $17,000 on some exchanges Thursday, and $18,000 on at least one. Other cryptocurrencies have seen similar spikes, though they trade for much less than bitcoin.
There's a long list of factors people may point to in an attempt to explain this. Regulators have taken a hands-off approach to bitcoin in certain markets. Dozens of new hedge funds have launched this year to trade cryptocurrencies like bitcoin. The Nasdaq and Chicago Mercantile Exchange plan to let investors trade bitcoin futures, which may attract more professional investors.
Yet a key reason the price of bitcoin keeps going up is, well, because it keeps going up. Small investors like yours truly have a fear of missing out on a chance to get rich quick. And when the value of your bitcoin doubles in a week, as it did for me, it's easy to think you're a genius. But you can get burned assuming it will keep skyrocketing.
Some investors have likened the bitcoin hype to the dot-com bubble. Others, like Dimon, have said it's even "worse" than the Dutch tulip mania from the 1600s, considered one of the most famous bubbles ever.
As Buffett put it back in 2014, "the idea that [bitcoin] has some huge intrinsic value is just a joke in my view." Bitcoin is not backed by a company's earnings, or the strength of a government and rule of law. There's also no interest or dividends.
Why would anyone want or need to use bitcoin?
Bitcoin serves as a new kind of currency for the digital era. It works across international borders and doesn't need to be backed by banks or governments.
Or at least that was the promise when it was created in 2009. The surge and volatility of bitcoin this year may be great for those who invested early, but it undermines bitcoin's viability as a currency.
Right now, I can use my bitcoin holdings to pay for purchases at Overstock ( OSTBP ) , or book a hotel on Expedia ( EXPE ) . But if I use bitcoin to buy $25 worth of socks on Overstock today, and the price of bitcoin quadruples next week, I'll feel like those socks actually cost me $100. Then again, if bitcoin crashes, at least I'll always have the socks.
Rather than a currency, bitcoin is being treated more like an asset, with the hope of reaping great returns in the future.
So is there anything truly valuable about bitcoin?
Yes, the technology behind it.
Bitcoin is built on the blockchain, a public ledger containing all the transaction data from anyone who uses bitcoin. Transactions are added to "blocks" or the links of code that make up the chain, and each transaction must be recorded on a block.
Even bitcoin critics like Dimon have said they support the use of blockchain technology for tracking payments.
Is there a legal and legitimate way to invest in bitcoin?
Bitcoin exchanges have a checkered history. Mt.Gox, once the largest exchange, shut down in 2014 after losing hundreds of millions of dollars worth of bitcoin after a hack.
Today, the leading exchange is offered by Coinbase, a startup that has raised more than $200 million from a number of top tier venture capital firms. Square ( SQ ) , the payments service, is also rolling out a bitcoin product.
There are also bitcoin ATMs in scattered bodegas and convenience stores around the country, through companies like Coinsource. The ATMs let you exchange bitcoin for cash, or vice versa by scanning a QR code from the digital wallet application on your phone.
With Coinbase, you must first give the app permission to connect to your bank account. As with other stock trading applications, you pay a small fee for each transaction, buying and selling. But the transaction can take significantly longer.
My original $100 bitcoin purchase won't officially be completed on Coinbase until Friday, more than a week after the transaction. The price I bought it at remains the same, but I won't be able to sell at the earliest until Friday.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:38 pm
What is Bitcoin?
Bitcoin is an interesting form of currency that arose to address economic problems related to Centralized Currency. Because Bitcoin is not a physical form of currency, it can be a bit difficult to wrap your brain around how it works. It's really quite simple.
Bitcoin is a form of digital currency that was founded during the financial crisis in 2009. In September of 2008, Lehman Brothers filed for the largest bankruptcy in history. The collapse of this giant kicked off a global financial crisis. A few months later, Bitcoin was born. As a basic explanation, Bitcoin is bank-free internet money.
How does Bitcoin work?
Unlike the Dollar, the Euro, the Yen, and other forms of Centralized Currency, Bitcoin is classified as a Decentralized Currency. The standard currencies that define our modern economy are centralized in banks and controlled by the government (leading to the designation of Centralized Currency). There is no bank or central authority governing Bitcoins. Bitcoins are controlled by a network of users who control and verify the monetary transactions.
Even though Bitcoin seems very unlike the forms of currency you are used to, it still functions just like the money people use every day. You give your Bitcoin to someone and they, in turn, give you goods or services. You can sell your lawnmower to your neighbor for a Bitcoin, just like you would sell it for physical currency.
One huge advantage associated with Bitcoin is the fact that it is not centralized and not based on a native currency. Currently, your money is controlled by the country you live in.
For example, if you live in the United States but you want to sell your lawnmower to someone in Japan, you can't sell it for a Japanese Yen because the United States uses dollars. But Bitcoin is a world-wide currency. If someone in the United States buys something from a Japanese seller and pays with Bitcoin, there is no conversion rate, no bank delay, and no bank fee.
The money is sent instantly and there are no attached fees. Bank closed? Banking hours are irrelevant with Bitcoin because there is no bank controlling your money. When we eliminate banks and are able to send a single form of payment regardless of geographical location, we truly create a global economy.
After you buy your goods or services using Bitcoin, you are done. You've made your purchase and you can go about your day. However, what happens after your transaction is what really sets Bitcoin apart from Centralized Currencies.
Your transaction, and every other Bitcoin transaction, is logged and recorded in what's called a Blockchain. The Blockchain is a publicly recorded ledger of all Bitcoin transactions. At this point, other Bitcoin users who are referred to as miners, verify each and every transaction in the Blockchain.
The anonymity of Bitcoin.
There is some concern over the anonymity of Bitcoins. Many initially believed it to be an way to pay for goods or services that could not be linked to individuals. However, with the trial of Ross Ulbricht, this has proven to be a false assumption. Ulbricht was arrested for selling drugs and using Bitcoin for the transactions.
Every transaction is recorded in the Blockchain. While the main goal of tracking Bitcoin transactions is to prevent counterfeiting, it also makes the details of your deal a matter of public record. If your Bitcoin address can be traced to you, then your transactions are not anonymous.
When the miner verifies a specified number of transactions, they get paid with newly created (or minted) Bitcoin. This process is how Bitcoins stay secure and how Bitcoins get added to circulation. This process works in the same way that the United States Mint uses to print money to add Dollars into circulation. There are currently over 16 million Bitcoins in circulation. As more Bitcoins are added to circulation, the creation rate is decreased. The number of Bitcoins in circulation is expected to never exceed 21 million, due to this decreasing creation model.
Time to go convert your paychecks to Bitcoin? Maybe not yet. There are several retailers and websites that do accept Bitcoin (Overstock.com, Subway, and Whole Foods are a few examples), but most businesses have not signed up yet.
One issue with Bitcoin, versus other currencies, is that Bitcoin is worth only what people are willing to pay for it. Bitcoins are not backed up by other commodities like gold, so the Bitcoin value has been known to fluctuate a great deal. In late 2009, a Bitcoin was worth around five cents. Today, it fluctuates between two and three thousand dollars. The debate continues to rage over whether Bitcoin will catch on as the prominent form of currency.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:39 pm
What Is Bitcoin? Is It Legal Money? What Could Happen To Bitcoins In 2017?
A layman's guide to bitcoin!
Short Bytes: Bitcoins, a form of digital currency that operates on the principles of cryptography, has lately come under the scanner of the authorities throughout the world. So, it's become necessary to know what are Bitcoins, how it works, the legal status of Bitcoins as well as what holds in the future of Bitcoins.
I n the year 1976, F.A Hayek, in his book "The Denationalisation of Money," propagated the establishment of competitively issued private money. In the mid-70s, what seemed like a farfetched idea was conceived by yet another Economist in the year 1999. Milton Friedman, an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences, predicted of time where internet, (still in a nascent stage then) would help abolish the role of a government and evolve a currency free from the shackles of the government control. Less than ten years later the prophecy came true when Satoshi Nakamoto, a Japanese, invented a form of cryptocurrency called "Bitcoin." The origin of Bitcoins can be traced to the aftermath of the global recession and money crisis of 2008 that shook the whole world economy.
What is bitcoin? How does it work?
In the simplest form, Bitcoins can be described as a "Peer to Peer Electronic cash system." Bitcoins can be used as a method of payment for numerous goods and services and for simple transactions like purchasing vouchers, paying bills, etc. In different jurisdictions, Bitcoins are treated as a property, currency, virtual asset, good, security or commodity for the purpose of trading on a stock exchange or commodity exchange.
Essentially Bitcoin is a cryptocurrency, i.e., it operates on the principles of cryptography to manage the creation of Bitcoins and securing the transactions. Cryptocurrencies are managed by private parties, without the need for a government authority to monitor the currency system. The currency has been designed in a way that the number of total units of Bitcoins in circulation will always be limited. Going by the pace at which Bitcoins are being minted, the last unit will be mined around the year 2140.
Also Read: What Is The Difference Between Deep Web, Darknet, And Dark Web?
The cryptocurrencies essentially work on the Blockchain system. A Blockchain is a public ledger of Bitcoins that is designed to record all the transactions. The chronological order of Blockchain is enforced with cryptography and each new ledger update creates newly minted Bitcoins. This is designed in a way that Bitcoin wallets can calculate their total balance and new transactions can be verified. The integrity and the chronological order of the block chain are enforced with cryptography.
The buyer and seller can enter into transactions by using their Bitcoin wallets that are secured by a secret piece of data called, a "Private key." The key is used to authorise the transactions by the owner of the wallet, and cannot be normally tempered by anyone, once it is issued. The transactions are performed by adding the Bitcoin wallets on an exchange, acting as a facilitator for sale and purchase of Bitcoins. All transactions are displayed between the users and usually begin to be confirmed by the network through a process called "Mining." It is essentially the process of creating new Bitcoins out of the total Bitcoins that are designed to be "Mined" using computers. The transactions transfer the value between the users and get recorded in the Blockchain, ensuring that each transaction is valid.
Is Bitcoin legal money?
The legality of Bitcoins is controversial, while some jurisdictions have express laws and regulations to deal with Bitcoins, others still fall in gray areas. As per a recent bill in Japan, Bitcoins and other virtual currencies have been given legal recognition and are accepted as a mode of payment. While in China, trading in Bitcoins come under the regulatory restrictions imposed by People's Bank of China.
In the U.S.A, different states have adopted varying approaches to Bitcoins. Recently a U.S Magistrate in the state of New York ruled that Bitcoins are not money, while a contradictory stance was taken by a judge in Manhattan, who ruled that bitcoins are acceptable means of payment. The Internal Revenue Service in the United States, defines bitcoin as property rather than currency for tax purposes. The U.S. Treasury, by contrast, classifies bitcoin as a decentralised virtual currency.
In Russia, reportedly, Bitcoins may soon be regulated in a bid to tackle money laundering, though, in the past, Russia has expressed its displeasure with Bitcoins and other cryptocurrencies. In India, as of now, no regulations have been framed by either Reserve Bank of India or Securities and Exchange Board of India, the two contenders, for the purpose of drafting regulations pertaining to Bitcoins and acting as a watchdog.
In India, who ultimately acts as a regulatory authority can only be dec > After the demonetization drive in India, the demand for Bitcoin has more than doubled in less than two months. The Indian government has reportedly set up an inter-disciplinary committee to regulate the Bitcoins amidst the apprehensions that the black money hoarders may have invested into Bitcoins.
Bitcoin trends in 2017.
Bitcoins are extremely volatile in nature. While the future trends for Bitcoins can't be predicted with utmost certainty, as per a report published on Forbes, the market is set to show strong waves in the favor of cryptocurrencies, as predicted by a crypto market intelligence startup. As per the latest position, The 24-hour average rate of exchange across USD Bitcoin markets is US$1184.87, the 7-day average is US$1204.85, and the 30-day average is US$1080.26 confirming only the volatility of Bitcoins.
There are possibilities that some countries may introduce an Exchange Traded Fund (ETF) to make Bitcoin Trading easier and accessible. While a similar application to create an ETF has been rejected by The US Securities and Exchange Commission (SEC), the chances of other countries adopting it are not bleak. Currently, sale and purchase of Bitcoins is a multi-step process. Creating an ETF would make it possible for the investors to buy Bitcoins through the stock market.
Further, In the future Blockchains, the underlying technology to Bitcoins may bring revolution in the music industry. Cryptography could transform the music industry by using Blockchain ledgers. As per reports, an attempt is being made to bring music distribution under the cryptography. This can be done by adding the music to blockchain and letting the users distribute the music by paying a sum. This can also bring down music piracy.
To sum up the discussion, it can be said that while Bitcoins may not replace the "Fiat Currency" anytime soon, but there has been a phenomenal growth in the acceptance of cryptocurrencies around the world. While the investors may still be reluctant to invest in Bitcoins, given the high risks associated with it, the demand for Bitcoins has grown manifold. In the end, it could be argued that a good legal and regulatory framework for Bitcoins would help the investors decide the viability of Bitcoins in the long run.
Did you find this story on Bitcoin and its 2017 trends interesting? Don't forget to share your views.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:39 pm

What Is Bitcoin Cash and What Does it Mean in 2019?
All hail Bitcoin, the global peer-to-peer decentralized, digital currency system based on blockchain technology.
Burgeoning in size and scope, Bitcoin now has its own form of currency capital: Bitcoin Cash. The new digital currency, created after an intra-crypto-family squabble, seeks to put Bitcoin on the same economic turf as major traditional global currencies like the dollar, yen and pound.
Does Bitcoin Cash have staying power? That's likely so, even though Bitcoin Cash has had a short and volatile history, but is making up ground fast among digital currency users.
To Know Bitcoin Cash, You First Must Know Bitcoin.
Bitcoin Cash was spawned by Bitcoin, which originates from the cryptocurrency world.
It was originally introduced in 2009 by a blockchain group or individual (10 years later, nobody is entirely sure) named Satoshi Nakamoto. Around that time, the Nakamoto alias published a groundbreaking report on cryptocurrencies called the "Bitcoin Whitepaper."
In laying out the framework for Bitcoin, the report introduced the cryptocurrency as "a purely peer-to-peer version of electronic cash, which would allow online payments to be sent directly from one party to another without going through a financial institution."
By establishing a "virtual" currency that provides a fast, inexpensive form of digital payments in lieu of using a traditional form of currency commerce, like banks or credit unions, Bitcoin was making a big statement. In doing so, Satoshi Nakamoto was taking direct aim at the central governments around the globe that controlled the flow of cash to regular people.
Bitcoin was created to disrupt the financial industry's currency model.
After growing slowly but steadily in its first several years, Bitcoin skyrocketed between August 2016 and August 2017. It soared from $572 per Bitcoin to more than $4,700 in that time frame. By the end of the year, Bitcoin accelerated upward to $13,800 before eventually cresting $19,000 each.
Bitcoin plummeted to around $5,000 in late 2018 and is around $8,000 today.
Even with the decline in value in 2018, Bitcoin has comprised 34% of all the globe's cryptocurrencies since then.
One Bitcoin Cash = $456, as of the end of May 2019.
What Is Bitcoin Cash?
Bitcoin Cash is a variance of Bitcoin. It's date of birth was some time in August 2017, when Bitcoin backers created the cash version to increase the speed of cryptocurrency transactions, but with lower fees than traditional banks.
Aside from fees, Bitcoin backers regularly complained about the cryptocurrency's scalability issues, which they believed constrained the growth of Bitcoin just as the public was warming to the idea of using cryptocurrencies instead of cash as a form of payment.
The problem with Bitcoin's scalability is that it wasn't up to the task, size wise. In cryptocurrency technical terms, Bitcoin was limited in size to just one megabyte (i.e., a million bytes, or 1MB.)
Basically, when more and more individuals are trading in Bitcoins and triggering larger transaction sizes in the process, limiting Bitcoin's size to a single MB held back the cryptocurrency's growth. The transactions weren't being completed fast enough - that was one of the primary goals when Bitcoin was introduced 10-years ago.
The resulting delays in transaction times and the lower number of transactions that actually cleared the Bitcoin network meant Bitcoin developers had to go in another direction - and that's where Bitcoin entered the picture.
Here's what happened and how Bitcoin Cash was set in motion.
The rising number of bitcoin community members (called "miners" by cryptocurrency enthusiasts) called for larger block sizes, but were rebuffed by bitcoin hardliners, who wanted the traditional block transaction sizes left largely in place.
In August 2017, the dissenting Bitcoin miners left to form their own cryptocurrency model, called Bitcoin Cash. The split was controversial among Bitcoin enthusiasts, but the so-called "hard forkers" (named so as the group "split off" from traditional Bitcoin) ultimately prevailed, as Bitcoin Cash began to thrive as a new currency.
Bitcoin Cash, once it was developed and put into commercial use (we'll spare you the onerous technical details), boosted its blockchain size from 1MB to 8MB to now 32MB, making it more streamlined. This led to the creation of its own transactions market. It also has led to the creation of competing higher-block Bitcoin models, including one from the original developers of Bitcoin.
That "per block" upgrade gave Bitcoin Cash users the same transactional power that the leading credit card and online payment systems deliver, thus leveling the payments playing field and giving Bitcoin renewed viability.
Where Can Bitcoin Cash Be Used?
Merchants have been slow to accept Bitcoin Cash but the fledgling currency is now widely available on major cryptocurrency exchanges.
As more exchanges make room for Bitcoin Cash, crypto experts anticipate that the new currency will grow in usage among commercial enterprises. That day has not yet come, for now, as Bitcoin Cash is largely walled off from major consumer and business currency usage.
We say "largely" as industry figures show that as of May 2019, 945 online companies do accept Bitcoin Cash, according to AcceptBitcoin.Cash. Higher profile retailers like Dish Network (DISH - Get Report) , Overstock.com (OSTK - Get Report) and Newegg are accepting Bitcoin Cash to better handle customer cryptocurrency payments.
Given the fact there are hundreds of thousands of online merchants operating in the U.S., 945 isn't a big number, but it is a number that's expected to rise in the coming years, as Bitcoin Cash grows in acceptance.
How Can I Obtain Bitcoin Cash?
There are several effective ways to get your hands on Bitcoin Cash. Here are the "top of the list" ways to do so:
You Already Own Old Bitcoins.
Prior to the Bitcoin miners' hard-fork split from traditional Bitcoin in August 2017, you may have owned Bitcoins. That matters, as any Bitcoins owned prior to Aug. 1, 2017, are deemed as Bitcoin Cash, and can be claimed as such, as long as the Bitcoin wasn't held on an exchange on that date.
Purchase Bitcoin Cash.
There are a growing number of cryptocurrency exchanges where Bitcoin Cash is available, including Coinbase, Bitfinex and Kraken.
From Bitcoin Wallets.
A growing number of Bitcoin wallets have made Bitcoin Cash available, including the traditional Bitcoin Wallet, Ledger and Trezor.
The Takeaway on Bitcoin Cash.
The development of Bitcoin Cash has led to other efforts, including from Bitcoin itself, to increase the size of Bitcoin blocks and generate faster and less expensive transaction fees.
That's a good sign and also a nod to Bitcoin Cash, which has forced the major cryptocurrencies to raise their game and give cryptocurrency users what they want - a Bitcoin currency that makes it easier and faster to move Bitcoin around. It also gives banks a run for their money - literally - at the same time.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:39 pm
What is Bitcoin?
Might be you are new in this crypto space or maybe you just heard about crypto and btc a few weeks ago and felt like it's too late to get in the game? No worries, I have gathered all the necessary information and represented in the form of detailed guide.
Basically, Btc appears different to different people. For a few, it is a future of freely moving currency linked to any central bank. Whereas for others, it is a purely digital entity of questionable value and uncertain origin.
What Is Bitcoin?
Bitcoin is a cryptocurrency or a digital currency which is used and distributed electronically. It is a decentralized peer-to-peer network. No single institution or person controls it. The coin uses protocols of cryptography for regulation and generation of units of currency. Btc falls under the top cryptocurrency and it was first most valuable coin among them.
Who Created Bitcoin?
The term bitcoin was first introduced in a white paper in 2008 by Satoshi Nakamoto.
The creator of Btc is still unknown. Basically, Satoshi Nakamoto is a pseudonym that may represent a person or a team.
It sounds weird, right? But yes!! It's true, the world knows only one name behind this revolutionary cryptocurrency i.e. btc. There is no exact information about the founder of Btc. It's still a mystery whether Satoshi Nakamoto is the name of individual or group.
The basic idea behind Btc came to light when peer-to-peer networking and cloud computing emerged in data storage and management. Previously, the security and maintenance of such networks were handled by huge corporations which were looking to make a profit. Bitcoin's documentation, on an abstract level, was a proposal to transfer the maintenance work and security to external, anonymous crowd contributors. And thus, bringing about a decentralized and democratic shift in these industries.
How Does Bitcoin Work?
Now, when you know what is bitcoin? You might be eager to know how exactly the coin works. Well, here you go... Let me elaborate in a simple and easy way!!
So, each BTC is basically a computer file which is stored in a digital wallet app on a computer or smartphone. You can send BTC to your digital wallet, and/or you can send BTC to other people. Normally, every single transaction is recorded in a public list called blockchain. Thus, this helps in tracing the history of Btc to stop people from spending coins they do not own, making copies or undoing transactions.
How To Earn Bitcoin?
Here are the top 2 accepted ways to earn bitcoin.
Trading: One of the quick and simplest ways you to earn btc is by trading it on an exchange. Basically, you're trying to purchase Btc when its price is low and sell it when the price increase.
Affiliate programs: One of the most overlooked ways to earn Btc is by promoting various affiliate programs. Basically, affiliates are people who promote certain business for free but receive a commission if they manage to bring in paying customers. Many Bitcoin exchanges, products, and services have an affiliate program in which you can enroll.
Owning a faucet: While participating in a faucet you might not earn, instead of owning your own faucet is profitable. At present, you can build a cryptocurrency faucet quite easily and earn btc from selling ads on your site.
Gambling: An obvious way to increase your crypto wealth is by gambling it using one of the various Btc casinos out there. But before entering make sure the casino you are using is probably fair.
Anyways, there are plenty of ways to earn bitcoins. Now you know how to get Bitcoin. Next, all you need to do next is decide which way is best for you. Choose a service that you feel comfortable using.
Bitcoin Transactions.
Well, when you earn a few bitcoins, it is very much necessary to understand how to transfer it or how exactly the btc transaction works.
Here are a few simple steps which help you understand the entire process.
First and foremost, you need a btc address which is basically a sequence of numbers, letters and a private key. The address is public but the private key is secret. Public Cryptographic Key: It refers to your account number. The way someone would send money to your bank account via your account number. Similarly, your public cryptographic key is the information you give to the sender to receive cryptos to your wallet. Private Cryptographic Key: It is the key which allows you to spend your Bitcoins and other cryptocurrencies. If someone has access to it, they can easily steal your btc. You need to send your bitcoin address to the sender who then signs a transaction using his or her private key. The sender will then send bitcoins to the btc network for verification. Once the transaction is verified, it is recorded in the blockchain or ledger as your balance increases.
How To Create Bitcoin?
New bitcoins are created through a decentralized process called " Bitcoin mining". Bitcoin miners are securing the network using specialized hardware and are collecting new bitcoins in exchange by processing transactions. The Btc protocol assures new btc are created at a fixed rate, making the process of bitcoin mining a competitive business.
How To Invest In Bitcoin?
If you are ready and excited to purchase Btc, Here are the necessary components to start investing in Bitcoins:
An exchange or website to buy Btc A wallet where you can store Btc.
These two are the main entities to get started with. You need to understand and research about the wallet or exchange before you invest, or you might fall prey to some scam, resulting in a loss.
Well, the process to invest in btc is quite simple. Here you go...
Initially, you need to quickly sign up for with appropriate exchanges and transfer money from your bank account to purchase Bitcoins. However, few exchanges offer an app that acts as an exchange and a wallet. Through the app, you can both buy and trade Bitcoins as well as store them. If you use the Coinbase exchange, it doesn't mean you have to use the Coinbase digital wallet. You can opt for any wallet of your choice. Once you sign up in an exchange, you can notice a buy section. Select the amount of btc you want to buy. However, you can buy less than one Bitcoin on these exchanges. Bitcoin can be div >Btc with a credit card, bank transfer, or even cash. Later, to store Btc, you need a wallet. If you search online for Btc wallets, you come across plenty of options. Make sure you choose a best and trustworthy wallet by checking the reviews and comparing different Wallets.
How To Store Your Bitcoins?
With the emergence of BTC and other cryptocurrencies, hackers see new potential for thefts. So if you're just getting into bitcoin, you're probably worried about storing your btc in a safe and secure way. So, How do you keep your digital investments safe?
Here are the best ways to store your bitcoins.
Exchange platform: Here, you trade money for cryptocurrencies such as Bitcoin, Ethereum, or Litecoin. You can also trade one cryptocurrency for another. Wallet platform: Basically, it's a bank account where you can store your cryptocurrencies. Hard wallet: It's an offline wallet that is not linked to a network.
Advantages of Bitcoin.
Private and Anonymous: Bitcoin purchases are anonymous. Unless a user voluntarily discloses his Btc transactions, his purchases are not linked to his personal identity. However, the anonymous Btc address generated for user purchases changes with every transaction.
Very Low Transaction Fees: Compared to another digital payment mode, like PayPal and credit cards, Bitcoin comes with lower transaction fees. Though the fees are variable, it's rare for a Btc transaction to cost more than 1% of its value.
Control and Security: As personal information is kept hidden from hackers, Btc protects against identity theft. It can be encrypted and backed up to ensure the safety of your money.
Quick payments: Transfering bitcoins across the globe is as easy. Unlike traditional banking, there is no need to wait 2-3 business days, no extra fees for making an international transfer, and no special limitations on the minimum or maximum amount you can send.
No Third-party Interruptions: Banks, Governments, and many other financial intermediaries have no rights to interrupt user transactions or freeze Bitcoin accounts. However, The system is peer-to-peer, users can experience a great degree of freedom than national currencies.
The Future Of Bitcoin.
So what's next for Bitcoin? As outlined before, it has huge benefits and for this reason, it will remain relevant as a currency. However, it is evident that Bitcoin is gaining lots of hype around the globe. Btc is under frequent development and implementation. The future roadmap has some interesting concepts that shall prove vital to the sustainability of the network and its narrative direction.
One of the major trends to watch closely over the coming years is the development of Bitcoin's Lightning Network. This development could allow Bitcoin to operate as a P2P payment system and high-value settlement layer concurrently.
Bitcoin, and its operational technology, the blockchain, have a future in the world markets. Moreover, Btc experts claim that this is never going to be an issue since Bitcoin was the pioneer and as such enjoys first-mover privilege.
Conclusion.
By now, Bitcoin has emerged as one of the most innovative technologies in modern space. Bringing with it an entire industry, Btc has released a movement towards sound money, enhanced privacy, and censorship-resistance from coercive authorities.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:40 pm
Bitcoin Mining Guide - Getting started with Bitcoin mining.
Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot.
How Bitcoin Mining Works.
Before you start mining Bitcoin, it's useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second.
The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions val />
Step 1 - Get The Best Bitcoin Mining Hardware.
Purchasing Bitcoins - In some cases, you may need to purchase mining hardware with bitcoins. Today, you can purchase most hardware on Amazon. You also may want to check the bitcoin charts.
How To Start Bitcoin Mining.
To begin mining bitcoins, you'll need to acquire bitcoin mining hardware. In the early days of bitcoin, it was possible to mine with your computer CPU or high speed video processor card. Today that's no longer possible. Custom Bitcoin ASIC chips offer performance up to 100x the capability of older systems have come to dominate the Bitcoin mining industry.
Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. Several companies such as Avalon offer excellent systems built specifically for bitcoin mining.
Best Bitcoin Cloud Mining Services.
Another option is to purchase in Bitcoin cloud mining contracts. This greatly simplifies the process but increases risk because you do not control the actual physical hardware.
Being listed in this section is NOT an endorsement of these services. There have been a tremendous amount of Bitcoin cloud mining scams.
Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.
Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.
Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.
Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.
Minergate Review: Offers both pool and merged mining and cloud mining services for Bitcoin.
Hashnest Review: Hashnest is operated by Bitmain, the producer of the Antminer line of Bitcoin miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing and availability on Hashnest's website. At the time of writing one Antminer S7's hash rate can be rented for $1,200.
Bitcoin Cloud Mining Review: Currently all Bitcoin Cloud Mining contracts are sold out.
NiceHash Review: NiceHash is unique in that it uses an orderbook to match mining contract buyers and sellers. Check its website for up-to-date prices.
Eobot Review: Start cloud mining Bitcoin with as little as $10. Eobot claims customers can break even in 14 months.
MineOnCloud Review: MineOnCloud currently has about 35 TH/s of mining equipment for rent in the cloud. Some miners available for rent include AntMiner S4s and S5s.
Bitcoin Mining Hardware Comparison.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:40 pm
What is Bitcoin?
Bitcoin is both a digital currency as well as a decentralized payment network that enables anyone in the world to send and receive money instantly with practically no transaction fees.
Why would I need Bitcoin?
Everyone requires some method of storing value. Most people opt for a savings account or simply storing money in the bank for a rainy day. The issue here is with inflation; your money is constantly being devalued at an unprecedented rate! With Bitcoin, the USD equivalent can change - but you will always know that only 21 Million Bitcoin will ever be in existence. Compare this to USD which prints off more and more money every year.
Where is Bitcoin accepted?
Thousands of merchants are using Bitcoin right this very moment. Merchants love Bitcoin because they are guaranteed to receive the funds when they accept a payment - unlike with Credit and Debit Cards which can have chargebacks tied to the payments. What this means for you is that merchant adoption is on the rise. Soon almost every company you can imagine will be using Bitcoin - and a lot of them already are.
Where do the Bitcoins come from?
Bitcoins are generated via "bitcoin miners". A miner is someone who is using computer power to try and solve increasingly difficult math problems. Every 10 minutes 25 Bitcoins are given as a reward to whichever "bitcoin miner" solves the math problem. Most of the time this reward goes to a pool of hundreds if not thousands of miners which is split up equally among the group based on the computer power they bring to the group.
How can I mine Bitcoins?
You can join one of the many bitcoin mining pools. If you want to do it seriously you will want to buy a bitcoin miner. For as little as $25 you can buy a small USB stick miner to plug into your computer to start mining. Or you can research the much larger options which get up into the thousands of dollars. Make sure you do your research, bitcoin mining requires a lot of electricity and plenty of technical know-how.
Where do I buy Bitcoin?
If you are living in the United States you can check out Coinbase, but there are literally dozens of other options out there. You can even find people locally to buy bitcoins from at LocalBitcoins. Doing a quick google search will net you loads of results, just make sure to do your research on reviews and such.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:40 pm
What is Bitcoin Mining?
Bitcoin Mining Hardware Comparison.
Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:
AntRouter R1.
5.5 Gh/s 50W 1.0 pounds Yes 0.00001058.
Antminer S9.
13.5 Th/s 0.1 J/GH 16 pounds Yes 0.3603.
BPMC Red Fury USB.
2.5 GH/s 1.00 W/GH 1.6 ounces Yes 0.00006672.
Overview - Table of Contents What is Bitcoin Mining? Technical Background Bitcoin Mining Hardware Bitcoin Mining Software Bitcoin Cloud Mining Mining Infographic What is Proof of Work? What is Bitcoin Mining Difficulty? Other Languages.
Before we begin.
Before you read further, please understand that most bitcoin users don't mine! But if you do then this Bitcoin miner is probably the best deal. Bitcoin mining for profit is very competitive and volatility in the Bitcoin price makes it difficult to realize monetary gains without also speculating on the price. Mining makes sense if you plan to do it for fun, to learn or to support the security of Bitcoin and do not care if you make a profit. If you have access to large amounts of cheap electricity and the ability to manage a large installation and business, you can mine for a profit.
If you want to get bitcoins based on a fixed amount of mining power, but you don't want to run the actual hardware yourself, you can purchase a mining contract.
Another tool many people like to buy is a Bitcoin debit card which enables people to load a debit card with funds via bitcoins.
What is Bitcoin mining?
Bitcoin mining is a lot like a giant lottery where you compete with your mining hardware with everyone on the network to earn bitcoins. Faster Bitcoin mining hardware is able to attempt more tries per second to win this lottery while the Bitcoin network itself adjusts roughly every two weeks to keep the rate of finding a winning block hash to every ten minutes. In the big picture, Bitcoin mining secures transactions that are recorded in Bitcon's public ledger, the block chain. By conducting a random lottery where electricity and specialized equipment are the price of admission, the cost to disrupt the Bitcoin network scales with the amount of hashing power that is being spent by all mining participants.
Technical Background.
During mining, your Bitcoin mining hardware runs a cryptographic hashing function (two rounds of SHA256) on what is called a block header . For each new hash that is tried, the mining software will use a different number as the random element of the block header, this number is called the nonce . Depending on the nonce and what else is in the block the hashing function will yield a hash which looks something like this:
You can look at this hash as a really long number. (It's a hexadecimal number, meaning the letters A-F are the digits 10-15.) To ensure that blocks are found roughly every ten minutes, there is what's called a difficulty target . To create a valid block your miner has to find a hash that is below the difficulty target. So if for example the difficulty target is.
any number that starts with a zero would be below the target, e.g.:
If we lower the target to.
we now need two zeros in the beginning to be under it:
Because the target is such an unwieldy number with tons of digits, people generally use a simpler number to express the current target. This number is called the mining difficulty . The mining difficulty expresses how much harder the current block is to generate compared to the first block. So a difficulty of 70000 means to generate the current block you have to do 70000 times more work than Satoshi Nakamoto had to do generating the first block. To be fair, back then mining hardware and algorithms were a lot slower and less optimized.
To keep blocks coming roughly every 10 minutes, the difficulty is adjusted using a shared formula every 2016 blocks. The network tries to change it such that 2016 blocks at the current global network processing power take about 14 days. That's why, when the network power rises, the difficulty rises as well.
Bitcoin Mining Hardware.
In the beginning, mining with a CPU was the only way to mine bitcoins and was done using the original Satoshi client. In the quest to further secure the network and earn more bitcoins, miners innovated on many fronts and for years now, CPU mining has been relatively futile. You might mine for decades using your laptop without earning a single coin.
About a year and a half after the network started, it was discovered that high end graphics cards were much more efficient at bitcoin mining and the landscape changed. CPU bitcoin mining gave way to the GPU (Graphical Processing Unit). The massively parallel nature of some GPUs allowed for a 50x to 100x increase in bitcoin mining power while using far less power per unit of work.
While any modern GPU can be used to mine, the AMD line of GPU architecture turned out to be far superior to the nVidia architecture for mining bitcoins and the ATI Radeon HD 5870 turned out to be the most cost effective choice at the time.
As with the CPU to GPU transition, the bitcoin mining world progressed up the technology food chain to the Field Programmable Gate Array. With the successful launch of the Butterfly Labs FPGA 'Single', the bitcoin mining hardware landscape gave way to specially manufactured hardware dedicated to mining bitcoins.
While the FPGAs didn't enjoy a 50x - 100x increase in mining speed as was seen with the transition from CPUs to GPUs, they provided a benefit through power efficiency and ease of use. A typical 600 MH/s graphics card consumed upwards of 400w of power, whereas a typical FPGA mining device would provide a hashrate of 826 MH/s at 80w of power.
That 5x improvement allowed the first large bitcoin mining farms to be constructed at an operational profit. The bitcoin mining industry was born.
The bitcoin mining world is now solidly in the Application Specific Integrated Circuit (ASIC) era. An ASIC is a chip designed specifically to do one thing and one thing only. Unlike FPGAs, an ASIC cannot be repurposed to perform other tasks.
An ASIC designed to mine bitcoins can only mine bitcoins and will only ever mine bitcoins. The inflexibility of an ASIC is offset by the fact that it offers a 100x increase in hashing power while reducing power consumption compared to all the previous technologies.
Unlike all the previous generations of hardware preceding ASIC, ASIC may be the "end of the line" when it comes to disruptive mining technology. CPUs were replaced by GPUs which were in turn replaced by FPGAs which were replaced by ASICs. There is nothing to replace ASICs now or even in the immediate future.
There will be stepwise refinement of the ASIC products and increases in efficiency, but nothing will offer the 50x to 100x increase in hashing power or 7x reduction in power usage that moves from previous technologies offered. This makes power consumption on an ASIC device the single most important factor of any ASIC product, as the expected useful lifetime of an ASIC mining device is longer than the entire history of bitcoin mining.
It is conceivable that an ASIC device purchased today would still be mining in two years if the device is power efficient enough and the cost of electricity does not exceed it's output. Mining profitability is also dictated by the exchange rate, but under all circumstances the more power efficient the mining device, the more profitable it is. If you want to try your luck at bitcoin mining then this Bitcoin miner is probably the best deal.
Bitcoin Mining Software.
There are two basic ways to mine: On your own or as part of a Bitcoin mining pool or with Bitcoin cloud mining contracts and be sure to avoid Bitcoin cloud mining scams. Almost all miners choose to mine in a pool because it smooths out the luck inherent in the Bitcoin mining process. Before you join a pool, make sure you have a bitcoin wallet so you have a place to store your bitcoins. Next you will need to join a mining pool and set your miner(s) to connect to that pool. With pool mining, the profit from each block any pool member generates is divided up among the members of the pool according to the amount of hashes they contributed.
How much bandwidth does Bitcoin mining take? If you are using a bitcoin miner for mining with a pool then the amount should be negligible with about 10MB/day. However, what you do need is exceptional connectivity so that you get any updates on the work as fast as possible.
This gives the pool members a more frequent, steady payout (this is called reducing your variance), but your payout(s) can be decreased by whatever fee the pool might charge. Solo mining will give you large, infrequent payouts and pooled mining will give you small, frequent payouts, but both add up to the same amount if you're using a zero fee pool in the long-term.
Bitcoin Cloud Mining.
By purchasing Bitcoin cloud mining contracts, investors can earn Bitcoins without dealing with the hassles of mining hardware, software, electricity, bandwidth or other offline issues.
Being listed in this section is NOT an endorsement of these services and is to serve merely as a Bitcoin cloud mining comparison. There have been a tremendous amount of Bitcoin cloud mining scams.
Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.
Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.
Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.
What is Bitcoin Mining?
Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.
Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function.
The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a "subsidy" of newly created coins.
This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.
Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities like gold are mined from the ground.
What is Proof of Work?
A proof of work is a piece of data which was difficult (costly, time-consuming) to produce so as to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements.
Producing a proof of work can be a random process with low probability, so that a lot of trial and error is required on average before a valid proof of work is generated. Bitcoin uses the Hashcash proof of work.
What is Bitcoin Mining Difficulty?
The Computationally-Difficult Problem.
Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network.
This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information.
The Bitcoin Network Difficulty Metric.
The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes.
As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless.
The Block Reward.
When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply or use a bitcoin mining calculator.
Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.
Thanks.
Blitzboom and the guys from #bitcoin-dev for their help with writing the guide!
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:41 pm
What is Bitcoin?
Bitcoin is an interesting form of currency that arose to address economic problems related to Centralized Currency. Because Bitcoin is not a physical form of currency, it can be a bit difficult to wrap your brain around how it works. It's really quite simple.
Bitcoin is a form of digital currency that was founded during the financial crisis in 2009. In September of 2008, Lehman Brothers filed for the largest bankruptcy in history. The collapse of this giant kicked off a global financial crisis. A few months later, Bitcoin was born. As a basic explanation, Bitcoin is bank-free internet money.
How does Bitcoin work?
Unlike the Dollar, the Euro, the Yen, and other forms of Centralized Currency, Bitcoin is classified as a Decentralized Currency. The standard currencies that define our modern economy are centralized in banks and controlled by the government (leading to the designation of Centralized Currency). There is no bank or central authority governing Bitcoins. Bitcoins are controlled by a network of users who control and verify the monetary transactions.
Even though Bitcoin seems very unlike the forms of currency you are used to, it still functions just like the money people use every day. You give your Bitcoin to someone and they, in turn, give you goods or services. You can sell your lawnmower to your neighbor for a Bitcoin, just like you would sell it for physical currency.
One huge advantage associated with Bitcoin is the fact that it is not centralized and not based on a native currency. Currently, your money is controlled by the country you live in.
For example, if you live in the United States but you want to sell your lawnmower to someone in Japan, you can't sell it for a Japanese Yen because the United States uses dollars. But Bitcoin is a world-wide currency. If someone in the United States buys something from a Japanese seller and pays with Bitcoin, there is no conversion rate, no bank delay, and no bank fee.
The money is sent instantly and there are no attached fees. Bank closed? Banking hours are irrelevant with Bitcoin because there is no bank controlling your money. When we eliminate banks and are able to send a single form of payment regardless of geographical location, we truly create a global economy.
After you buy your goods or services using Bitcoin, you are done. You've made your purchase and you can go about your day. However, what happens after your transaction is what really sets Bitcoin apart from Centralized Currencies.
Your transaction, and every other Bitcoin transaction, is logged and recorded in what's called a Blockchain. The Blockchain is a publicly recorded ledger of all Bitcoin transactions. At this point, other Bitcoin users who are referred to as miners, verify each and every transaction in the Blockchain.
The anonymity of Bitcoin.
There is some concern over the anonymity of Bitcoins. Many initially believed it to be an way to pay for goods or services that could not be linked to individuals. However, with the trial of Ross Ulbricht, this has proven to be a false assumption. Ulbricht was arrested for selling drugs and using Bitcoin for the transactions.
Every transaction is recorded in the Blockchain. While the main goal of tracking Bitcoin transactions is to prevent counterfeiting, it also makes the details of your deal a matter of public record. If your Bitcoin address can be traced to you, then your transactions are not anonymous.
When the miner verifies a specified number of transactions, they get paid with newly created (or minted) Bitcoin. This process is how Bitcoins stay secure and how Bitcoins get added to circulation. This process works in the same way that the United States Mint uses to print money to add Dollars into circulation. There are currently over 16 million Bitcoins in circulation. As more Bitcoins are added to circulation, the creation rate is decreased. The number of Bitcoins in circulation is expected to never exceed 21 million, due to this decreasing creation model.
Time to go convert your paychecks to Bitcoin? Maybe not yet. There are several retailers and websites that do accept Bitcoin (Overstock.com, Subway, and Whole Foods are a few examples), but most businesses have not signed up yet.
One issue with Bitcoin, versus other currencies, is that Bitcoin is worth only what people are willing to pay for it. Bitcoins are not backed up by other commodities like gold, so the Bitcoin value has been known to fluctuate a great deal. In late 2009, a Bitcoin was worth around five cents. Today, it fluctuates between two and three thousand dollars. The debate continues to rage over whether Bitcoin will catch on as the prominent form of currency.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:41 pm
What is Bitcoin?
Bitcoin is a digital currency; its creation and transfer is based on an open source protocol encryption network that is totally independent from any central authority. A Bitcoin can be transferred by a computer or a smartphone without the use of any intervening third party or intermediate financial institution. The concept was introduced in 2008 on a white paper published by a pseudonymous programmer named Satoshi Nakamoto, in what was defined as a peer-to-peer electronic payment system. The Network was turned on by Satoshi on the 3 rd of January 2009.
Bitcoin can be used for payments similarly to the dollar (or other currency). Due to the mathematical characteristics of Bitcoin, it has an immense potential due to its multi-divisible properties enabling micro values to be sent with virtually no cost. Bitcoin opens the door to many possibilities and services that have not been imagined.
Bitcoin is an efficient solution when it comes to tipping or making donations over the internet. Donations can be visible to the general public enabling a better financial solution and greater transparency for non-profit organizations. Also in Emergency situations such as natural catastrophes, donations in Bitcoin arrive faster to those in need thus reducing the international response time as well as being extremely effective as a frictionless way of value transfer.Though there are still very few initiatives, we can already see the first crowdfunding projects related to Bitcoin pop up more frequently.
Bitcoin allows pseudonymous transactions and transfer of property and other values. Bitcoins can be stored on a computer inside special software that stores the encrypted keys, or on an online wallet provided by third parties; in both cases Bitcoins can be sent over the Internet to anyone who has a Bitcoin address.
The p2p topology of the Bitcoin network and the absence of a central management entity make it impossible for any authority, government or institution, to control the distribution and issuance of Bitcoin.
How are Bitcoins created?
For the creation of this new virtual currency an open source program connects the peers along a network built specifically for this purpose. Unlike most currencies, Bitcoin is not dependent on trust in any centralized issuer; instead it is ruled by an encrypted complex mathematic algorithm which is the main building block of the protocol. Bitcoin uses a distributed database spread across nodes of this peer-to-peer network to record transactions, and uses encryption to provide basic security functions, such as ensuring ownership, and avoiding double spending.
Basically, all bitcoin transactions are recorded on a giant ledger shared by all the network users. When someone uses bitcoin to pay for something or get paid, the executed transaction is recorded on this public ledger. The machines running the bitcoin protocol algorithm then compete to confirm the transaction by solving complex mathematical equations, and once a block is processed the machines running it are rewarded for their effort. This process is widely known as Mining.
Mining Bitcoin.
When the network was launched by Satoshi in 2009, any computer connected to the network could effectively mine bitcoins. This was possible because there were too few people mining it and because the protocol made it to be that way. Bitcoin operates as a peer-to-peer network. This means that everyone connected to the network is helping to produce it. With paper money, governments decide when money is printed and how it will be distributed, but bitcoin is completely decentralized, it doesn't have any central government. Bitcoin is mined using special software to solve math problems. Miners run the software on their machines and are issued a certain amount of bitcoin in return. This provides a smart way to issue the currency and also creates an incentive for more people to participate. As more people participate in mining the more secure the network becomes. The Bitcoin Network automatically adjusts the difficulty of the math problems depending on how fast they are being solved. In the early days, bitcoin miners solved these difficult problems with regular desktops and laptops but soon new hardware for mining was introduced and the difficulty became harder and harder for regular desktops to keep up with mining.
"Bitcoin is completely decentralized it doesn't have any central government."
Bitcoin miners are rewarded by a new batch of Bitcoins about 6 times per hour which are distributed among miners according to their utilized computing power or "hash rate". Everyone has the opportunity to win their share while running the Bitcoin miner software program, or third party programs. The act of creating Bitcoins is usually entitled rmining because it has some similarities with gold mining. The probability of a certain user to gain a lot depends on the processing power that he contributes to the network in relation to the processing power of all the miners combined. The amount of Bitcoins generated by batch never exceeds 50, and this value is programmed to shrink every four years until it gets to 0, so that the total set amount of Bitcoins to ever be produced will never exceed 21 million.
All miners on the network compete for the first to find a solution to a cryptographic problem involving their candidate block, a problem that requires repeated trial and error to solve. When a node finds the solution, he announces to the other nodes in the network and claims a new batch of Bitcoins. Instead of individual mining, miners can also join in groups known as "pools" and collectively mine getting back faster payouts divided by chunks.
Where can I keep my Bitcoins?
Bitcoins can be saved in a Wallet. There is software for your computer, to your smartphone and even online wallets. The wallets will allow users to save their bitcoins and to execute transactions with an operation that is much similar to sending an email.
Users can install and run a wallet on their own machines. This is much safer than a hosted wallet because, but it also carries disadvantages. It depends on how good is your password and also it is entirely dependent of user's machine so if anything happens with the OS, the equipment or any hardware errors can compromise access to the stored Bitcoins. Since malware and viruses are constant threat, users should always have updated backups in offline devices.
Here is a small list of the bitcoin Wallet software we can recommend:
The installation process is quite simple and synchronization with the network takes only a few seconds.
There are also several applications for smartphones, but we can recommend Mycelium Wallet.
Users can also create an online wallet. There are several suppliers for this service, Blockchain, Coinbase, Coinkite, etc. It should be borne in mind regarding the credibility of the service as always we want a service that transmits security.
How to earn Bitcoin?
Bitcoins can be earned in many ways. They can be mined, bought, given, won, or earned as an exchange for services. The easiest way to get some bitcoins, although not the most effective, is through Giveaways or through the commonly known Faucets which offer small amounts of bitcoin from time to time.
Today, to mine Bitcoin with some profitability you would need to invest a good chunk to get things going, and in order to keep the growth you would have to keep the re-investment running throughout time. So if you're thinking in starting to mine we strongly advise you to do your own math. You can use Coinwarz to help you with that.
Bitcoin Faucets are sites that offer small amounts of bitcoin from time to time. Currently to get something significant through Faucets is nearly impossible because these faucets limit the amount given per bitcoin address.
Lastly, you can try and be on lookout for giveaways, not just Bitcoin giveaways but also other crypto currencies, since you can always turn them into bitcoin simply by using exchanges.
How/Where to buy Bitcoins?
You can buy Bitcoins in many ways. You can buy personally to someone a friend,or with the help of localBitcoins, or you can buy them through a Bitcin Exchange.
Localbitcoins - is a bitcoin shopping service that lets the user try to find people on his vicinities someone that wants to sell buy bitcoins and then both can agree to meet personally to do the business, or they can either use the escrow service provided by the Localbitcoins platform.
Bitcoins can also be bought at several Bitcoin exchanges: Kraken,BTC-e, Bitstamp, Bitfinex - There are several other operators but these are the most reliable and rated by the community. Once you manage to fund your account,it will be very simple to buy bitcoin through exchanges. Bitcoin Charts and the bitcoin price are managed by exchanges through the demand and supply bids made by their users.
There are also some companies that are specialized in selling bitcoin by accepting credit card payments and money transfers; however, we do not advise anyone to use this type of services because of the uncertainty of their correct behavior. Furthermore, we strongly advise anyone who is interested in dealing with bitcoins to have extra caution with security issues and before making any decision be certain that you have studied very closely this decision.
Bitcoin may be one of the most secure currencies ever invented but it also can be equally insecure. So, be sure to protect your Bitcoin assets the best way you can.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:41 pm
What is Bitcoin and can you still get rich with Bitcoin?
The popularity of cryptocurrencies are certainly on the rise, and Bitcoin is still king of the kill. We explain what it is, and how to mine it.
We explain how to mine Bitcoin on your PC, or up in the Cloud.
By Jim Martin | 02 Feb 2018.
Bitcoin is wildly confusing. And here's the bad news: the fact you're reading this now means you're late to the game, and it's going to be tough to turn a profit in Bitcoin mining. Nevertheless, if you want to try your hand at mining bitcoins, here we present the beginner's guide to generating bitcoins.
Following a dodgy patch in 2016, Bitcoin's value has recovered and actually surpassed the value of gold. Right now it's at £8,392.04, but yesterday hit an all time high of £8806.08(according to Coinbase).
But despite this Bitcoin is said to be under threat from several newer crypto-currencies, including Ethereum.
If you're finding yourself baffled as to what we're talking about, please let us explain.
Want to know how Bitcoin is taxed? Check out our article here.
What is Bitcoin?
Bitcoin is a digital currency that operates independently of a central bank. Encryption is used to regulate both the generation of Bitcoin units and the transfer of the currency.
If you're excited, check out our guide to buying Bitcoins as well as the best Bitcoin exchanges where you can invest them.
What is Bitcoin worth?
Without getting bogged down with the technicalities, the groups of computers in a Bitcoin pool are crunching numbers to mine a block. For every block mined, you get 25 coins.
On 4 December 2017 one Bitcoin is worth £8,392.04 .
It's crazy to think some analysts thought in 2015 that Bitcoin was doomed. Here's what prices looked like around two years ago:
Google's currency converter lets you check very quickly how much a Bitcoin is worth.
What are Bitcoin Futures?
As Bitcoin Futures get the go-ahead, Bitcoin's value is scoring sky-high and the UK government is calling for increased regulation of cryptocurrencies by expanding the reach of European Union anti-money-laundering rules. But what does all that mean?
Bitcoin Futures are contracts that balance the risk associated with volatile pricing by requiring users to agree to buy or sell a specific amount of Bitcoin once it reaches a predetermined price on a future date . In the US they will go live on Sunday evening (10 December), with the first full day of trading 11 December 2017.
If you buy a Bitcoin Futures contract, you buy the right to sell Bitcoin at a specific price. Meanwhile the seller agrees to accept the Bitcoin at that specific price on a future date. The buyer hopes to buy Bitcoin at a more favourable price; the seller hopes to fetch a higher price per Bitcoin on the settlement date.
Cboe President Chris Concannon told Bloomberg: "The launch of the futures will actually make the market healthier. It will create pricing equilibrium in the market. Clients who are holding Bitcoin now have no way to hedge their risk. These products allow them to hedge, and to take opposing views. More importantly, it brings a wave of regulatory oversight."
Can you get rich with Bitcoin?
As we mentioned in the introduction, these days it's difficult to turn a profit mining Bitcoin. But it has been known, especially for early adopters of the virtual currency.
For example, the Guardian reports on how a Norwegian man's $27 investment in Bitcoin turned into a $886,000 windfall four years later.
"Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory," reports the Guardian. At which point, they were worth a small fortune at $886,000.
Get started with Bitcoin mining and generate your own bitcoins.
Let's say you try and mine a block of bitcoins with just one home PC. This is a bad idea: the electricity costs will be higher than the money you make from any mined bitcoins and you may have to wait months - or longer - before you get any return. By joining a pool, you should get smaller payments more regularly.
However, you could still end up out of pocket even if you join a pool such as Slush's Bitcoin pool - one of the most popular ones. When a block is completed, you get a share based on the number of other 'workers' who helped mine the block. A fee - around 2 percent - will be deducted from this, and you could well earn only half the amount you've spent in electricity costs.
Of course, if you're able to run the mining software on a computer for which you don't pay the electricity bill, you might be quids in (but we don't recommend running it on your work PC!). If you want to mine Bitcoin on a Mac, on the other hand, bear in mind the advice of our colleagues at Macworld: How to mine Bitcoin on Mac.
Cloud Mining is another option to consider if you're stepping into this realm. Cloud Mining involves renting processing power in the Cloud (aka a data centre somewhere) and using it to mine Bitcoin. The benefits of this means you don't have to worry about running the rig yourself, so you're avoiding the electricity bills, additional heat, noise, hardware failures etc. However, you will be paying for this luxury so your profit margin will be that much more slim.
So, if you're still interested, here's a simple step-by step guide to getting started with Bitcoin mining:
Step 1. You'll need a 'wallet' to start with. This is a bit like a PayPal account where your bitcoins can be stored. You can store this wallet online, or locally on your PC. You'll need to download a large 'blockchain file' to use a wallet. For an online wallet, you might like to try coinbase.com. With a coinbase account, you can buy, use and accept Bitcoin currency.
Step 2. Join a pool, such as Slush's Bitcoin pool. There's always a danger that the pool owner might keep all 25 bitcoins when a block is mined, since the whole 25 coins are paid to one person: the pool owner.
You'll need to choose a trustworthy pool owner. Slush's pool was the first and has been operating since December 2010. By the site's own words, it has a "a long history of stable and accurate payouts".
Step 3. Install a Bitcoin 'miner' on your PC. There are two types: CPU and GPU. For beginners, Kiv's GUI miner is recommended. You can find out more about how to use Kiv's GUI miner here.
Step 4. Log into your Bitcoin pool account, and enter your wallet address. You will be able to get this by checking your wallet account which you created in step 1.
Step 5. Register your workers. Each worker is a sub-account within your Bitcoin pool account. You can have more than one worker running on each computer.
Step 6. Enter your worker credentials into your Bitcoin mining software, and then enter the main pool URL so your workers can start mining.
Note: We may earn a commission when you buy through links on our site, at no extra cost to you. This doesn't affect our editorial independence. Learn more.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:42 pm
What Is Bitcoin?
Everyone likes to talk about money. It's one of the world's favorite topics. One particularly interesting talking point has been the rise of a new form of electronic currency known as Bitcoin.
In this article, we will look at:
What is Bitcoin? Origins of Bitcoin The dark side of Bitcoin How to get into Bitcoin.
Bitcoin has been around for 10 years, but is just now breaking into mainstream recognition.
To provide some context, a survey by the Global Blockchain Business Council and Survey Monkey early in 2018 found that:
60% of US citizens had heard of Bitcoin - but only 5% owned it.
So what is Bitcoin? Well, it's a form of digital currency - often called cryptocurrency - that is created by solving a series of complex mathematical puzzles (mining), leading to the reward of a "coin" that carries a monetary value outside the traditional financial system.
Once it's created, the resulting Bitcoin can be transferred with or without a central authority, traded either via an exchange or peer-to-peer among individuals.
It can also be used for purchases at a growing number of retailers, airlines, art dealers, jewelers and food outlets.
Any transaction with Bitcoin is traced by the network of users along a blockchain, which consists of a growing list of records called blocks.
These contain information on transactions and are time-stamped. Individuals known as "miners" confirm each transaction. By confirming, they earn Bitcoin. These can then be sold, saved or used in transactions.
The blockchain can't be changed, and when a transaction is confirmed, it's added to the chain, providing a permanent record.
The Bitcoins created so far have ranged in value up to USD20,000 during their relatively short life, an incredible rise that has drawn all sorts of skepticism from the established financial industry.
But Bitcoin actually has its roots in some of the bedrock of our current financial system. The US stock market, now considered one of the most stable markets in the world economy, was somewhat stagnant when it was first created in the 1800s.
There were not a lot of people trading in the first few years, mainly because it seemed so risky. It was viewed as a way to lose your money.
Fast forward to today and stocks and bonds are considered a standard part of any financial portfolio, and the world economy eagerly awaits news of the reactions and prices on various stock exchanges around the world.
That's what Bitcoin is all about - opening up a new world of opportunity.
Where once location and social stratification and the economics of your region determined your financial fate, now globalization has provided, in the form of online engagement, decentralization, and e-commerce - new social elevators for everyone.
Cryptocurrency is a strong component of that vision, as it enables the artificial constraints of borders to melt away.
Some of the largest financial institutions in the world have explored Bitcoin and other altcoins, and many governments are deep in the weeds toward creating their own cryptocurrency. However, to date, Bitcoin remains the standard for cryptocurrency, and is the most valued of all the cryptocurrencies available.
Origins of Bitcoin.
The basis of Bitcoin is a technology known as blockchain. It is relatively new, having been spawned in a 2008 white paper titled Bitcoin:A Peer-To-Peer Electronic Cash System.
The paper's authorship was credited to someone named Satoshi Nakamoto, a person (or persons) who has never been identified, seen or heard from much beyond the white paper and a few interactions in emails and online forums.
This has led to all sorts of authorship claims, and not a little speculation as to whether Satoshi really exists, or is a made-up name by a group of computer scientists.
In the white paper, Satoshi talked about a decentralized system, something that no one controls. This technology records information in a public space and doesn't allow anyone to change it or remove it.
It's transparent, time-stamped and decentralized, making the information immutable. Think of it as a ledger that preserves information without any interference from third parties.
What really excited people about blockchain's advent was the ability to create Bitcoin, a digital coin that could be created by solving complex encrypted mathematical formulas. In essence, computer savvy users were able to "mine" Bitcoin, creating products that had value using sheer computer processing power.
On January 3, 2009, Satoshi mined the first block of Bitcoin (called block number 0, or the "Genesis" block), which produced a reward of 50 Bitcoins for the effort. Six days later, the software was released to the world, allowing anyone to mine Bitcoin.
The first Bitcoin miners were deep into computer science, and most of them used Bitcoin as an intellectual activity and challenge. The value of the Bitcoin was initially established as worth merely a few cents, with trading done between users via an online Bitcoin forum.
Gradually, word of mouth helped grow the audience, and more people began trading this cryptocurrency.
And here we are today.
Bitcoin is now worth quite a bit more than a few cents, rising as high as $20,000 per single coin in December 2017. It has since declined in price from that lofty level, and is extremely volatile in terms of value, jumping hundreds of dollars in a day or declining an equal amount.
Bitcoin is, however, a worldwide system of monetary value that is recognized by many in the general online community and accepted for transactions as varied as real estate, airline tickets and hamburgers.
However, because it is so volatile, many users - particularly those selling real-world items - convert it to fiat currencies upon receipt. Hardcore Bitcoiners annually remember one early adopter who spent 10,000 Bitcoins on two pizzas one May 22.
That day has become known as "Pizza Day" among cryptocurrency fans, mainly because the value of those Bitcoins spent on a few slices is now in the millions of dollars, making the pizzas the most expensive fast food in history.
Bitcoin has since spawned a world of imitators, called altcoins, that mimic and improve on many of its features. But Bitcoin remains the largest by market capitalization, and its price swings generally dictate the way the rest of the coin values swing.
That's the basic primer of this virtual economic ecosystem.
It was something of an underground phenomenon for the first five years, confined to a small circle of computer scientists and technically oriented laymen who were fascinated with that world. It wasn't until 2014 that others began seeing the potential for blockchain to be used in different ways, and that's when this sector truly started to become a real business.
The dark side of Bitcoin.
Because it was anonymous and largely untraceable in its early days - not to mention so technologically advanced that few regulators understood it - Bitcoin was used for some unsavory and criminal activities when it was first created, particularly in drug transactions on the infamous Silk Road dark web.
Naturally, that and a few notorious hacking incidents in the early days led to some public relations problems that Bitcoin is still struggling to overcome in some sectors.
But the gradual mainstreaming of digital currency, the investment by prominent technology people, and the experimentation with blockchain by most of the world's largest financial institutions has mostly lifted that cloud of suspicion, particularly as Bitcoin payments become accepted by more and more mainstream retailers, both online and offline.
Dell and Overstock.com were early adopters, but today such companies as NewEgg, Shopify, Expedia, Dish Networks, Microsoft and CheapAir gladly take Bitcoin payments.
The list is expanding daily, and payment services like Square are also adopting cryptocurrency options for their services.
How to get into Bitcoin.
So how do you get in the Bitcoin game? You can buy Bitcoin from a cryptocurrency exchange like Liquid. Options for purchase include linking a bank account that uses fiat currency or buying with a credit card -- a feature soon to be added to Liquid.
Once you are a Bitcoin owner, you can hold it, trade it for fiat or other cryptocurrencies, or spend it with your smartphone or computer.
Some countries are friendlier towards Bitcoin than others. China banned exchanges earlier this year, while Japan, where Liquid is based, has openly embraced Bitcoin, taking a major role in regulations that allowed exchanges to become licensed.
Once you're in the Bitcoin game, you may find yourself obsessing over the price swings that are a daily occurrence. You may even be tempted to do some day trading to take advantage of the swings.
It's all part of the fun of being a pioneer in a new financial system, and while there are risks, the rewards of becoming a savvy Bitcoin investor can be great.
As with anything, never invest more than you can afford to lose and learn as much as you can.
Good luck, have fun, and welcome to the world of Bitcoin!
This content is not financial advice and should not form the basis of any financial investment decisions nor be seen as a recommendation to buy or sell any good or product. Trading cryptocurrency is complex and comes with a high risk of losing money, particularly if you trade on leverage. You should carefully consider whether trading cryptocurrencies is right for you and take the time to learn how trading works and decide how much money you are prepared to lose.
Providing liquidity for the crypto economy.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:43 pm
What is Bitcoin Mining? A Step-by-Step Guide.
Bitcoin may be the next big thing in finance, but it can be difficult for most people to understand how it works. There is a whole lot of maths and numbers involved, things which normally make a lot of people run in fear. Well, it's one of the most complex parts of Bitcoin, but it is also the most critical to its success.
As you know, Bitcoin is a digital currency. Currencies need checks and balances, validation and verification. Normally central governments and banks are the ones who perform these tasks, making their currencies difficult to forge while also keeping track of them.
The big difference with Bitcoin is that it is decentralized. If there is no central government regulating it, then how do we know that the transactions are accurate?
How do we know that person A has sent 1 bitcoin to person B?
How do we stop person A from also sending that bitcoin to person C?
The answer is mining.
What is Bitcoin Mining? In Some Ways, Bitcoin Is Like Gold.
One of the most common analogies that people use for Bitcoin is that it's like mining gold. Just like the precious metal, there is only a limited amount (there will only ever be 21 million bitcoin) and the more that you take out, the more difficult and resource intensive it is to find. Apart from that, Bitcoin actually works quite differently and it's actually quite genius once you can get your head around it. One of the major differences is that mining doesn't necessarily create the bitcoin. Bitcoin is given to miners as a reward for validating the previous transactions. So how do they do it?
Bitcoin mining requires a computer and a special program. Miners will use this program and a lot of computer resources to compete with other miners in solving complicated mathematical problems. About every ten minutes, they will try to solve a block that has the latest transaction data in it, using cryptographic hash functions.
What are Hash Functions?
A cryptographic hash function is an essentially one-way encryption without a key. It takes an input and returns a seemingly random, but fixed length hash value.
For example, if you use Movable Type's SHA-256 Cryptographic Hash Algorithm:
Message: How does mining work?
Hash Value: 46550fef 26f87ddd 5e15407f 45a0b8d2 9513291c 4e0f0acc 24a974de 907a1569.
If you change even one letter of the original input, a completely different hash value will be returned. This randomness makes it impossible to predict what the output will be.
How Are Hash Functions Useful For Bitcoin?
Because it is practically impossible to predict the outcome of input, hash functions can be used for proof of work and validation. Bitcoin miners will compete to find an input that gives a specific hash value (a number with multiple zeros at the start). The difficulty of these puzzles is measurable. However, they cannot be cheated on. This is because there is no way to perform better than by guessing blindly.
The aim of mining is to use your computer to guess until it comes up with a hash value that is less than whatever the target may be. If you are the first to do this, then you have mined the block (normally this takes millions and billions of computer generated guesses from around the world). Whoever wins the block will get a reward of 12.5 bitcoins (as long as it becomes part of the longest blockchain). The winner doesn't technically make the bitcoin, but the coding of the blockchain algorithm is set up to reward the person for doing the mining and thus helping to verify the blockchain.
Each block is created in sequence, including the hash of the previous block. Because each block contains the hash of a prior block, it proves that it came afterward. Sometimes, two competing blocks are formed by different miners. They may contain different transactions of bitcoin spent in different places. The block with the largest total proof of work embedded within it is chosen for the blockchain.
This works to validate transactions because it makes it incredibly difficult for someone to create an alternative block or chain of blocks. They would have to convince everyone on the network that theirs is the correct one, the one that contains sufficient proof of work. Because everyone else is also working on the 'true' chain, it would take a tremendous amount of CPU power to beat them. One of the biggest fears of Bitcoin is that one group may gain 51% control of the blockchain and then be able to influence it to their advantage, although thankfully this has been prevented so far.
Who Are Bitcoin Miners?
Initially, bitcoin miners were just cryptography enthusiasts. People who were interested in the project and used their spare computer power to validate the blockchain so that they could be rewarded with bitcoin. As the value of bitcoin has gone up, more people have seen mining as a potential business, investing in warehouses and hardware to mine as many bitcoin as possible.
These warehouses are generally set up in areas with low electricity prices, to further reduce their costs. With these economies of scale, it has made it more difficult for hobbyists to profit from Bitcoin mining, although there are still many who do it for fun.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:43 pm
Free Bitcoin - Earn free bitcoin.
Give us 5 minutes of your time, and we'll send you $10 worth of bitcoin.
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What do I have to do?
In order to pay you, you will need to create a bitcoin wallet, if you do not have one, we strongly recommend coinbase:
We can only automate payments to Coinbase wallets, if you have a wallet managed by another provider, then you can transfer the balance from coinbase to your existing wallet after the payment is made.
How do I earn the free bitcoin?
Once you've created your coinbase wallet, and entered the wallet address above, then you will be presented with an activity to be completed, which will take less than 5 minutes. This will then be sent for manual verification, and then your coinbase bitcoin wallet will be automatically credited with $10 USD worth of Bitcoins (terms and conditions apply)
Cashing your bitcoin.
To get real money from your Bitcoin, you need to need to transfer it to either a prepaid debit card, or a bank account.
Terms and conditions.
This offer is strictly limited to $10 USD per user per day, attempts to claim more than $10 USD per day in Bitcoin in a 24 hour period will result in a cancelling of your account. This is to prevent jobs being over-subscribed.
There is no cash alternative, we only offer payment to coinbase wallets via bitcoin, we do not offer paypal, wire transfer or check payments. If you have a bitcoin wallet with another provider, then you can open a coinbase wallet, and transfer the bitcoin to your existing wallet, without extra charge.
We source activities from clients who pay us at least $10 USD per completed job, and we insist that each job can be completed within 5 minutes. These tasks generally require a small level of technical expertise, and thus are not easily automated.
Want to cash out your earnings to your bank account? the cheapest way is BitcoinToBankAccount.com.
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Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:47 pm
How to Invest in Bitcoin: Complete Beginner's Gu
Bitcoin's arrival into the mainstream was accompanied by massive evaluations of altcoins, a short-lived ICO craze, and many misunderstandings about the vision and potential of Bitcoin. Over the last year, numerous developments have unfolded that give more access to investing in Bitcoin and interacting with the legacy cryptocurrency than ever before.
While access to Bitcoin is still far from being ideal, options for investing in it are significantly greater than they were only several years ago. From the proliferation of exchanges to alternative means of acquiring it, evaluating various ways to invest in Bitcoin is worth your time and effort.
Bitcoin Price & Market.
Bitcoin's price has been volatile since its inception. Starting from the first purchase of a good or service using 10,000 bitcoins to buy a pizza, Bitcoin's value has been a rollercoaster ride. Bitcoin's price skyrocketed towards the end of 2017 and peaked at roughly $20,000 in January 2018, causing a flurry of mainstream media coverage and questions about what precisely the novel digital currency was.
You can use our Bitcoin Price Chart page to view historic prices of BTC.
To the majority of the mainstream, Bitcoin's volatility bears too much risk to invest in it, although millennials have shown a favorable disposition towards swapping their hard earned money for some Bitcoin. Following the meteoric rise in price, Bitcoin -- along with the broader crypto market -- has been undergoing an extended bear market, where the price currently sits around $3,600.
Investing in Bitcoin has inherent risks that investors need to be aware of before purchasing it, and you can find extensive information on the original cryptocurrency all over the web today. If you're interested in Bitcoin, the prudent approach is to do your own research and discover whether or not you are willing to enter an emerging market of digital assets that has no precedent. Making small investments is a great way to start and learn about how to interact with wallets without overexposing yourself to the market's volatility.
If you're looking to invest in cryptocurrencies in general, choosing Bitcoin should be your first option. Its robustness is unparalleled in the industry and is one of its greatest, if not its cardinal, strength.
The general narrative around Bitcoin that has been molded over the years is that of 'digital gold,' where its predetermined issuance rate -- controlled by its mining difficulty adjustment and decentralized network -- provides significant advantages over fiat currencies in knowing that your investment will not be diluted through arbitrary inflation.
If you're a newcomer to the Bitcoin and cryptocurrency space, seeking monetary refuge from hyper-inflationary economies, or an advanced user who believes in the ideological aspects of Bitcoin, there are several areas that you need to evaluate when investing in Bitcoin.
Take a look at our Complete Guide to Bitcoin if you need a primer on the History.
Long-term Investing or "Hodling"
Many long-term 'hodlers' view Bitcoin as the hardest money available, and choose to store large amounts of their earnings in the cryptocurrency. Doing so presents risks, but from their perspective, it is one of the greatest investment opportunities in history and a legitimate means of value storage and transfer outside of the traditional financial world.
Their belief in Bitcoin as digital gold with a high stock-to-flow ratio is well-founded, and advances like Bitcoin's LN may eventually enable the network to scale as the P2P digital cash originally envisioned by Satoshi Nakamoto.
Bitcoin Wallets.
If you're looking to store Bitcoin as a long-term investment, the best method to safeguard your coins is using a cold storage hardware wallet. Popular cold storage wallet brands include Trezor and Ledger, and they also offer support for other cryptocurrencies. Cold storage can even be beefed up with multisig services like Casa where signatures from multiple physical devices are required to unlock your stored Bitcoin.
Full Bitcoin clients are also viable means for long-term storage of bitcoins, but not as secure as cold wallet solutions. Besides purely investing in Bitcoin, you can support the decentralization and connectivity of the network by running a full node, which incorporates yourself into the Bitcoin core protocol that stores the entire blockchain.
Short-term holders who are looking to invest in Bitcoin in small amounts out of curiosity or for experimenting with sending/receiving it can opt to use hot and custodial wallets. Third-parties control these wallets, so they are not ideal for security assurances, but are convenient to use and offer excellent user-interfaces for using Bitcoin. Popular custodial wallets include Blockchain Wallet, Copay and BreadWallet.
Mining Bitcoin.
In the early days of Bitcoin, users could mine Bitcoin on laptops and desktop computers, earning copious amounts of Bitcoin at drastically lower values than what they are today. As such, early mining in Bitcoin turned out to be one of the most lucrative investments ever. However, mining has evolved into a giant industry, where outsized companies like Bitmain and large mining pools like F2Pool and BTC.com dominate the market.
ASIC miners are really the only feasible way to mine Bitcoin today, and hosting your own ASIC rig is a serious investment that requires hardware costs, operating time and electricity. Further, small, independent miners using home-based rigs often have to operate at losses during extended depreciations of Bitcoin's spot price as profit margins are diminished. However, if you wish to try your hand at Bitcoin mining, there are numerous tutorials for discerning which hardware and software suit your needs and budget.
Cloud mining services also enable users to purchase contracts for ASIC mining rigs within extensive mining warehouses that are operated by a third-party mining company. These companies offer regular returns based on your investment and can be convenient if you wish to earn Bitcoins through mining but do not want to go through the hassle of setting up your own rig. Hashflare and Genesis mining are two popular cloud mining services.
Bitcoin' mining market is a fascinating component of its broader ecosystem, and adequately understanding how it works, as well as watching its future development is vital to comprehending the legacy cryptocurrency's larger economics.
Exchanges for Investing in Bitcoin.
Exchanges are the most straightforward and popular method for acquiring Bitcoin. There are well over 100 operational Bitcoin exchanges worldwide, but steering clear of exchanges that are known for wash trading and sticking with major reputable exchanges is the most prudent move.
There are several types of exchanges in the cryptocurrency market, including centralized exchanges, decentralized exchanges (DEXs), P2P marketplaces, crypto-to-crypto exchanges, and fiat-to-crypto on-ramps. Adequately understanding the advantages and disadvantages of each is crucial.
Buying Bitcoin with Fiat Currency.
First, the difference between crypto-to-crypto and fiat-to-crypto exchanges stems from their regulatory jurisdictions and whether or not they can offer direct trading pairs of Bitcoin with fiat currencies. Coinbase is the most popular fiat-to-crypto on-ramp in the U.S. and requires that users go through regulated KYC/AML processes.
Further, exchanges like Coinbase are centralized and custodial platforms, meaning that when your bitcoins are stored on the platform, they are technically not yours as they can be frozen like with a bank account. Other popular fiat-to-crypto exchanges include Kraken, Gemini, BitMEX (not available to U.S. customers), and Bitstamp.
Exchange Reviews.
Crypto to Crypto Exchanges.
Crypto-to-crypto exchanges solely offer trading in and out of different cryptocurrencies, with prices of altcoins pegged to Bitcoin or stablecoins like Tether or USDC. These exchanges have been referred to as 'altcoin casinos' as they are essentially gambling on price swings of many of the more obscure altcoins available. However, these exchanges sometimes offer excellent trading experiences and can be used to access other cryptocurrencies widely not available on fiat on-ramps. Binance is one the leading cryptocurrency exchanges in the world and is a centralized crypto-to-crypto platform.
Crypto to Crypto Exchange Reviews.
Decentralized Exchanges.
The differences between centralized and decentralized exchanges are essential for several reasons. First, centralized exchanges have custody over your Bitcoin, just as a bank retains custody over your fiat funds. Second, these exchanges are prone to targeting by hackers, and the sheer scale of hacks on exchanges in 2018 was astounding. It is best practice never to store your Bitcoin on an exchange, even a decentralized one.
Conversely, DEXs are useful for direct exchanges between counterparties, without an intermediary. They do not take custody of funds and also do not require KYC/AML processes for users. Unfortunately, many DEXs do not have enough trading volume to be as liquid as their centralized counterparts, and recent directives by the SEC towards EtherDelta may discourage operators from continually running DEXs outside of legal jurisdictions. Moreover, most DEXs only enable trading between Ether and altcoins that are ERC-20 compatible, not offering Bitcoin functionality. The future growth of atomic swaps should help expand Bitcoin's prevalence among DEXs, however.
Dex Reviews.
Other decentralized options for trading Bitcoin for fiat or altcoins include P2P marketplaces such as Bisq, Paxful, HodlHodl, and OpenBazaar. OpenBazaar and Bisq are open-source marketplaces without registration and an emphasis on privacy and security. OpenBazaar also enables users to set up e-commerce stores for listing physical and digital goods/services with payments directly between counterparties in crypto. HodlHodl even offers TESTNET trading without risking actual money.
Volumes on decentralized marketplaces are substantially lower than their centralized counterparts, but they are rapidly gaining traction among privacy proponents and users seeking better security assurances. Similarly, Bitcoin volume metrics sites like CoinDance indicate that decentralized exchange platforms are growing in use in countries with problematic inflation and economic conditions, especially Venezuela.
These platforms offer censorship-resistant avenues for citizens in countries like Venezuela to buy into crypto and fiat currencies that are much more stable than their local currencies.
Alternative Methods for Increased Access Around the World.
Access to investing in Bitcoin has never been more abundant, but there are still significant strides that need to be made for access to reach its ideal levels that support a global, decentralized value system. In particular, the primary avenues for acquiring Bitcoin with fiat currencies -- through centralized exchanges -- are tightly regulated and subject to KYC/AML processes. Decentralized exchanges simply don't have the volumes or widespread popularity to rival centralized exchanges at the moment.
Most investors in Bitcoin reside in countries where Bitcoin is more of a speculative investment or part of a professional focus rather than stemming from direct needs for an alternative medium of value. In countries like Venezuela, Zimbabwe, and Argentina, the situation for investing in Bitcoin hinges more on a legitimate need to seek alternative currencies due to adverse economic conditions.
Increasing access to such areas of the world is an important initiative, and several developments may broaden access outside of solely the proliferation of decentralized marketplaces.
Bitcoin ATMs.
Bitcoin ATMs are one avenue to grant easier access in localities, often available in convenience stores and supermarkets. According to CoinATMRadar, there are more than 4,200 crypto ATMs in the world, dispersed over 76 countries. Leading crypto ATM manufacturers include Genesis Coin and General Bytes. Many ATM services also offer bi-directional buying/selling of cryptocurrencies for fiat currencies. You can even buy Bitcoin at Coinstar machines in select locations in the U.S. now. However, the regulatory frameworks for these services are complicated, and unclear in the U.S. at this point due to cross-state money transmission laws.
Other alternative means for investing in and using Bitcoin include emerging projects focusing on Bitcoin vouchers and credit sticks. Azte.Co -- a Bitcoin voucher service -- enables people to buy Bitcoin at convenience stores in cash or with debit/credit cards using the Azteco voucher. You can top up a Bitcoin account by simply using the Azteco voucher like you would for topping up a phone, and the details are available on their website.
Other Methods.
Similarly, OpenDime is a service where users can physically exchange Bitcoin credit sticks. The credit sticks are secure USB sticks that contain the private key within the device itself. Such functionality enables Bitcoin to be transferred between parties locally with assurances that the private key is not compromised as long as the stick is sealed. Users can even pass around the stick multiple times. OpenDime has some intriguing long-term implications, and its emergence in economies with weak economic conditions will be something to watch closely.
Financial instruments using cryptocurrencies are also on the rise, with services like Celsius Network and BlockFi permitting users to take out loans with their crypto holdings as the underlying collateral. Moreover, lenders on Celsius Network can earn interest through their P2P lending pool that is paid by the borrowers, paid out directly in the crypto that their deposit was made in, including Bitcoin.
Lightning Network.
More advanced Bitcoin users who are familiar with its second layer -- the Lightning Network -- also have the future potential to earn BTC through relay fees and watchtowers. Watchtowers are services that monitor the Bitcoin blockchain for their clients to identify transaction breaches on the LN and issue penalty transactions. Relay fees can be acquired by LN nodes that connect to numerous peers and help route payments through the mesh network for users who are not directly connected with a channel to a party they wish to exchange BTC with. These developments are still in their very early stages, but they offer useful mechanisms for users willing to provide services to LN users to accumulate BTC in fees.
Spending Bitcoin.
Numerous avenues for merchants to accept Bitcoin as payment are also available, including Coinbase Commerce that is integrated with major e-commerce platforms like Shopify and WooCommerce. Merchants can opt to retain their BTC as an investment or exchange it directly for fiat.
Open-source projects like Lightning Charge -- part of Blockstream's Elements -- are also available for merchants to accept LN BTC payments using a drop-in solution. The LN's huge design space and its rising number of applications should also further help the network to grow as a means of payment for online purchases over the coming years.
Other more obscure methods for acquiring Bitcoin include Bitcoin puzzles. Bitcoin puzzles are digital art that individuals post to the Internet which contain the private keys to access bitcoins that are locked as the reward for solving the puzzle. They are not exceedingly prevalent, but some of the rewards have been highly lucrative, including a $2 million prize for a puzzle containing 310 BTC late last year.
Traditional Financial Instruments for Investing.
Outside of the emerging alternatives for investing in Bitcoin, the convergence of traditional finance and blockchains is also set to create more opportunities for increased exposure to the asset.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:48 pm
Bitcoin ETFs.
Bitcoin ETF proposals have been denied by the SEC several times already, but some key decisions are coming up -- specifically the VanEck-SolidX Bitcoin ETF proposal decision that was pushed to February. ETFs are investment vehicles for individual or groups of assets that enable investors to speculate on the market price without having to actually own the asset. Bitcoin ETFs would allow more mainstream investors to access Bitcoin through investing in an ETF that is on a regulated exchange without having to purchase Bitcoin directly from a crypto exchange.
Read our complete guide - What is a Bitcoin ETF?
Bitcoin Futures.
Similarly, Bitcoin futures are already available, and investors can long or short the legacy cryptocurrency on regulated futures exchanges, including CBOE and the CME. Bitcoin futures and ETFs are excellent ways for mainstream investors to speculate on the price of Bitcoin while reducing their direct interaction with the cryptocurrency, which often requires technical knowledge to store and use securely.
Increasing regulation of Bitcoin in developed countries is likely to continue at an accelerated pace, and open up broader access to investors hesitant to touch the cryptocurrency using alternative means or unregulated exchanges. Conversely, the hesitation of many other countries to adopt regulatory frameworks for digital assets indicates that alternative means of investing in Bitcoin need to garner more widespread adoption to circumvent any censorship of access to the asset.
Proposals for Bitcoin and other digital asset trading on regulated platforms are already underway in several countries, including Thailand's TSE which would become one of the first platforms to offer digital asset trading on a major regulated exchange. Eventually, Bitcoin should be offered side-by-side with other conventional financial instruments including CFDs, derivatives, futures, and multiple fiat currency trading pairs on comprehensive platforms.
Binary Options & Contracts for Difference.
A large number of brokers now offer Binary Options and Contracts for Difference on a range of Cryptocurrencies, including Bitcoin. If you have traded using one of these types of broker before, you can also use them to trade Bitcoin. The difference between these and a typical exchange is that you do not own the underlying asset, you are merely trading based on price differences.
We have reviewed a lot of brokers here on Blockonomi:
Broker Reviews.
Conclusion.
Looking back at Bitcoin's humble origins reveals just how far the cryptocurrency has come. Access for investing in Bitcoin has never been better, and although it comes with inherent risks and a high-barrier to entry, it is slowly cementing itself as a viable means of value transfer and storage outside of the traditional financial realm.
Investing in Bitcoin always requires that you do your own research, and prudently evaluating your options for acquiring it based on your situation will allow you to make the optimal choice for joining a growing community of users, businesses, investors, and developers.
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Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:49 pm
Bitcoin, la moneda que está cambiando el mundo.
Bitcoin es una moneda, como el euro o el dólar estadounidense, que sirve para intercambiar bienes y servicios. Sin embargo, a diferencia de otras monedas, Bitcoin es una divisa electrónica que presenta novedosas características y destaca por su eficiencia, seguridad y facilidad de intercambio.
Su mayor diferencia frente al resto de monedas, se trata de una moneda descentralizada, por lo que nadie la controla. Bitcoin no tiene un emisor central como los dólares o los euros, la criptomoneda es producida por las personas y empresas de alrededor del mundo dedicando gran cantidad de recursos a la minería.
Si ya sabes qué es bitcoin y lo que tú buscas es directamente comprar bitcoins , aquí tienes una entrada de la web que lo explica. Vamos allá con la guía.
En esta guía aprenderás.
A elegir entre los diferentes tipos de wallets de Bitcoin que existen, a poder explicar cómo funciona Bitcoin , sus distintos típos de direcciones, además de tener a vuestra disposición una página de preguntas frecuentes y un blog de Bitcoin donde de forma periódica, se van comentando los últimos acontecimientos de la moneda virtual más famosa.
Beneficios y ventajas de Bitcoin.
En la actual > y hay buenas razones por las cuales se está haciendo cada vez más popular. Tanto usuarios particulares como vendedores y propietarios de negocios encuentran en Bitcoin importantes ventajas que les han llevado a adoptar este sistema.
Veamos algunas características de introducción a Bitcoin:
No pertenece a ningún Estado o país y puede usarse en todo el mundo por igual. Puedes comprar bitcoins con euros u otras divisas y viceversa, como cualquier moneda. No hay intermediarios: Las transacciones se hacen directamente de persona a persona. Es descentralizada : no es controlada por ningún Estado, banco, institución financiera o empresa. Es imposible su falsificación o duplicación gracias a un sofisticado sistema criptográfico. Las transacciones son irreversibles. No es necesario revelar tu >Te mostraré como en cierto modo, Bitcoin se asemeja al dinero en efectivo que todos conocemos. Además de presentar muchas de las características de este conocido medio físico, al utilizarlo siempre mantenemos el control de nuestros fondos. Adicionalmente, también disponemos de muchas de las ventajas que el medio digital nos ofrece: es inmediato , puede mandarse a cualquier parte del mundo, etc.
Las monedas virtuales abaratan los costes al eliminar los intermediarios por completo.
A día de hoy es aún muy común que el envío de dinero a cualquier parte del mundo conlleve importantes tasas o comisiones debido a la gran cantidad de intermediarios que hay en el proceso. Ello incluye: Comisiones por transferencia bancaria, comisiones por aceptar o usar tarjetas de crédito o débito, comisiones por usar servicios de «envío de dinero» o comisiones por usar servicios de «pago online».
En Bitcoin no hay intermediarios y el dinero pasa directamente de persona a persona: de comprador a vendedor o de particular a particular. Esto reduce el precio de enviar dinero sustancialmente y permite también vender productos y servicios a un precio más justo.
Bitcoin ofrece segur > Históricamente todos los medios de pago u objetos con valor han tenido problemas de seguridad. Los problemas informáticos han causado el robo de miles de números de tarjetas de crédito, dejando desprotegidos a compradores que han podido sufrir importantes pérdidas. Cuando realizamos compras con Bitcoin no tenemos que revelar información sensible como por ejemplo números de tarjeta de crédito o cuentas bancarias y por lo tanto no existe riesgo alguno de que esta información le sea sustraída al vendedor online.
Bitcoin también es preferible a otros sistemas de cobro online, sobretodo para el vendedor. En Bitcoin las comisiones por transacciones son muy bajas y no existe riesgo alguno de que compradores fraudulentos y estafadores que reviertan el pago, quedándose tanto con el producto como con el dinero.
Finalmente, las características de esta moneda virtual permiten a las páginas establecer un servicio de fideicomiso (escrow), asegurando que el vendedor sólo reciba el dinero si el producto ha llegado satisfactoriamente a su destino. Esto es usado frecuentemente en páginas de subastas y venta de productos de segunda mano.
Las monedas virtuales son un mercado que nunca para.
La cotización de los Bitcoins es algo que nunca se detiene, muestra de ello es que su mercado se negocia 24 horas al día, 365 días al año. Al tener esta característica, hay muchísima comunidad detrás, como por ejemplo este Foro de criptomonedas donde hay la mayor comunidad española de Traders, tanto de Bitcoin como de otras criptomonedas.
Bitcoin es justo.
En muchos sistemas tradicionales nos encontramos que enviar dinero es mucho más fácil que recibirlo. Esto dificulta la creación de nuevos negocios y tiendas online. Sin embargo, con Bitcoin, ambas opciones son igual de sencillas y cualquiera puede enviar y recibir dinero sin ningún tipo de restricción. Además, si eres dueño de un negocio, tanto digital como físico, no cuesta nada empezar a aceptar bitcoins.
Tus bitcoins son sólo tuyos.
El sistema descentralizado que hay detrás de los bitcoins hace imposible que cualquier otra persona que no disponga de tus credenciales pueda acceder a tu dinero. Tus bitcoins son tuyos y no pueden ser congelados o secuestrados, no se puede cerrar ninguna cuenta y sólo tú tienes acceso. Este aspecto es para muchas personas quizá el más importante: sentirse realmente dueños de su dinero y poder estar seguros de ello.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:49 pm
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Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:49 pm
What is Bitcoin and How Does it Work?
Bitcoin is confusing and hard to understand.
This guide will help you understand Bitcoin.
Whether you're totally new or just want more info, keep reading.
Chapters.
Chapter 1.
What is Bitcoin?
Understanding Bitcoin is sometimes difficult for newcomers because it's really two things:
digital gold a payment network.
Bitcoin vs Other Payment Networks.
In terms of acting as payment network, Bitcoin works quite differently from other online payment systems such as PayPal or Venmo. These traditional forms of payment over the internet, which are tied to the legacy financial system, involve the use of centralized, trusted third parties to order transactions and keep track of user account balances.
Bitcoin is Permissionless.
In the case of Bitcoin, those who are in charge of ordering transactions are dynamic and potentially anonymous. This is the key differentiator to understand about Bitcoin.
The way in which transactions are processed allows bitcoin to act in a permissionless, censorship-resistant, and apolitical manner.
No single entity is in control of the financial activity that happens on the network.
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
Nakamoto effectively created a decentralized solution to what is known as the double-spending problem. This was an issue seen in many previous digital payment systems.
Bitcoin as Digital Gold.
Now that we've covered Bitcoin as a payment network, let's take a look at bitcoin as a form of digital gold.
Bitcoin is often referred to as digital cash due to its ability to be transacted over the internet in a manner similar to physical cash, but the digital gold analogy makes more sense due to the monetary properties of bitcoin.
In the beginning, 50 bitcoin were created roughly every ten minutes, but that increase in supply is halved every four years.
The issuance schedule will continue until around the year 2140, when the supply will be capped at nearly 21 million bitcoins.
This monetary policy is a part of the Bitcoin network's consensus rules, and there is no central banker in charge of controlling the supply.
Chapter 2.
Why is Bitcoin Important?
Bitcoin is important because, before it existed, there was no true form of digital gold. The existence of a digital, cash-like asset opens up a whole new world of opportunities that would simply not be possible via the centralized online currencies of the past.
Bitcoin creates the possibility for privacy in online transactions, which would not be possible when there is a regulated bank or other financial institution responsible for payment processing.
And criminals aren't the only ones who should care about online privacy. Online privacy is effectively part of one's personal security these days .
Additionally, bitcoin is perhaps even more useful for those who live under authoritarian regimes who wish to control every aspect of the local people's lives. For example, those who wish to flee Venezuela with their personal savings can do so more easily with a bitcoin passphrase that they've memorized than with any sort of physical vessel for wealth storage.
Bitcoin has also proven useful as a way to get around many of the onerous financial regulations seen around the world. In the past, Abra CEO Bill Barhydt has discussed how the programmable nature of bitcoin has enabled his company to build a global, non-custodial bank that doesn't need to deal with anywhere near as much regulatory compliance as a traditional financial institution.
The world is also becoming an increasingly cashless society, which can sound great at first but comes with a large amount of dystopian baggage. Without something like bitcoin, the world's financial system effectively becomes a tool for mass surveillance as more activity is done through smartphones rather than physical cash.
Many economists and governments around the world would love to see a movement away from cash for a variety of reasons. For example, a cashless society would allow central bankers to more easily implement negative interest rates . Additionally, lawmakers would be able to more easily collect taxes, enact capital controls, and generally control people's money when they can simply tap a bank on the shoulder to gain access to anyone's financial history or the money itself.
Obviously, the prevention of things like terrorist financing and money laundering is another key point brought up by those who would like to see cash almost completely removed from the economy. But the problem is that digital currency is a black and white matter. Either people have full control over their digital assets and can move them privately or they can't. Encryption backdoors do not work .
Governments view the aforementioned reasons for moving to a cashless society as nothing more than a boon for law and order, but the reality is this situation would create a complete surveillance state, at least in terms of people's finances.
Bitcoin is effectively a much-needed alternative for this potentially Orwellian future where governments are able to surveil all financial activity, tell people who they can and can't transact with, and easily steal from individuals through bail-ins or the inflation tax.
In summary, bitcoin is important because it creates an alternate financial system that will allow individuals to freely transact and store wealth in an apolitical manner.
Chapter 3.
How Does Bitcoin Work?
So, how does this unique network actually work?
What do you mean no one controls Bitcoin?
It'll all be explained here!
The best way to explain how Bitcoin works is to go through an example of how things function behind the scenes when a user sends or receives a transaction on the network. Let's run through both sides of a transaction from the perspective of two hypothetical users: Bob and Alice.
Before sending or receiving some bitcoin, Bob must download software that can interact with the Bitcoin network such as Bitcoin Core. When Bob runs this software for the first time, it will download the complete history of every transaction that has ever been made on the Bitcoin network. This is known as the initial block download (IBD).
In Bitcoin, every user is responsible for making sure new transactions are following the network's consensus rules. This is the only way to confirm that some received bitcoin is not fake. It's sort of like guarding against a counterfeit dollar bill or tungsten dressed up like gold. To confirm the authenticity of some received bitcoin, a user must have access to the entire history of Bitcoin transactions, beginning with the network's launch back in 2009 (although the vast majority of this data can later be pruned).
The history of transactions downloaded by Bob are grouped together in blocks, and new blocks are generated on the network roughly every ten minutes. These blocks of transactions are ordered in a chain known as the blockchain.
In order to download the entire blockchain, Bob connects with other peers on the network. He is able to decipher which chain of transactions leads to the correct state of the Bitcoin network because it will be the chain with the most proof-of-work behind it, while also following the consensus rules outlined in Bob's local Bitcoin software client.
Proof-of-work is used in Bitcoin to decide who gets to add a new block of transactions to the blockchain. A traditional online payment system would have a trusted third party order transactions on the network, but the point of Bitcoin is to act in an apolitical, permissionless manner. When proof-of-work is used instead of a trusted third party, transactions can be ordered by a dynamic, potentially-anonymous group of individuals or entities, which are known as bitcoin miners. This structure makes the system extremely difficult to shut down.
During the process of creating a new block, miners are expending computing power to solve an extremely complex math problem. The miner who is able to solve the math problem first is awarded with the privilege of adding a new block of transactions to the blockchain. Miners are willing to spend expensive computing resources on this work because they are also rewarded with newly-created bitcoin and any transaction fees associated with the transactions in the newly added block.
Once Bob has downloaded the entire blockchain, he now knows the current state of the network and is able to safely receive transactions. To receive a transaction, Bob will generate a new Bitcoin address in his software client. This address has both a public and private key attached to it, which can be sort of viewed as a username and password that would be used on a normal website.
Bob wants to receive some bitcoin from Alice, so he sends his newly-generated Bitcoin address to her. We'll assume that Alice already has some bitcoin for this hypothetical scenario.
Alice sends Bob the bitcoin by signing a message with the private key associated with one of her Bitcoin addresses that already has some bitcoin associated with it. The message simply says that the bitcoin associated with Alice's address should be reassigned to Bob's address. This message is then broadcast to the Bitcoin network by Alice's software client. Bob's software client sees the transaction, but he must wait for the transaction to be included in a new block for it to be real and confirmed. In fact, Bob will want to wait for up to six confirmations if he's receiving a large amount of bitcoin from Alice in exchange for some goods or services ( see a deeper explanation of this point here ).
Bob knows that the transaction is legitimate because his Bitcoin software client checks to make sure that all of the rules of the network are being followed. Alice cannot create new bitcoin out of thin air or send some bitcoin that doesn't belong to her because this sort of activity would be detected by Bob's software.
Alice would potentially be able to trick Bob if he were trusting a third party with transaction validation. It could be argued that Bob is not a true user of the Bitcoin network if he's outsourcing the validation of an incoming transaction to someone else. After all, the whole point of the Bitcoin network is to remove the need for trusted third parties.
For smaller amounts, many people entrust a third party with transaction validation due to the added convenience; however, it should be noted that there are trade offs made with this setup in the areas of privacy, security, and trust. Having said that, it is likely that a majority of the daily transactions made on the network today are probably not self-validated.
Chapter 4.
Who Controls Bitcoin?
The question of who controls bitcoin has been one of the more controversial topics discussed by users over the years.
In the earlier days, there existed a somewhat widespread belief that miners were in control of Bitcoin's protocol rules. However, history has shown that users are ultimately in control.
The reason that users are in control of Bitcoin is that miners need to create blocks that people will find valuable. If miners try to change the rules of the system and create new types of blocks with different rules, then users will need to agree to the new ruleset and signal to miners that there will be plenty of economic activity on this new network with different rules.
If users don't wish to follow the rule changes being put forth by miners, then the users can simply ignore those blocks with the new rules and stick with the old rules. This is because users running their own Bitcoin node software verify that the rules of the network are being properly followed. When miners are mining blocks that don't have any users, they won't be rewarded with the valuable block rewards that allow them to operate at a profit. Invalid blocks created by miners are effectively worthless.
This structure of incentives was put to the test in late 2017 when a plan from some of the largest bitcoin companies and miners to move to a new network with a larger block weight limit was abandoned after it was revealed miners would not be willing to mine on a network at a loss for an extended period of time.
More recently, the view that developers, specifically those who work on Bitcoin Core, are the ones in control of Bitcoin has become more prevalent, but this theory also misses the mark. The key issue with this train of thought is that users are able to ignore upgrades proposed by Bitcoin Core developers or even adopt software created by a completely different group of developers.
The user-activated soft fork for Segregated Witness (SegWit) was a real-world example of users ignoring the recommendations of Bitcoin Core developers and opting to run code that was not included in an official release of the Bitcoin Core software.
At the end of the day, developers and miners are going to work on the network that is valued by users. Developers generally need to work within the confines of Bitcoin's current consensus rules, and miners need to create blocks that follow those rules if they want to get a return on their investment.
It should be noted that Bitcoin users are able to opt out of the network and transact on a different network with different rules at any point in time. That said, there is a general stickiness to the rules of the Bitcoin network as they exist today because a money is more useful when there are more people who use it.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:50 pm
What is a Bitcoin Hash?
If you are involved with Bitcoin, then you must have heard about "cryptography" or "hash algorithms".
But what do these things have to do with your BTCs?
Cryptography or hash algorithms are what keep Bitcoin's blockchain secure. They are the building blocks of the present-day cryptocurrency industry.
In this article, we are going to talk about cryptographic hash algorithms in detail.
To start with, it is important to have a general idea of what a hash function is and what it does.
What is a Hash?
A hash algorithm takes data of any arbitrary size (numbers, alphabets, media files) and transforms it into a fixed alphanumeric string. The fixed bit size can vary (like 64-bit or 128-bit or 256-bit) depending on what hash function is being used.
And this fixed size output is what is called a hash . In other words, a hash is the cryptographic byproduct of a hash algorithm.
The hash algorithm has certain unique properties:
It produces a unique output (or hash). It is a one-way function.
The mathematics behind the hash algorithm ensures that there is no way to generate the original data from its generated hash. This means the hash only functions in a linear progression. A simple analogy would be that you can't produce a real human thumb from a thumbprint.
This is why a hash can be treated as a "digital fingerprint" of the data processed through the hash function.
To logically conclude, the same hash will only be generated from the same input data. But if you modify the data with something miniscule, like a single space or a comma, it will completely change the hash output.
And Bitcoin's blockchain uses this cryptographic hash function's properties in its consensus mechanism.
What is a Bitcoin Hash?
Bitcoin's blockchain uses SHA-256 (Secure Hash Algorithm). In 2001, SHA-256 was developed by the National Security Agency (NSA) in the USA.
Bitcoin's proof of work algorithm is based on SHA-256. Using this, Bitcoin miners solve computationally difficult math problems to add blocks into the blockchain.
Bitcoin blocks are added by verifying the hashes on a lottery basis. Yes, a lottery!!
Let see how a miner wins the lottery...
To successfully mine a block, a miner needs to hash the block's header in such a way that it is less than or equal to the "target."
The target, at the time of writing this article, is that the SHA-256 hash of a block's header must be a 256-bit alphanumeric string, and must start with 18 zeros. The target changes as the difficulty change every 2016 blocks.
And the miners arrive at this particular hash (or target) by varying a small portion of the block's headers, which is called a "nonce." A nonce always starts with "0" and is incremented every time for obtaining the required hash (or target).
Since the varying of the nonce is hit and miss, the chances of getting this particular hash (or target), which starts with these many zeros, is very low. Therefore, many attempts must be made by a miner by varying the nonce.
And this requires an enormous amount of computational power and hardware resources which proves that a large amount of work is carried out before mining any individual block. That's why this is called "proof-of-work".
And in this way, whichever miner first obtains the correct Bitcoin Hash will win the lottery and get the block reward of 12.5 BTC.
I am sure that after reading this you want to participate in this lottery. But let me tell you, Bitcoin mining is a costly and energy-intensive affair. It requires you to make expensive hardware investments, pay for huge electricity bills, and demands that you have a good amount of computer knowledge.
And until you are ready to become a miner, keep working hard in your current profession and stay tuned to CoinSutra to keep learning about the Bitcoin Revolution.
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Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:50 pm
What is bitcoin?
Bitcoin is the world's first peer-to-peer cryptocurrency. It was developed by a mysterious figure known as Satoshi Nakamoto in 2009.
Simply put, Bitcoin is the world's first peer-to-peer cryptocurrency . It was developed by a mysterious figure known as Satoshi Nakamoto in 2009.
It's where it all started. It was the first cryptocurrency to successfully conquer the fundamentals of creating digital money.
What Is Bitcoin:
To make it simple to understand we need to separate the term Bitcoin into two definitions. Firstly we have Bitcoin as a "token" which is a piece of code which represents ownership of a digital IOU. Secondly, we also refer to Bitcoin as a protocol, which is a distributed network which manages a ledger of balances of all the Bitcoin available.
Bitcoin's blockchain the blockchain of all other cryptocurrencies are systems which allow for transactions to be carried out between users with the presence of a central authority, as is the norm in traditional fiat banking systems. All transactions happen on the Bitcoin blockchain electronically. Bitcoins are not printed or minted like fiat currencies and are instead created (mined) by nodes aka computers around the world through a process called mining, which is done via software and hardware.
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Latest cryptocurrency news and prices, 11 October 2019.
Bitcoin is the first cryptocurrency within a growing asset class and shares certain aspects with traditional currencies as its verification is based on cryptography.
Who Invented Bitcoin?
A pseudonymous software developer named Satoshi Nakamoto introduced bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to offer a means of exchange, free of a central authority, which could be transferred electronically in a safe, verifiable and stable way.
To this day, no-one truly knows who Satoshi Nakamoto is or if he even exists.
How Does Bitcoin Differ From Traditional Currencies?
Users can pay for services and products electronically by using Bitcoin, provided both parties engaged in the transaction are willing. In this sense, it works in a similar nature to fiat currencies which can also be traded digitally.
However, Bitcoin does differ from fiat digital currencies in several important ways:
Decentralization :
The most essential and most ground-breaking characteristic of Bitcoin is that it is decentralized. No single entity has control over the Bitcoin blockchain. It is maintained by a global network of volunteer codes and is powered by an open network of dedicated computers or nodes across the globe. Bitcoin has essentially solved the "double spending problem" of electronic currencies (when digital assets could be copied and re-used) by means of a ground-breaking combination of cryptography and economic incentives. With electronic fiat currencies, this process is carried out by banks, which gives them full control over the systems. Bitcoin, on the other hand, maintains the integrity of all transactions via a distributed and open network which is not owned by anyone.
Bitcoin is Limited:
All fiat currencies have unlimited supplies. Central Banks can issue as much as they see fit and are also able to manipulate the value of a currency in relation to others.
Bitcoin, on the other hand, has a tightly controlled supply which is maintained by the underlying algorithm. Only a small number of new bitcoins are created every hour, and this will continue to happen at a diminishing rate until the market cap of 21 million BTC is reached. This, ultimately makes bitcoin a far more inviting asset. In theory, if the demand grows while the supply remains the same, this means each Bitcoin will increase in value.
Anonymity:
As is the norm with fiat institutions, senders of electronic payments have to be identified. This is to for verification purpose and to comply with the current anti-money laundering laws as well as a myriad of other legislation. With Bitcoin, users benefit from semi-anonymity. Due to the fact that there is no central figure to validate transactions, users need not identify themselves when transacting with Bitcoin. When a request is for a transaction is submitted, the protocol verifies all previous transactions to confirm whether the sender has sufficient bitcoin as well as the authority to send them. The system does not need the identity of the sender to complete this process. However, each user, in practice is identified by the address of his or her wallet. Through much effort, transactions can be tracked this way.
However, today it stands that most exchanges are required by securities laws to perform background and ID checks on their customers before they are allowed to conduct transactions.
Immutability :
Bitcoin and other cryptocurrency transactions can't be reversed, unlike fiat transactions.
This due to the lack of a central "adjudicator" who can say "return the funds". Once a transaction has been recorded on the network and has been there for more than sixty minutes, it cannot be modified.
This might be an issue for many, especially those new to digital currencies, but it means that no transaction on the entire bitcoin network can be tampered with.
Divisibility:
The smallest unit of a bitcoin is known as a Satoshi and is one hundred millionth of a bitcoin (0.00000001) - at today's prices, around one-hundredth of a cent. This means microtransactions are achievable at a level which traditional monetary systems could never achieve.
Currently, Bitcoin is trading well over the $8,000 mark, and many crypto experts believe it could reach a new bull-run in the next months to come.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:51 pm
Bitcoin.
What is Bitcoin?
Bitcoin is a form of digital currency - a new form of money, essentially - that is tradable throughout the world. It is not an official currency, however, which means that it operates without the involvement of banks or clearinghouse.
Bitcoins can be transferred between individuals or between businesses to pay for goods and services, all without the use of a bank, so the fees for that exchange are lower. Bitcoins do have value and, as such, are subject to taxation just as with cash in your local currency.
Advantages of Using Bitcoin.
Some of the advantages of using Bitcoin over another online payment network, such as PayPal, or even your bank, are:
It can be used in any country without the need for currency conversion Sending money to a business or individual costs less per transaction There are no limits to the number of transactions you can initiate each month Your account cannot be frozen or suspended Transactions are irreversible, unlike PayPal payments You can keep Bitcoins in a digital wallet that is accessible from your phone, tablet, or computer.
Several of these advantages exist because there is no central governing authority, as there is with a bank. Of course, that may also be a disadvantage. Bitcoin is still considered "experimental," even by the organization itself, so be aware that there are also risks involved in accepting Bitcoins in place of cash. Bitcoin began trading in 2009.
Another potential advantage is that the fee to transfer Bitcoins from one person or business to another is unrelated to the amount being transferred. Unlike other payment networks that charge a percentage of the transaction value, Bitcoin charges based on the ability to reverse the transaction - the easier to cancel, the lower the fee.
That is, a Bitcoin transaction takes an average of 10 minutes to be resolved - 90 minutes at the most. During that process, there are confirmations that occur that the transfer of Bitcoins is occurring. The fewer the number of confirmations requested - you can request zero - the lower the fee to send coins; there is never a fee to receive Bitcoins. But you can also request as many as 36 confirmations to be absolutely sure that once the Bitcoins are in your account, they cannot leave without your permission.
This can be especially useful when selling expensive goods. On some payment networks, a buyer can claim to have an issue with an order and almost immediately receive a refund, even without your input. This would not happen with Bitcoins - once the payment is in your account, it is yours to keep.
Where to Get Bitcoins.
There are only a few ways to obtain Bitcoins:
You can purchase Bitcoins at an online exchange You can obtain them from an individual who has them You can accept Bitcoins as payment You can earn them by supporting the process of verifying transactions in the Bitcoin system, called mining.
You cannot make purchases through other platforms, such as PayPal or Dwolla, using Bitcoins because of the potential for fraud. Only Bitcoin-approved exchanges are authorized to sell them. The value of a Bitcoin as of late 2015 is just under $400.
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Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:52 pm
Probing Question: What is Bitcoin?
Bitcoin was introduced in 2008 and is a digital payment network that allows users to engage in direct transactions without the oversight of a banking organization or government.
Probing Question: What is Bitcoin?
In 1729, when he was 23 years old, Benjamin Franklin authored a pamphlet titled "A Modest Inquiry into the Nature and Necessity of a Paper Currency." The revolutionary idea he advocated? Paper money printed and controlled by the Colonies. As a printer by trade, Franklin himself created some of the earliest American currency and fittingly, today Franklin's face is emblazoned on the largest denomination of U.S. currency in circulation -- the one hundred-dollar bill, aka "a Benjamin."
The questions Franklin raised about the nature of money and its regulation in society are still relevant. It's easy to imagine that the famously prescient and witty statesman would have an opinion or two about the controversial emerging currencies of today's digital economy.
Could digital currency be poised to replace paper money?
The pursuit of an independent digital currency began in the early 1990s, explains John Jordan, clinical professor of supply chain and information systems at Penn State. Today's big contender, the Bitcoin, was introduced in 2008 by a person (or group of people) known only by the pseudonym Satoshi Nakamoto.
Bitcoin is a digital payment network that allows users to engage in direct transactions without the oversight of a banking organization or government. It's based on open source software, meaning the programming is published publicly, and any developer around the world can download, review or modify the source code.
Bitcoin is not technically a currency, though it functions like one, says Jordan. That's not just his opinion; it's also the conclusion of the IRS, which has decided to legally regard Bitcoin as property rather than currency.
Jordan compares Bitcoin to poker chips: "Poker chips can be used as a stand-in for money in certain situations, such as in a casino, and they can also be exchanged for money, but they aren't money; their value is dependent on the casino system itself."
"Emerging currency" of the 1700s: A three-pence note from Pennsylvania, signed by Thomas Wharton, the colony's president, and printed by Ben Franklin and David Hall.
Bitcoin users are represented anonymously on the peer-to-peer network, and each user has a digital "wallet" that holds their bitcoins. (The accepted practice is to capitalize the word when referring to the concept and community, and to use lower-case when referring to the system's tradable units.) When Bitcoin transactions between digital wallets occur, those transactions must be verified by other Bitcoin users and added to the shared, public ledger.
"Transactions are verified through the process of cryptography," explains Jordan, "essentially, very difficult mathematical algorithms solvable only with powerful computing systems. That's what keeps the system secure and the ledger complete."
This process of verifying transactions and adding them to the network ledger is called "mining," and the activity of mining is also what creates more bitcoin. "Essentially, I can create more bitcoin by doing the work of the Bitcoin community -- processing transactions," Jordan says. The combined computing power of these peer-to-peer transactions is not just fast, he adds; it is a great deal faster than the world's fastest supercomputer.
If you find any of this mind-boggling to follow, you're not alone; its inherent complexity and technical jargon have given rise to countless "Bitcoin for dummies" articles, television drama plots, and even stand-up comedy skits. Some university campuses, including Penn State, now even offer active Bitcoin clubs.
But let's get down to dollars and cents: what about Bitcoin's exchange rate? Says Jordan, "As computers gain more power and the math algorithms are solved more quickly, the system adjusts by making problems more difficult to solve -- to control how much Bitcoin is created. Consequently, Bitcoin's exchange rate with the dollar fluctuates and can be tracked in real time online."
All bitcoins in existence were originally created through mining, but today, users without the computational power to mine can purchase bitcoins on online exchanges and even at some special ATMs.
One of the primary advantages of Bitcoin, Jordan adds, is its lack of oversight by a government of financial organization. Unlike traditional payment methods like credit cards or money orders, transaction fees on the Bitcoin network are often nonexistent -- or, at least, much lower.
"In concept, this is great news for small business owners," says Jordan. "In a low-margin business, those three percent charges on credit card transactions can really add up."
And Bitcoin can provide a huge advantage for foreign workers sending money home to families still in their home countries. "In this way, it's really an artifact of globalization," says Jordan. "Billions of dollars in remittances are transferred every year, and when doing it by Bitcoin, no money is lost to fees and service charges."
Beyond the potential savings in transfer fees, many people see an ideological advantage to the anonymity of the Bitcoin system and its existence outside of governmental oversight.
"A lot of people think the government really doesn't need to know what we're doing," says Jordan. Unfortunately, the anonymity of crypto-currencies perfectly serves the needs of the so-called 'dark net,' the online trade in drugs and other illegal goods. In 2013, FBI agents busted Silk Road, the web's biggest black market in drugs, and seized more than $28 million worth in bitcoins.
"Since it's a user's private key that performs a transaction, and the person behind the key is invisible, Bitcoin is an attractive choice for illicit transactions," notes Jordan. Regardless of its advantages for less nefarious business activities, Jordan is skeptical that Bitcoin will grow enough in popularity to gain widespread acceptance.
"Bitcoin is a really clever system, and it's useful in many ways," he says, "but it's still too volatile and it's impossible to imagine it existing outside of a computational environment."
That's one of its potential downfalls. "It's good at what it does, but it's early and the system was not designed to scale," Jordan says. "Interestingly, economists speculate that, although Bitcoin may ultimately fail as money, it could succeed as something else -- like a method for documenting chain of custody. For the time being, Bitcoin remains viable only in selected scenarios. While it may ultimately decline in popularity or disappear completely, other cryptography-based systems will evolve to capitalize on the opportunity."
As Benjamin Franklin saw it, "Without continual growth and progress, such words as improvement, achievement, and success have no meaning."
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:52 pm
Valor Bitcoin.
Valor do Bitcoin em Real (R$) e Dólar (US$)
Valor Bitcoin: Quanto custa um bitcoin?
1 bitcoin = R$ ou US$ 8257.01.
O que é bitcoin? Clique aqui.
Você já se perguntou qual o verdadeiro valor bitcoin?
O preço de qualquer coisa é dado pelo mercado. Se você quiser vender o seu carro, não interessa mais que preço você pagou nele e sim qual é preço praticado pelo mercado de carros usados para o seu modelo, ano, acessórios etc. O mesmo vale para o Bitcoin. O preço dele é a cotação do bitcoin no mercado. No Brasil o mercado de bitcoin pode ser verificado nas principais plataformas de negociação, como a http://flowbtc.com.br/.
Essas plataformas são conhecidas como exchanges e funcionam como um espécie de "Mercado Livre" de moedas digitais. Você entra, faz seu cadastro rapidamente e começa a comprar e vender com outros usuários. É mais seguro de que comprar de forma P2P (peer-to-peer) pois você tem o respaldo da exchange, geralmente empresas devidamente registradas e com CNPJ.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:53 pm
Por que nos ciberataques o resgate é pedido em bitcoins?
É uma moeda difícil de rastrear. Mas peritos alertam: bitcoin não é culpado nem protege crime.
MAIS INFORMAÇÕES.
A maior parte das empresas espanholas está indefesa ante ataques cibernéticos. E é assim por uma questão de base: suas estruturas contam com todo o tipo de lacunas, o que abre brechas para ataques, e boa parte delas não conta com planos de contingência para enfrentar ações como a ocorrida nesta sexta-feira. "As empresas espanholas não estão preparadas de modo algum", sentencia com contundência Víctor Escudero, especialista em bitcoin e cibersegurança. "As grandes, um pouco mais, mas também é verdade que este teria sido difícil de conter."
Esses ataques vêm sendo feitos desde o final dos anos 80, com a entrada em cena do PC Cyborg Trojan. A partir daí, há hackers que tentam bloquear os sistemas através de um arquivo infestado e, posteriormente, extorquir a empresa em troca da descodificação, explica Santiago Márquez Solís, consultor tecnológico especializado em blockchain e autor de livros como Bitcoin, Guía Completa de la Moneda del Futuro (bitcoin, guia completo da moeda do futuro).
O ataque desta sexta-feira, com ransomware -- um programa maligno que restringe o acesso a determinadas partes ou arquivos do sistema infectado e pede em troca um resgate (ransom, em inglês) --, trouxe novidades perigosas: permaneceu um tempo latente até ser ativado e foi capaz de infectar computadores da rede. Em troca da descriptografia, pediram bitcoins.
Por que bitcoins? Esta é uma criptomoeda digital, pseudoanônima e muito segura, explica Álex Preukshcat, consultor Blockchain, especialista em modelos de negócio digitais de cibersegurança e coautor de Bitcoincomic.org e de Blockchain: la Revolución Industrial de Internet (Blockchain: a revolução industrial da Internet). "Existem meios de retraçar (rastrear), mas também há formas de dificultar sua localização."
A mais comum (entre os que estão acostumados a operar com criptomoedas, bem-entendido) é a do mixing (mescla). Essa modalidade, explica Preukschat, é oferecida por serviços não legalizados, que permitem que assim que o resgate for cobrado seja enviado a um serviço que mistura os valores com outros. Criptomoedas como Dash, Zerocoin e Coakcoin contam com serviços de mixing diretamente incluídos em seu protocolo ou com sistemas de criptografia que evitam seu rastreamento como dinheiro físico. Neles, "as transações são juntadas em um pool no qual se perde o rastro". Um depositário põe seu dinheiro e o sistema devolve a ele a criptomoeda de outro, com um objetivo similar ao de mandar o dinheiro a paraísos fiscais. "Como não se sabe bem como o dinheiro se movimenta nas contas, ele acaba se evaporando", completa Santiago Márquez.
Está claro que há algumas diferenças em relação aos paraísos fiscais. O dinheiro não se movimenta estritamente para nenhum lado. Nem tampouco são novos: já foram usados no Silk Road, um mercado negro online que operava no que se conhece como Internet profunda (a Deep Web , que não está indexada pelos buscadores convencionais, e ao qual se tinha acesso por meio de The Onion Router (Tor), com um roteamento que permitia ocultar a identidade dos participantes). O FBI o fechou em 2013, embora depois disso tenham surgido outras.
O fato de querer cobrar os resgates em bitcoin é um facilitador para o crime cibernético? Há algumas vozes que garantem que sim e que isso possibilitou um boom desde 2016. Tanto Preukschat como Márquez, porém, questionam isso com contundência: "O bitcoin não é algo que se destine a sistemas criminais. É uma ferramenta que pode ser usada por redes criminosas como a que operou nesta sexta-feira", explica Preukschat, Márquez Solís afirma que o fato de que tenham sido usados bitcoins "é completamente curioso" e observa que haveria criptomoedas melhores para o pedido de resgate, como a Monero, que permite um anonimato completo. "Ou até mesmo dólares, uma moeda usada por redes criminosas e do narcotráfico em todo o mundo sem que ninguém suspeite de sua conveniência."
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:53 pm
Bitcoin (BTC) Price : Today's Latest News Analysis.
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Live Real-Time Bitcoin (BTC) Price Today: Current BTC/USD Exchange Rate Value.
1 BTC/USD = $8,293.9628 change.
Coin Market Cap.
Bitcoin's price is $8,293.96 BTC/USD exchange rate today. The real-time BTC market cap of $149.14 Billion currently ranks #1 with a chart dominance at 65.28%, daily trading volume of $3.74 Billion and live coin value change of BTC -1.97 in the last 24 hours.
Bitcoin Price: Live BTC/USD Charts, History Analysis Updates and Real-Time Coin Market Value Data.
Welcome to the ultimate Bitcoin Price overview. Everything on price of bitcoin is here.
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Live Bitcoin Price : BTC coin market cap data, daily trading volume and real-time change Latest $BTC Price News : today's Bitcoin to USD chart analysis updates and forecasts Bitcoin Price History : most-detailed all-time historical events (Jan 2009 - May 2019) The Truth About Bitcoin : the fight for the future of finance and community evaluations.
Let's jump right into our bitcoin price summary. Be sure to bookmark and visit us daily.
Let's Start From the Very Beginning of Bitcoin Shall We:
Many of our regular readers are probably well aware of by now, on December 19, 2017 the price of bitcoin (BTC) skyrocketed to an astonishing amount near $20,000 USD ($19,831 per Coinbase) and had a best-ever $327 billion market cap on December 16, 2017.
But, for starters, as a beginning perspective shift, let's press the rewind button before we can have a look at the crystall ball of tomorrow. While today's current price is down 70-90% from all time highs (fourth time achieving this recoiling clawback benchmark), when Bitcoin first came into existence, the currency's value was not affiliated to any other commodity, security or property. However, as early users and miners started to explore this decentralized blockchain-based cryptocurrency technology with no third party middleman, they started to see the immense financial potential of this digital asset and has yet to have a hiccup since.
From the very first electronic cash payment of Satoshi Nakamoto to Hal Finney, to the first BTC transaction to gain widespread notoriety of a couple of pizzas from Laszlo Hanyecz, bitcoin has fought the war on money for the last ten years and has never looked better.
Now, many moons later, while most of the futuristic bitcoin price predictions are hard to grasp and fathom coming to fruition, aside from providing daily bitcoin price news and analysis, we wanted to map out the best $BTC price history timeline so anyone can understand the entire past performance as well as possibly obtaining a glimpse into the future. Everyone here knows the bear market of 2018 saw this promising sector come back down to earth - with most premier cryptoassets losing over 70%-90%+ of their value within a span of 10-14 months - but over the course 2019 $BTC has been up nearly 30% and has once again been showing signs of an upward financial push towards becoming the world's programmable money.
It now remains to be seen what the future has in store for this ever-evolving domain. And that is why we created this bitcoin pricing masterpiece to give you live bitcoin chart updates, daily community analysis and the most-thorough historical timeline updates.
Once you have thumbed through today's top bitcoin news outlook and memorized the most memorable moments in BTC's 10 year history, make sure to read the a grand finale address all arguments made in, about or of bitcoin. The 'Truth About Bitcoin: Dispelling Arguments About BTC's Future' attempts to portray and paint a picture perfect path towards global awareness, adoption and ultimately universal use of this unique crypto.
All of Today's Bitcoin Price Analysis, Chart Forecasts and Industry News.
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Bitcoin (BTC) Price History 2009-2019: Ultimate Guide.
Historical $BTC Pricing Timeline and News Event Recap.
Get ready to witness the most detailed bitcoin price timeline of all historical events known.
Bitcoin Hits 5 Month High, April 23, 2019: $5,599.
Bitcoin continued rising to end the month of April, reaching a high of $5,598 on April 23. It was the first time bitcoin had risen above $5,500 since November 2018, marking a five month high for bitcoin.
Bitcoin Surges Above $5,000, April 10, 2019: $5,412.
At the beginning of April, bitcoin began an unexpected surge, rising above $4,200 and then smashing through $5,000 in a 48 hour period. After beginning the month at $4,152, the price of bitcoin was sitting at $5,412 by April 10.
Bitcoin Ends March Above $4,000, March 31, 2019: $4,152.
Bitcoin went on a hot streak throughout March after a sluggish start to the year, ending the month of March at a price just above $4,100.
Bitcoin Rises 10% Month Over Month, February 28, 2019: $3,867.
Bitcoin started February at a price below $3,500, then ended the month over 10% higher, closing at around $3,867 to end the month.
CBOE Withdraws, Resubmits ETF Proposal, Jan 31, 2019: $3,461.
CBOE withdrew its proposal to launch a bitcoin ETF in partnership with VanEck and SolidX after fears that the U.S. government shutdown would cause the ETF to be canceled anyway. By January 31, CBOE had resubmitted the bitcoin ETF proposal. Some still believe the VanEck/SolidX bitcoin ETF has the best chance of being the first bitcoin ETF approved by the SEC.
Bitcoin Begins 2019 Below $4,000, January 1, 2019: $3,773.
Bitcoin began 2019 at a price of just $3,773 and a total market cap of $66 billion. By the end of January, the price of bitcoin had dropped as low as $3,468.
Bitcoin Mining Difficulty Plummets, December 3, 2018: $3,469.
Over the last few years, bitcoin's mining difficulty had steadily increased roughly every two weeks. In early December, however, the mining difficulty of bitcoin dropped for the second time in its history, falling 15% to accommodate for lower prices and miner support.
Bitcoin Cash Hard Forks Into ABC and SV, Nov 15, 2017: $4,275.
After nasty disagreements among developers, Bitcoin Cash hard forked into Bitcoin Cash ABC and Bitcoin Cash SV. The two sides engaged in a hashwar, with Bitcoin Cash ABC coming out on top. Prices of both tokens fluctuated wildly during this period, and even BTC, although technically unrelated to the hard fork, suffered, with the price dropping to $4,275.
Bitcoin Whitepaper Turns 10, October 31, 2017: $6,415.
The bitcoin commugoldmanelebrated the 10th anniversary of the release of the bitcoin whitepaper. The price of bitcoin grew steadily in the days leading up to the 10th anniversary of the release, gaining around 5% over the week.
Fidelity Opens Institutional Crypto Trading, Oct 15, 2017: $6,497.
After weeks of bad news for bitcoin, Fidelity delivered some much-needed optimism by announcing Fidelity Digital Assets, an enterprise-grade custody solution for institutional investors interested in investing in crypto. The price of bitcoin rose sharply.
Zaif Exchange Hacked for $60 Million, September 18, 2017: $6,539.
Japan-based crypto exchange Zaif lost about $60 million of crypto in a hack, causing bitcoin prices to plunge to the lower $6,000 range.
Goldman Sachs Drops Bitcoin Trading Desk, Sept 5, 2018: $6,516.
After exploring the launch of a bitcoin trading platform all year, Goldman Sachs dropped plans to launch a trading desk. Some blamed the prolonged bear market. Bitcoin's price dropped further.
SEC Delays Decision on Bitcoin ETFs, August 7, 2018: $6,366.
In a surprise decision, the SEC announced that it was delaying its decision on several major bitcoin ETFs that had been making their way through the regulatory system all summer. The price of bitcoin plummeted on the news, with investors worried a bitcoin ETF might never be approved.
ICE Announces Launch of Bakkt, August 3, 2018: $6,337.
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE) and other major exchanges, announced the launch of a crypto startup called Bakkt. Supported by Microsoft, Starbucks, and other major American corporate investors, Bakkt was launched with the goal of attracting institutional investors to bitcoin.
SEC Rejects Winklevoss Twins Bitcoin ETF Again, July 26, 2018: $7,275.
The United States SEC rejected an ETF proposal from the Winklevoss twins yet again, claiming that markets were still not mature enough to support an exchange traded fund. The SEC was particularly concerned about price manipulation. After a week of positive momentum, bitcoin's price fell once again.
Blackrock Explores Crypto and Bitcoin Fund, July 16, 2018: $8,227.
News broke online that Blackrock, the world's largest investment fund manager, had setup a working group to explore a crypto or bitcoin fund. The CEO of Blackrock later confirmed that report in an interview with Reuters. Although Blackrock has not yet launched any type of crypto fund, the price of bitcoin rose substantially on the news.
Facebook Lifts Ban on Crypto Ads, June 26, 2018: $6,656.
Facebook decided to reverse its ban on cryptocurrency advertisements originally implemented in January. The price of bitcoin rose on the news, and some believed the bitcoin bear market was over.
Bithumb Hacked, June 20, 2018: $5,928.
South Korean exchange Bithumb was hacked, with hackers seizing more than $31 million worth of crypto. The price of bitcoin plummeted on the news, making Q2 2018 even worse for bitcoin investors.
CFTC Subpoenas Four Crypto Exchanges, June 11, 2018: $6,709.
The U.S. Commodities and Futures Trading Commission (CFTC) sent subpoenas to four cryptocurrency exchanges, including Bitstamp, Kraken, ItBit, and Coinbase, demanding answers about market manipulation. Eventually, it was revealed that the vast majority of crypto exchanges - even major, regulated exchanges like Coinbase - were engaging in wash trading and other manipulative tactics.
US DOJ $BTC Manipulation Criminal Probe, May 24, 2018: $7,609.
The United States Justice Department opened a criminal probe into whether or not exchanges were manipulating the price of cryptocurrencies using tactics like spoofing, pump and dump schemes, and wash orders.
Prosecutors Raid UpBit, May 11, 2018: $8,372.
UpBit, the largest crypto exchange in South Korea, was raided due to suspicions of fraud. The price of bitcoin fell 5.5% to $8,511 on the news, then fell further to $8,372 by the end of the week.
Goldman Sachs Explores Bitcoin Trading, May 2, 2018: $8,729.
The New York Times reported that financial giant Goldman Sachs was preparing to launch its own bitcoin trading platform, allowing Goldman Sachs clients to trade bitcoin from within their existing investment accounts.
Twitter Bans Crypto Ads, March 26, 2018: $7,127.
Following in the footsteps of Facebook and Google, Twitter announced it was banning all crypto and ICO advertisements until it could clarify its policies.
Google Bans Crypto Ads, March 14, 2018: $8,570.
Google followed Facebook by banning crypto and ICO advertisements. Google also released new crypto-specific terms under its 'bad advertisements' policy.
SEC Requires Crypto Exchanges to Register, March 7, 2018: $8,344.
The United States Securities and Exchange Commission (SEC) reiterated that cryptocurrency exchanges are required to register with the agency if they wish to do business in the United States.
Facebook Bans Crypto Ads, January 30, 2018: $8,211.
Facebook banned users from advertising crypto companies and ICOs on the platform. Facebook implemented the ban after large-scale complaints of scams, ICO fraud, and other malicious activities.
Coincheck Halts Activities After Largest Bitcoin Hack in History, Jan 26, 2018: $8,775.
Coincheck, one of the largest exchanges in Japan, halted all withdrawals after experiencing the largest hack in crypto history. Attackers disappeared with $123 million of XRP and 500 million NEM. The total amount lost was over $600 million. There has never been a larger hack in the history of crypto.
80% of Total Bitcoin Supply Mined, January 13, 2018: $8,776.
Less than ten years after the bitcoin Genesis Block was mined, approximately 80% of the total bitcoin supply has been mined.
Prices Plummet After Regulatory Action in Korea, Jan 8, 2018: $10,685.
Coinmarketcap suddenly removed price information from South Korean crypto exchanges overnight, causing a sudden drop in prices across the board as investors panicked.
Silicon Valley VC Peter Thiel Buys Bitcoin, January 2, 2018: $13,870.
Silicon Valley venture capital investor Peter Thiel reportedly bought millions of dollars of bitcoin in January 2018, according to The Wall Street Journal. The total bitcoin holdings of Peter Thiel's Founder Fund were reportedly worth hundreds of millions of dollars at this time and .
South Korea Proposes Exchange Closes, Dec 28, 2017: $17,163.38.
After months of positive momentum for bitcoin, South Korean financial authorities dampened the enthusiasm by suggesting new financial regulations for the country's crypto exchanges. Regulators were worried that "cryptocurrency speculation has been irrationally overheated in Korea".
Bitcoin Hits All Time High, December 18, 2017: $19,783.
The price of bitcoin hits its all time high at a mark of $19,783, a record that has not been surpassed to this day.
CBOE Launches Bitcoin Futures Contracts, December 11, 2017: $17,010.53.
The launch of bitcoin futures contracts caused the price of the world's largest cryptocurrency to surge to an all time high in mid-December. The price surge was so rapid that it triggered two temporary trading halts designed to calm futures markets. Although CBOE announced the launch of bitcoin futures contracts trading after its competitor, CME, CBOE was the first to launch trading.
SegWit2x Proposal Cancelled, November 8, 2017: $7,844.
BTC had originally scheduled an upgrade on November 16 called SegWit2x. However, after developers dropped support for the proposal, SegWit2x was canceled.
CME Announces Launch of BTC Futures, October 31, 2017: $7,255.
Chicago Mercantile Exchange, or CME, announced intentions to launch bitcoin futures by the end of 2017. It was one of the first major signs of mainstream financial institutions becoming interested in bitcoin as a legitimate investment tool. In response to the news, bitcoin surged to an all time high of $6,601 and hit a market cap of $110 billion. CME's competitor, Chicago Board of Exchange (CBOE) announced the launch of bitcoin futures soon afterward.
Bitcoin Breaks $5,000 for the First Time, October 13, 2017: $5,943.
After starting the year at a price of just $966, bitcoin surged to an all-time high of $5,243, breaking through the price of $5,000 for the first time.
Chinese Bitcoin Exchanges Shut Down, September 15, 2017: $3,714.
Chinese authorities ordered all Chinese-based crypto exchanges to shut down immediately, creating panic across the industry and causing the price of bitcoin to plummet.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:53 pm
JP Morgan Chase CEO Calls Bitcoin a Fraud, Sept 12, 2017: $3807.
JP Morgan Chase & Co. CEO Jamie Dimon said that he would fire any employee for being "stupid enough to buy bitcoin". He also called bitcoin a "fraud" and claimed it would not "end well" for anyone invested in the currency. The price of bitcoin hardly reacted to the news, with most investors shrugging off the criticism.
China Bans ICOs, September 3, 2017: $4,224.
As initial coin offerings (ICOs) surged in popularity throughout 2017, China took a hard approach to the new fundraising method. The country's regulators eventually issued a notice banning Chinese companies from raising money through token sales, citing fears of scams and frauds.
Bitcoin Splits Into BTC / BCH in Hard Fork, August 1, 2017: $3,384.
After rising throughout the first half of 2017, bitcoin experienced a major challenge in mid-summer over the ongoing bitcoin scaling debate. The two sides eventually agreed to split, forming bitcoin (BTC) and Bitcoin Cash (BCH), with each currency moving forward under different scaling proposals./Legal Currency, April 1, 2017: $1,215.69.
Japan recognized bitcoin as a legal payment method after months of debate in the country's legislature. Under Japan's new regulatory scheme, the country's bitcoin exchanges would be required to operate in a similar way to banks, implementing anti-money laundering (AML) and know your customer (KYC) rules.
SEC Denies Winklevoss Bitcoin ETF, March 10, 2017: $1,038.
The Securities and Exchange Commission denied the bitcoin exchange traded fund (ETF) application proposed by the Winklevoss twins, claiming bitcoin price markets weren't mature or stable enough to handle an ETF.
Bitcoin at $1,000 for First Time in 3 Years, January 3rd, 2017: $807.
After rallying for most of 2016, bitcoin breached a price of $1,000 for the first time in three years.
Trump Causes Stock Market Fall, Bitcoin Rises, Nov 9, 2016: $749.
In a shocking political turn of events, Donald Trump was elected President of the United States. The news sent shockwaves across global markets. U.S. markets dropped 1%, Japan's Nikkei dropped 5.4%, and Hong Kong's Hang Seng index lost 2.1%. Bitcoin, meanwhile, did the opposite of the stock market plummet and rose 5% against broader market movements. Traders and institutions began to see the value of bitcoin as a hedge against global market movements.
Bitfinex Loses $72 Million in Hack, August 2, 2019: $591.
Crypto exchange giant Bitfinex announced it had lost 119,756 of customers' bitcoins in a security breach, worth roughly $72 million at the time. The price of bitcoin plunged 20% to $480 after the hack was revealed. The hack created drama in the bitcoin community as well when the price of bitcoin dropped before the Bitfinex hack was publicly revealed, indicating that certain bitcoin holders had inside information about the hack.
Bitcoin's Second Halving Date, July 9, 2016: $674.
For the second time in the coin's history, bitcoin's block reward was cut in half from 25 BTC to 12.5 BTC per block.
Craig Wright Admits to Being Satoshi Nakamoto, May 2, 2016: $454.
In a blog post, Craig Wright announced that he was bitcoin creator Satoshi Nakamoto. As proof, Wright uploaded a private key signing purportedly showing he had control over Satoshi's original bitcoins mined in 2009 and 2010. The proof was debunked by the bitcoin community that same day. Wright's claim continues to be debated to this day.
Steam Accepts Bitcoin Payments, April 27, 2016: $461.
Major PC gaming platform Steam announced that it would accept bitcoin as payment for video games and other digital content. Steam creator Valve announced it would use Bitpay as its bitcoin payment processor.
First Decentralized Marketplace, OpenBazaar, April 4, 2016: $426.
Decentralized marketplace OpenBazaar launched with the goal of creating an open p2p market free of middlemen, fees, or trade restrictions. The company later revealed it had received $1 million in funding from major venture capital firms like Union Square Ventures and Andreessen-Horowitz.
SegWit Proposed by Bitcoin Miners / Developers, Feb 21, 2016: $434.
Members of the bitcoin community met in Hong Kong to discuss the future goals of bitcoin. One scaling proposal, Segregated Witness or SegWit, was proposed during the meeting as a way to solve bitcoin transaction congestion. By the end of the meeting, the group had agreed to scale bitcoin into an international payment system.
Wired ID's Craig Wright as Satoshi Nakamoto, Dec 8, 2015: $461.
Wired published an article claiming that Australian businessman Dr. Craig S. Wright was either Satoshi Nakamoto or a "brilliant hoaxer". Wired writer and security researcher Gwern Branwen cited emails, deleted blog posts, and leaked court documents to prove that Wright was Satoshi. Wright would later privately provide proof to a small group of researchers that he was Satoshi, although that proof was disputed by the bitcoin community.
Bitcoin Symbol Accepted Into Unicode, November 3, 2015: $334.
As a sign of bitcoin's growing influence, the Unicode Technical Committee accepted the bitcoin symbol into the Unicode Standard, giving it the slot U+20BF SIGN.
Bitcoin Lands on The Economist Front Page, Oct 31, 2015: $366.67.
Bitcoin appeared on the front page of The Economist as part of an article titled, "The Trust Machine". The article discussed economic liberalism, the utility of blockchain technology, and the possibility of national banks releasing their own cryptocurrencies in response to bitcoin.
EEU Declares No VAT on Bitcoin Trades, October 22, 2015: $318.43.
The European Court of Justice ruled that bitcoin and virtual currencies are not subject to value-added-tax (VAT) in the European Union. The EU ruling meant bitcoin would be treated more like a currency than a commodity or property - contrary to the position of US regulators.
Winklevoss Twins Open Gemini Exchange in NY, October 8, 2015: $268.
Cameron and Tyler Winklevoss, best-known as the twin brothers involved with Facebook's early development, released their own US-based and US-regulated bitcoin exchange. At launch, Gemini was licensed to operate in 26 states and, due to a partnership with a New York bank, customers' deposits were secured by FDIC insurance - just like a normal bank account.
CFTC Declares Bitcoin a Commodity, September 18, 2015: $238.15.
The United States Commodity Futures Trading Commission (CFTC) announced it had filed and settled charges against a bitcoin exchange that allowed users to trade options contracts. As a result of the settlement, the CFTC officially found that "bitcoin and other virtual currencies are properly defined as commodities."
NY Creates BitLicense for Crypto Exchanges, June 3, 2015: $232.05.
New York became one of the most forward-thinking states in terms of crypto regulation by unveiling its 'BitLicense' regulatory scheme. Any crypto exchanges doing business in New York would be required to obtain a BitLicense from the New York Department of Financial Services. Exchanges were required a $5,000 application fee, fingerprint employees for the FBI, and obtain written approval for all new business activities. Many less-transparent exchanges ceased operating in New York after the BitLicense was unveiled.
Coinbase Launches Legal U.S. Bitcoin Trading Platform, January 26, 2015: $222.85.
Venture capital-backed bitcoin payment processor Coinbase announced the launch of its own bitcoin trading platform after working for months to obtain regulation from state and federal financial regulators. At launch, Coinbase was able to legally accept bitcoin trades from customers in 25 different U.S. states.
$5.2 Million Lost in Bitstamp Hack, January 4, 2015: $198.59.
One of the worst bear markets in modern bitcoin history got even worse when unknown hackers stole 18,866 bitcoins from a Bitstamp hot wallet. The hackers disappeared with $5.2 million worth of bitcoin after using social engineering tactics against Bitstamp's system administrator. Bitstamp shut down its exchange for eight days before re-opening. Although the loss was significant, Bitstamp's cold storage remained untouched, no customer balances were affected, and the loss was "a small fraction" of Bitstamp's total reserves. Bitstamp remains active to this day.
Microsoft Begins Accepting Bitcoin, December 11, 2014: $324.87.
Microsoft began accepting bitcoin from U.S. customers in exchange for apps, games, and other digital content on the Windows and Xbox online stores. Microsoft partnered with Bitpay as its bitcoin payment provider.
BearWhale Bitcoin Transaction is Filled by Bitcoin Exchange, October 6, 2014: $387.40.
Bitcoin markets were rocked by one of the largest 'sell' orders in bitcoin history when an unknown trader placed nearly 30,000 BTC for sale on Bitstamp at a limit price of $300. The $9 million order was labeled 'BearWhale' by the bitcoin community. The order was filled, although the price of bitcoin sunk significantly.
Dell Begins Accepting Bitcoin, July 18, 2014: $528.88.
Computer giant Dell announced that it was accepting bitcoin for U.S. customers. With an annual revenue of $56 billion, Dell became the largest company in history to accept bitcoin. Dell made the decision after a number of other computer hardware companies, including Overstock, TigerDirect, and Newegg, launched bitcoin payments earlier in 2014.
U.S. Government Sells 30,000 BTC at Auction, June 27, 2014: $628.50.
The United States Marshals Service sold 30,000 bitcoins that had originally been seized during the October 2013 raid of darknet marketplace Silk Road. Bitcoins were auctioned off to the highest bidder. A single bidder, billionaire venture capitalist Tim Draper, famously purchased the vast majority of these bitcoins and remains one of the world's biggest bitcoin holders to this day.
GHash.io Mining Pool Gains 51% Majority Control of Network, June 13, 2014: $592.28.
Mining pool GHash.io gained majority control of the bitcoin network's hashing power, giving them the theoretical ability to launch a 51% attack on the network and temporarily reverse bitcoin transactions. The pool issued a statement that it would never participate in a 51% attack, and that they would try to limit the pool's hashpower to 39.99% moving forward.
People's Bank of China Shuts Down Exchange Bank Accounts, April 10, 2014: $501.70.
April 15 was the deadline for Chinese financial institutions to cease all dealings with bitcoin and bitcoin exchanges. Multiple Chinese exchanges had their bank accounts shut down on this day, with many exchanges switching to offshore banking solutions of dubious legality.
IRS Announces Bitcoin Will Be Taxed Like Property, March 26, 2014: $453.05.
The United States Internal Revenue Service, the nation's central tax authority, declared that bitcoin would be taxed as property. Bitcoin and other cryptocurrencies would not be taxed like currencies, but as property, making them subject to capital gains tax and other restrictions.
Newsweek Article Identifies Dorian Nakamoto as Bitcoin Creator, March 6, 2014: $631.25.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:53 pm
Media outlet Newsweek published an article identifying a man named Dorian Nakamoto as the creator of bitcoin. Journalist Leah McGrath Goodman stated that Dorian Nakamoto, a retired computer engineer living in California, was the same Satoshi Nakamoto who had created bitcoin. Dorian denied any involvement, and further investigation found that Dorian had no apparent connection to the bitcoin project. The crypto community would later raise $23,000 for Dorian Nakamoto.
Mt. Gox Suddenly Shuts Down, February 24, 2014: $662.
Mt. Gox had halted withdrawals after the DDoS attacks on February 7. Then, a few weeks later, Mt. Gox suddenly closed its doors. Later, it was revealed that Mt. Gox shut down when it discovered 744,000 bitcoins were missing from its cold storage. The world's largest bitcoin exchange was bankrupt. The price of bitcoin plummeted as many investors lost everything.
Mt. Gox and Other Major Exchanges Hit By DDoS Attacks, February 7, 2014: $626.
Some of the world's biggest bitcoin exchanges, including Mt. Gox, Bitstamp, BTC-E, and others, were hit by distributed denial of service (DDoS) attacks, causing multiple exchanges to shut down for several days.
Chinese Govt Bans Financial Institutions from Using Bitcoin, December 5, 2013: $839.
After witnessing surging popularity in China, the government and People's Bank of China decided to take action, banning bitcoin's use as a currency and prohibiting financial institutions from using bitcoin.
Price of Bitcoin Peaks at $1,242 on Mt. Gox, November 29, 2013: $921.
Growing investment from China continued to drive prices higher, causing bitcoin to reach a new all time high on November 29 th . Chinese citizens flocked to the currency as a safe haven from the rapidly-inflating Chinese Yuan (RMB).
China Allows Citizens to Legally Trade Bitcoin, November 20, 2013: $1,075.
The People's Bank of China released a statement that citizens are "free to participate in the bitcoin market", opening the door for Chinese citizens to buy and sell bitcoin en masse. The news caused the price and trading volume of bitcoin to surge to new heights.
US Senate Holds Hearing on Bitcoin, November 18, 2013: $1,072.
Following the arrest of Ross Ulbricht, the U.S. Senate held a talk named "Beyond Silk Road" that explored the "potential risks, threats, and promises" of virtual currencies. While some panelists and senators saw bitcoin as a risky tool, others believed it had innovative potential.
Dread Pirate Roberts Arrested, October 1, 2013: $135.12.
The FBI followed a trail of clues to arrest Ross Ulbricht, owner of darknet marketplace Silk Road. The marketplace had become a notorious place to buy and sell guns, drugs, and other illegal goods in exchange for bitcoin. Ulbricht was charged with narcotics trafficking, computer hacking, money laundering, and engaging in a criminal enterprise. Over 170,000 BTC were seized during the arrest. Ulbricht was later sentenced to life in prison without parole.
Tradehill Ceases Operations, August 30, 2013: $126.94.
Business-to-business exchange platform Tradehill ceased operations and returned funds to clients after the company's financial partner, Archive Federal Credit Union, decided it did not want to deal with the regulatory issues of bitcoin.
DHS Issues Warrant Against Mt. Gox, May 14, 2013: $126.94.
The U.S. Department of Homeland Security (DHS) seized approximately $3 million from a Wells Fargo bank account belonging to Mt. Gox CEO Mark Karpeles. A DHS investigation found Karpeles was illegally transmitting money against the terms of the account. Users began worrying about the future legal status of bitcoin.
Increased Trading Volume Breaks Mt. Gox, April 10, 2013: $122.9.
Mt. Gox's trading volume surged in what was originally thought to be a distributed denial of service (DDoS) attack. Instead, it was a surge of Mt. Gox users wanting to trade money on the exchange - including many users fleeing Cyprus's financial system. Mt. Gox briefly shutdown under the pressure, causing panic in the bitcoin community.
Cyprus Bailout Causes Surge in Bitcoin Price, March 25, 2013: $131.07.
Cyprus received a €10 billion bailout to rectify the country's falling economy. The bailout came with a caveat that accounts with over €100,000 would face fees and restrictions. The new restrictions caused the price of bitcoin to rise from $80 to over $260 in a matter of weeks as wealthy Cypriots and foreign nationals with Cypriot money fled to the 'safe haven' of bitcoin.
Bitcoin 0.8 Causes Brief Hard Fork Drama, March 11, 2013: $68.89.
In a rough week for bitcoin, the price plummeted after transaction problems caused a brief hard fork. Mt. Gox temporarily suspended operations, while bitcoin's developers executed a "swift and coordinated response" to resolve the issue within hours. An updated version of bitcoin, version 0.8.1, was released shortly thereafter to ensure the problem never occurred again.
First Ever Bitcoin Halving Day, November 28, 2012: $13.43.
Satoshi Nakamoto designed bitcoin's original code with a 'halving scheme', where the number of coins distributed with each block reward are cut in half every four years. The first 'bitcoin halving day' took place on November 28, dropping the reward from 50 BTC per block to 25 BTC per block.
WordPress Begins Accepting Bitcoin, November 15, 2012: $12.46.
In a press release, content management platform WordPress announced it would start accepting bitcoin due to financial restrictions from companies like PayPal and Visa. WordPress criticized PayPal and credit card companies for blocking transactions from 60 countries worldwide, including Haiti, Ethiopia, and Kenya. "Our goal is to enable people, not block them," wrote WordPress in the statement.
Bitcoins Savings & Trust Halts Payments, August 17, 2012: $11.18.
Fraudster Trendon T. Shavers was charged by the US Securities and Exchange Commission (SEC) for defrauding investors in a bitcoin investment scheme. Shavers accepted deposits of 50 BTC from BitcoinTalk forum users, then paid out interest weekly. On August 17, Shavers suddenly halted the operation, disappearing with between 86,000 and 500,000 bitcoins from investors.
Linode Hacked for Over 46,000 Bitcoins, March 1, 2012: $4.89.
An anonymous hacker breached the servers of web host Linode and accessed wallets containing large amounts of bitcoin. The hacker stole over $228,000 worth of bitcoin from Linode's customers. Notable victims of this hack included bitcoin's lead developer, Gavin Andresen, bitcoin exchange Bitcoinica, and mining pool operator Marek 'Slush' Palatinus.
Paxum and Tradehill Drop Bitcoin and BTC-E Bug Disclosed, February 11, 2012: $4.31.
It was a rough week for bitcoin. On February 11, online payment processor Paxum decided to cease all cryptocurrency transaction processing over legal concerns. Two days later, money transmitter TradeHill closed its operations and began selling its bitcoin to refund customers and creditors. The next day, BitcoinTalk forum user Patrick 'phantomcircuit' Strateman, disclosed a devastating security bug on bitcoin exchange BTC-E.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:54 pm
"The Good Wife" Airs "Bitcoin for Dummies" TV Episode, December 19, 2011: $4.22.
Investors expected the bitcoin-themed TV episode to push bitcoin to new heights. 9.45 million viewers tuned in to the episode, which featured a manhunt for the creator of bitcoin. Unfortunately for hodlers, few viewers bought into the hype and the price remained stagnant.
Mt. Gox Hacked for First Time, June 19, 2011: $17.77.
An auditor working for Mt. Gox hacked the exchange by downloading a copy of the user database containing insecure hashed passwords. Using admin-level privileges, the auditor placed a huge number of sell orders on the exchange, causing the price to plummet to just $0.01 per bitcoin. Mt. Gox spotted the issue, then halted trading for seven days while they reversed the trades and secured their systems. Over 4,019 bitcoins were stolen from 600 compromised wallets.
Gawker Publishes Article About Silk Road, June 1, 2011: $16.88.
Gawker writer Adrian Chen published an article called, "The Underground Website Where You Can Buy Any Drug Imaginable." The controversial article described how you could purchase drugs, assassins, and virtually anything on Silk Road in exchange for bitcoin. The heavily-trafficked article caused the price of bitcoin to surge from $9.21 to $17.61. Within a week of publication, bitcoin peaked at a price of $31.
Three New Bitcoin Exchanges Open to Accept Fiat Currencies, March 27, 2011: $0.72.
In March, an exchange called Britcoin was launched, allowing users to trade bitcoin directly with the British Pound (GBP) for the first time. Soon after, a Brazil-based exchange followed suit, launching a service for Brazilian Real (BRL) and USD trading with bitcoin. On April 5, Bitmarket.eu launched, allowing users to trade bitcoin with the Euro (EUR) for the first time. These three exchanges opened the floodgates for millions of new bitcoin users.
Bitcoin Price Hits Parity with the US Dollar, February 9, 2011: $1.
At just two years old, Bitcoin was worth the same amount as the US Dollar on the Mt. Gox Exchange, officially achieving parity with the world's largest fiat currency for the first time in history. As news of USD parity hit various media outlets, the price rose even further as the public jumped on board.
Bitcoin Protocol Bug Causes Hard Fork, August 15, 2010: $0.07.
Due to a computer number processing error, an anonymous person created a fraudulent bitcoin transaction that generated trillions of bitcoins - almost 99 thousand more than what can exist in the system. The oddity was quickly spotted by bitcoin developers and a fix was made within hours.
Mt. Gox Opens for Business, July 18, 2010: $0.06.
Mt. Gox was launched on July 18 by programmer Jed McCaleb, previously known for creating the p2p network eDonkey in 2000. The infrastructure for the bitcoin exchange was based on McCaleb's previous, failed project for a Magic: The Gathering Online card exchange platform (MTGOX). Within 3 years, Mt. Gox would grow to become the largest bitcoin exchange on the internet. McCaleb sold the exchange to Mark Karpeles on March 6, 2011.
Bitcoin Featured in Slashdot Article, July 11, 2010: $0.08.
The release of bitcoin 0.3 was featured on the website Slashdot.org, a popular news and technology website. The tech-savvy readers became interested in bitcoin, driving up the price of bitcoin 10x from $0.008 to $0.08 in just five days.
Two Pizzas Are First Material Item Purchased Using Bitcoin, May 22, 2010: $0.0025.
A Bitcointalk forum user named Laszlo paid 10,000 BTC in exchange for two pizzas worth approximately $25. The pizzas were ordered and paid for by another Bitcointalk forum user, Jercos. It's the first known trade of bitcoin for a real, material item.
The First Bitcoin-to-Fiat Exchange Occurs, October 12, 2009: $0.001.
Using PayPal, New Liberty Standard purchased 5,050 BTC from a user named Sirius for $5.02 USD, which equates to an exchange rate of roughly $0.001 per BTC. It's the first known trade involving bitcoin and fiat currency.
New Liberty Standard Publishes First Bitcoin Exchange Rate, October 5, 2009: $0.0008.
New Liberty Standard launched a bitcoin exchange service with an initial exchange rate of 1,309.03 BTC to 1 USD, or about $0.0008 per 1 BTC. New Liberty Standard calculated this exchange rate based on the cost of electricity consumed by a computer to mine a single bitcoin at the time.
First Bitcoin Transaction from Satoshi to Hal Finney, January 12, 2009: $0.
The first bitcoin transaction in history took place on January 12 when Satoshi Nakamoto transferred 10 bitcoins to developer and cryptography activist Hal Finney. Hal Finney famously tweeted about the interaction, and also later joked that he never paid Satoshi back.
Genesis Block Established, January 3, 2009: $0.
The first bitcoin block, the Genesis Block, was mined by Satoshi Nakamoto, officially launching the bitcoin blockchain.
Truth About Bitcoin: A Legitimate Future Against All Odds and Arguments About Its Value.
With big names of industry having wildly different opinions about the validity and futures of Bitcoin, it can be hard to know what to believe and trust.
Warren Buffet has called Bitcoin "a delusion," while younger entrepreneur Elon Musk calls it "Brilliant" (an effect it appears to be having on a lot of the younger entrepreneurs).
January 3 rd , 2019 was the 10 year anniversary of Bitcoin. Now that it's been around for a decade, where does it stand? Will the price go up or down? Maybe neither? Does Bitcoin have a future?
As Blockchain makes new advances, could this lead to mass adoption of the tech? Can Bitcoin remain the king of cryptocurrencies?
The best way to tackle futures of Bitcoin is to take apart the arguments, one by one.
Bitcoin is a Waste of Energy.
"uses as much CO2 a year as 1 million transatlantic flights. In November, the power consumed by the entire bitcoin network was estimated to be higher than that of the Republic of Ireland. It's on pace to use just over 42TWh of electricity in a year, placing it ahead of New Zealand and Hungary and just behind Peru."
While ending with: "We need to take it seriously as a climate threat."
This is true. Even China has gone so far as to threaten banning bitcoin to offset negative environment effects (April 2019).
The comparison to the 1 million transatlantic flights is completely correct, with flights serving a utilitarian purpose that we of course won't try to stop any time soon. However, the comparison disregards that huge amount of added pollution that large airliners create by using oil as their fuel source- something a digital token of course doesn't deal with.
Mining is the true energy monster of Bitcoin's Blockchain tech. Mining is necessary to secure pieces of bitcoin. It keeps your coin valuable, helps prevent your digital wallet from being hacked, and makes it a safer all around digital asset. The truth is, bitcoin mining also serves a purpose for the user and for the asset itself. It is vital to the purpose and value of Bitcoin.
Fiat moneys (USD, the pound, Euro, Yen etc) also have a system of operations and security that uses considerable energies to maintain- the banking system. The comparison they made overlooks the realities of modern tradition banking and just how much electricity it uses.
Kelly-Pitou, technology researcher at the University of Pittsburgh, had this to say:
"...banking alone consumes an estimated 100 terawatts. This is a little bit more than three times the energy Bitcoin mining consumes."
Banks have online and physical branches, offices, and ATMs- all of which consume energy. The big difference between the two is banks are centralized to a limited amount of locations and bitcoin mining is decentralized, relying on small computer arrays.
What's more is it generalizes power usage while disregarding the country to country difference of energy consumption. For example, Iceland relies on nearly 100 percent renewable energies and is a hub for bitcoin mining- making it not a threat to environmental concerns. China, on the other hand, still relies heavily on fossil fuels (despite trying to lead green energy innovation because of high amounts of population in their country) for electricity. Bitcoin being mined heavily in China would be a massive environmental concern. To get even more in the weeds, Bitcoin mining companies are responsible for most of the mining and they actually flock to places where they can get energy cheap, including places with a surplus of energy that cannot be saved or otherwise sold and that INCLUDES China which always produces a massive surplus (there is something to be said about the energy consumption of a small percentage of small computer networks or single ones in a population base that's big the way China's is, however).
Its effects on consumption relating to environment should be looked at based on region and not be painted with a wide sweeping brush when it can't possibly all fall under the same umbrella.
The Bubble Market: Bitcoin Obituaries.
Charlie Munger has said "Bitcoin is worthless, artificial gold." and the media has repeatedly likened it to the tulip mania. For 10 years, bitcoin has been portrayed by big media names as a bubble about to pop for good and have pronounced bitcoin dead more than 30 times.
Every system improvement to Bitcoin has been decried and denounced, every burst bubble has been 'the end,' every increase in price won't last, and no matter how many times it bounces back- it's still not taken seriously.
Now it's been a decade, is it still fair to call it a bubble? Or is there more stable mechanisms behind the price? People love to ask and know 'will bitcoin ever die'?
To start with, all new markets start volatile. Every new technology and asset class has experienced a similar rise and fall cycle. Take the internet for example, the dotcom era saw company shares rise by 1000% like it was normal before it all came tumbling down. Yet we are still using the internet more than ever. Such a useful new technology is hard to overlook just because it suffers a bust.
The argument is: that is what digital assets and the Blockchain tech they are responsible for will be.
Stocks also experienced similar boom and bust cycles in their early days. The first were invented in the 1500s and they were rough. There was no regulation, volatile price changes, scams, and they were sold at coffee shops instead of stock exchanges. Bitcoin has seen volatility, massive price changes, scams, and before exchanges started popping up, there was a peer-to-peer marketplace on localbitcoins.com.
After the 2008 financial crisis, we all became aware that real estate was not the safe investment the majority thought it was (according to Business Insider- "Between 2006 and 2014, nearly 10 million homeowners in America saw foreclosure sale of their own homes," with then of thousands becoming entirely homeless as a result).
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:54 pm
Stocks have existed more than 400 years, dotcom companies for more than 40, and Bitcoin for only 10 (with a majority of the cryptocurrency market being even younger). It's extraordinarily volatile right now but that could be because it's young. It's entirely possible that it will settle.
It starts as a volatile novelty and it slowly becomes more and more a part of our daily lives.
Wealthy Market Manipulations.
The Independent September 2018: "Bitcoin price Crash. ' Manipulative Whales' cause Cryptocurrency Market Meltdown!"
While this was mostly sensationalism meant to scare people and ultimately hurt the futures of Bitcoin, it is partially true. Even today, 85% of coin is only in 1% of digital wallets.
However, it is important to do your own research and understand things for yourself instead of solely listening to sensationalist journalism. If someone did, the first thing you would see is that a majority of them are not actually owned by 'whales' but by exchanges.
On top of this, many wallets used to hold most of the Bitcoin by 'whales' are cold wallets- wallets that hold the digital currency disconnected from any servers. Major exchanges like Coinbase, Binance, Kraken, and others do this.
Chainalysis, a company specializing in analysing Bitcoin Blockchain, found:
"the actual threat that all whales pose to cryptocurrency economy is relatively low. If they sold off their entire holdings, it would be effectively a $3.9 billion sale at current prices. That's not even 10% of the current total market capitalization of Bitcoin."
The reason singular large whales cannot manipulate prices as significantly as you would assume is because the cold wallets held by exchanges diminish their impact.
Bitcoin Is Slow.
It's true, unequivocally. Processing Bitcoin takes an average of 10 minutes while big name card payments like Visa and MasterCard work in seconds.
For now, Bitcoin cannot be a reliable, widely used for of payment. For now.
Remember internet in the late 80s? It had an Ethernet hook up, took up phone lines, and took close to 10 minutes to load. Bitcoin has only been around as a company for 10 years, give it some time. It may not be able to handle quick transactions now but the technology is still learning and it can easily get there.
Think about how far the internet has come since then, even after the dotcom crash.
Criminal Activity and Phishing.
According to Forbes, there are scams where hackers email their victims requesting BTC payments by blackmailing them with sensitive information. Bitcoin was used on the Silk Road in the dark web, it's been a prime way for phishers to get money, and what's worse is it's nearly impossible to track.
But the truth? Cash is still the king of the game.
Illegal activity and cash (or coin if you're going back in the past) has always been the king. If you want to get something done, nothing moves mountains like laying down cash.
Lilita Infante, Special Agent for the DEA, went on record to talk about the realities of BTC transactions for illegal things, saying "illegal activity has shrunk to about 10 percent." She is a part of a 10 person Cyber Investigate Task Force team whose focus is crypto-related illegal activity on the dark web and works in conjunction with the Department of Justice, the FBI, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives.
It not only is at just 10% but the number is actually falling. Sciencemag wrote a full report on how governments are developing techniques for tracking criminal activity in the Blockchain and learning how to trace bitcoin payments back to the criminal that made them. BTC was a popular form of payment for a few years because it was anonymous, there were no regulations or protections, and no one knew how to tackle such a new technology yet. All of those things are no longer true or changing.
Using Bitcoin Is Not Easy.
While it is possible to pay for things with Bitcoin, with some regions and countries being more readily available for the option, it is still quite difficult.
On the one hand, a journalist from Business Insider spent a day trying to do just that and failed abysmally. On the other hand, a book was written by someone who spent a year traveling and living off of 1 bitcoin, using pieces of it as payment called "Stolen Wallets."
New payment adoptions take time. Credit cards took almost 20 years for mass adoption and they've been a daily part of our lives for decades now. As Bitcoin becomes more popular, it will become easier to use.
Will Bitcoin Be A Real Currency.
There are significant limitations to Bitcoin and hurdles that would have to be overcome before it could be a daily use payment. Some may not ever happen.
That same journalist from Business Insider tried to accomplish the same goal using a gold bar. We all know there is great value in gold but trying to pay for anything with it was found to be impossible (at least they were able to find 2 places that took BTC as payment).
Gold is currently considered a 'store value'- an "asset that can be saved, retrieved, and exchanged at a later time, and be predictably useful when retrieved." Bitcoin has been able to be saved, retrieved, and exchanged for 10 years now, and despite the bubble and bust market it suffers from, the price keeps going up when you look at long term maps of value between its start and now.
Bitcoin could become the digital version of Gold.
It's Hard To Use: But is Bitcoin Really That Difficult?
Brand new technologies are often not user friendly because they are so new. Remember all the steps it took to make an email decades ago? It required plugging in and unplugging things several times, sending away for a CD to download AOL, and a long amount of time. Bitcoin requires complicated strings of information to be copy and pasted, setting up a wallet, remembering seed phrases, it's not easy for most of us. Especially as something we are not used to doing.
But what if Bitcoin is like early email.
It's also entirely possible that its difficulty boosts its value. For example, gold is not easy to own. You have to find a specialty shop to buy investments in it, store it somewhere like a bank vault or personal safe, and keep track of any codes/passwords and keys it may require to access.
The difficulty of Bitcoin may help it retain its value if it never gets easier to use and especially if it becomes a store value like gold.
The Truth About Bitcoin's Price and Future USD Value:
Criticism of Bitcoin is not always justified and it takes your own keen research to see that. There is a lot of assumptions made when guessing where Bitcoin will go and the truth is, no one actually knows.
Not everything makes it through its trial phase of popularity. But Blockchain is one of the most promising technologies of the 21 st century and the century only just began. The tech is still in its infancy and although we are finding new adaptions for it in our current way of doing things, it could usher in an entirely new way including with cryptocurrencies.
Like with all things, we must give it time. Maybe Bitcoin won't remain King of Cryptocurrencies. But it's been 10 years, 350+ obituaries later, and a massive burst market bubble and it's still here, rising in value steadily over the mark of time.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:54 pm
The Best Bitcoin Exchanges.
Best Bitcoin Exchanges to Trade & Buy Bitcoin, Altcoins & Cryptocurrency 2019.
When it comes to finding the best bitcoin exchange things are not all that easy. Many of the best bitcoin exchanges to buy bitcoin are only recently online. This means that they have had little time to get the word out about their services and products. Most people coming to this page will be asking how to buy bitcoin online through a secure means. Well, here is a good starting point.
One of the first things to consider when searching for the best bitcoin exchange is; how safe are both the website and server. A trustworthy bitcoin exchange providing transparent data about coins in cold storage (more on this later). It is also a good to look for available currency pairs: example looking to trade bitcoin for USD, Euros, or other fiat currencies. The location usually gives an idea of what is on offer. However, the largest bitcoin exchanges usually have many options for buying bitcoin with government issued currency and altcoins.
Best Bitcoin Exchanges to Trade & Buy Bitcoin Cryptocurrency 2019 list.
Award-winning Cryptocurrency trading platform.
11 payment methods, including PayPal.
FCA & Cysec regulated.
Award-winning Cryptocurrency trading platform.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:55 pm
Currently Offline - Stay Away Until Further Notice.
Top 10 Best Bitcoin Exchanges to Buy & Trade Bitcoin & Cryptocurrency 2019 list.
Although you should always do your own research before investing, the above table is the best bitcoin exchanges to buy bitcoin online. If you are new to cryptocurrency exchanges then check out our exchange finder section which breaks down all exchanges by different criteria. We rank exchanges by the following criteria:
We rank the exchanges first and fore-mostly by their security measures and how trust worthy they are considered to be. User feedback is essential for us to create a rounded view of each exchange, make sure to give your input on exchanges you regularly use and those that you have tried and discarded immediately.
We also look at the exchanges accessibility is terms of user experience, how they can buy bitcoin, be it with credit card, paypal or other forms of payment. Be sure to bookmark this page for future reference.
For a list of all the exchanges we have reviewed, see the exchanges page.
How to buy bitcoin using this list of Bitcoin exchanges?
This list should be used as a guide, make sure to read our reviews on each exchange and ultimately make your own decision. All exchanges have their pros and cons, and you should make sure that the exchange you choose is suitable for you.
Hopefully the list of best bitcoin exchanges and cryptocurrency exchanges above will be of good use when buying and trading bitcoins. Each outstanding site should have detailed instructions. From here, one can easily figure out how to buy bitcoin with credit card, paypal, cash, bank transfers. Once you have got some coins check out the list of available wallets.
What is the top crypto exchange site to buy bitcoin in the above list?
It's a tough question in my opinion. Each will have an upside compared to others. Check a few out and look up on forums to see what users are saying about the service provided, and which they think are the best Crypto Exchanges to buy bitcoin easily. Localbitcoins.com is a really cool crypto exchange p2p bitcoin exchange for beginners wanting to buy for their first time. The service is all over the world, meaning you can use euros, pounds, yen, Australian dollars, Swiss francs, Canadian dollars, krona, rubles, lira, rupees and so on.
If you pay by physical cash then you get to meet the person in real life. Alternatively you can do a fast bank transfer and the site will hold your coins in escrow for you once it goes through. Obviously there are more simple ways to start using a crypto exchanges and bitcoin exchange and buy altcoins. Some like to buy with paypal, but not many leading bitcoin exchanges accept this because of charge backs.
Having used localbitcoins myself, I found it a great way to sell bitcoins. Especially if you are trying to shift a lot, you can wait for the price you want and slowly sell, I found that despite the charge I got on average a better price than other exchanges.
Which are the largest exchanges to buy cryptocurrency?
Generally the biggest bitcoin exchanges to buy cryptocurrency will be toward the top of the above list. For example eToro, Bitfinex, Coinbase Pro (GDAX), Bitstamp, Coinbase (also the best usd bitcoin exchange) all represent large volume proportions. Daily volume varies, and therefore the world's largest cryptocurrency exchange vary each day. Go to bitcoinity for a good list of all the best bitcoin exchange site to buy cryptocurrency and their proportional volumes. Some find this handy for arbitrage between markets.
What about the best cryptocurrency exchange?
Sadly, with the demise of Cryptsy there is a need for a new major first-rate cryptocurrency and Bitcoin exchange (aka altcoins). Having many medium-sized cryptocurrency exchange bitcoin sites is a better situation than having one large amazing option. Binance has now replaced Poloniex as the largest most amazing option to exchange bitcoin. Its platform is functional enough to have attracted tens of millions of new customer every month.
Things feel smooth when using Binance. All big and small trading pairs are offered and it is now possible to do cryptocurrency margin trading on major altcoins. This is a cool feature, but use it with caution as leveraged trading has a certain risk factor. Keep in mind that some of the best bitcoin exchange sites also do altcoins. Yobit, Bittrex, Cryptopia and Changelly, are great options worth checking out. Some even offer short selling on major coins.
You may also like to check the coin rankings & market capitalizations on coinkapp - which has a splendid comparisons list of the top cryptocurrencies. Alternatively, coinmarketcap offers a rather simplified list.
The best place to buy bitcoin securely.
This is an important question to ask when choosing the best place to buy bitcoin. Yes, putting the words trustworthy bitcoin exchange and the best place to buy bitcoin in the same sentence seems like an oxymoron, especially when remembering the shiny days of MtGox (aka Empty-Gox). While the bitcoin protocol has never been hacked, many peripheral businesses have. Perhaps the best question to ask would be: which are the least secure bitcoin exchanges. Generally, those listed here are optimum and of good standing, but please proceed with caution. Remember never to leave more btc online than you can afford to loose.
A sample of some reviews below, or view our full cryptocurrency exchanges reviews!
Below are pros and cons of some of the most popular exchanges on the market.
eToro.com.
eToro was one of the first CFD providers to offer cryptocurrencies on their platform. With an extremely easy to use interface, it is a huge attraction for beginners who are looking to invest in crypto for the first time. Buying crypto as a CFD is different to buying and owning the actual cryptocurrency, but does it really matter? We take a look at eToro in more detail.
Increased liqu >Cons.
Currently offers 14 cryptocurrencies You don't own the underlying asset.
* 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Cryptoassets are highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:55 pm
Coinbase.com.
Coinbase Update: Coinbase buy and sell orders resolved but performance still 'degraded'. Coinbase combine an attractive interface, a great site to get bitcoins with a debit card, and an insured online wallet for your digital currency. Over 30,000,000 users are signed up, including 75,000 merchants, and 15000 developer apps. Works well for European, and American customers. It started with just bitcoin trading but has now expended to include Bitcoin Cash, Ethereum & Litecoin. I've also written a comprehensive Coinbase review for more detail.
The most user-friendly and trusted platform, currently has 200 million page-views per month Lots of long-time customers Online wallet with insurance.
Slightly more work needed when verifying account.
Binance.com.
Binance Update: Binance offers $250,000 reward for details that lead to arrest of hackers. The China-based cryptocurrency exchange began live trading in July 2017, so is fairly new to the crypto exchange world. However it has proven itself thus far to its clients, with its robust charting software and both basic and advanced interfaces attracting novice and expert traders. We've written an in depth analysis of Binance.
Low fees on transactions and withdrawals Offers a vast array of coins including typically rare coins The team has an excellent past in crypto and finance High liqu >Cons.
Clarification needed on how Chinese regulatory will affect the exchange New platforms require time to gain client trust.
Bittrex.com.
Bittrex Update: We've unlisted Bittrex from the ranking while new account registrations remain closed. I'll be re-listing the exchange once new sign-ups are allowed. Currently only corporate accounts are being accepted, which is not ideal for cryptocurrency exchanges.
Update 2: Bittrex now claims they are compliant with SEC's ICO rules.
Bittrex has earned it's place as the new contender to the throne of world's largest crypto exchange. Years of hard work and some lucky circumstances (BTC-e shut-down, Poloniex exodus, Cryptsy) have compounded a steady inflow of new users. It is a great place to trade bitcoin and other cryptocurrencies. I'll let you read the detail in my Bittrex review, which has some important facts and analysis.
Nearly 200 trading pairs Currently the most visited altcoin exchange with over 150 million monthly visits Trusted by millions of traders High volumes available for big trades.
New account registration temporarily disabled to cope with demand. Cannot scale as well as Poloniex or Coinbase Heavy vetting requirements - especially for a non-fiat exchange Minor scaling issues as users flow in to sing-up.
Localbitcoins.com.
Localbitcoins is quite a popular for p2p (person to person) transactions all over the world. Simply put, you interact directly with the guy selling to you. Out of all the bitcoin sites listed here, this is one of the first and most reputed. Escrow and dispute resolution is provided by the site. See my thorough review of Localbitcoins, I personally use it to cash out of positions quite often.
Great way to meet people PayPal also available No verification needed in most cases Popular in all countries around the globe.
May take longer to conclude in-person transactions Risks associated with anonymous transactions Reports of ome seller bank accounts being been suspended after receiving money.
Cex.io.
CEX is one of those international bitcoin exchanges accepting euros, British pounds, US dollars, Russian Rubles, Ethereum, Zcash, and Dash. Needless to say, CEX is very popular within those currency regions. There is a no-nonsense landing page, giving you the option to buy or sell 100, 200, 500, or 1000 USD worth of Bitcoin. I like the transparency given to users about how much they will actually pay - even before they sign up. Good security practices, a modern and simple user interface, and both bank transfer & credit card purchases are available. CEX is indeed a good beginner-optimized alternative to Coinbase. Read the comprehensive Cex review for more details including fees, verification, & security.
Bank transfer and credit card deposits Very easy to use & great for beginners Users know how much they will pay before even signing up Buying and selling Ethereum is available.
Recently Litecoin was unlisted.
Kraken.com.
Kraken Update: In late 2017 Kraken was temporarily unlisted here following extensive trading engine and UI issues. Thankfully, in January 2018 the website underwent a successful migration and all systems are now reported to be functioning to everyone's satisfaction.
Kraken works well through SEPA, has an easy verification process (expect 4-6 weeks vetting with current backlog) compared to Bitstamp, and is very knowledgeable when it come to cryptography and security. As of early 2017, this platform has been re-positioning themselves as a crypto exchange by adding multiple new altcoins. I've written an in-depth Kraken review with everything you need to know..
Cheapest rates and fastest times for trading, depositing and withdrawing Work best for Europeans and North America Has successfully resloved site-w >Cons.
A recent code update caused the site to be offline for 3 days. Recently disabled stop-loss and other trading features without giving explanation to the community Site not as visually intuitive as Coinbase or Cex.
GDAX.com.
GDAX is a cryptocurrency exchange that is great for technical traders and offers high levels of liquidity. Deposits are in USD and can be processed just as rapidly as withdrawls. Also happens to be the best ethereum exchange for serious players in this space. For more information on GDAX.
An integral part of the trusted Coinbase brand Optimized to be a serious trading site.
More ID processing steps than on Chinese trading platforms.
Xcoins.io.
Xcoins describes itself as a Bitcoin lending service that allows traders to get bitcoins by using a credit card or PayPal. Due to charge back with paypal, buying cryptocurrency has been difficult however Xcoins claims to have found a way around it. Their unique peer-to-peer lending model connects lenders and borrowers and allows users to get bitcoins through a series of secure loans. Each secure loan can be paid with any PayPal-recognised payment method. Unlike regular cryptocurrency exchanges, borrowers that no longer want the bitcoin can get their money back. Lenders may also choose to join the platform for free.
Two-factor authentication Good customer service Easy verification Users get their bitcoin immediately after paying the lender.
Low minimum loan amount Website was hacked in 2017 No extensive features on the website.
Bitstamp.net.
Update: Reports suggest Bitstamp will be sold to a South Korean gamain company. The price thought to be $350 million.
Bitstamp are big in Europe and, since 2011, have moved from Slovenia, and the United Kingdom in search of sound regulatory environments. Good volumes are available for larger trades. Well received by people using SEPA and credit cards. Both euro and US dollar deposits are accepted. I like Bitstamp because they really focus on being a pure bitcoin-only exchange (update: since 2017 Bitstamp have started adding popular cryptocoins). Please read my Bitstamp critique for analysis of factors such as security, fees, and the history.
Card purchases available (visa mastercard and visa) in Europe and the USA. HQ Located in Luxembourg Good for large transactions yet easy to use for beginners.
Not available outside of EU and the USA.
A lot of you have asked me whether trading bitcoin is better than buying it. The answer depends on your goals, and experience of bitcoin trading. If you're looking to hold bitcoin as a long-term investment and check the price intermittently, it's better to buy bitcoin. This way you benefit from a small, one time exchange fee and the assurance that you hold a physical bitcoin in your wallet which can be spent at various retail stores.
Trading requires daily technical analysis and a sound understanding of trading platforms. I wouldn't recommend this unless you're experienced with eToro or an MT4 platform. That said, there are benefits to bitcoin trading. It gives you the option to quickly scale in and out of positions, and take profits at a desired price. When you trade bitcoin, you can take advantage of daily fluctuations in price. The CFD brokers used for trading are regulated, and your funds are arguably more secure than at an exchange like Coinbase. You will be charged spread (fee) on each trade, but you can execute a buy or sell order quicker. The biggest benefit to trading bitcoin is the limit - it's far easier to open a $100,000 position at a CFD broker than go through stringent checks and buy an equivalent amount on Coinbase.
My honest opinion? Do both - start off by buying bitcoin at exchange, but learn to trade bitcoin so you can better take advantage of price movements.
There are loads of places where you can buy and sell Bitcoin in the US. In fact, some of the world's most popular Bitcoin exchange sites are American.
Coinbase is one of America's most popular Bitcoin exchange site and probably the fastest and easiest way to buy Bitcoin in the US. The site has an 'Instant Buy' option for credit or debit card purchases and setting up an account is quick and easy with no long waits for verification (this can be an issue with some exchange sites).
If you wish to buy Bitcoin via bank transfer on Coinbase, it can take up to five days which is a bit annoying. Although, if you do buy using a connected bank account, Coinbase charges a much lower fee for purchases - it's 3.99% for credit/debit card purchases and only 1.49% for bank transfer purchase.
I'd say Coinbase is the easiest way for newbies to buy Bitcoin because the site specifically caters to those who may not be all that familiar with cryptocurrencies. Admittedly, the fees are a little on the steep side compared to, say, LocalBitcoins and Kraken, but the good thing about using Coinbase is that you don't have to worry too much about security.
Coinbase gives users the option to store coins in what it calls 'the Vault' (a more secure location because allegedly not even Coinbase can access coins in the Vault). This is good because security can be a concern with some of the lesser known sites. In short, Coinbase is a trustworthy brand and a safe and secure place to buy Bitcoin.
Oh, and additionally, Coinbase accepts payment via PayPal, which many sites are yet to cater for. As well as Bitcoin, Coinbase also offers support for Ethereum and Litecoin.
Of course, Coinbase isn't your only option if you want to buy Bitcoins in the US. There are countless other sites, some of which charge lower fees than Coinbase so it's worth considering other options.
If it's lower fees you're after, LocalBitcoins is another good option because the site simply puts buyers and sellers in contact with one other and offers an escrow service to ensure nobody gets ripped off. It is solely for bitcoin trading but a benefit it has is that it operates in all countries and buyers can pay for Bitcoins however they like, though most pay via cash deposit. Just remember to follow the rules of the site and beware of scammers.
Finally, if you want low fees but still want to go the traditional exchange route, I'd recommend either Gemini, a New York-based site which offers some of the lowest fees around (but doesn't operate in all states so check first to see if your state is catered for), or Kraken, which also charges low fees but can be a bit tricky for new users and the customer service isn't all that great.
To be clear, I've only talked about sites where you can buy Bitcoin using FIAT money. There are other sites you can use if you already have another cryptocurrency and want to use that to buy Bitcoin.
If you are interested this is a good page to give you information on buying bitcoin the in the US.
At the time of writing, OKEx is the exchange with the largest bitcoin volume going through it. However, this changes on a regular basis.
With cryptocurrency exchanges moving locations (to avoid countries clamping down on them, namely China), the volumes of bitcoin traded at each one are often found to fluctuate.
Not only exchange locations but exchanges abilities to keep their trading functionality working is also another factor when looking at their volume. Binance, for example, recently stopped its trading services to update its systems. During that period, volumes were obviously completely down, however now they're back, they sit second for the highest volume in the last 24 hours according to coinmarkepcap.com.
It is always worth keeping an eye on the news if you are interested in exchange volumes, watch out for regulation being introduced into different countries.
Bitcoin exchange fees are a pain, there's no doubt about it. However, if you shop around you can avoid getting totally ripped off when you buy Bitcoin.
Bitstamp boasts deposit fees as low as 0.05% and, depending on how much Bitcoin you want to buy, you'll be charged a transaction fee of between 0.25%-0.1%. If you deposit/withdraw your money via SEPA (Single Euro Payments Area) you won't be charged any hidden commissions, as is the case with some sites.
I'd say Kraken is also a good shout if it's low fees you're after. Their fee schedule can be found here: https://www.kraken.com/help/fees.
The good thing about Kraken is you can buy using FIAT and they charge you next to nothing to withdraw your funds. Most other sites charge higher fees when you buy and then again when you withdraw so you get bitten twice, so to speak.
Coinbase's rates are relatively low if you pay via a connected bank account (although the downside is this can take up to five days). When you buy via bank transfer, Coinbase usually charges a 1.49% commission on Bitcoin purchases (this varies slightly depending on what country you are in).
If you are in Europe and in a country which participates in SEPA (Single Euro Payments Area), you are charged next to nothing to withdraw funds (€0.15 with Coinbase) which is great. The same goes for all sites which support SEPA. Kraken, for example, charges €0.09 for withdrawals.
Unfortunately, if you're in the US, Canada, Australia or most other parts of the world, you'll be charged a bit more to withdraw funds. This is annoying because you're effectively paying commission twice: once when you buy and once when you withdraw.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:55 pm

Lowest fees are probably on LocalBitcoins because you're buying directly from other people and the site doesn't take much, per trade. Using LocalBitcoins maybe requires a tad more technical know-how but the site is good and reliable and guides you through the process of signing up and initiating a trade nicely.
Local Bitcoins charges a flat 1% fee on each purchase.
There are some Bitcoin sites which allow payment to be made via PayPal. Coinbase, for one, offers support for PayPal. In fact, Coinbase is probably the most reputable site which allows payment via PayPal.
The easiest way to buy Bitcoin online is via exchange sites such as Coinbase or escrow services like LocalBitcoins. The exchanges mentioned will explain how to buy cryptocurrency in a simple manner.
You need an internet connection to be able to use these services. Once you've purchased Bitcoin, however, you can store coins in an offline wallet for added security.
You can do this by storing the private keys which relate to the coins on either a paper wallet or a hardware wallet.
If you're looking to buy large quantities of Bitcoin, you can use OTC (Over the Counter) exchanges. OTCs specialize in fulfilling large orders and, as such, can usually execute your order a lot faster than traditional exchanges can.
With OTC exchanges, you can essentially buy Bitcoin offline because you either phone up or more likely visit the offices in person.
This is a problem lots of people are now beginning to run into. With many exchanges there are high levels of verification to go through before even getting close to that sort of initial deposit.
If you are based in the UK, you can organise a meeting with them to discuss the best ways to invest larger sums of capital.
There are other exchanges out there that are specifically designed for high rollers, Cumberland mining will only accept clients who are looking to invest over $100,000.
Plenty of exchanges allow you to buy Bitcoin instantly but you'll usually have to pay a bit more for the privilege.
Coinbase, for example, has an Instant Buy option but you must use a credit or debit card so the transaction can be authenticated instantly and they charge 3.99% per purchase, rather than the usual 1.49%.
Many other sites offer a similar service but, like with Coinbase, it will usually cost a bit more than to buy via a connected bank account or wire transfer.
LocalBitcoins is another great way to buy Bitcoin quickly. Setting up an account doesn't take long and, as long there are enough sellers, it is usually pretty easy to execute an order.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:56 pm
Whale Moves 1000 BTC to External Wallet -- Prepare to HODL? - BeInCrypto October 14, 2019.
What Is Bitcoin?
Information.
Bitcoin is a decentralized peer-to-peer network that enables easy transfer and storage of money in its 'blockchain. It is an open source meaning anyone can make use of its' platform, and it is also decentralized, meaning that, any central authority does not regulate it. It was created by anonymous cryptographer called Satoshi Nakamoto in 2009.
THE TEAM.
Bitcoin was created by an anonymous name called Satoshi Nakamoto Other notable names rumored to be part of the team include.
Hall Finney mentioned as one of the people that remodeled bitcoin network. Nick Szabo worked as part of the team that developed the application. He made a comment about "bit gold," which later metamorphosed to bitcoin. Craig Steven is a former academic to have supervised the creation of bitcoin.
The practical uses of Bitcoin.
Bitcoin is one stop shop for exchanging goods and services around the globe. Bitcoin is widely being used for investment either by itself or anything associated with it. It can be used to create and store digital assets such as academic credentials, financial agreement, properties, It is for payment of services, school fees, royalty fees, Bitcoin is used advance learning and research. It is widely .used to create applications such as mobile application, e-payment app.etc.
Bitcoin Mining.
If you have the required hardware, you can mine bitcoin even if you are not a miner. There are different ways one can mine bitcoin such as cloud mining, mining pool, etc. For cloud mining, all you need to do is to connect to the datacenter and start mining. The good thing about this is that you can mine from anywhere and you don't need a physical hardware to mine.
For mining pool, all you need to do is to join a mining group, and if that team solves a computational problem, blocks are added to the blockchain, they get the reward and you get a share of it based on your contribution.
PoW algorithm-SHA-256 is used for mining. Which utilizes a lot of computational power.
How Does Bitcoin Mining Work?
Bitcoin mining saps energy, costly, uses more power and also the reward delays. For mining, run software, get your wallet ready and be the first to solve a cryptographic problem and you get your reward after the new blocks have been added to the blockchain.Mining is said to be successful when all the transactions are recorded in the blockchain and the new blocks are added to the blockchain.
Notes for investors.
Die-hard Bitcoin supporters believe that bitcoin is the future; we are just scratching the surface. Considering the continuous rise of bitcoin in the market capitalization, it is one investment every investor needs to take advantage of it.
The current market capitalization of bitcoin stands at an all-time high of $109 billion. As at January 2016, bitcoin was traded at I BTC for $970 but today is being traded at $6,600 for 1 BTC.
From the statistics presented above, it that bitcoin is one investment, you will never regret embarking on. It keeps recording an impressive results daily in the cryptocurrency market.
Cryptocurrency investment is speculative, and it involves unquantifiable risks - the market is full of uncertainty, susceptible to attack and capital loss, and sensitive to secondary issues, time may do not permit to mention here. Seek advice before investing.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:56 pm
Bitcoin value.
Bitcoin has a price of $ 8,274.50 with a marketcap of $ 148,913,429,305 and ranked 1 of all cryptocurrencies Price today is -1.67% , 24 Hour Volume is $ 17,545,338,892.00.
Bitcoin Price Chart BTC / USD.
Bitcoin Price Candlesticks.
Bitcoin Price Converter.
24 Hour Bitcoin Value.
About Bitcoin.
Bitcoin is the original cryptocurrency released in 2009 as open-source software. It is a digital currency predicated on cryptographically secure transactions, a proof-of-work consensus model, and a decentralized, P2P distributed ledger network. Bitcoin's distributed ledger is the first blockchain -- a shared and distributed timestamped ledger of data blocks connected through a chain of cryptographic hashes -- and solved the double spend problem that had plagued previous iterations of digital currencies.
Latest Bitcoin News & Price Updates.
Bitcoin Price Speculation.
Last year everyone was going bonkers for Bitcoin, and that's no surprise, seeing as how the number one cryptocurrency had an absolutely explosive price performance in 2017. Things have cooled off in 2018 as prices fell significantly, however many are still bullish about Bitcoin's long-term potential.
To that end, the scarce, deflationary quality of Bitcoin makes it totally unlike traditional fiat currencies, which are usually prone to inflation and even hyperinflation in the worst of cases. That means as more investments pour into BTC, its price will likely continue to see upward pressure because there will be no supply response.
Think about how when the price of oil surges, more companies begin producing oil, which then increases the supply and acutely deflates the price of oil accordingly.
No similar supply response can never happen with bitcoins. There will never be more than.
21 million, and even contemporary estimations say more than 3 million BTC have been lost for good, making BTC considerably scarcer than many realize.
That means the BTC could potentially shoot up exponentially in future years. But how high? Let's take a look at some of the more prominent projections we've seen thrown around in recent days.
Wall Street Macro Trader Novogratz Sees $40k BTC.
Once renowned for being a prominent Wall Street hedge fund manager, Mike Novogratz has now set his sights on the cryptocurrency space, and he's not turning back. Running the crypto-based Galaxy Investment Partners, Novogratz is betting big on the Bitcoin boom in general as his mid-term BTC price projection suggests.
"Bitcoin could be at $40,000 at the end of 2018," Novogratz said. "It easily could."
And for Novogratz, there's no confusion as to why that particular price point may end up really materializing. In a November 30th interview on Fox Business, Novogratz unabashedly declared that "Bitcoin is going mainstream."
And Novogratz knows what "mainstream" and "institutional" looks like; he used to run a Goldman Sachs trading desk in Asia before becoming a hedge fund manager at Fortress. If he thinks the "herd" is coming, as it were, then we all best pay attention.
Going much more long-term, Novogratz said it was within the realm of possibility that the bitcoin market cap could one day reach the current market cap of gold, which is around a whopping $8 trillion USD.
If this reality were to materialize down the road, that would put each BTC around the $390,000 price point.
Max Keiser Projects $15k Soon, $100,000 On The Horizon.
Firebrand Bitcoin pundit Max Keiser has never made his love for BTC and its potential a secret.
As such, you'll commonly find him on Twitter making new price predictions based on the Bitcoin boom's momentum.
For now, he's pegging his short-term bitcoin price target at $15,000. That's a reasonable figure, to be sure, especially with BTC's parabolic price performance in Q3 and Q4 2017.
Beyond that, though, Keiser has his eye set on the impressive $100,000 BTC price milestone.
Central Banks are capitulating. Path to $100,000 accelerating. Fiat currencies going the way of Cowrey shells. Nation states, as we've known them, are dead. #Bitcoin is God. The day of reckoning is upon us. pic.twitter.com/OVhSRg73cB.
Adam Back Agrees: $100k Coming.
Love him or hate him, Adam Back is an OG cypherpunk who's made incalculable contributions to the cryptocurrency space as a whole. There's a reason Satoshi Nakamoto reached out to Back (and Wei Dai) first in starting up Bitcoin.
In other words, Back's been around the block once or twice. He knows the ecosystem as well as anyone.
And it's his opinion that the next major target for the bitcoin price to hit is $100,000, echoing Max Keiser's aforementioned prediction.
Right with the institutional interest and news expected next year, be careful selling: only sell what you can afford to. $100k is the next number. (Or with 1,000,000:1 stock split 1c=1bit, next number is 10c/bit.) https://t.co/2ldMTpWhzG.
In a recent tweet, Back even went as far to say that users should "be careful selling" bitcoin in 2018 because the price could rocket so acutely over the next 12 months that people would've made considerably more by just holding.
John McAfee: Bitcoin $1,000,000 Each In 2020.
John McAfee is best known as the creator of the popular McAfee antivirus software. He's also become a Bitcoin aficionado over the past several months, and he never hesitates to voice his opinions on the cryptocurrency craze accordingly.
And his opinions are exceedingly bullish, to say the least. McAfee was projecting $500,000 BTC in 2020 just a few weeks ago, but he modified his claim to be even more bold as bitcoin's market surge has been moving faster than he anticipated.
Now, McAfee thinks $1 million per bitcoin will be reality by the end of 2020. That's almost an unfathomable possibility at the moment, but maybe we haven't seen anything yet. Especially if institutional interest keeps exploding.
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD.
But McAfee has even bolder ideas, to be sure. In an even newer Twitter exchange, McAfee explained that he believes the BTC price could reach into the billions one day.
Specifically, the tens of billions as he argues:
There are only 21 million Bitcoins. There are 2 billion working people in the world. Final Bitcoin value = (average individual economic productivity) × (number of productive people) ÷ (21 million). A GROSS simplification, but the answers is in the tens of billions $ per coin.
That's certainly the most aggressive price prediction anyone's made for BTC yet. But if that insane price materializes, McAfee will end up looking like even more of a madman genius than he already is.
Falkvinge Sees $2-5 Million Bitcoin As Possible.
Swedish Pirate Party founder Rick Falkvinge is a big proponent of Bitcoin Cash (BCH), going so far as to sarcastically call himself the CEO of Bitcoin Cash.
But that doesn't mean he doesn't respect the beast that BTC is and could be.
"Bitcoin] can easily go to more than $1 million per bitcoin." Falkvinge said during a recent interview. But that's just Falkvinge's conservative estimate. He's actually more bullish than that, asserting that BTC can go as high as $5 million:
"If cryptocurrency fulfills its promise, and there's no indication it wouldn't, then the equivalent of one bitcoin needs to be in the $2-5 million dollar range."
Tim Draper.
The cryptocurrency expert and venture capitalist, Tim Draper, has also given its opinion about the future price of Bitcoin. According to him bitcoin and blockchain technology are one of the best things that happened for businesses.
Mr Draper said in 2014 that Bitcoin could reach $10,000 in just three years, something that happened in 2017, exactly on the date he predicted. When he explained that bitcoin could reach that price ($10,000), the cryptocurrency was traded just at $413 dollars.
At the same time, he said that in the future Bitcoin could keep growing. About that, he is convinced that the cryptocurrency is the future and that the virtual currency market will gain its place among fiat currencies.
"Bitcoin is the future currency. Why would I sell the future for the past? Why would I go and grab some weird fiat subject to the will of some governments?" he commented during an interview with Bloomberg.
"The world market for cryptocurrencies is 6 trillion dollars, and I think that that it will be crypto. And I am really excited about all the extraordinary things that can happen because of crypto and bitcoin."
Cameron Winklevoss.
Cameron Winklevoss is one of the two popular Winklevoss twins. The co-founder of the cryptocurrency exchange Gemini, stated that bitcoin could be worth 40 times its current value.
In order to explain why bitcoin could grow up to 40 times, he compared the cryptocurrency market capitalization with the market cap of gold.
During an interview with CNBC he said:
"So if you look at a $100 billion market cap today, now last week it might have been more like 200, so it's actually a buying opportunity, we think that there's a potential appreciation of 30 to 40 times because you look at the gold market today, it's a $7 trillion market. And so a lot of people are starting to se that, they recognize the store of value properties."
He has also said that due to the fact that bitcoin has a fixed supply, it is still a very underappreciated asset. Indeed, he stated that he and his brother believe that bitcoin disrupts gold.
The Winklevoss twins emphasized that they will not sell their bitcoins even if the price surpasses $380,000 dollars. This is a special number, because if bitcoin reaches this price level, its market capitalization will be equal to gold's market valuation.
Jeet Signh.
An important portfolio manager that worked for more than six years in the cryptocurrency world, predicted this year that Bitcoin could reach $50,000 dollars. While speaking at the World Economic Forum in Davos, he brought some calm to the cryptocurrency market. "Bitcoin could definitely see $50,000 in 2018."
At the moment of the statement, Bitcoin was traded over $11,000, days later it reached the lowest point in months when it was displayed in cryptocurrency exchanges under $6,000 dollars.
But Mr Singh said that the kind of volatility that bitcoin experienced is not unusual nor unexpected. And that's confirmed when we pay attention to the charts. In the past, Bitcoin suffered important corrections in just a few days.
Mr Singh commented:
"If you look at Microsoft of Apple when they went public their stocks were very volatile because the market wasn't mature. There are not so many vendors right now who can accept cryptocurrencies but there's huge adoption on the black market."
Cryptocurrency adoption keeps growing all over the world. In past articles we wrote that enterprises are investing in blockchain technologies and virtual currencies. Businesses all around the world, including small shops and merchants, are adopting bitcoin and other currencies as a means of payment.
If the adoption trend continues, bitcoin could lead the market towards new all time highs. Additionally, payment processors are working with cryptocurrencies trying to spread their benefits.
What's the BTC Price if Crypto Market Reaches Stock Market Size?
Let's get really speculative just for the purposes of illustration the growth that's possible in the coming years.
The current market cap of all global stock markets is around $100 trillion USD. Woah, right? Accordingly, let's say that the entire cryptocurrency market one day reaches this $100 trillion cap.
And let's also say that BTC maintains its current position as hovering around a 50 percent share of the entire crypto market (though, of course, there's no reason to believe it'll stay at 50 percent forever).
That would put Bitcoin as having around a $50 trillion market cap. At this point, all we need is to divide $50 trillion by the number of bitcoins in existence.
Let's go with 17 million instead of 21 million since many bitcoins have been lost already.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:56 pm

Alas: $50 trillion div >
Now, we can't count our eggs before they've hatched. There's still quite the mountain to climb for the crypto market to get even close to hitting $100 trillion. But maybe it's possible in 30 or 40 years. Maybe not at all.
It's going to be a wild ride no matter what happens between now and then, that much is for sure.
Bitcoin Price History.
As the first cryptocurrency, Bitcoin's long price history should come as no surprise. Bitcoin was created in 2009 by Satoshi Nakamoto, an alias for a person or group who has still not been revealed. Over the years, it has hit many highs and lows, To better understand the past of this cryptocurrency, as well as its potential in the future, take a deeper delve into its history.
The First Transactions.
The very first transaction involving Bitcoin occurred between an early adopter and Nakamoto in January 2009. The first transaction in the real world is the notorious instance when a Bitcoin miner chose to buy pizza from Papa John's. He famously spent 10,000 Bitcoins to buy two pizzas in 2010 in Florida. That transaction alone perfectly shows the dramatic change in value that Bitcoin has experienced over the years.
2011 and Earlier.
The very first major jump in Bitcoin price took place in July 2010. At this point, the value of Bitcoin went from about $0.0008 all the way up to $0.08, a truly dramatic increase in price. At this point and in the following year, very few exchanges supported trading of Bitcoin. There was also extremely limited liquidity at this time due to cryptocurrency still being relatively unknown. That meant that when the price started an increase in June 2011 from about $0.95, the approach was among the steepest recorded. Unfortunately, the drop also followed suit. By mid-June of that year, Bitcoin was up to $320, an all-time high. By November, it had declined 94 percent all the way to $20.
January 2012 Crash.
Following this dramatic fall, investors were hesitant about Bitcoin. 2012 began with Bitcoin at $4.50. During January, it got back up to $7. This time, the crash occurred before Bitcoin reached its previous high. Once it hit $7.40, it went back to $3.80, a decline of 49 percent.
Rallying Prices in Late 2013.
2013 saw the beginnings of Bitcoin's rise to fame. It began the year at around $13.50. By April 2013, it was briefly above $220. This was short-lived, however, going back to $70 by the middle of April. This crash was much more significant than the earlier ones, with some calling it the first true crash.
That crash was made up for by a rally in October and November of that year. By early October, Bitcoin was at about $100, and it hit $195 by the end of the month. In November alone, Bitcoin had an unbelievable rally, going from $200 to more than $1,120. The causes of this rally were fairly obvious to most people, as more miners and exchanges were supporting Bitcoin. In addition, China had entered the marketplace.
The Aftermath of 2013.
Unfortunately, these new highs for Bitcoin were so far from the past figures that the price was very volatile. The volatility was fueled by rumors of poor security on Mt. Gox exchange, which was part of about 70 percent of Bitcoin transactions of the time. This was likely a contributing factor in the drop of Bitcoin's price from $1,230 on Dec. 4, 2013, to $750 by Dec. 7.
There was some trading stabilization in January 2014, with the price staying about $920. When Mt. Gox filed for bankruptcy protection in February, another Bitcoin crash occurred. Between Feb. 4 and 16, it declined about 71 percent from $911 to $260. By March, it had recovered to about $620.
From there, the price of Bitcoin hit a more gradual decline. In mid-July 2014, Bitcoin was priced at about $600, which dropped to just $315 by early 2015. It remained stable over the summer before spiking in November up to $460. By the end of November, it was back to about $360.
2017: The Leadup to the All-Time High.
The most recent exciting news in Bitcoin history began in November 2017 and led to the current all-time high for the cryptocurrency. In 2017, Bitcoin went from trading at just over $900 to about $20,000. This was a journey with many ups and downs along the way, a drop in trading volumes due to the People's Bank of China tightening oversight of Bitcoin exchanges and the U.S. Securities and Exchange Commission rejecting a Bitcoin exchange-traded fund.
Summer of 2017 saw Bitcoin reaching a new all-time high. In May, it hit $2,000 for the first time ever, and just a few weeks later, it was already over $3,000. Unsurprisingly, each new milestone was followed by a quick drop in price and other turbulence. Even so, the rally was enough to continue the upward trend, reaching $5,000 in September before dropping back to $3,000 and rebounding by mid-October. From there, Bitcoin had a steady rise.
Reaching the All-Time High.
By December, Bitcoin was on track to hit its all-time high thanks to a dramatic and steady increase in price. On Dec. 17, 2017, it reached $19,783.21, the all-time high that has yet to be broken. Unfortunately, that high was followed by a drop of about 30 percent, with a market correction that brought it down to under $11,000. The price did recover, reaching $16,000 again on Dec. 27.
The Bitcoin Crash in Early 2018.
After Bitcoin nearly reached $20,000, it was not able to maintain those figures. January did see a high of over $17,500 around the 7 th , but this was short-lived and followed by a steady drop. By the end of January 2018, Bitcoin was at just over $10,000. By Feb. 5, it was under $7,000. It rallied again, getting over $11,000 in early March, but this was followed by a drop back below $7,000. The largest recent high for Bitcoin was in early May, when it was above $9,500. By late June, it was under $6,000. Following a rise to more than $8,000 in late July, Bitcoin has remained around $6,000 to $6,500, other than a brief spike up over $7,300 in September.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:57 pm
BTC Price Growth and Other Reasons to Buy Bitcoin.
Since its launch in 2009, Bitcoin has proven to be a profitable investment for those who owned it initially. Having bought it for only $50 back then, one can now earn high revenues, as now its price has grown hundreds of times larger. Observing the popularity of BTC to USD exchange operations, there are immense opportunities to gain benefits from the Bitcoin trade. After the coin was launched, it cost $0.003 on April 25, 2010, at BitcoinMarket.com, which was the first cryptocurrency exchange. Starting at that time, the Bitcoin to dollar exchange rate has increased dramatically, and some of the initial owners gained earnings of over thousand percent. Now, while some users may be simply attracted by the potential of growing prices, many buyers believe that the currency itself has a high level of volatility. According to some financial specialists, it is even more volatile than gold. And some individuals believe that Bitcoin has the potential to replace fiat money in the future.
Bitcoin to USD Exchange that Saves You Time.
If you look for the most recent BTC price in USD, the Trade section will instantly reflect the market situation on easy-to-interpret graphs.
It is possible to conduct instant operations, making Bitcoin to dollar trades by using ready-to-buy packages in the Buy/Sell section.
The system will always do all the necessary calculations automatically. For example, to exchange Bitcoins to USD, you should simply input the amount of BTC you would like to sell. After that, you will see the amount of dollars that you are able to receive under the current market conditions.
This also works in the reverse direction. So, you are always able to learn not only what amount of dollars you receive when you convert Bitcoin to USD but also how many dollars you need to buy Bitcoin.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:57 pm
Bitcoin to usd.
BTC USD (Bitcoin / US Dollar)
This is the most popular Bitcoin pair in the world. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of Bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls this cryptocurrency and everyone can take part. Bitcoin price grew significantly within a short period of time making the BTC/USD pair quite popular among active traders and investors. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:57 pm
Bitcoin News.
Bitcoin is the first peer-to-peer digital currency, also known as cryptocurrency. It is famous for its decentralized transactions, meaning that there is no central governing body operating it, such as a central bank. Bitcoin News will help you to get the latest information about what is happening in the market. Get to know more about "Bitcoin mining" and its circulation tendencies by dedicating some time for the most important Bitcoin News on a daily basis. If you wonder what the future of Bitcoin will look like, stay on the top of the information flow with Bitcoin News today. It's important to get all the details and to form your own opinion about the possible upcoming scenarios. With Bitcoin News today you will be aware of the latest trends and you will be able to accumulate what is likely to happen. Nevertheless, it's worth hearing various opinions and create your own overview. Latest Bitcoin News is definitely your needed source of information, so take a look and find what is of your interest. You will be excited by the changing situation and new opportunities that Bitcoin offers. It's definitely the currency of the future, so stay tuned with the Latest Bitcoin News and build your own investment plan. It's all about the right timing, so be wise and collect as much knowledge as possible right now. Don't lose the chance to see how the future will look like and get prepared for the new era!
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:57 pm
Bitcoin news.
Despite the latest move by the SEC to snub another Bitcoin ETF in the USA, some believe that a Bitcoin ETF is hardly needed ...
Daily Trending News and Market Sentiment: Ether a Commodity, Libra Abandoned.
Erratic Bitcoin trading but still within the narrow USD 200 range was the play of Saturday and there seems to be very little...
Mastercard, Visa, eBay, Stripe, Mercado Pago Quit Libra Project.
Facebook's plans to launch the Libra cryptocurrency has encountered intense regulatory pressure. Essentially, the gove...
SEC Halts $1.7 Billion Telegram ICO.
The Securities and Exchange Commission (SEC) of the United States has announced that they have filed an emergency action and...
Future Bitcoin Block Halving May Not Result in Bull Market: Bitmain CEO.
Jihan Wu has painted a more subdued picture of the next block halving in which miners will only get half of the block reward...
UNICEF to Use Crypto to Fund Open Source Technology.
The United Nations International Children's Emergency Fund (UNICEF) will now accept, store and disburse funds in the form of...
SPONSORED STORIES.
HaasOnline Continues to Transform Crypto Trading Automation with New Visual Designer and HaasScript.
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BlockV's Vatoms & Augmented Reality Enable Tech Prizes to be Won all over London.
Augmented Reality (AR) is a blend of Virtual Reality (VR) and the physical world. Where VR creates a whole new artificial sc...
Bitcoin of America's Expansion is Changing the Cryptocurrency Industry.
Bitcoin of America is a US-based digital currency exchange platform headquartered in Chicago, IL. Bitcoin of America offers ...
Play Game of Stakes: Battle for 500,000 BET, Make the DAO Blockchain Greater.
The Game of Stakes event is an exciting new opportunity for participants to reap great benefits and endless entertainment. T...
Watford FC and SportsBet.io Feature Bitcoin on 2019 Home Kit.
Estonia-based SportsBet.io, as the shirt sponsor of English Premier League football club Watford FC, have added the Bitcoin ...
The New GOLD Stablecoin: A Market-Leading Solution for Secure Gold Ownership.
Blockchain solutions firm Digital Gold has launched a stablecoin pegged directly to the value of gold. The one-of-a-kind GOL...
DAO.Casino Takes on New Name as DAOBet.
Blockchain platform DAO.Casino has just publicly announced its latest strategy for targeting a wider range of services. To r...
MintDice Offers Fair Crypto Gaming and Investment Opportunities.
Curacao-based project MintDice has been shaking up the cryptocurrency gambling industry with its provably fair games and sle...
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:58 pm
bitcoin.
Russian nuclear scientist caught mining bitcoin in top-secret lab.
Sarov facility is home to one of Russia's most powerful computers.
Bitcoin mining mega farm burns down, destroying $10m.
Video appears to show fire ravaging Innosilicon's giant data centre in China.
Bitcoin price crash wipes $10 billion from cryptocurrency's value.
Latest fall despite analyst's prediction that $10,000 is 'new normal bottom'
Bitcoin price shoots up after Trump tweets about China tariffs.
Cryptocurrency increasingly seen as safe investment as trade war escalates.
Youngest bitcoin millionaire plans to kill Facebook's Libra.
China's state cryptocurrency to rival bitcoin is 'almost' ready.
Facebook Libra cryptocurrency scams continue to plague social network.
Facebook's cryptocurrency is more promising than it seems.
If the social media company can gain the public's trust, when the books of financial history are written, Libra could easily go down as one of the big contributors towards global financial inclusion.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:58 pm
Zcash's Halo Breakthrough Is a Big Deal - Not Just For Cryptocurrencies.
Bitcoin Faces Drop Below $8K Despite Beating Hurdle.
G7 Evaluates Stablecoins as Risk to Financial Stability.
Thrill-Seeking Drives Crypto Traders, Study Finds.
5 Top Car Makers Enter Field Trials for Automatic Blockchain Payments.
Renault, BMW, General Motors, Honda and Ford are set to begin real-world testing of blockchain IDs for cars next month.
Forex Broker FXCM Launches Basket of 5 Cryptos for Retail Investors.
Foreign exchange trading platform FXCM Group has launched a basket of five cryptocurrencies aimed at retail investors.
Switzerland's 'Crypto Valley' Is Bringing Blockchain to Zurich.
The Crypto Valley Association and Zurich Tourism are working to bring blockchain awareness, tourism and business to Zurich.
Token Investors May Sue After Former Korean Social Media Giant Shuts Down.
A once hugely popular social media site, Cyworld's abrupt closure brings uncertainty to holders of its recently launched crypto token.
Coinbase Eyes European Growth After Winning Irish E-Money License.
Cryptocurrency exchange Coinbase has been granted an Irish e-money license that will bring it greater access to EU and EEA markets.
Daily Liqu > Oct 14, 2019 at 06:08 | David Pan.
Crypto accounting firm Lukka has partnered with fund administrator Theorem to provide same-day net asset value reporting capabilities.
South Korean Blockchain > Oct 14, 2019 at 04:14 | David Pan.
Blockchain digital ID startup ICONLOOP received its first venture capital investment through an $8 million Series A round.
Telegram Could Postpone Crypto Issuance After US Halts Token Sale.
Telegram could delay the late October launch of its own crypto after the SEC ordered it to halt the allegedly "unlawful" token sale in the U.S.
CoinDesk's On Tap Meetup With CoinDesk Japan Is Happening Tonight in Tokyo.
See you tonight for pizza, beer, and blockchain.
Zcash Will Get a Gateway Into Ethereum's DeFi Ecosystem.
The theme of Devcon 5 was clear: For smaller assets like zcash, all roads lead to ethereum.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:58 pm
Bitcoin wallet.
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Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:59 pm
Download a wallet.
Getting started with Bitcoin Cash is super easy. The first step is to download a wallet so that you can begin participating in the Bitcoin economy. Most wallets are free to download and are easy to use that have a few key features such as sending, receiving, storing funds securely, transaction lookups, and more.
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Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:59 pm
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Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 03:59 pm
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Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:00 pm
Download a wallet.
Getting started with Bitcoin Cash is super easy. The first step is to download a wallet so that you can begin participating in the Bitcoin economy. Most wallets are free to download and are easy to use that have a few key features such as sending, receiving, storing funds securely, transaction lookups, and more.
Featured Wallets.
Start using the Bitcoin.com Wallet for a simple, secure way to send and receive Bitcoin. The wallet supports both Bitcoin Cash (BCH) and Bitcoin Core (BTC), allowing users to switch between the two different currencies effortlessly.
Yenom is a simple, beginner friendly Bitcoin Cash only wallet. Great for family or friends using Bitcoin Cash for the first time! It’s the simplest way to send or receive Bitcoin Cash. Anyone can easily give it a try using Yenom.
Your private keys are encrypted and never leave your computer. Your funds can be recovered from a secret phrase. Electron Cash is fast, because it uses servers that index the Bitcoin Cash blockchain. You can export your private keys and use them in other Bitcoin Cash clients.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:00 pm
Bitcoin Wallet.
A Bitcoin wallet is a software program where Bitcoins are stored. To be technically accurate, Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance. Bitcoin wallets facilitate sending and receiving Bitcoins and gives ownership of the Bitcoin balance to the user. The Bitcoin wallet comes in many forms; desktop, mobile, web, and hardware are the four main types of wallets.
Breaking Down Bitcoin Wallet.
A Bitcoin wallet is also referred to as a digital Wallet. Establishing such a wallet is an important step in the process of obtaining Bitcoins. Just as Bitcoins are the digital equivalent of cash, a Bitcoin wallet is analogous to a physical wallet. But instead of storing Bitcoins literally, what is stored is a lot of relevant information like the secure private key used to access Bitcoin addresses and carry out transactions. The four main types of wallet are desktop, mobile, web, and hardware.
Desktop wallets are installed on a desktop computer and provide the user with complete control over the wallet. Desktop wallets enable the user to create a Bitcoin address for sending and receiving the Bitcoins. They also allow the user to store a private key. A few known desktop wallets are Bitcoin Core, MultiBit, Armory, Hive OS X, Electrum, etc.
Mobile wallets overcome the handicap of desktop wallets, as the latter are fixed in one place. These take the form of paid apps on youOnce you run the app on your smartphone, the wallet can carry out the same functions as a desktop wallet, and help you pay directly from your mobile from anywhere. Thus a mobile wallet facilitates in making payments in physical stores by using "touch-to-pay" via NFC scanning a QR code. Bitcoin Wallet, Hive Android, and Mycelium Bitcoin Wallet are few of the mobile wallets. Bitcoin wallets do not generally work on both iOS and Android systems. It's advisable to research your preferred mobile Bitcoin wallet as several malware softwares posing as Bitcoin wallets are an issue.
As for web wallets, they allow you to use Bitcoins from anywhere, on any browser or mobile. The selection of your web wallet must be done carefully since it stores your private keys online. Coinbase and Blockchain are popular web wallet providers.
Hardware wallets are by far the most secure kind of Bitcoin wallet, as they store Bitcoins on a physical piece of equipment, generally plugged into a computer via a USB port. They are all but immune to virus attacks, and very few instances of Bitcoin theft have been reported. These devices are the only Bitcoin wallets which aren't free, and they often cost $100 to $200.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:01 pm
The 7 Best Bitcoin Wallets of 2019.
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Bitcoin has taken the world by storm, offering a currency alternative to the government-backed currencies we all know from daily use. Proponents argue that the digital currencies are easier, safer, and offer better privacy than traditional currencies. Because the value of a Bitcoin compared to the U.S. dollar and other currencies has skyrocketed over the years, it has shown up on some people's radar as an investment opportunity as well.
Before you put a dollar into Bitcoin or any other cryptocurrency, it is important to understand the risks. Bitcoin could easily double in value over the next few years, but it could just as easily drop to near zero in value. Only put in what you can afford to lose because there is a chance you won't get it back. If you understand the risks and you're ready to move forward, any of these best Bitcoin wallets should have you covered.
Coinbase is one of the easiest ways to buy, sell, and hold cryptocurrencies, which earns it the first spot on this list. With Coinbase, you can connect to a U.S. bank account and easily transfer dollars in or out of your wallet. You can use those dollars, or transfer in new ones, to buy and sell. In addition to Bitcoin, Coinbase currently supports Bitcoin Cash, Ethereum, and Litecoin. There are constant rumors of additional currencies like Ripple getting support from Coinbase as well.
While the big upside of Coinbase is ease of use, that is offset with some worries about security. Mt. Gox was at one point the dominant platform for Bitcoin and other currencies. That is until it was hacked and lost nearly half a billion dollars in user currency. But Coinbase did learn from Mt. Gox's loss, and has very firm security in place, and regularly updates and improves the entire user experience.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:01 pm
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Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:01 pm
Bitcoin Wallet.
Bitcoin Wallet is easy to use and reliable, while also being secure and fast. Its vision is de-centralization and zero trust; no central service is needed for Bitcoin-related operations. The app is a good choice for non-technical people.
Control over your money.
This wallet gives you full control over your bitcoins. This means no third party can freeze or lose your funds. You are however still responsible for securing and backing up your wallet.
This wallet uses SPV and the Bitcoin network. This means very little trust in third parties is required when verifying payments. However, it is not as secure as a full node like Bitcoin Core.
This wallet is open-source and built deterministically. This means any developer in the world can audit the code and make sure the final software isn't hiding any secrets.
This wallet is loaded on mobiles where apps are usually isolated. This provides a good protection against malware, although mobiles are usually easier to steal or lose. Encrypting your mobile and backing up your wallet can reduce that risk.
Prevents spying on your payments.
This wallet makes it harder to spy on your balance and payments by rotating addresses. You should still take care to use a new Bitcoin address each time you request payment.
Discloses limited information to peers.
Peers on the network can log your IP address and associate your payments together when receiving or sending payment.
Tor not supported.
This wallet does not let you use Tor to prevent attackers or Internet service providers from associating your payments with your IP address.
Full control over fees.
This wallet gives you full control over fees. This means that this wallet allows changing the fees after funds are sent using RBF or CPFP. This wallet also provides fee suggestions based on current network conditions so that your transactions are confirmed in a timely manner without paying more than you have to.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:01 pm
Get a Bitcoin Wallet.
Are you a new Bitcoin user ?
Or have you been using Bitcoin for a while and want to upgrade your security practices? Then keep reading!
Types of Wallets.
There are many different ways to use Bitcoin and so there are many different types of wallets:
Online bitcoin wallets. Wallets that can be accessed on the web from any internet connected device. Bitcoin hardware wallets. Physical devices designed to secure bitcoins. Software wallets. Wallet applications downloaded to your phone, computer or tablet. Paper wallets. Bitcoin private keys printed from an offline computer.
By the end of this article you'll understand Bitcoin wallets and have a better idea about which type is right for you. Here are some factors to consider:
On the go? If you are making payments in person and not online then a mobile wallet like Copay (iOS & Andro >
Atomic Wallet.
Atomic Wallet is a fully decentralized, non-custodial multicurrency wallet, supporting over 300+ coins and tokens. Atomic provides an interface that allows you to not only manage, but also exchange and buy cryptocurrencies without using external services. The wallet has a built-in decentralized orderbook enabling users to exchange BTC, LTC and QTUM using the Atomic Swap technology. Atomic Wallet provides users with a 12-word mnemonic seed, so they get full access to their funds. All private keys are encrypted on an end device.
Copay.
Copay is a Bitcoin wallet by Bitpay and available on iOS, Android, Windows Phone, Linux, Max OS X, and Windows. Because Copay is available on multiple platforms, it's easy to use the same wallet or accounts across multiple devices.
Copay's simple, clean user interface makes it a good choice for new Bitcoin users. Copay is also a good option for businesses due to a shared account feature, which requires a certain number of users to sign each transaction. Two co-founders, for example, could create a 2 of 2 wallet where both will be required to sign each transaction.
Hardware Wallets.
Hardware wallets are small computers or smartcards built with the sole purpose of generating Bitcoin private keys offline. Hardware wallets securely sign transactions in the same offline environment.
COLDCARD Wallet.
Coldcard is an easy to use, ultra-secure, open-source and affordable hardware wallet that is easy to back up via an encrypted microSD card. Your private key is stored in a dedicated security chip. MicroPython software design allows you to make changes. It goes above and beyond, by giving you the option to sign transactions fully Air-Gapped/Offline via MicroSD (PSBT-BIP174)
Coldcard is different than other wallet. No specialized software required. It accepts standard PSBT transaction (BIP 174) stored on an MicroSD card. No companion 'app' on your computer, works with the major wallets already (Electrum, and more to come). It's cheap! Simple packaging, plain design, no fancy boxes, no redundant cables. It's ultrasecure! Real crypto security chip. Your private key is stored in a dedicated security chip, not the main micro's flash. Easy back-up! MicroSD card slot for backup and data storage. This allows truly offline signing, by transferring the unsigned/signed transactions on sneakernet. Open source software design runs Micropython and you can change it.
Ledger Nano.
The Ledger Nano is a smartcard based hardware wallet. Private keys are generated and signed offline in the smartcard's secure environment. The Nano is setup using the Ledger Chrome Application. A random 24-word seed is generated upon setup and backed offline by writing it down on a piece of paper. In case of theft, damage or loss, the entire wallet can be recreated with the seed. A user selected PIN code is also assigned to the device to protect against physical theft or hacking.
The Ledger Nano may be used on any computer, or Android phones with Mycelium or GreenBits.
TREZOR.
The TREZOR differs from the Ledger Nano in that it's a very tiny computer rather than a smartcard. Private keys are still generated offline.
TREZOR also generates a 24-word seed upon setup. The TREZOR has its own built in screen where the seed is displayed and copied down during backup. Since the TREZOR is an offline device it offers extra security since the seed isn't displayed on an online computer.
An additional passphrase can be added to the 24-word seed. This provides extra protection, since anyone who finds someone else's 24-word seed is free to access the funds. If the optional passphrase is added, an attacker still wouldn't be able to access funds without both the seed AND the passphrase. If the passphrase is forgotten, it cannot be recovered.
OPENDIME.
The first Bitcoin Bearer Bond or called a Bitcoin Stick. Opendime is a small USB stick that allows you to spend Bitcoin like a dollar bill. Pass it along multiple times. Connect to any USB to check balance. Unseal anytime to spend online. Trust no one.
Acts like a read-only USB flash drive. Works with any computer, laptop, and phone.
A QR Picture and Text file inside contain Bitcoin address and support.
The private key is generated inside the device, and is never known to any human, not even you!
The Bitcoin world changes fast but Opendime is built on the fundamental Bitcoin features that have not changed in five years.
Give an Opendime to anyone and they don't need to worry that you can take back the funds later.
You have got the private keys in the device. This is physical Bitcoin as it was meant to be to just hand it to someone and they have got it.
Pass it on multiple times! Simple as a handshake. No miner fees, no confirmation delays.
Uses Bitcoin message signing, normal (non HD) bitcoin payment addresses and private keys in WIF format.
Ledger HW.1.
The Ledger HW.1 is a more affordable version of the Ledger Nano.
Ledger Unplugged.
The Ledger Unplugged is a credit card-size wireless hardware wallet. Private keys are generated offline. Transactions are signed on the device and sent to a mobile phone via NFC.
The Ledger Unplugged is ideal for everyday use, since the device fits perfectly into wallets and no OTG cable is required.
Online Bitcoin Wallets.
Online Bitcoin wallets, or web wallets, store your private keys online. Wallets can only be accessed with a user-set password.
GreenAddress.
GreenAddress is a multisig web wallet, with apps available for Chrome, iOS, and Android.
SpectroCoin.
SpectroCoin is an all-in-one solution for Bitcoin. Services offered include a wide range of Bitcoin solutions, from exchange to Bitcoin e-wallet.
Mobile Wallets for Andro >
Atomic Wallet (Andro > Learn More Download.
Atomic Wallet is available on Google Play and fully optimized for Android devices. The app provides the option to seamlessly manage and exchange 300+ coins and tokens. Private keys are encrypted on users' device and never leave it.
breadwallet (Andro > Learn More Download.
Breadwallet started out as the most popular wallet for iPhone, and now it is also available for Adroid devices running Android 6.0 or higher. The simplicity and easy-to-use security makes it a great place to start for users who are new to bitcoin.
Mycelium (Andro > Download.
Mycelium is a favorite among experienced Bitcoin users. It's an HD wallet with many advanced features, like support for hardware wallets TREZOR and Ledger, watch-only accounts, cold storage spending, and Tor.
Bitcoin Wallet.
Bitcoin Wallet was the first Bitcoin wallet for Android. It's simple, easy to backup, and connects directly to the Bitcoin network with SPV.
Airbitz.
AirBitz is another Bitcoin wallet that's great for everyday use. It's integrated with Fold, meaning you can get 20% discounts at Starbucks from within the wallet.
Airbitz manages accounts with usernames and passwords, but doesn't have access to your funds. This type of account creation is easier for less technical users who may have trouble backing up or understanding HD seeds.
GreenBits.
GreenBits is the native version of GreenAddress. It's fast, simple, and supports hardware wallets TREZOR and Ledger Nano/HW.1.
Mobile Wallets for iOS.
breadwallet (iOS)
Breadwallet's combination of simplicity and security has made it the most popular iOS wallet. iPhone users in search of their first Bitcoin wallet should find Breadwallet easy to understand.
Copay.
Copay is available in the App Store. Click here for more details.
Airbitz.
AirBitz is also available in the App Store.
Desktop Wallets.
Desktop wallets are software wallets that are downloaded and installed on your computer. The desktop wallets below are available on Mac OS X, Windows, and Linux.
Paper Wallets.
Paper wallets were the standard method of cold storage before hardware wallets were built. Paper wallets are private keys printed out on a piece of paper. If generated and printed with a secure, offline computer, paper wallets are secure cold storage.
The main problem with paper wallets is it can be inconvenient to create and print a new wallet each time you send funds to cold storage. However, it's possible to bulk print paper wallets to save time and eliminate address reuse. Our cold storage guide explains step-by-step how to create a secure paper wallet.
Best Practices.
Bitcoin lets you control your money, meaning you are responsible for both your money's security and your financial privacy. Here are some steps you can take to ensure your privacy and security:
Control your private keys.
Services like Coinbase and Circle offer "Bitcoin wallets", but in reality control your private keys. It's best to use a wallet where you control your private keys. This is the only way to have full control of your funds and not have to rely on third parties for security.
Protect your privacy.
Each time you request blockchain data from a wallet, the server may be able to view your IP address and connect this to the address data requested. Each wallet handles data requests differently. If privacy is important to you, use a wallet that downloads the whole blockchain like Bitcoin Core or Armory. Tor can be used with other wallets to shield your IP address, but this doesn't prevent a server from tying a group of addresses to one identity. For more information, check out the Open Bitcoin Privacy Project for wallet rankings based on privacy.
Don't reuse addresses.
Most Bitcoin wallets today automatically create a new address for each transaction. Since all Bitcoin transactions are public, address reuse makes it easy for others to group transactions and understand which payments are connected to one identity.
Use different wallets for different sums of money.
Just like you don't walk around with your savings account as cash, there are different Bitcoin wallets that should be used depending on how much money is being stored or transferred. Secure wallets like paper wallets or hardware wallets can be used as "savings" wallets, while mobile, web, and desktop wallets should be treated like your spending wallet.
Create multiple secure backups.
Users should create multiple backups of their wallets. Backups should be kept in separate physical locations in the case of fire or water damage. Paper wallets can be laminated or written in metal for extra protection.
How to Store Bitcoins.
Earlier it was mentioned that there are four types of Bitcoin wallets: online wallets, hardware wallets, software wallets, and paper wallets. These four categories can be broken down further into different kinds of storage and security:
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:02 pm
Hot Wallets.
Hot wallets refer to Bitcoin wallets used on internet connected devices like phones, computers, or tablets. Because hot wallets run on internet connected devices there is always a risk of theft. Think of hot wallets like your wallet today. You shouldn't store any significant amount of bitcoins in a hot wallet, just as you would not walk around with your savings account as cash.
If only used with small amounts, hot wallets should be used for your everyday Bitcoin needs. One may, for example, want to keep $200 worth of bitcoins in a hot wallet for spending, with $10,000 locked away in cold storage.
Custodial Services.
Although often called Bitcoin wallets, services like Coinbase and Circle aren't true Bitcoin wallets. Customers private keys are held by these third party services, meaning users don't really have control of their money.
As Bitcoiners often say: "if you don't control the keys, you don't control the coins". Mt. Gox is an extreme example, but one that illustrates the importance of holding private keys. Gox was the first and largest Bitcoin exchange up until 2013. Thousands of users stored more than 800,000 bitcoins in their Gox accounts.
At the time, one may have claimed to have 1,000 bitcoins in a Gox account. While true at the time, as soon as Mt. Gox claimed to have been victim of theft users with bitcoins in their accounts were left empty handed.
Services like Coinbase and Circle may in fact use good security practices and there's a chance your bitcoins are safe. But by storing bitcoins with a third party you are always taking on additional risk.
Cold Storage.
Cold storage is achieved when Bitcoin private keys are created and stored offline. Private keys stored offline are more secure since there is no risk that a hacker or malware could steal your coins.
There are three ways to create cold storage: paper wallets, hardware wallets, and software wallets run on offline computers. Think of cold storage as your savings account. Use it to securely store bitcoins that you don't plan to spend.
Multisignature Wallets.
Multisignature wallets like Copay make it easier to share control of bitcoins between multiple parties. If created offline, multisig can also make cold storage more secure.
Multisignature wallets require multiple parties to sign transactions in order for funds to be spend. In a 2-2 wallet, for example, both parties must sign a transaction. In a 2-3 multisig wallet, two of the three co-signers must sign each transaction.
Armory Multisig: Armory offers a Lockbox feature that requires any amount of up to seven co-signers to approve shared transactions. A Lockbox is created by one party who adds additional public keys as co-signers. This solution provides a mix of flexibility and security for personal use or organizations.
Armory's fragmented backups is another useful feature. Instead of requiring multiple signatures for each transaction, fragmented backups require multiple signatures only for backups. A fragmented backup splits up your Armory backup into multiple pieces, which decreases the risk of physical theft of your wallet. Without a fragmented backup, discovery of your backup would allow for immediate theft. With fragmented backup, multiple backup locations would need to be compromised in order to obtain the full backup.
Here's a look at some everyday use cases for multisig:
2-2 Wallet: Two business partners work together at a startup. They create a 2-2 multisig wallet so that no funds can be spent without the permission of both founders. If one tries to create a transaction, the other partner will be required to sign off on the transaction before money can be moved.
2-3 Wallet: A 2-3 multisig wallet could be used to create secure offline storage with paper wallets or hardware wallets. Users should already backup their offline Bitcoin holdings in multiple locations, and multisig helps add another level of security. A user, for example, may keep a backup of a paper wallet in three separate physical locations. If any single location is compromised the user's funds can be stolen. Multisignature wallets improve upon this by requiring instead any two of the three backups to spend funds--in the case of a 2-3 multisig wallet. The same setup can be created with any number of signatures. A 5-9 wallet would require any five of the nine signatures in order to spend funds.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:02 pm
Bitcoin Wallet.
A Bitcoin wallet is a software program where Bitcoins are stored. To be technically accurate, Bitcoins are not stored anywhere; there is a private key (secret number) for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the balance. Bitcoin wallets facilitate sending and receiving Bitcoins and gives ownership of the Bitcoin balance to the user. The Bitcoin wallet comes in many forms; desktop, mobile, web, and hardware are the four main types of wallets.
Breaking Down Bitcoin Wallet.
A Bitcoin wallet is also referred to as a digital Wallet. Establishing such a wallet is an important step in the process of obtaining Bitcoins. Just as Bitcoins are the digital equivalent of cash, a Bitcoin wallet is analogous to a physical wallet. But instead of storing Bitcoins literally, what is stored is a lot of relevant information like the secure private key used to access Bitcoin addresses and carry out transactions. The four main types of wallet are desktop, mobile, web, and hardware.
Desktop wallets are installed on a desktop computer and provide the user with complete control over the wallet. Desktop wallets enable the user to create a Bitcoin address for sending and receiving the Bitcoins. They also allow the user to store a private key. A few known desktop wallets are Bitcoin Core, MultiBit, Armory, Hive OS X, Electrum, etc.
Mobile wallets overcome the handicap of desktop wallets, as the latter are fixed in one place. These take the form of paid apps on youOnce you run the app on your smartphone, the wallet can carry out the same functions as a desktop wallet, and help you pay directly from your mobile from anywhere. Thus a mobile wallet facilitates in making payments in physical stores by using "touch-to-pay" via NFC scanning a QR code. Bitcoin Wallet, Hive Android, and Mycelium Bitcoin Wallet are few of the mobile wallets. Bitcoin wallets do not generally work on both iOS and Android systems. It's advisable to research your preferred mobile Bitcoin wallet as several malware softwares posing as Bitcoin wallets are an issue.
As for web wallets, they allow you to use Bitcoins from anywhere, on any browser or mobile. The selection of your web wallet must be done carefully since it stores your private keys online. Coinbase and Blockchain are popular web wallet providers.
Hardware wallets are by far the most secure kind of Bitcoin wallet, as they store Bitcoins on a physical piece of equipment, generally plugged into a computer via a USB port. They are all but immune to virus attacks, and very few instances of Bitcoin theft have been reported. These devices are the only Bitcoin wallets which aren't free, and they often cost $100 to $200.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:02 pm
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Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:02 pm
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What is Bitcoin?
Bitcoin is a cryptocurrency based on blockchain technology. Cryptocurrency in terms of a bitcoin is digital money, protected with cryptographic hashes and distributed on a decentralized network. Within the blockchain, Bitcoins distributed among different accounts which are called addresses. If you want to learn more about what is Bitcoin and how it works, please read our guide .
What is a Bitcoin Wallet?
A bitcoin wallet is a software used to manage your Bitcoins. It contains private keys and public addresses and gives you full access to your funds. Some of the wallets are hardware, some of them called hot, cold, desktop, and mobile wallets. If you want to learn more about cryptocurrency wallets, please read our guide .
Wallets are the main user interface through which a person interacts with the cryptocurrency system.
Bitcoin Wallet security.
The bitcoin wallet is protected as you keep your seed or private keys in a safe and secure place.
Do not store large amounts on your computer, web service, or mobile app. Most likely, hardware wallets are better suited for large savings, though they are not convenient for everyday use. Hot wallets allow you to backup through email of 2FA, though, there are risks of losing funds due to the hackers' attack. Decentralized wallets enable you to manage cryptocurrency on your device, but you need to pay attention to how you store your backup as it's the primary access to your funds .
Bitcoin transaction fees.
Bitcoin transaction fees can plunge new users into a stupor, who do not understand how they are calculated and why sometimes Bitcoin fees for a transaction is higher than $3. To understand the reason for the high bitcoin fee, you need to delve into the principle of the blockchain .
What factors does the Bitcoin Commission depend on?
Each Bitcoin block consists of multiple recipient and sender addresses. Most likely, you will see hundreds of transactions in a block. There are miners in Bitcoin blockchain; they create new blocks, thus allows to send money from one account to another. The more transaction is waiting to be approved in the system, and the more likely the fees will skyrocket. It happens when Bitcoin's price increases rapidly.
As Bitcoin blockchain works on a UTXO principle (you own Bitcoins that are currently unspent), the more inputs you have, the larger will be the fees for you to send Bitcoins.
How your funds stored in Atomic Wallet?
Atomic is a decentralized multi-currency wallet, which supports more than 300 cryptocurrencies, has built-in cryptocurrency exchange, mobile app and Buy Crypto feature.
This wallet is well known for its simplicity, convenience, excellent interface, and security. Security is ensured by the fact that your crypto is entirely under your control as your seed phrase stored only on your device. So you fully control your cryptocurrency.
The primary purpose of Atomic Wallet is not just to store cryptocurrency, but also to create a strong ecosystem with many functions that will resemble in some way a decentralized exchange. There is also a native token AWC (Atomic Wallet Coin), which will have many use cases in the ecosystem: dividends for holders, cash back program. Furthermore, it also serves as a marketing tool for bounty and airdrop campaigns.
How does Cryptocurrency wallet work?
Bitcoin wallet has several keys that are needed for its operation. Private key. This is a 256-bit number that is randomly generated and serves as a personal wallet ID on the network. Is a sequence of 16 digits and characters: E9873D79C6D87DC0FB6A5778633389F4453213303DA61F20BD67FC233AA33262 ; Public key. It is generated from the private key of the wallet by solving a special cryptographic formula (elliptic equation). The key is 512 bits long and is also written as a 32-character sequence: 0499B4B0FB28848277DCF15C5EB78B80D9E560D55770EA897CFBEC7E85B8B-62C8F8685F4211DF935A5DE20664A7F596358ED25D74FB95E53B3FAE6F49F6700DB3B . the Public key always starts with the byte "04В»; Address. It is created from the public key by hashing (converting an array of data into a string of characters of a certain length) вЂ" this is the code that the user of the bitcoin network sees on the screen. Usually, it is 27-34 digits and letters of the Latin alphabet: 14qViLJfdGaP4EeHnDyJbEGQysnCpwn1gz . The address is generated only if there is a private key вЂ" the reverse sequence can not be solved.
Thus, the anonymity of bitcoin wallet is achieved. It is impossible to crack it unless the owner himself personally provided all the data to the attackers.
How to Install Atomic Wallet.
Run Atomic, click "CREATE WALLET," enter a secure password, click SET PASSWORD. Now we see 12 keywords to restore access to the wallet. Be sure to keep in a safe place! Then click: "START USING ATOMIC."
Now we can see the wallet interface. In the first tab "WALLET," we know the balance of all available coins and generated wallet addresses of different coins. Here you can sort by volume, and you can also hide negative balances or add any Ethereum tokens.
In the tab "EXCHANGE" has the opportunity to exchange tokens through exchanges partner ChangeNOW, Changelly and ShapeShift.
The "SETTINGS" tab allows you to change your password, get private keys that are securely stored in the encrypted form, as well as import an external wallet into Atomic Swaps Wallet (you must enter a private key).
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:03 pm
Bitcoin Australia.
Why do I need a wallet?
Before purchasing bitcoin, you'll need to set up a wallet to store them. In this guide we'll discuss types of Bitcoin wallets and why you may choose one over the other. Wallets can be on your mobile, on your desktop or even a physical hardware than you can carry with you. When you set up your wallet, you will have what is known as a private key which functions as the password to access your Bitcoin. As you complete a transaction, you will then receive what is known as a public key, which connects you from one Bitcoin user to another.
Please note: Never purchase a wallet on eBay. Someone may be attempting to sell you a wallet that has been tampered with to steal your bitcoin. Remember, regardless of which wallet you choose, keeping your bitcoin secure is most important.
Mobile Wallets.
(Recommended if you own under $1000 worth of bitcoin)
Free and easy to set up Accessibility: Your money lives directly on your smartphone or laptop. Convenience: Using Bitcoin mobile wallets allows you to send and receive bitcoins by scanning a QR code.
Mobile and Desktop wallets are not secure enough to store large amounts of bitcoins.
Recommendations.
We recommend Edge wallet or Blockchain Wallet for iPhone and Android users. It is easy and quick to set up for beginners; just download from the App store and you are ready to go in minutes.
Here is a quick video demonstration of setting up a Mobile Bitcoin Wallet.
Desktop Wallets.
Free and easy to set up Accessibility: Your money lives directly on your smartphone or laptop. Convenience: Using Bitcoin mobile wallets allows you to send and receive bitcoins by scanning a QR code.
Mobile and Desktop wallets are not secure enough to store large amounts of bitcoins.
Recommendations.
We recommend Exodus as a desktop wallet. It is one of the most secure and convenient software wallets.
Physical Hardware Wallets.
(Recommended if you own over $1000 in bitcoin)
Security: Hardware wallets, also referred to as cold storage, have been designed to protect your private keys from malware, virus and phishing. They are the most secure way to store your bitcoins. Portability: It can be connected to any Windows, Linux or Mac machine as an external device. You can use it anywhere in the world with any machine. Extensibility: It is compatible with different wallets: MultiBit HD, Mycelium and others.
Price: They aren't free, but they are a necessary expense if you're holding larger amounts of bitcoin.
Recommendations.
We recommend Ledger Nano S TREZOR, which are renowned for their security and ease of use.
Paper Wallets.
Paper wallets are different from the other types of wallets and are often described as the most secure way to store your cryptocurrency. Unlike online wallets, this form of bitcoin storage is completely offline and physical, giving you full control. A paper wallet is exactly how it sounds, a piece of paper that contains your private key and public address, usually printed in the form of a QR code.
Being a physical form of storage, it means you must take extra care to protect the paper. People with paper wallets often laminate the paper, or place it in a tamper-proof envelope and then within a safe to keep it completely safe and secure.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:03 pm
Bitcoin Mining Profit Calculator.
Why Our Calculator is the Most Accurate.
There are many factors that affect your mining profitability. Two of the main factors that influence your profitability are:
The Bitcoin price and the total network hash rate.
The Bitcoin network hash rate is growing at a rate of 0.4527678% per day. This means if you buy 50 TH/s of mining hardware your total share of the network will go DOWN every day compared to the total network hash rate.
Our calculator assumes the 0.4527678% daily increase in network hash rate that has been the average daily increase over the past 6 months.
Without factoring in this growth, most Bitcoin mining calculators show results that appear MUCH, MUCH more profitable than reality.
The Bitcoin Price.
Even though the network hash rate will cause your share of the network hash power to go down, the Bitcoin price can help make up some of these losses.
The Bitcoin price is rising at a slightly lesser 0.3403% per day over the past year. We suggest you enter a custom Bitcoin price into our calculator based on what you expect the average price to be over the next year.
The price has gone down for most of the past year, which is a factor that should be strongly considered in your calculations.
What our Calculator Assumes.
Since our calculator only projects one year out, we assume the block reward to be 12.5. We also use the current Bitcoin price in our calculations, but you can change the Bitcoin price to anything you'd like to get better data.
Factors That Affect Mining Profitability.
Mining can be an effective way to generate passive income. However, there are numerous factors that affect mining profitability, and often times they are out of your control.
Some seem to believe they will be able to quit their nine-to-five job after investing in a few Bitcoin miners - unfortunately, that is not necessarily the case.
How do you know if mining is right for you?
It is important to understand the constantly changing dynamics that play into mining profitability, especially before you invest your hard-earned money. Nevertheless, a proper passive income can be generated if you play your cards right. Let's explore the factors that you need to consider before you buy mining hardware:
Initial Investment.
The initial investment in efficient mining hardware is probably one of the things keeping you from pulling the trigger, and for good reason. Mining hardware is expensive!
In actuality, the high cost of dedicated mining hardware ASICs (Application Specific Integrated Circuits) is largely to blame for the centralization of Bitcoin mining in China.
In case you were not aware, the vast majority of mining operations are in China, primarily because of cheap electricity (more on that later.) Since ASICs are expensive, many average consumers do not have the capital to invest.
Large mining corporations operate mining farms with thousands of ASICs. The average Joe can't even afford one ASIC, much less thousands of them.
Instead of mining being spread out across the world, the validation process is controlled by fewer people than first anticipated upon Bitcoin's inception.
ASICs' impact on Bitcoin aside, it is important to determine your ROI timeline before investing. Some hardware might not pay itself off at all. The additional factors below are largely responsible for determining your ROI period.
You can use the calculator above to determine your projected earnings based on the ASIC you're using, and your electricity cost.
Block Rewards and Transaction Fees.
Every time a block is validated, the person who contributed the necessary computational power is given a block reward in the form of new-minted BTC and transaction fees.
Bitcoin's block time is roughly 10 minutes. Every 10 minutes or so, a block is verified and a block reward is issued to the miner. When Bitcoin was first created, miners received 50 BTC for verifying a block. Every 210,000 blocks - roughly 4 years - the amount of BTC in the block reward halves.
50 BTC per block may seem high, but it is important to consider the price of Bitcoin at that time was much less thant it is today. As the Bitcoin block reward continues to halve, the value of Bitcoin is predicted to increase. So far, that trend has remained true.
First, the amount of newly minted BTC (often referred to as coinbase, not to be confused with the Coinbase exchange) halved to 25 BTC, and the current coinbase reward is 12.5 BTC. Eventually, there will be a circulating supply of 21 million BTC and coinbase rewards will cease to exist.
If BTC is no longer minted, mining won't be profitable anymore, right?
Transaction fees are issued to miners as an incentive to continue validating the network. By the time 21 million BTC has been minted, transaction volume on the network will have increased significantly and miners' profitability will remain roughly the same.
Of course, block rewards have a direct impact on your mining profitability, as does the value of BTC - since the value of BTC is volatile, block rewards will vary. Additionally, successfully confirming a block is the only way you will generate any revenue whatsoever by mining.
This leads us to our next point:
Block Difficulty.
If you were able to connect the dots, you probably realized that a block reward is worth a whole lot of money. Take a look:
12.5 BTC x current BTC value (approximately $7,400) = $92,500. NOTE: The market is currently bearish - block rewards are always subject to change.
If block rewards are worth so much, why isn't everyone buying ASICs?
Mining Bitcoin is not easy - that's why millions of dollars have been invested to research, develop, prototype and sell specialized mining hardware.
Even if you invest in a specialized mining ASIC which can cost thousands of dollars, your chances of successfully validating a block on your own are slim.
ASICs have caused Bitcoin's mining difficulty to skyrocket. Moreover, you're competing with everyone else on the network to validate a block. Those with more computational power are more likely to validate a block.
As stated previously, companies have set up large-scale mining operations in China with thousands of ASICs running in synchrony. They're more likely to confirm the block than you are on your own.
Nevertheless, there are ways for the little guy to turn a profit. If you want to start mining Bitcoin, consider joining a Bitcoin mining pool. You'll team up with other miners to increase your collective hashing power, thus increasing your chances of validating a block.
If a block is validated by your mining pool, the block reward will be distributed according to the amount of computational power you contributed. For example, if you were responsible for 5% of the hashing power, you'd receive 5% of the block reward, minus pool fees.
Mining pools may not seem appealing at first because you have to divvy up the reward, but they're actually a smart move, as they significantly increase your odds of validating a block. Otherwise, you may end up consuming loads of electricity without actually being rewarded for your work.
Speaking of electricity:
Electricity Cost.
Electricity cost is probably the factor that has the most impact on mining profitability.
After all, Bitcoin's SHA-256 mining algorithm is classified as Proof-of-Work (PoW) because work must be done to validate the network. The 'work' is computational power - therefore electricity is required to validate the network.
Always look at a miner's hashrate/power consumption ratio. Ideally, you want an ASIC that has a high hashrate and low power consumption. Such an ASIC would be efficient and profitable because you'd hopefully validate a block which would be worth more than your electricity costs.
If you don't successfully validate a block, you'll end up spending money on electricity without anything to show for your investment. If you want to maximize your profitability, purchase the most efficient ASIC and mine where electricity is cheap.
If you're looking for a great BTC ASIC miner, check out Halong Mining's Dragonmint T16.
In the United States, the average electricity cost is around $0.12 cents per kilowatt-hour. In other countries, electricity cost will vary. Asia's electricity is particularly cheap, which is why China is home to many mining operations.
Conclusion.
Bitcoin mining is very competitive. If you are looking to generate passive income by mining Bitcoin, it is possible, but you have to play your cards right.
In order to profitably mine, make sure that you: Mine with cheap electricity Buy the most efficient miner you can Join a mining pool Have patience.
Now you have the tools to make a more informed decision. Mining is competitive, yet rewarding. If you invest in the proper hardware and combine your hashing power with others', your odds of turning a profit will increase considerably.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:03 pm
Real brasileiro (BRL) e Bitcoin (BTC) calculadora da conversão da taxa de troca da moeda corrente.
Por favor, ajudem melhorar o texto neste site . Foi uma tradução automática do Inglês e, muitas vezes precisa de alguma atenção humana.
Este Real brasileiro e Bitcoin conversor está atualizado com taxas de câmbio de 14 de outubro de 2019.
Digite o valor a ser convertido na caixa à esquerda da Real brasileiro. Use moedas "swap" para fazer Bitcoin a moeda padrão. Clique em Bitcoins ou Reais brasileiros converter-se entre essa moeda e todas as outras moedas.
O real brasileiro está a moeda corrente dentro Brasil (BR, BRA). O Bitcoin está a moeda corrente dentro nenhum país. O real brasileiro é sabido também como reais. O símbolo para BRL pode ser escrito R$. O símbolo para BTC pode ser escrito BTC. O real brasileiro é dividido em 100 centavos. A taxa de troca para o real brasileiro foi atualizada por último sobre 11 de outubro de 2019 de Fundo Monetário Internacional (FMI). A taxa de troca para o Bitcoin foi atualizada por último sobre 14 de outubro de 2019 de coinmarketcap.com. O BRL fator de conversão tem 6 algarismos significativos. O BTC fator de conversão tem 12 algarismos significativos.
BRL BTC coinmill.com 5.00 0.00015 10.00 0.00029 20.00 0.00059 50.00 0.00146 100.00 0.00293 200.00 0.00586 500.00 0.01464 1000.00 0.02929 2000.00 0.05858 5000.00 0.14645 10,000.00 0.29290 20,000.00 0.58580 50,000.00 1.46450 100,000.00 2.92900 200,000.00 5.85799 500,000.00 14.64498 1,000,000.00 29.28996 BRL câmbio 11 de outubro de 2019 BTC BRL coinmill.com 0.00010 3.41 0.00020 6.83 0.00050 17.07 0.00100 34.14 0.00200 68.28 0.00500 170.71 0.01000 341.41 0.02000 682.83 0.05000 1707.07 0.10000 3414.14 0.20000 6828.28 0.50000 17,070.69 1.00000 34,141.39 2.00000 68,282.78 5.00000 170,706.94 10.00000 341,413.88 20.00000 682,827.77 BTC câmbio 14 de outubro de 2019.
Imprima as cartas e leve-as consigo na sua bolsa ou carteira quando viajar.
Deixe um comentário.
Opções.
Começando A Moeda corrente.
Esta calculadora da moeda corrente é fornecida na esperança que será útil, mas SEM NENHUMA GARANTIA; sem uniforme a garantia implicada do MERCHANTABILITY ou da APTIDÃO PARA Uma FINALIDADE PARTICULAR.
Este site é traduzido do Inglês. Você pode corretas más traduções si mesmo.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:04 pm
Bitcoin, euro en andere (crypto)currency omrekenen?
Hoe werkt de BTC Bitcoin calculator?
Stap 1. Kies je gewenste coin. Voer het bedrag aan BTC Bitcoins in het 1e veld in. Vervolgens verschijnt er vanzelf het omgerekende bedrag in het andere veld. De Bitcoin calculator ondersteunt niet alleen Bitcoin euro, maar ook verschillende andere valuta zoals: Euro, Australische dollar, Amerikaanse dollar, Canadese dollar, Brits pond sterling, Zwitserse franc, Japanse yen en Chinese yuan. Ook ondersteunt de Bitcoin calculator de meest uiteenlopende cryptocurrencies (cryptogeld) zoals ETH Ether (Ethereum), XRP Ripple, Dash, LTC LiteCoin en meer.
Stap 2. Kies de valuta waarin je de coin wilt omrekenen. Helemaal rechts naast de invoervelden zie je een drop-down selectie knop. Wanneer je hierop klikt, kun je de gewenste (crypto)currency selecteren, waarin omgerekend moet worden. Onder de calculator wordt tevens ter indicatie weergegeven hoeveel € euro één coin op dit moment oplevert, volgens de actuele bitcoin euro koerswaarde.
Stap 3. Andersom omrekenen De Bitcoin calculator werkt ook andersom. Je kunt ook een valuta terug omrekenen naar Bitcoin. Vul dan in het 2e invoerveld een bedrag in en kies je gewenste (digitale) valuta.
Zo makkelijk is het, Bitcoin euro en andere (crypto)valuta reken je zo om! Wil je dat de Bitcoin calculator een nieuwe cryptocoin gaat ondersteunen? Reageer dan in de reacties onderaan deze pagina.
Meer over cryptocurrency (cryptogeld)
Op Bitcoincalculator.nl vind je niet alleen handige Bitcoin euro tools zoals de Bitcoin calculator. Je leert ook in slechts 6 lessen alles over Bitcoins en andere cryptocurrency. We laten je zien hoe je slim belegt in Bitcoins om zo rendement te behalen op je initiële investering. Deze kennis kan je opdoen in de 6 lessen die we aanbieden.
Je leert kennismaken met BTC Bitcoin en ander cryptogeld. Zoals, de Bitcoin koersontwikkeling, actuele waarde & prijs van alle cryptocurrency die er maar te krijgen zijn. Blijft op de hoogte van Bitcoin nieuws. Ook vind je informatie over diens marktkapitalisatie. En, lees je een uitgebreide uitleg over wat cryptocurrency nou eigenlijk is. Dit alles in heldere taal uitgelegd en in het Nederlands.
Tot slot, leer je BTC Bitcoins kopen en verkopen (of ander cryptogeld), zodat je je (crypto)vermogen exponentieel laat groeien. Succes!
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:04 pm
Zcash's Halo Breakthrough Is a Big Deal - Not Just For Cryptocurrencies.
Bitcoin Faces Drop Below $8K Despite Beating Hurdle.
G7 Evaluates Stablecoins as Risk to Financial Stability.
Thrill-Seeking Drives Crypto Traders, Study Finds.
5 Top Car Makers Enter Field Trials for Automatic Blockchain Payments.
Renault, BMW, General Motors, Honda and Ford are set to begin real-world testing of blockchain IDs for cars next month.
Forex Broker FXCM Launches Basket of 5 Cryptos for Retail Investors.
Foreign exchange trading platform FXCM Group has launched a basket of five cryptocurrencies aimed at retail investors.
Switzerland's 'Crypto Valley' Is Bringing Blockchain to Zurich.
The Crypto Valley Association and Zurich Tourism are working to bring blockchain awareness, tourism and business to Zurich.
Token Investors May Sue After Former Korean Social Media Giant Shuts Down.
A once hugely popular social media site, Cyworld's abrupt closure brings uncertainty to holders of its recently launched crypto token.
Coinbase Eyes European Growth After Winning Irish E-Money License.
Cryptocurrency exchange Coinbase has been granted an Irish e-money license that will bring it greater access to EU and EEA markets.
Daily Liqu > Oct 14, 2019 at 06:08 | David Pan.
Crypto accounting firm Lukka has partnered with fund administrator Theorem to provide same-day net asset value reporting capabilities.
South Korean Blockchain > Oct 14, 2019 at 04:14 | David Pan.
Blockchain digital ID startup ICONLOOP received its first venture capital investment through an $8 million Series A round.
Telegram Could Postpone Crypto Issuance After US Halts Token Sale.
Telegram could delay the late October launch of its own crypto after the SEC ordered it to halt the allegedly "unlawful" token sale in the U.S.
CoinDesk's On Tap Meetup With CoinDesk Japan Is Happening Tonight in Tokyo.
See you tonight for pizza, beer, and blockchain.
Zcash Will Get a Gateway Into Ethereum's DeFi Ecosystem.
The theme of Devcon 5 was clear: For smaller assets like zcash, all roads lead to ethereum.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:04 pm
Bitcoin Fees.
Updated 44 seconds ago. Total mempool transactions: 20449 sat/B Transactions 1.
Confirmation time: ≤ 20 min. | ≤ 1 hour | ≤ 6 hours | ≤ 24 hours | ≤ infinity.
Average transaction fee: $0.23 (1 input, 2 outputs, SegWit, 1 hour conf. time.)
Bitcoin Fee Estimator / Calculator.
BitcoinFees is a simple and very accurate Bitcoin fee estimator. The tool is displaying a chart of current mempool transactions ordered by fee value.
This makes it easy to choose the optimal fee for your transaction based on confirmation time. Just pick a time period and use the suggested fee. We are using Bitcoin Core's embedded fee calculator.
Different time periods are in different colors. Use the first green value if you want your transaction to be confirmed as fast as possible.
If you are using SegWit transactions, you can lower the suggested fee by.
40%. SegWit transactions are processed with priority. Therefore, only 60% of the proposed fee can be used.
If you have a "stuck" transaction, use our Free Bitcoin Transaction Accelerator to push it. Or use it to broadcast your newly generated transaction faster.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:04 pm
Bitcoin Exchange YOU CAN TRUST.
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Bitcoin Price.
Bitcoin Price.
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Buy/Sell Bitcoins.
CEX.IO is a place for everyone who wants to simply buy and sell Bitcoins. Deposit funds using your Visa/MasterCard or bank transfer. Instant buy/sell of Bitcoins at fair price is guaranteed. Nothing extra. Join over 3,000,000 customers from all over the world satisfied with our services.
Bitcoin Trading.
Advanced order-matching algorithms are backed by unique trade engine. Orderbook liquidity allows to execute high-volume orders and apply market making trading, high frequency trading and scalping strategies. Compliant with security standards, we guarantee safety of your assets and data.
Why choose CEX.IO?
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Protection against DDoS attacks, full data encryption, compliant with PCI DSS standards.
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Providing services in 99% countries around the globe, including 31 states of USA.
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Margin Trading.
Trade with up to 10x leverage, no need to create an extra account, negative balance protection.
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Reasonable trading fees for takers and makers, special conditions for high volume traders, strong offers for market makers.
Cross-Platform Trading.
Trading via website, mobile app, WebSocket and REST API. FIX API for institutional traders.
Advanced Reporting.
Downloadable reports, real-time balance, transaction history with transparent fees.
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Fast order execution, low spread, access to high liquidity orderbook for top currency pairs.
Open account for free and start trading Bitcoins now!
Among the numerous websites providing Bitcoin exchange services, the positive reputation of CEX.IO makes it worth the trust of the users all over the world. With the customer base of over 3,000,000, the platform can be recognized as the one that can be relied on. Starting your Bitcoin trading on a platform with substantial history, you will benefit from a deep understanding of the market and customers’ needs.
We are constantly working on enhancing the security, ensuring the high level of customer support, and providing our users with new opportunities for trading on the Bitcoin market. CEX.IO is regularly considering the addition of new coins, which was not so long the case with Dash, Zcash, and Bitcoin Cash. Still, every cryptocurrency has to pass a thorough check to be listed. Our due diligence and concerns about the quality of the service yield results. Now, we are moving forward to achieve the status of the best cryptocurrency exchange.
Best Cryptocurrency Exchange: What does It Mean for Us?
For you to be able to recognize a reliable online exchange and sort out those that appear to be too weak, we list several features, paying attention to which would help you to make the right choice.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:05 pm
Satoshi to Bitcoin Converter.
What is a Satoshi?
Each bitcoin (BTC) is divisible to the 8th decimal place, so each BTC can be split into 100,000,000 units. Each unit of bitcoin, or 0.00000001 bitcoin, is called a satoshi. A Satoshi is the smallest unit of Bitcoin.
How many Satoshis are in a Bitcoin?
There are 100,000,000 satoshi in a BTC.
Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity. Buy Bitcoin Worldwide is for educational purposes only. Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor before engaging in such practices. Buy Bitcoin Worldwide, nor any of its owners, employees or agents, are licensed broker-dealers, investment advisors, or hold any relevant distinction or title with respect to investing. Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading.
Buy Bitcoin Worldwide does not offer legal advice. Any such advice should be sought independently of visiting Buy Bitcoin Worldwide. Only a legal professional can offer legal advice and Buy Bitcoin Worldwide offers no such advice with respect to the contents of its website.
Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites.
Wallabit Media LLC and/or its owner/writers own Bitcoin.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:05 pm
Mining profitability calculator ?
Bitcoin Gold.
ZEC BTG 1 hour 0 0 0 BTC 0 BTC 24 hours 0 0 0 BTC 0 BTC 1 week 0 0 0 BTC 0 BTC Exchange rates by Changelly 0.
Calculate the profit from mining Equihash-based currencies (Zcash, Bitcoin Gold) on MinerGate .
Please note that it is an estimated amount of cryptocoins you can get. The calculations are based on the current pool fee, 0% bad shares and doesn't account for orphan blocks or uncles. Your profit depends on network difficulty, block reward, transactions amount and fee. Exchange rates are provided by Changelly.
Calculation is based on the following formula:
Reward = ((hashrate * block_reward) / current_difficulty * 2^13) * (1 - pool_fee) * 3600.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:05 pm
Bitcoin Return Calculator with Inflation Adjustment.
On this page we present a bitcoin return calculator . Enter any two dates between July 17, 2010 and a final date and we will estimate the annual and total return on any money invested in bitcoin. Enter a starting investment value and the bitcoin tool will guess the investment value on the final date.
Optionally, you can also adjust the bitcoin price return and final price for inflation. We use the CPI-U index, interpolated or extrapolated to find a bitcoin investment's value on your investment date.
Bitcoin Price Return Calculator with Inflation Adjustment.
The bitcoin return calculator uses data from BraveNewCoin via Quandl as well as historical bitcoin return data from Bitcoinity.
Using the Bitcoin Price Return Calculator.
There are only a few options when using the bitcoin return calculator, but any small adjustments can have major effects on your results.
Investing Options.
Starting Investment ($): The dollar amount invested in bitcoin on the 'Starting Date'. Starting Date: The date the bitcoins were first purchased. Ending Date: The date bitcoins are sold, or a date to estimate the bitcoin holding value. Adjust for Inflation (CPI): If checked, the return percentages and terminal value of the investment are CPI-U adjusted to account for inflation. For dates later than the last print, we use linear extrapolation to estimate inflation. For dates between readings, we use interpolation.
Bitcoin Return Output Results.
Total Return (%): The total return of the bitcoin investment if purchased on the 'Starting Date' and sold on the 'Ending Date'. (CPI adjusted if selected.) Annualized Return (%): Unlike total return, the return of the bitcoin investment when normalized to provide annual results. (Again, CPI adjusted if selected.) Ending Value ($): The terminal value of the bitcoin investment on the 'Ending Date'. (Once more, CPI adjusted if checked). CPI Adjusted? Flags a CPI adjustment on the return and investment fields.
Sources and Methodology for the Bitcoin Price Return Calculator.
The bitcoin return calculator uses data from BraveNewCoin and Bitcoinity. Wherever the Bitcoinity data includes multiple exchanges, we used the average daily bitcoin price on all exchanges. For the three gaps in the dataset - 6/21/2011 - 6/22/2011, 6/24/2011 - 6/25/2011, and 6/27/2011 - 7/04/2011 - we interpolated the available data to backfill bitcoin prices on those dates.
If there is both Bitcoinity Data and BraveNewCoin data, the BraveNewCoin data takes precedence. In practice, this means the data beyond 2014 all comes from BraveNewCoin.
Note that bitcoin markets don't "close" in the sense that a stock market might. Bitcoin closing prices are as reported by an exchange . On top of reporting differences, different exchanges may have different bitcoin prices for each date. Also, bitcoin can be extremely volatile intraday; note that the prices internal to our tool may be 10% - or more - different than the prices paid by some market participants in the same 24-hour period.
We believe the trends are correct for the tool, and it's a reasonably good guess at how a typical bitcoin investor would have performed between two dates. However, this tool is for informational or research purposes only. Do your own due diligence.
Bitcoin as a Speculative Investment.
Bitcoin is a speculation, but potentially lucrative. Do your research.
The bitcoin return results quoted should in no way be taken as advice on whether to invest in bitcoin or other cryptocurrencies. Cryptocurrencies, as an asset class, have demonstrated more volatility than any of the other investments we've featured on this site in calculator format. For bitcoins, the time of day any bitcoin was bought or sold makes investor performance vary wildly. As we argued in the 2017 bitcoin return piece, bitcoin is closer to a speculation than an investment.
Bitcoin and other cryptocurrency investors have had extremely remarkable runs as well as harrowing drops. We'll repeat our advice: for the vast majority of investors, we recommend a regular asset allocation and passively managed index funds. However, if you do the research and still feel bitcoin makes sense in your portfolio, hopefully our calculator goes some of the way to easing your research burden.
About PK.
PK founded DQYDJ in 2009 to educate and learn from others in finance and investing. By day he writes prose and code in Silicon Valley. He's mid-30s, married, with two kids.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:07 pm
Bitcoin Fee Calculator & Estimator.
Learn about bitcoin fees.
Bitcoin is made up of blocks . Blocks are a set of transactions, and currently restricted to be less than or equal to 1,000,000 bytes and designed so that on average only 1 block per.
10 minutes can be created. The groups the create blocks are known as bitcoin miners . These miners can pick which ever transactions they want in the block they create.
Bitcoin miners get paid all the transaction fees in the block they mine. So as such, it is in their interests to maximize the amount of money they make when they create a block. So what they do is pick the 1,000,000 bytes of transactions that results them getting paid the most money.
From a bitcoin miner perspective, they don't care of the value of a transaction, but just the size (amount of bytes), because they are only allowed to create blocks of 1,000,000 bytes or less. So miners don't consider the absolute fee a transaction has, but rather, the fee per byte .
Why are the fee estimations so high?
Eye-balling it, sometimes it looks like the fee estimates are super high. The reason that is, is because they use 95% confidence. If a block was found now maybe you'd only need 20 satoshi/byte, but it might be an hour before the next block and in the subsequent time a large amount of new transactions come in.
Sometimes you don't need such high confidence (e.g. it's not important, or you have a way of fee bumping), so you can get away with much lower fees.
Why are fees so damn high?
Politics. There's actually a pretty neat solution that offers some minor, but immediate relief. But at this stage looks like it's being held hostage to some political agenda that I'm not privy to.
Why do some low-fee paying transactions appear early in the mempool?
It's because a high-fee paying transaction depends on it, and reprioritizes it. i.e. the only way for the miner to get the money from the "good" transaction, is include a "bad" one first. It's known as Child-Pays-For-Parent (CPFP), but note that some old versions of bitcoin core, and bitcoin unlimited don't support it (and leave those transactions for smarter miner software).
Do you have historical data?
How did you build this?
The fee estimates are simply generated by calling estimatesmartfee $n on bitcoin core (0.16.0). The chart is generated by dumping the mempool and doing some smart sorting .
A Lowdown on Bitcoin Fees.
The Bitcoin website lists fast peer-to-peer transactions, worldwide payments, and low processing fees as the most important features of the cryptocurrency. Not surprisingly, Bitcoin has become extremely popular as a way to send money digitally across the globe as it solves critical problems faced by transactions executed in fiat currencies.
In fact, the number of Bitcoin transactions has been consistently rising this year. The third quarter saw 20 million Bitcoin transactions being executed, up from 17.6 million during the second quarter. What's more, the number of Bitcoin transactions has increased at the rate of at least 5% month-over-month since February 2018.
This growth can be attributed to the drop in the average transaction fees on the Bitcoin network, which was earlier proving to be a hindrance in the way of the adoption of this cryptocurrency.
A brief history of Bitcoin fees.
CNBC reported in December 2017 that users were paying $28 on an average to transact using Bitcoin. There was one Twitter user who claimed that he had to incur $16 worth of fees to send $25 worth of Bitcoin from one address to another, while another journalist had to spend $15 to send $100 worth of Bitcoin from a digital wallet to a hardware wallet. In fact, the average Bitcoin transaction fee had shot up to $55 in the third week of December last year, according to BitInfoCharts.
However, the average Bitcoin transaction fee has come down rapidly since then. BitInfoCharts reveals that the average Bitcoin transaction fee had dropped to just $0.50 in the first half of November 2018, which is probably why users are transacting more in Bitcoin to send and receive payments across the globe. But what has caused such a massive drop in the average Bitcoin transaction fees? To find out, we will first have to understand why Bitcoin fees are charged.
The economics behind Bitcoin fees.
A Bitcoin transaction has to be added to the Blockchain in order to be successfully completed. However, for a transaction to be added to the Blockchain, it first needs to be validated by miners who solve a complex mathematical problem to verify the transaction. These miners spend a lot of computing power and energy when verifying a block of transactions from the Bitcoin Mempool (short for memory pool), which contains unconfirmed transactions waiting to be added to a block for confirmation.
Now, miners need to be incentivized for the time, effort, and resources that they are putting in to validate the unconfirmed transactions. As a result, they are given a fee of 12.5 BTC to successfully mine a block, but this is just one of the incentives on offer. Miners also earn a transaction fee that's selected by the sender in a Bitcoin transaction for their effort as they play a critical role in keeping the network secure.
What drives transaction fees?
Each block of transactions on the Blockchain cannot contain more than 1 megabyte of information, so miners can only include a limited number of transactions in each block. This is why miners prioritize those transactions where they have the potential to earn higher transaction fees.
So, if the mempool is full, users looking to get their transactions through will compete on fees. They will push up the fee in a bid to get their transaction included into the next block that's set to be mined. So, the Mempool bottleneck plays an important role in determining the transaction fee, though this isn't the only aspect affecting this metric.
The transaction size also has a role to play in the fee determination. As miners can only include select transactions within the 1 megabyte block, they prefer selecting small transaction sizes because they are easier to confirm. Transactions occupying more space, on the other hand, need more work for validation so they need to carry a higher fee in order to be included in the next block.
So, there are two factors determining transaction fees -- network congestion and transaction size -- and they also play a critical role in the time taken for a transaction to be confirmed. For instance, if a user sends a transaction with very low fees attached to it and the Bitcoin Mempool is full, then miners won't prefer picking that transaction because of the low incentive involved. In such cases, it could take several hours for the transaction to be confirmed.
However, if a user is willing to pay a higher transaction fee, then the first confirmation could arrive in 10 minutes, which is the time taken to mine a block. The Bitcoin community requires six such confirmations for a transaction to be completely validated. This means that if there's no network congestion and the fee attached is high, then the transaction should be successfully processed in an hour.
The future of Bitcoin fees.
Earlier we saw that Bitcoin fees have dropped rapidly over the past year, spurring a growth in the number of transactions. This can be attributed to the smaller Bitcoin Mempool size. However, in case the number of unconfirmed transactions increases at a faster pace than the rate at which new blocks are mined, there will be network congestion. This is when the average Bitcoin transaction fees will go up.
This is the scalability problem faced by Bitcoin thanks to the limited number of nodes. However, the community is coming up with ways to circumnavigate this issue so that numerous transactions are executed quickly with low fees. Earlier this year, a user was able to carry out 42 transactions using the Lightning Network and spent just 4.9 cents in transaction costs.
The Lightning Network is a second-layer payment protocol on top of the Bitcoin blockchain that's capable of conducting a high volume of transactions at speed by reducing the on-chain load. As such, there's a good chance that the average Bitcoin transaction fees will remain low going forward thanks to the development of such payment protocols, thereby boosting the adoption of this cryptocurrency as a means of digital payments.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:07 pm
easy Bitcoin Trading Calculator.
No fuss, no mess, calculate those Bitcoin trading profits! . or losses :(
Android App.
easy Bitcoin Trading Calculator is now available as an Android App! Includes all the features of this site wrapped up in an easy to use app.
Bitcoin Trading Calculator.
Profit Threshold calculates the point at which your trade will begin to make a profit after trading fees have been taken into consideration.
If you have bought bitcoins ( going long ) the threshold will be the point that selling all your bitcoins will give you a profit in fiat (USD). If you have sold bitcoins ( shorting ) the threshold will be the point where buying bitcoins will give you more bitcoins then you started the trade with. Profits or Losses calculates the amount of profit or loss the pair of trades will make you. It gives you a fiat figure (USD) if you are going long and a bitcoin figure if you are shorting.
USD ($) is only used for illustration, obviously the calculator will work with any currency just be consistant with what you enter.
Please note that the easy Bitcoin Trading Calculator is to be used for guidance only. It is only accurate to 8 significant figures.
Remember folks - Buy low and Sell high. Happy trading!
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:07 pm
Bitcoin and Crypto Taxes for Capital Gains and Income.
Exchange imports. Fast calculations. Download and file.
Calculate Crypto-Currency Taxes.
Cryptocurrency Taxation Podcasts.
Listen in on our cryptocurrency taxation podcast series talking with accountants, tax attorneys and companies about issues around Bitcoin and crypto taxation. There is some great information on filing your taxes and how the new tax laws might affect you.
If you have any suggestions, or would like to be be included in our podcast series, please contact us at .
Tax Reduction Strategies During A Crypto Bull Run.
09/24/2019.
Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, and all crypto-currencies.
Calculating capital gains/losses for Bitcoin and crypto-currencies isn't always straightforward. Do you know the cost-basis of every coin you own? Are you tracking the profits and new basis when you spend or sell? Can you work out the best way to identify your trades to optimize your taxes?
Watch our V >
Online Tax Preparation Services.
BitcoinTaxes have integrated and teamed up with online tax preparations services to help import your crypto activity into your tax forms.
TurboTax ®
Save up to $15 on TurboTax.
This year, get your biggest possible tax refund - without leaving your living room. TurboTax, the #1 best-selling tax software, is up to date on the latest tax laws and guarantees 100% accurate calculations, so you can be confident your taxes are done right. And with TurboTax Live, you can even talk with a CPA or EA onscreen for unlimited advice and a final review of your return.
How It Works.
Simply import details of any crypto-currencies you have bought or sold from one of our supported trading exchanges, add any spending or donations you might have made from your wallets, any mined coins or income you have received, and we'll work your tax position for you.
You can compare using different cost-basis methodologies, including FIFO, LIFO, and average costing, as well as comparing like-kind treatment .
We'll show your Capital Gains Report detailing every transaction's cost basis, sale proceeds and gain.
An Income Report with all the calculated mined values.
A Donation Report with cost basis information for gifts and tips.
And your Closing Report with your net profit and loss and cost basis going forward.
Your Capital Gains are also ready to import directly into tax software, such as TurboTax ® and TaxACT ® , attach as a statement to your tax return or even print as a PDF.
If you are looking for a Tax Professional.
You can visit our new Directory of Bitcoin Tax Professionals to help find crypto-currency knowledgeable tax accountants and attorneys for tax advice, tax planning or other tax services .
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:07 pm
easy Bitcoin Trading Calculator.
No fuss, no mess, calculate those Bitcoin trading profits! . or losses :(
Android App.
easy Bitcoin Trading Calculator is now available as an Android App! Includes all the features of this site wrapped up in an easy to use app.
Bitcoin Trading Calculator.
Profit Threshold calculates the point at which your trade will begin to make a profit after trading fees have been taken into consideration.
If you have bought bitcoins ( going long ) the threshold will be the point that selling all your bitcoins will give you a profit in fiat (USD). If you have sold bitcoins ( shorting ) the threshold will be the point where buying bitcoins will give you more bitcoins then you started the trade with. Profits or Losses calculates the amount of profit or loss the pair of trades will make you. It gives you a fiat figure (USD) if you are going long and a bitcoin figure if you are shorting.
USD ($) is only used for illustration, obviously the calculator will work with any currency just be consistant with what you enter.
Please note that the easy Bitcoin Trading Calculator is to be used for guidance only. It is only accurate to 8 significant figures.
Remember folks - Buy low and Sell high. Happy trading!
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:08 pm
Bitcoin and Crypto Taxes for Capital Gains and Income.
Exchange imports. Fast calculations. Download and file.
Calculate Crypto-Currency Taxes.
Cryptocurrency Taxation Podcasts.
Listen in on our cryptocurrency taxation podcast series talking with accountants, tax attorneys and companies about issues around Bitcoin and crypto taxation. There is some great information on filing your taxes and how the new tax laws might affect you.
If you have any suggestions, or would like to be be included in our podcast series, please contact us at .
Tax Reduction Strategies During A Crypto Bull Run.
09/24/2019.
Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, and all crypto-currencies.
Calculating capital gains/losses for Bitcoin and crypto-currencies isn't always straightforward. Do you know the cost-basis of every coin you own? Are you tracking the profits and new basis when you spend or sell? Can you work out the best way to identify your trades to optimize your taxes?
Watch our V >
Online Tax Preparation Services.
BitcoinTaxes have integrated and teamed up with online tax preparations services to help import your crypto activity into your tax forms.
TurboTax ®
Save up to $15 on TurboTax.
This year, get your biggest possible tax refund - without leaving your living room. TurboTax, the #1 best-selling tax software, is up to date on the latest tax laws and guarantees 100% accurate calculations, so you can be confident your taxes are done right. And with TurboTax Live, you can even talk with a CPA or EA onscreen for unlimited advice and a final review of your return.
How It Works.
Simply import details of any crypto-currencies you have bought or sold from one of our supported trading exchanges, add any spending or donations you might have made from your wallets, any mined coins or income you have received, and we'll work your tax position for you.
You can compare using different cost-basis methodologies, including FIFO, LIFO, and average costing, as well as comparing like-kind treatment .
We'll show your Capital Gains Report detailing every transaction's cost basis, sale proceeds and gain.
An Income Report with all the calculated mined values.
A Donation Report with cost basis information for gifts and tips.
And your Closing Report with your net profit and loss and cost basis going forward.
Your Capital Gains are also ready to import directly into tax software, such as TurboTax ® and TaxACT ® , attach as a statement to your tax return or even print as a PDF.
If you are looking for a Tax Professional.
You can visit our new Directory of Bitcoin Tax Professionals to help find crypto-currency knowledgeable tax accountants and attorneys for tax advice, tax planning or other tax services .
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:08 pm
Earn up to $130 worth of crypto.
Discover how specific cryptocurrencies work -- and get a bit of each crypto to try out for yourself.
Stellar Lumens.
Create your cryptocurrency portfolio today.
Coinbase has a variety of features that make it the best place to start trading.
Manage your portfolio.
Buy and sell popular digital currencies, keep track of them in the one place.
Recurring buys.
Invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly.
Vault protection.
For added security, store your funds in a vault with time delayed withdrawals.
Mobile apps.
Stay on top of the markets with the Coinbase app for Android or iOS.
The most trusted cryptocurrency platform.
Here are a few reasons why you should choose Coinbase.
Secure storage.
We store the vast majority of the digital assets in secure offline storage.
Protected by insurance.
Cryptocurrency stored on our servers is covered by our insurance policy.
Industry best practices.
Coinbase supports a variety of the most popular digital currencies.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:08 pm
Bitcoin Transaction Fees.
What are the transaction fees?
Transaction fees are included with your bitcoin transaction in order to have your transaction processed by a miner and confirmed by the Bitcoin network. The space available for transactions in a block is currently artificially limited to 1 MB in the Bitcoin network. This means that to get your transaction processed quickly you will have to outbid other users.
This site keeps a record of how Bitcoin transaction fees evolve over time.
The fees shown at the historic charts and tables are in US dollars per transaction and in satoshis per byte.
We also show the latest fee estimate in US Dollars/transaction in the list below. To calculate the fees per transaction, we consider that the average Bitcoin transaction is about 250 bytes big.
Current Bitcoin transaction fees (in dollars per transaction)
Please consider the following:
These are the estimated fees you should use depending on how fast you would like to obtain the first confirmation for a typical transaction. The transaction fee you pay will only affect the time you have to wait until the first confirmation. When making a Bitcoin transaction, recipients usually require somewhere between 2 and 6 confirmations to cons >$0.54 3 Blocks Fee: fee to have your transaction mined within three blocks (30 minutes). $0.54 6 Blocks Fee: fee to have your transaction mined within six blocks (1 hour). $0.29.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:08 pm
Bitcoin Fee Calculator & Estimator.
Learn about bitcoin fees.
Bitcoin is made up of blocks . Blocks are a set of transactions, and currently restricted to be less than or equal to 1,000,000 bytes and designed so that on average only 1 block per.
10 minutes can be created. The groups the create blocks are known as bitcoin miners . These miners can pick which ever transactions they want in the block they create.
Bitcoin miners get paid all the transaction fees in the block they mine. So as such, it is in their interests to maximize the amount of money they make when they create a block. So what they do is pick the 1,000,000 bytes of transactions that results them getting paid the most money.
From a bitcoin miner perspective, they don't care of the value of a transaction, but just the size (amount of bytes), because they are only allowed to create blocks of 1,000,000 bytes or less. So miners don't consider the absolute fee a transaction has, but rather, the fee per byte .
Why are the fee estimations so high?
Eye-balling it, sometimes it looks like the fee estimates are super high. The reason that is, is because they use 95% confidence. If a block was found now maybe you'd only need 20 satoshi/byte, but it might be an hour before the next block and in the subsequent time a large amount of new transactions come in.
Sometimes you don't need such high confidence (e.g. it's not important, or you have a way of fee bumping), so you can get away with much lower fees.
Why are fees so damn high?
Politics. There's actually a pretty neat solution that offers some minor, but immediate relief. But at this stage looks like it's being held hostage to some political agenda that I'm not privy to.
Why do some low-fee paying transactions appear early in the mempool?
It's because a high-fee paying transaction depends on it, and reprioritizes it. i.e. the only way for the miner to get the money from the "good" transaction, is include a "bad" one first. It's known as Child-Pays-For-Parent (CPFP), but note that some old versions of bitcoin core, and bitcoin unlimited don't support it (and leave those transactions for smarter miner software).
Do you have historical data?
How did you build this?
The fee estimates are simply generated by calling estimatesmartfee $n on bitcoin core (0.16.0). The chart is generated by dumping the mempool and doing some smart sorting .
A Lowdown on Bitcoin Fees.
The Bitcoin website lists fast peer-to-peer transactions, worldwide payments, and low processing fees as the most important features of the cryptocurrency. Not surprisingly, Bitcoin has become extremely popular as a way to send money digitally across the globe as it solves critical problems faced by transactions executed in fiat currencies.
In fact, the number of Bitcoin transactions has been consistently rising this year. The third quarter saw 20 million Bitcoin transactions being executed, up from 17.6 million during the second quarter. What's more, the number of Bitcoin transactions has increased at the rate of at least 5% month-over-month since February 2018.
This growth can be attributed to the drop in the average transaction fees on the Bitcoin network, which was earlier proving to be a hindrance in the way of the adoption of this cryptocurrency.
A brief history of Bitcoin fees.
CNBC reported in December 2017 that users were paying $28 on an average to transact using Bitcoin. There was one Twitter user who claimed that he had to incur $16 worth of fees to send $25 worth of Bitcoin from one address to another, while another journalist had to spend $15 to send $100 worth of Bitcoin from a digital wallet to a hardware wallet. In fact, the average Bitcoin transaction fee had shot up to $55 in the third week of December last year, according to BitInfoCharts.
However, the average Bitcoin transaction fee has come down rapidly since then. BitInfoCharts reveals that the average Bitcoin transaction fee had dropped to just $0.50 in the first half of November 2018, which is probably why users are transacting more in Bitcoin to send and receive payments across the globe. But what has caused such a massive drop in the average Bitcoin transaction fees? To find out, we will first have to understand why Bitcoin fees are charged.
The economics behind Bitcoin fees.
A Bitcoin transaction has to be added to the Blockchain in order to be successfully completed. However, for a transaction to be added to the Blockchain, it first needs to be validated by miners who solve a complex mathematical problem to verify the transaction. These miners spend a lot of computing power and energy when verifying a block of transactions from the Bitcoin Mempool (short for memory pool), which contains unconfirmed transactions waiting to be added to a block for confirmation.
Now, miners need to be incentivized for the time, effort, and resources that they are putting in to validate the unconfirmed transactions. As a result, they are given a fee of 12.5 BTC to successfully mine a block, but this is just one of the incentives on offer. Miners also earn a transaction fee that's selected by the sender in a Bitcoin transaction for their effort as they play a critical role in keeping the network secure.
What drives transaction fees?
Each block of transactions on the Blockchain cannot contain more than 1 megabyte of information, so miners can only include a limited number of transactions in each block. This is why miners prioritize those transactions where they have the potential to earn higher transaction fees.
So, if the mempool is full, users looking to get their transactions through will compete on fees. They will push up the fee in a bid to get their transaction included into the next block that's set to be mined. So, the Mempool bottleneck plays an important role in determining the transaction fee, though this isn't the only aspect affecting this metric.
The transaction size also has a role to play in the fee determination. As miners can only include select transactions within the 1 megabyte block, they prefer selecting small transaction sizes because they are easier to confirm. Transactions occupying more space, on the other hand, need more work for validation so they need to carry a higher fee in order to be included in the next block.
So, there are two factors determining transaction fees -- network congestion and transaction size -- and they also play a critical role in the time taken for a transaction to be confirmed. For instance, if a user sends a transaction with very low fees attached to it and the Bitcoin Mempool is full, then miners won't prefer picking that transaction because of the low incentive involved. In such cases, it could take several hours for the transaction to be confirmed.
However, if a user is willing to pay a higher transaction fee, then the first confirmation could arrive in 10 minutes, which is the time taken to mine a block. The Bitcoin community requires six such confirmations for a transaction to be completely validated. This means that if there's no network congestion and the fee attached is high, then the transaction should be successfully processed in an hour.
The future of Bitcoin fees.
Earlier we saw that Bitcoin fees have dropped rapidly over the past year, spurring a growth in the number of transactions. This can be attributed to the smaller Bitcoin Mempool size. However, in case the number of unconfirmed transactions increases at a faster pace than the rate at which new blocks are mined, there will be network congestion. This is when the average Bitcoin transaction fees will go up.
This is the scalability problem faced by Bitcoin thanks to the limited number of nodes. However, the community is coming up with ways to circumnavigate this issue so that numerous transactions are executed quickly with low fees. Earlier this year, a user was able to carry out 42 transactions using the Lightning Network and spent just 4.9 cents in transaction costs.
The Lightning Network is a second-layer payment protocol on top of the Bitcoin blockchain that's capable of conducting a high volume of transactions at speed by reducing the on-chain load. As such, there's a good chance that the average Bitcoin transaction fees will remain low going forward thanks to the development of such payment protocols, thereby boosting the adoption of this cryptocurrency as a means of digital payments.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:09 pm
Simple Bitcoin Converter.
Exchange rate calculated using USD Bitcoin price.
About.
This site allows you to:
See the Bitcoin exchange rate i.e. the current value of one bitcoin. Convert any amount to or from your preferred currency.
Bitcoin is a digital currency . You can use Bitcoin to send money to anyone via the Internet with no middleman. Learn more here.
Usage.
Keep an eye on the Bitcoin price , even while browsing in other tabs. Simply keep this site open and see the live Bitcoin price in the browser tab. (Note: Some mobile browsers don't yet support this feature.)
See how many bitcoins you can buy . Enter an amount on the right-hand input field, to see the equivalent amount in Bitcoin on the left.
See the value of your Bitcoin holdings . Enter the number of bitcoins you have, and watch their value fluctuate over time.
Compare Bitcoin to gold and other precious metals by checking out the converters for Bitcoin to gold, Bitcoin to silver, Bitcoin to platinum, and Bitcoin to palladium.
Try it on your phone or tablet --this site is designed with mobile devices in mind.
Convert in terms of smaller units e.g. microbitcoins (µ), millibitcoins (m). Toggle using keyboard shortcuts: 'u', 'm', and 'k'.
Bookmark your preferred currency e.g. Bitcoin to Euro, or Bitcoin to British Pound. This site currently supports 64 currencies.
Price data is continually gathered from multiple markets. A weighted average price of these markets is shown by default (based on 24-hour trade volume). Alternatively, you can choose a specific source from the settings menu.
Development.
Linkable (i.e. bookmarkable, shareable) amounts. A widget to be embedded on other sites.
Options added for millibitcoins, and 3 new cryptocurrencies. 2014-03-16 Volume-weighted pricing implemented as the default option. 2013-11-29 Multiple data source options included. Currency chooser improved. 08-16 Major Android-related bugs fixed. (Thanks to those who donated!) 07-07.
Contact.
You're welcome to contact the creator of this site at Reddit or BitcoinTalk. Bug reports are greatly appreciated.
Disclaimer.
The exchange rates on this site are for information purposes only. They are not guaranteed to be accurate, and are subject to change without notice.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:09 pm
Earn up to $130 worth of crypto.
Discover how specific cryptocurrencies work -- and get a bit of each crypto to try out for yourself.
Stellar Lumens.
Create your cryptocurrency portfolio today.
Coinbase has a variety of features that make it the best place to start trading.
Manage your portfolio.
Buy and sell popular digital currencies, keep track of them in the one place.
Recurring buys.
Invest in cryptocurrency slowly over time by scheduling buys daily, weekly, or monthly.
Vault protection.
For added security, store your funds in a vault with time delayed withdrawals.
Mobile apps.
Stay on top of the markets with the Coinbase app for Android or iOS.
The most trusted cryptocurrency platform.
Here are a few reasons why you should choose Coinbase.
Secure storage.
We store the vast majority of the digital assets in secure offline storage.
Protected by insurance.
Cryptocurrency stored on our servers is covered by our insurance policy.
Industry best practices.
Coinbase supports a variety of the most popular digital currencies.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:09 pm
Bitcoin Exchange YOU CAN TRUST.
This site uses cookies to give you the best browsing experience. By using this website you are agree to Cookie Policy.
Bitcoin Price.
Bitcoin Price.
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ACTIVE TRADERS.
99.999% service availability.
Time-proven financial stability.
0% user's funds theft.
Buy/Sell Bitcoins.
CEX.IO is a place for everyone who wants to simply buy and sell Bitcoins. Deposit funds using your Visa/MasterCard or bank transfer. Instant buy/sell of Bitcoins at fair price is guaranteed. Nothing extra. Join over 3,000,000 customers from all over the world satisfied with our services.
Bitcoin Trading.
Advanced order-matching algorithms are backed by unique trade engine. Orderbook liquidity allows to execute high-volume orders and apply market making trading, high frequency trading and scalping strategies. Compliant with security standards, we guarantee safety of your assets and data.
Why choose CEX.IO?
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Most popular methods: Visa, MasterCard, bank transfer (SWIFT, SEPA, ACH, Faster Payments), cryptocurrency.
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Protection against DDoS attacks, full data encryption, compliant with PCI DSS standards.
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Providing services in 99% countries around the globe, including 31 states of USA.
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Margin Trading.
Trade with up to 10x leverage, no need to create an extra account, negative balance protection.
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Reasonable trading fees for takers and makers, special conditions for high volume traders, strong offers for market makers.
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Trading via website, mobile app, WebSocket and REST API. FIX API for institutional traders.
Advanced Reporting.
Downloadable reports, real-time balance, transaction history with transparent fees.
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Fast order execution, low spread, access to high liquidity orderbook for top currency pairs.
Open account for free and start trading Bitcoins now!
Among the numerous websites providing Bitcoin exchange services, the positive reputation of CEX.IO makes it worth the trust of the users all over the world. With the customer base of over 3,000,000, the platform can be recognized as the one that can be relied on. Starting your Bitcoin trading on a platform with substantial history, you will benefit from a deep understanding of the market and customers’ needs.
We are constantly working on enhancing the security, ensuring the high level of customer support, and providing our users with new opportunities for trading on the Bitcoin market. CEX.IO is regularly considering the addition of new coins, which was not so long the case with Dash, Zcash, and Bitcoin Cash. Still, every cryptocurrency has to pass a thorough check to be listed. Our due diligence and concerns about the quality of the service yield results. Now, we are moving forward to achieve the status of the best cryptocurrency exchange.
Best Cryptocurrency Exchange: What does It Mean for Us?
For you to be able to recognize a reliable online exchange and sort out those that appear to be too weak, we list several features, paying attention to which would help you to make the right choice.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:09 pm
XBT - Bitcoin.
Our currency rankings show that the most popular Bitcoin exchange rate is the XBT to USD rate. There is no official ISO currency code for Bitcoins, although XBT is commonly used. The currency symbol is XBT. Below, you'll find Bitcoin rates and a currency converter. You can also subscribe to our currency newsletters with daily rates and analysis, read the XE Currency Blog, or take XBT rates on the go with our XE Currency Apps and website.
Notice: Bitcoin is not legal tender in any country and is not recognized as an official currency by any regulatory authority. XE does not endorse nor express an opinion as to whether or not Bitcoin is an official or legitimate currency. More info ►
Top XBT Exchange Rates.
Currency Facts.
Name: Bitcoin.
Symbol: XBT.
Minor Unit: 1/100,000,000 = Satoshi.
Top XBT Conversion: XBT/USD.
Top XBT Chart: XBT/USD Chart.
XE Currency Converter.
Why are you interested in the XBT?
Bitcoin History.
Bitcoin information Bitcoin is a decentralized virtual currency. This currency is exchanged digitally and managed by a peer-to-peer network, rather than a central bank or authority. The supply of Bitcoins is automated and released to mining servers; with a limit of 21 million Bitcoins being reached by 2140. Each Bitcoin is a piece of code that has its own transaction log with timestamps. The coins are stored in an owner's virtual wallet and can be transferred and exchanged for goods and services. Transactions are public and although they are relatively anonymous, it is possible trace identities back to real-life individuals. There is debate as to whether or not Bitcoin should be considered a currency, a commodity, or a hybrid of both.
Risks in Using Bitcoins Bitcoins are associated with a high level of risk, as they are volatile, not time-tested, and currently under no regulation or legislation. There have been incidents of online Bitcoin wallets being compromised by hackers leading to theft of Bitcoins.
Bitcoin Currency Code Bitcoin is not recognized by the ISO and therefore does not have an official ISO 4217 code. A currency code is generally built from the two-digit ISO 3316 country code and a third letter for the currency. Although "BTC" is often used in the Bitcoin community, BT is the country code of Bhutan. An X-code reflects currencies that are used internationally and so, XE has chosen to use XBT to represent Bitcoin.
Bitcoin History Introduced in 2009, Bitcoin was created by a developer or group of developers going by the pseudonym Satoshi Nakamoto. Initially the value of the currency was set by users on forums until the first exchange outlet was established. It is known as a "crypto-currency"; meaning that the money and transactions are secured and controlled through encrypted passwords. Since its introduction, Bitcoins have been gaining momentum worldwide, with over 1,000 merchants accepting the currency.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:09 pm
Bitcoin Exchange Rate.
The Bitcoin currency or the virtual money is still holding its head up in spite of the negativity it has been receiving in the news lately. First, there is the news about the bankruptcy and hacking of the first Bitcoin bank, Flexcoin, and the suicide of the business executive in Singapore.
The question now is how strong is the Bitcoin? As of now, the Bitcoin exchange rate is still high at 647 dollars for every Bitcoin. There were predictions that the value of Bitcoin will drop drastically brought about by the many negative news about Bitcoin, but apparently, the value is still high.
Bitcoin users do still have faith in the system. They believe that each Bitcoin is safely protected by a cryptographic code that is very difficult to tamper with. It was in the news lately how the Bitcoins placed in the hot wallet were lost from theft because a hacker successfully transferred funds. Those Bitcoins that were placed in the cold storage were not touched because the cold storage remained off line. Despite the hacking incident, Bitcoin exchange rate is still at its highest and the users are still showing that their faith in the system has not faltered.
Why People Use Bitcoin.
The use of the digital currency or Bitcoin is becoming very appealing to more and more people. This is because of the convenience of wiring funds from one person to the other. There is also the convenience of not having to divulge too much information about themselves. In a regular bank, a person will be asked to fill up a form and expose sensitive information such as his monthly income, and so on and so forth. At Bitcoin, all it takes is to download the software or the app and the user can now start to acquire Bitcoins in many different ways.
The most appealing feature of the Bitcoin software is that the user can do financial transaction with the use of his computer or smartphone with no additional charges. PayPal users pay a certain amount of surcharge for transfer of funds, at Bitcoin, it is totally free. Additionally, there is no limit as to the amount of Bitcoins a user wants to transfer. Thus, the system is very vulnerable to illegal activities. It is this very reason that the government in some countries are working to regulate the.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:10 pm
Bitcoin exchange rate.
BitPay has relationships with many digital currency exchanges around the world. When calculating our exchange rates for BitPay invoices, we only incorporate rates of digital currency exchanges which meet our regulatory, operational, and market depth requirements.
To calculate the exchange rate for US Dollars (USD), we typically pull the market depth from exchanges with adequate liquidity and reliable withdrawal capabilities in the USA and Eurozone. We factor "market depth" into our exchange rates, which means that the larger the value of the invoice, the lower the exchange rate. This is usually only noticeable on very large invoices.
We set exchange rates for non-USD currencies indirectly using the Open Exchange Rates API. In the future, as digital currency markets in non-USD currencies mature, BitPay will use those markets directly.
BitPay's exchange rates are available via JSON API.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:10 pm
Currently Offline - Stay Away Until Further Notice.
Top 10 Best Bitcoin Exchanges to Buy & Trade Bitcoin & Cryptocurrency 2019 list.
Although you should always do your own research before investing, the above table is the best bitcoin exchanges to buy bitcoin online. If you are new to cryptocurrency exchanges then check out our exchange finder section which breaks down all exchanges by different criteria. We rank exchanges by the following criteria:
We rank the exchanges first and fore-mostly by their security measures and how trust worthy they are considered to be. User feedback is essential for us to create a rounded view of each exchange, make sure to give your input on exchanges you regularly use and those that you have tried and discarded immediately.
We also look at the exchanges accessibility is terms of user experience, how they can buy bitcoin, be it with credit card, paypal or other forms of payment. Be sure to bookmark this page for future reference.
For a list of all the exchanges we have reviewed, see the exchanges page.
How to buy bitcoin using this list of Bitcoin exchanges?
This list should be used as a guide, make sure to read our reviews on each exchange and ultimately make your own decision. All exchanges have their pros and cons, and you should make sure that the exchange you choose is suitable for you.
Hopefully the list of best bitcoin exchanges and cryptocurrency exchanges above will be of good use when buying and trading bitcoins. Each outstanding site should have detailed instructions. From here, one can easily figure out how to buy bitcoin with credit card, paypal, cash, bank transfers. Once you have got some coins check out the list of available wallets.
What is the top crypto exchange site to buy bitcoin in the above list?
It's a tough question in my opinion. Each will have an upside compared to others. Check a few out and look up on forums to see what users are saying about the service provided, and which they think are the best Crypto Exchanges to buy bitcoin easily. Localbitcoins.com is a really cool crypto exchange p2p bitcoin exchange for beginners wanting to buy for their first time. The service is all over the world, meaning you can use euros, pounds, yen, Australian dollars, Swiss francs, Canadian dollars, krona, rubles, lira, rupees and so on.
If you pay by physical cash then you get to meet the person in real life. Alternatively you can do a fast bank transfer and the site will hold your coins in escrow for you once it goes through. Obviously there are more simple ways to start using a crypto exchanges and bitcoin exchange and buy altcoins. Some like to buy with paypal, but not many leading bitcoin exchanges accept this because of charge backs.
Having used localbitcoins myself, I found it a great way to sell bitcoins. Especially if you are trying to shift a lot, you can wait for the price you want and slowly sell, I found that despite the charge I got on average a better price than other exchanges.
Which are the largest exchanges to buy cryptocurrency?
Generally the biggest bitcoin exchanges to buy cryptocurrency will be toward the top of the above list. For example eToro, Bitfinex, Coinbase Pro (GDAX), Bitstamp, Coinbase (also the best usd bitcoin exchange) all represent large volume proportions. Daily volume varies, and therefore the world's largest cryptocurrency exchange vary each day. Go to bitcoinity for a good list of all the best bitcoin exchange site to buy cryptocurrency and their proportional volumes. Some find this handy for arbitrage between markets.
What about the best cryptocurrency exchange?
Sadly, with the demise of Cryptsy there is a need for a new major first-rate cryptocurrency and Bitcoin exchange (aka altcoins). Having many medium-sized cryptocurrency exchange bitcoin sites is a better situation than having one large amazing option. Binance has now replaced Poloniex as the largest most amazing option to exchange bitcoin. Its platform is functional enough to have attracted tens of millions of new customer every month.
Things feel smooth when using Binance. All big and small trading pairs are offered and it is now possible to do cryptocurrency margin trading on major altcoins. This is a cool feature, but use it with caution as leveraged trading has a certain risk factor. Keep in mind that some of the best bitcoin exchange sites also do altcoins. Yobit, Bittrex, Cryptopia and Changelly, are great options worth checking out. Some even offer short selling on major coins.
You may also like to check the coin rankings & market capitalizations on coinkapp - which has a splendid comparisons list of the top cryptocurrencies. Alternatively, coinmarketcap offers a rather simplified list.
The best place to buy bitcoin securely.
This is an important question to ask when choosing the best place to buy bitcoin. Yes, putting the words trustworthy bitcoin exchange and the best place to buy bitcoin in the same sentence seems like an oxymoron, especially when remembering the shiny days of MtGox (aka Empty-Gox). While the bitcoin protocol has never been hacked, many peripheral businesses have. Perhaps the best question to ask would be: which are the least secure bitcoin exchanges. Generally, those listed here are optimum and of good standing, but please proceed with caution. Remember never to leave more btc online than you can afford to loose.
A sample of some reviews below, or view our full cryptocurrency exchanges reviews!
Below are pros and cons of some of the most popular exchanges on the market.
eToro.com.
eToro was one of the first CFD providers to offer cryptocurrencies on their platform. With an extremely easy to use interface, it is a huge attraction for beginners who are looking to invest in crypto for the first time. Buying crypto as a CFD is different to buying and owning the actual cryptocurrency, but does it really matter? We take a look at eToro in more detail.
Increased liqu >Cons.
Currently offers 14 cryptocurrencies You don't own the underlying asset.
* 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Cryptoassets are highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.
Coinbase.com.
Coinbase Update: Coinbase buy and sell orders resolved but performance still 'degraded'. Coinbase combine an attractive interface, a great site to get bitcoins with a debit card, and an insured online wallet for your digital currency. Over 30,000,000 users are signed up, including 75,000 merchants, and 15000 developer apps. Works well for European, and American customers. It started with just bitcoin trading but has now expended to include Bitcoin Cash, Ethereum & Litecoin. I've also written a comprehensive Coinbase review for more detail.
The most user-friendly and trusted platform, currently has 200 million page-views per month Lots of long-time customers Online wallet with insurance.
Slightly more work needed when verifying account.
Binance.com.
Binance Update: Binance offers $250,000 reward for details that lead to arrest of hackers. The China-based cryptocurrency exchange began live trading in July 2017, so is fairly new to the crypto exchange world. However it has proven itself thus far to its clients, with its robust charting software and both basic and advanced interfaces attracting novice and expert traders. We've written an in depth analysis of Binance.
Low fees on transactions and withdrawals Offers a vast array of coins including typically rare coins The team has an excellent past in crypto and finance High liqu >Cons.
Clarification needed on how Chinese regulatory will affect the exchange New platforms require time to gain client trust.
Bittrex.com.
Bittrex Update: We've unlisted Bittrex from the ranking while new account registrations remain closed. I'll be re-listing the exchange once new sign-ups are allowed. Currently only corporate accounts are being accepted, which is not ideal for cryptocurrency exchanges.
Update 2: Bittrex now claims they are compliant with SEC's ICO rules.
Bittrex has earned it's place as the new contender to the throne of world's largest crypto exchange. Years of hard work and some lucky circumstances (BTC-e shut-down, Poloniex exodus, Cryptsy) have compounded a steady inflow of new users. It is a great place to trade bitcoin and other cryptocurrencies. I'll let you read the detail in my Bittrex review, which has some important facts and analysis.
Nearly 200 trading pairs Currently the most visited altcoin exchange with over 150 million monthly visits Trusted by millions of traders High volumes available for big trades.
New account registration temporarily disabled to cope with demand. Cannot scale as well as Poloniex or Coinbase Heavy vetting requirements - especially for a non-fiat exchange Minor scaling issues as users flow in to sing-up.
Localbitcoins.com.
Localbitcoins is quite a popular for p2p (person to person) transactions all over the world. Simply put, you interact directly with the guy selling to you. Out of all the bitcoin sites listed here, this is one of the first and most reputed. Escrow and dispute resolution is provided by the site. See my thorough review of Localbitcoins, I personally use it to cash out of positions quite often.
Great way to meet people PayPal also available No verification needed in most cases Popular in all countries around the globe.
May take longer to conclude in-person transactions Risks associated with anonymous transactions Reports of ome seller bank accounts being been suspended after receiving money.
Cex.io.
CEX is one of those international bitcoin exchanges accepting euros, British pounds, US dollars, Russian Rubles, Ethereum, Zcash, and Dash. Needless to say, CEX is very popular within those currency regions. There is a no-nonsense landing page, giving you the option to buy or sell 100, 200, 500, or 1000 USD worth of Bitcoin. I like the transparency given to users about how much they will actually pay - even before they sign up. Good security practices, a modern and simple user interface, and both bank transfer & credit card purchases are available. CEX is indeed a good beginner-optimized alternative to Coinbase. Read the comprehensive Cex review for more details including fees, verification, & security.
Bank transfer and credit card deposits Very easy to use & great for beginners Users know how much they will pay before even signing up Buying and selling Ethereum is available.
Recently Litecoin was unlisted.
Kraken.com.
Kraken Update: In late 2017 Kraken was temporarily unlisted here following extensive trading engine and UI issues. Thankfully, in January 2018 the website underwent a successful migration and all systems are now reported to be functioning to everyone's satisfaction.
Kraken works well through SEPA, has an easy verification process (expect 4-6 weeks vetting with current backlog) compared to Bitstamp, and is very knowledgeable when it come to cryptography and security. As of early 2017, this platform has been re-positioning themselves as a crypto exchange by adding multiple new altcoins. I've written an in-depth Kraken review with everything you need to know..
Cheapest rates and fastest times for trading, depositing and withdrawing Work best for Europeans and North America Has successfully resloved site-w >Cons.
A recent code update caused the site to be offline for 3 days. Recently disabled stop-loss and other trading features without giving explanation to the community Site not as visually intuitive as Coinbase or Cex.
GDAX.com.
GDAX is a cryptocurrency exchange that is great for technical traders and offers high levels of liquidity. Deposits are in USD and can be processed just as rapidly as withdrawls. Also happens to be the best ethereum exchange for serious players in this space. For more information on GDAX.
An integral part of the trusted Coinbase brand Optimized to be a serious trading site.
More ID processing steps than on Chinese trading platforms.
Xcoins.io.
Xcoins describes itself as a Bitcoin lending service that allows traders to get bitcoins by using a credit card or PayPal. Due to charge back with paypal, buying cryptocurrency has been difficult however Xcoins claims to have found a way around it. Their unique peer-to-peer lending model connects lenders and borrowers and allows users to get bitcoins through a series of secure loans. Each secure loan can be paid with any PayPal-recognised payment method. Unlike regular cryptocurrency exchanges, borrowers that no longer want the bitcoin can get their money back. Lenders may also choose to join the platform for free.
Two-factor authentication Good customer service Easy verification Users get their bitcoin immediately after paying the lender.
Low minimum loan amount Website was hacked in 2017 No extensive features on the website.
Bitstamp.net.
Update: Reports suggest Bitstamp will be sold to a South Korean gamain company. The price thought to be $350 million.
Bitstamp are big in Europe and, since 2011, have moved from Slovenia, and the United Kingdom in search of sound regulatory environments. Good volumes are available for larger trades. Well received by people using SEPA and credit cards. Both euro and US dollar deposits are accepted. I like Bitstamp because they really focus on being a pure bitcoin-only exchange (update: since 2017 Bitstamp have started adding popular cryptocoins). Please read my Bitstamp critique for analysis of factors such as security, fees, and the history.
Card purchases available (visa mastercard and visa) in Europe and the USA. HQ Located in Luxembourg Good for large transactions yet easy to use for beginners.
Not available outside of EU and the USA.
A lot of you have asked me whether trading bitcoin is better than buying it. The answer depends on your goals, and experience of bitcoin trading. If you're looking to hold bitcoin as a long-term investment and check the price intermittently, it's better to buy bitcoin. This way you benefit from a small, one time exchange fee and the assurance that you hold a physical bitcoin in your wallet which can be spent at various retail stores.
Trading requires daily technical analysis and a sound understanding of trading platforms. I wouldn't recommend this unless you're experienced with eToro or an MT4 platform. That said, there are benefits to bitcoin trading. It gives you the option to quickly scale in and out of positions, and take profits at a desired price. When you trade bitcoin, you can take advantage of daily fluctuations in price. The CFD brokers used for trading are regulated, and your funds are arguably more secure than at an exchange like Coinbase. You will be charged spread (fee) on each trade, but you can execute a buy or sell order quicker. The biggest benefit to trading bitcoin is the limit - it's far easier to open a $100,000 position at a CFD broker than go through stringent checks and buy an equivalent amount on Coinbase.
My honest opinion? Do both - start off by buying bitcoin at exchange, but learn to trade bitcoin so you can better take advantage of price movements.
There are loads of places where you can buy and sell Bitcoin in the US. In fact, some of the world's most popular Bitcoin exchange sites are American.
Coinbase is one of America's most popular Bitcoin exchange site and probably the fastest and easiest way to buy Bitcoin in the US. The site has an 'Instant Buy' option for credit or debit card purchases and setting up an account is quick and easy with no long waits for verification (this can be an issue with some exchange sites).
If you wish to buy Bitcoin via bank transfer on Coinbase, it can take up to five days which is a bit annoying. Although, if you do buy using a connected bank account, Coinbase charges a much lower fee for purchases - it's 3.99% for credit/debit card purchases and only 1.49% for bank transfer purchase.
I'd say Coinbase is the easiest way for newbies to buy Bitcoin because the site specifically caters to those who may not be all that familiar with cryptocurrencies. Admittedly, the fees are a little on the steep side compared to, say, LocalBitcoins and Kraken, but the good thing about using Coinbase is that you don't have to worry too much about security.
Coinbase gives users the option to store coins in what it calls 'the Vault' (a more secure location because allegedly not even Coinbase can access coins in the Vault). This is good because security can be a concern with some of the lesser known sites. In short, Coinbase is a trustworthy brand and a safe and secure place to buy Bitcoin.
Oh, and additionally, Coinbase accepts payment via PayPal, which many sites are yet to cater for. As well as Bitcoin, Coinbase also offers support for Ethereum and Litecoin.
Of course, Coinbase isn't your only option if you want to buy Bitcoins in the US. There are countless other sites, some of which charge lower fees than Coinbase so it's worth considering other options.
If it's lower fees you're after, LocalBitcoins is another good option because the site simply puts buyers and sellers in contact with one other and offers an escrow service to ensure nobody gets ripped off. It is solely for bitcoin trading but a benefit it has is that it operates in all countries and buyers can pay for Bitcoins however they like, though most pay via cash deposit. Just remember to follow the rules of the site and beware of scammers.
Finally, if you want low fees but still want to go the traditional exchange route, I'd recommend either Gemini, a New York-based site which offers some of the lowest fees around (but doesn't operate in all states so check first to see if your state is catered for), or Kraken, which also charges low fees but can be a bit tricky for new users and the customer service isn't all that great.
To be clear, I've only talked about sites where you can buy Bitcoin using FIAT money. There are other sites you can use if you already have another cryptocurrency and want to use that to buy Bitcoin.
If you are interested this is a good page to give you information on buying bitcoin the in the US.
At the time of writing, OKEx is the exchange with the largest bitcoin volume going through it. However, this changes on a regular basis.
With cryptocurrency exchanges moving locations (to avoid countries clamping down on them, namely China), the volumes of bitcoin traded at each one are often found to fluctuate.
Not only exchange locations but exchanges abilities to keep their trading functionality working is also another factor when looking at their volume. Binance, for example, recently stopped its trading services to update its systems. During that period, volumes were obviously completely down, however now they're back, they sit second for the highest volume in the last 24 hours according to coinmarkepcap.com.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:10 pm
It is always worth keeping an eye on the news if you are interested in exchange volumes, watch out for regulation being introduced into different countries.
Bitcoin exchange fees are a pain, there's no doubt about it. However, if you shop around you can avoid getting totally ripped off when you buy Bitcoin.
Bitstamp boasts deposit fees as low as 0.05% and, depending on how much Bitcoin you want to buy, you'll be charged a transaction fee of between 0.25%-0.1%. If you deposit/withdraw your money via SEPA (Single Euro Payments Area) you won't be charged any hidden commissions, as is the case with some sites.
I'd say Kraken is also a good shout if it's low fees you're after. Their fee schedule can be found here: https://www.kraken.com/help/fees.
The good thing about Kraken is you can buy using FIAT and they charge you next to nothing to withdraw your funds. Most other sites charge higher fees when you buy and then again when you withdraw so you get bitten twice, so to speak.
Coinbase's rates are relatively low if you pay via a connected bank account (although the downside is this can take up to five days). When you buy via bank transfer, Coinbase usually charges a 1.49% commission on Bitcoin purchases (this varies slightly depending on what country you are in).
If you are in Europe and in a country which participates in SEPA (Single Euro Payments Area), you are charged next to nothing to withdraw funds (€0.15 with Coinbase) which is great. The same goes for all sites which support SEPA. Kraken, for example, charges €0.09 for withdrawals.
Unfortunately, if you're in the US, Canada, Australia or most other parts of the world, you'll be charged a bit more to withdraw funds. This is annoying because you're effectively paying commission twice: once when you buy and once when you withdraw.
Lowest fees are probably on LocalBitcoins because you're buying directly from other people and the site doesn't take much, per trade. Using LocalBitcoins maybe requires a tad more technical know-how but the site is good and reliable and guides you through the process of signing up and initiating a trade nicely.
Local Bitcoins charges a flat 1% fee on each purchase.
There are some Bitcoin sites which allow payment to be made via PayPal. Coinbase, for one, offers support for PayPal. In fact, Coinbase is probably the most reputable site which allows payment via PayPal.
The easiest way to buy Bitcoin online is via exchange sites such as Coinbase or escrow services like LocalBitcoins. The exchanges mentioned will explain how to buy cryptocurrency in a simple manner.
You need an internet connection to be able to use these services. Once you've purchased Bitcoin, however, you can store coins in an offline wallet for added security.
You can do this by storing the private keys which relate to the coins on either a paper wallet or a hardware wallet.
If you're looking to buy large quantities of Bitcoin, you can use OTC (Over the Counter) exchanges. OTCs specialize in fulfilling large orders and, as such, can usually execute your order a lot faster than traditional exchanges can.
With OTC exchanges, you can essentially buy Bitcoin offline because you either phone up or more likely visit the offices in person.
This is a problem lots of people are now beginning to run into. With many exchanges there are high levels of verification to go through before even getting close to that sort of initial deposit.
If you are based in the UK, you can organise a meeting with them to discuss the best ways to invest larger sums of capital.
There are other exchanges out there that are specifically designed for high rollers, Cumberland mining will only accept clients who are looking to invest over $100,000.
Plenty of exchanges allow you to buy Bitcoin instantly but you'll usually have to pay a bit more for the privilege.
Coinbase, for example, has an Instant Buy option but you must use a credit or debit card so the transaction can be authenticated instantly and they charge 3.99% per purchase, rather than the usual 1.49%.
Many other sites offer a similar service but, like with Coinbase, it will usually cost a bit more than to buy via a connected bank account or wire transfer.
LocalBitcoins is another great way to buy Bitcoin quickly. Setting up an account doesn't take long and, as long there are enough sellers, it is usually pretty easy to execute an order.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:11 pm
Ethereum to Bitcoin Exchange Rate Points to Slow Altcoin Apocalypse.
Cryptocurrency prices wavered on Wednesday following the biggest 24-hour devaluation in months, leaving little guarantee of a swift recovery in the near term.
For Ethereum (ETH), the grind lower has been much more extreme when valued against bitcoin (BTC). While the ETH/BTC exchange rate has been in recovery throughout September, the year-to-date picture is grim. How ether performs relative to the 'king of cryptocurrencies' offers eye-opening insights into the broader altcoin market.
Crypto Markets See Limited Upside.
One day removed from a devastating price collapse, cryptocurrency markets were relatively unchanged on Wednesday. That trend extended into the early hours of Thursday trading, with the combined value of all coins hovering around $222 billion, according to CoinMarketCap. Markets recovered to a high of around $227.7 billion before succumbing to a fresh round of selling that shaved another $10 billion.
The price of bitcoin fell 2.6% to $8,461, dragging its market-dominance rate slightly lower. Ethereum hovered around break-even and was last spotted at $170.54. Ripple's XRP climbed 2.2% to $0.2444.
The biggest percentage gainer among the majors was Stellar (XLM). The no. 10 cryptocurrency rose 5.1% to $0.0583.
Ethereum/Bitcoin Suggests Bears are in Firm Control.
Bitcoin's status as an uncorrelated asset is about to be revoked, as a scarily close...
It's safe to come out now, says Andreas Antonopoulos, the threat posed to bitcoin by...
Tuesday's sudden reversal spares us from the technical analysis that is usually needed to explain why cryptocurrencies are in a bear market. But a key proxy for altcoin demand - namely, the ETH/BTC exchange rate - has been preparing us for the worst long before Tuesday's volatile ride.
Surprisingly enough, Ethereum has returned a positive 27% against the dollar this year - and that's even after we factor in the latest price drop. At its peak, the so-called developer's cryptocurrency was up nearly 160%.
The picture is completely different when we size up ether to bitcoin.
Since 2019 began, ETH/BTC has fallen over 44%. At its lowest point earlier this month, the pair was down more than 55% year-to-date.
In mid-June, when crypto markets were in rotation, ether-to-bitcoin was considered bullish above 0.03. That level has become progressively harder to overcome as bitcoin continues to preserve most of its value.
The decline in ether's performance relative to bitcoin hasn't occurred in a vacuum. It has been accompanied by a more than 20 percentage point gain in bitcoin's dominance rate and an inability for altcoins to preserve their value. After the ICO fallout of 2018, Ethereum has lost a major catalyst stemming from reservation demand, or the need to hold ETH to participate in new token offerings. As this trend continues to unfold, ether's performance against bitcoin gives us a good snapshot of where the market is headed.
As it now stands, ether's weakness against bitcoin magnifies the downward trend facing altcoins and tokens since the tail end of the ICO boom. In the absence of new capital coming into cryptocurrencies, bitcoin appears poised to live out the maximalists' dream of dominating the market.
This article was edited by Sam Bourgi .
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:11 pm
BITCOIN TO NAIRA EXCHANGE RATE 2019 Price | HOW TO BUY.
This article is an overview of the latest bitcoin to Naira exchange rate price and how to buy bitcoin with naira and is subject to review over time. You can scroll to the bottom of this article to see the latest exchange rate between bitcoin and naira.
Bitcoin To Naira Exchange Rate Today 2019 Price.
1 BTC To NGN N3,544,854.72.
How To Buy Bitcoin With Naira Price Today.
Steps On How to Buy Bitcoin With Naira.
Hello, for Nigerians looking for a way to buy bitcoin in Naira, you got no worries, there several methods which are available for Nigerians and those who want to buy some bitcoins. It's not as difficult as it sounds, especially for the fact that many websites will reject your regular cars such as Verve Cards, which are only used locally. In fact, some master cards won't work, but then you will a knowledge of website which will accept your cards, or website which will accept a direct transfer.
Option 1: Using MyTopExchange.com.
MyTopExchange is a fast growing indigenous bitcoin exchange where you can buy and sell Bitcoin with Naira. The company has been in operation since November 2012 first as an e-currency exchange, then added cryptocurrency exchange to their platform around in 2016.
Just visit their website on www.mytopexchange.com to register an account with them Then login to your newly created account with your email address and password Inside your account dashboard, click for the Fund ECurrency page and follow the instructions. You would see their daily exchange rate price for buying bitcoins. If you are selling bitcoins to receive Naira, then you click on the Withdraw ECurrency page also on your account dashboard and then follow the instructions. You would find the company's bank account details on the page so you can make an online transfer or cash deposit. For selling of bitcoins, you would find their BTC address to send to. After you have sent Naira payment to their account or sent bitcoins to address, fill the funding/withdrawal form on the same page and your bitcoin wallet or Naira bank account would be credited immediately. You can also buy or sell bitcoins at the MyTopExchange office in Lagos. Contact them on 08144333114.
Option 2: Using Luno.com.
Luno is one of the most trusted websites where you can buy Bitcoin in Naira, yes Naira. Personally, I have been using them for 3 years, without issues.
Just log in to there website, create an account in few minutes, Verify your identity using BVN because they are linked to a bank in Nigeria which will enable us to buy Bitcoin in Naira that is why you need to enter BVN. After verification, give them few hours your account will be verified, instantly you can use your Naira Master card, using a payment gateway, you will be asked how much you need to make the purchase, enter the amount, Your card details, CVV, Expiry date, Then hit Deposit. An OTP code will be sent to your phone, enter that code to allow them to debit the same amount from your bank at a little token. Now money will be added to your Naira wallet on your Luno profile, simply convert this Naira funds into Bitcoin, viola! You get your bitcoins using naira.
Option 3: Using Remitano.
Another method is to buy using Remitano, this is a very simple platform for cryptocurrency exchange, you will meet buyers and sellers, who accept money in Naira, simply.
Register Log in to your account Find the Buy button on your dashboard Enter the amount you need, A number of similar sellers will be displayed, these buyers must have requested an amount similar to yours. Then select the seller who sales cheaper according to how much you can afford, note that some sale higher to others, it's your choice on who to buy from Accept the seller's sale price, and you will be given the sellers account number in a Nigerian bank Simply make a mobile transfer or rush to the bank to make a deposit, within 15 minutes Finally, click on confirm payment.
The moment you inform the seller you have deposited his money in Niara, your Bitcoin will be credited to your wallet immediately. This same system exists in Paxful, another trusted Bitcoin buying platform in any currency including Naira.
Conclusion: There are several other methods you can buy Bitcoin in naira apart from the above, however, note that all carry some amount of risk, the less risky is Luno that was why I put it first. If you have further inquiries, hit the comment box.
Bitcoin To Naira Exchange Rate 2018.
NGN BTC 269 0.00010 537 0.00020 1,343 0.00050 2,685 0.00100 5,370 0.00200 13,426 0.00500 26,852 0.01000 53,704 0.02000 134,261 0.05000 268,521 0.10000 537,042 0.20000 1,342,606 0.50000 2,685,212 1.00000 5,370,424 2.00000 13,426,061 5.00000 26,852,122 10.00000 53,704,244 20.00000.
Bitcoin To Naira Exchange Rate Today.
Brief History of Bitcoin Price.
Bitcoin is arguably the world's most popular cryptocurrency with an unknown inventor(s). Though the invention of bitcoin was done under the name Satoshi Nakamoto, there are still disputes over the actual person (or group of people) who invented the cryptocurrency. In 2009, bitcoin was officially launched as open-source software and ever since then, it has attracted millions of investors from across the globe.
Bitcoin Exchange Rate To Naira.
For the purpose of symbolic identification, bitcoin is denoted with two "ticker symbols'' which are XBT and BTC. In conversion, bitcoin can be split into subunits of either 1/1000 millibitcoin or 1/100000000 satoshi. Besides being a globally recognized payment system, bitcoin is influential for being the first digital currency without a centralized system such as a "single administrator'' or a "central bank''. For bitcoin transactions to be carried out, intermediaries are not needed and this gives bitcoin operators the chance to transact with each other directly.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:11 pm
The Conception of Bitcoin in Economics.
Originally, bitcoin came from Satoshi Nakamoto who is regarded as its inventor and original designer. As designed by the latter, bitcoin is said to be a digital asset functioning as a form of currency. In this regard, bitcoin has been given alternative names including virtual currency, digital currency, cryptocurrency, electronic currency and digital cash.
Although bitcoin was designed by its originator to function as a currency, there are still disputes over its currency status. As stated by The Economist in 2015, bitcoins consists of various monetary qualities which are found in every currency. In addition to the fact that bitcoins are hard to earn, the two other monetary qualities found in them -according to The Economist -are (i) easy verification and (ii) limited supply.
By and large, many economists have attested bitcoin's currency status claiming that the cryptocurrency has a convincing capability to function as a medium of exchange, a store of value and a unit of account. In Economics, the three latter qualities are classified as the basic functions of money or any currency. Since bitcoins show the tendency to exhibit these qualities, many economists have appreciated their currency status.
Among all the monetary qualities bitcoins seem to exhibit, the medium of exchange is considered the most notable because, in 2015, it was recorded that more than 100,000 merchants had legalized the use of bitcoins as an exchange medium. However, as a store of value, bitcoins have failed to show convincing stability especially when the bitcoin market underwent volatility in 2014. At the time, retailers receiving bitcoins had no option but to resort to other currencies as their basic unit of account.
General Use of Bitcoins.
Bitcoins are currently in wide use and statistics provided by various veritable sources have shown that there are millions of unique bitcoin users. Recorded as of 2017, Cambridge University revealed that the number of unique persons with cryptocurrency wallets ranged from 2.9 million to 5.8 million. Moreover, it revealed that bitcoin was the commonest form of cryptocurrency used by these people.
In 2013, the use of cryptocurrency was not yet significant as records revealed that the number of users ranged from 300,000 to 1.3 million persons. But today, the number of cryptocurrency users has increased massively across the world.
Acceptance of Bitcoins.
Thousands of merchants have appreciated the use of bitcoins as a medium of exchange. In 2015, it was recorded that over 100,000 merchants had started accepting bitcoins. In December 2014, it was recorded that about 4 globally recognized firms received payments in bitcoins. These firms included Microsoft, Newegg, Dell, and Paypal.
In 2016, five out of the world's leading online merchants legalized bitcoin's acceptance as an exchange medium. However, in 2017, the figure decreased to three online merchants and various reports revealed that high transaction fees were the major factor behind this decline. At the time, some consumers decided not to spend their bitcoins as a result of exorbitant transaction fees which relatively stemmed from value increase, prolonged transaction times and scalability issues.
In November 2017, PwC became the first "Big Four'' accounting firm to accept payment in bitcoins. Meanwhile, the acceptance took place at PwC's office in Hong Kong where the cryptocurrency [bitcoin] was received in exchange for the advisory services rendered to local experts in cryptocurrency and blockchain technology.
Still On Bitcoin To Naira Exchange Rate & How To Buy Bitcoin With Naira.
Payment Service Providers.
Today, there are authorized payment service providers (like Coinbase and BitPay) that are concerned with the use of bitcoin in payments. These payment service providers serve as vital links between bitcoin customers and the merchants accepting bitcoins. The basic responsibility of a payment service provider is to receive the payments made by bitcoin customers. Meanwhile, the payment service provider does this on behalf of the bitcoin merchant and converts the bitcoin payments into specified local currency -the money which is readily accepted as a form of legal tender. Then the payment service provider is expected to transfer the converted amount to the bank account operated by the merchant. For every bitcoin conversion the payment service provider does, it charges a certain fee.
The Conception of Bitcoin as an Investment.
In specified countries, bitcoin has become the major cryptocurrency thousands of people invest in. Based on veritable reports, a significant number of Argentinians purchased bitcoins for the fear that savings accounts could be seized or to prevent their savings from the likely effects of high inflation.
In Cyprus, many people bought bitcoins in the course of the 2012-13 Cypriot financial crisis. Meanwhile, these people made this move to safeguard their financial lives in case savings accounts were taxed or seized.
The Washington Post made a declaration in 2013, implying that it had acquired 1% of the overall bitcoins available then. Also, publications have been released to favour investment in bitcoins and reports claim that Forbes has been an exponent of the idea (of bitcoin investment) since December 2015.
Investment in bitcoins has yielded benefits and drawbacks and several reliable sources have their testimonies regarding this. The duo of FINRA (Financial Industry Regulatory Authority) and European Banking Authority issued warnings in 2013 and 2014 implying that the idea of bitcoin investment involves consequential risks. However, in 2013, Forbes released a report ranking bitcoin as the best investment of the year.
In a report released by Bloomberg in 2014, the ranking organization ranked bitcoin among its "worst investments of the year'' but in the subsequent year (2015), bitcoin appeared at the top of the organization's currency tables.
In 2017, bitinfocharts.com released a report stating that bitcoin wallets are 9,272 in number with the estimated bitcoin worth exceeding $1 million. People keep bitcoin wallets nowadays and it is observable that an individual can own more than one bitcoin wallet. In consequence of this, there is no certainty about the actual number of Bitcoin millionaires.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:11 pm
Bitcoin Prices.
In every bitcoin transaction, bitcoin prices are a vital factor many customers and merchants take into account. Over the years, bitcoin prices have been marked by fluctuations and a series of depreciation and appreciation. The value of a single bitcoin in 2011 was marked by a sharp increase to $32 from the initial value of $0.30 but afterward, the value went back to $2. Also, the price of bitcoin started increasing over the course of the 2012-13 Cypriot financial crisis and precisely on April 10, 2013, it was pegged at $266. But later on, it suffered an unfortunate crash causing a single bitcoin to equate $50. The value of a single bitcoin on the 10 th of November 2013 was pegged at $1,242 but by August 2014, the value had decreased by a wide margin and was pegged at $600.
Energy Consumption.
Although millions of people have appreciated the use of bitcoins, many people have spoken against the rate at which they consume electricity in the process of mining. According to The Economist, bitcoins' overall electricity consumption would be 1.46 terawatt-hours annually even if all bitcoin-mining firms decided to utilize modern facilities. During the latter part of 2017, bitcoin-mining activities across the globe were reckoned with the energy consumption of 1 to 4 gigawatts of electricity.
Today, there are bitcoin-mining firms in Iceland and other regions where geothermal energy is easy to get an Arctic air can be cooled without any restraint. In order to limit the costs of electricity, bitcoin-mining firms across Austria, Washington, Quebec, and Tibet utilize hydroelectric power. Hydro Quebec attracts many bitcoin-mining firms simply because the supplier [Hydro Quebec] has an enormous amount of energy. A study carried out by the University of Cambridge reveals that the bulk of bitcoin-mining activity is carried out in China mainly because the Chinese government offers subsidies on the consumption of electricity.
How To Buy Bitcoin With Naira Today.
Brief History of the Nigerian Naira.
Naira came into existence on January 1, 1973, as a replacement for the initial pound currency at the exchange rate of 1 pound equals #2. With the introduction of naira, Nigeria became the last nation/country to secede from the £sd currency system. In 2008, the Nigerian government announced the decision to change the currency's denomination system by making 100 old Naira equivalent to 1 new naira but later on, the decision was terminated and the proposed denomination never came into effect. Symbolically, naira is denoted with the code NGN and the sign # . In monetary conversion, one naira can be split into 100 Kobo.
Naira Denominations.
As issued by the Central Bank of Nigeria, naira comes in banknotes and coin denominations. The coin denominations include 50 kobo, 1 naira and 2 naira while the banknotes are issued in variants of #50, #5, #1000, #20, #100, #500, #200 and #10.
CBN as the Sole Issuer of Naira.
Nigeria is the only country which adopts naira as its basic monetary unit and the CBN (Central Bank of Nigeria) is the only central monetary system authorized to issue it. As a form of legal tender, naira is widely accepted as the currency of Nigeria and it serves a significant purpose in terms of exchange. To establish the stability of price and money, the CBN regulates the volume of money in economic supply. For the purpose of currency management, the CBN charges its Currency & Branch Operations Department with the duty of disintegrating, reissuing, processing, distributing and procuring coins and banknotes.
Effects of Inflation on Naira.
Inflation is one of the common economic problems in Nigeria and this clarifies that the Nigerian naira has suffered recurring series of inflation. In 2011, the CBN declared that attempts had been made to keep the yearly inflation at a rate less than 10%. In that same year, the key interest rate was increased by the CBN a number of times and this kept it at 12% as against the initial rate of 6.25%. Early 2012, the CBN had a plan to keep the key interest rate at 12%. Meanwhile, this move was aimed at reducing the inflation which had resulted from decreased fuel subsidies.
Following the exchange rate (of 197 Naira to 1 US$) which had remained effective for a number of months, naira was given the chance to float as of 20 th of June 2016. Considering trading circumstances, it was speculated then that the exchange rate between naira and the US dollar would be 280-350 naira per dollar.
Exchange Rates Between Bitcoin and the Nigerian Naira.
As discussed earlier, bitcoin is a popular cryptocurrency widely used across the globe while naira is the basic monetary unit of Nigeria. In exchange, the value of a single bitcoin far exceeds that of a naira. Currently, a single bitcoin equals #1,872,360. To find out the latest bitcoin to naira exchange rates, we have compiled some verified data and the information is updated.
NOTE: In the table below, bitcoin is denoted with BTC while the Nigerian naira is denoted with NGN .
That's all about Bitcoin To Naira Exchange Rate 2019 Today.
Tags: Bitcoin To Naira Price - Exchange Rate 2019, How To Buy Bitcoin With Naira Today April.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:12 pm
Best Bitcoin Exchanges 2019.
Exchange Deposit Methods Latest Price Key Features Rating Learn More.
Welcome to BestBitcoinExchange.com.
The world of bitcoin exchanges is full of pitfalls, challenges and opportunity.
We are here to help you avoid those pitfalls. We are here to help you overcome the challenges of buying and selling bitcoin.
And of course, we are here to help you take advantage of opportunity in the booming crypto-currency market.
Times they are a changing. Blockchain technology is revolutionizing finance, industry and the internet.
If you want to make sure you don't get left behind you can find where to buy bitcoin with our best of lists , user driven reviews and "how to guides" for all things buying, selling and trading bitcoin.
Get started with your first bitcoin by choosing from one of the legit bitcoin exchanges listed and read through our growing selection of how to guides. You can learn more about us and our mission here.
What exactly is a Bitcoin Exchange?
A bitcoin exchange is a place where you buy, sell or trade bitcoin.
You can buy and sell bitcoin with normal money like $USD or Euro's.
Or you can trade it for other cryptocurrencies like Ethereum, Ripple, Dash and hundreds upon hundreds more.
You can also exchange gift cards, cash and even paypal for bitcoin. Depending on what you want to do will help determine the top rated exchange is for you.
Three Main Types of Exchanges.
There are three main types or styles of bitcoin exchanges . They are:
We review each of these three styles and help you find the best one for you.
How To Choose The Best Exchange For You?
Use our top lists, reviews and comparison charts to see how and what each exchange offers. Compare the details, fee's, requirements and products offered at the various exchanges we cover.
Type of exchange Reputation Geographic restrictions and availability Deposit and withdrawal methods How it works Trading platform/service features Speed of purchase Exchange rates and fees Security Supported cryptocurrencies Privacy Regulatory licenses and KYC compliance Red flags and warning signs.
Why are Bitcoin Prices Different?
The price of bitcoin is different at different places. There is not one set price. Depending on how you want to buy bitcoin and how much you want to buy can influence your exchange rate and how much you get for your money.
In short, it is possible to buy bitcoin cheaper at some places.
At the exchanges we list here, prices are generally within a few percentage points of one another.
However if you are using a credit card to buy bitcoin then your price will be higher than if you are transferring money from your bank account to an exchange and then trading on the marketplace.
Why is credit card more expensive? Because of ease, speed and verification levels are all different and all influence the prices that sellers will trade at.
A bit of price difference is normal.
A huge price difference should raise red flags. If you find the price of bitcoin somewhere that is way cheaper or way more expensive then proceed with extreme caution.
Crypto Currency Trading Platforms - Our Best of List.
For the best exchange rates you should buy bitcoin on an exchange. We compare the best bitcoin trading platforms as well as show the latest price of BTC from different exchanges in an easy to read chart.
These exchanges are trading platforms designed to help you buy, sell and trade bitcoin. Using these platforms ensures you get the best exchange rates, especially compared when you just buy it from a broker or third party.
You can trade into USD, EUR or many other currencies using their trading platform. These exchanges are best for people who want to buy or sell large quantities of bitcoin or who just want to trade the markets and try to make profit.
Legit Bitcoin Brokers - Where & How to Buy Bitcoin Instantly.
Buy bitcoin fast, safe and secure. There are a short but growing list of legit places to buy bitcoin instantly. Here are the best places to buy bitcoin with a credit card, cash deposit, gift cards and in some cases, paypal.
Coinbase - The largest entry point into crypto currency in the USA. Buy your first $100 worth of bitcoin or ethereum here and get $10 free bitcoin. Use a credit card or hook your bank account up. USA, Canada, Mexico and Europe. They are also one of the sister sites to our USA fiat exchanges, where you can turn bitcoin back into USD and get it in your bank account. Bitpanda - EU/UK focused place to buy bitcoin with credit cards.
Learn more about where to buy bitcoin fast with my growing guide.
P2P Marketplace - Peer-2-Peer.
What is the best bitcoin p2p exchange? The peer-2-peer or person-2-person marketplaces are best for people who want to buy bitcoin from another person privately. You can buy bitcoin for cash from someone local doing the deal however you see fit with the help of a site like Localbitcoins.com. You will pay a bit of a premium but you can quickly get bitcoin privately.
Localbitcoins.com - buy bitcoins using LocalBitcoins as escrow for the transaction. Best for someone who wants to privately buy bitcoin from someone else locally. Learn more. Bitquick - buy bitcoin with cash in three hours or less. Deposit $ into a bank account and get BTC sent to you within 3 hours max. Is bitquick legit? LocalMonero.co - this is like localbitcoin but for monero, a privacy centric crypto. Paxful - buy bitcoin with paypal or dozens of gift cards from sellers around the world. Best for people who want to buy BTC with virtually anything (Amazon cards, Starbucks and 25+ other cards) With a simple and intuitive interface.
You can learn how bitcoin p2p exchanges and marketplaces work here with my guide.
Avoid Scams.
There have been a lot of scams in the world of bitcoin. People have lost millions of dollars worth of bitcoins over the years. You can learn more about famous bitcoin scams and heists over the years in my soon to be published scam timeline and links page.
You should not make a deposit into a bitcoin exchange without doing your due diligence. Research the broker you are interested in.
Google their name with modifiers like 'scam' and 'ripoff' and 'user reviews'. Find real information and know what you are getting into.
With that in mind, help us keep track of today's best overall exchange for you by commenting and rating the exchange on our site.
Reputation - You Must Be Able To Trust Your BTC Exchange.
Bitcoin exchanges are hubs of activity and money in the bitcoin world. This fact makes them targets for thieves, scammers and fraudsters alike.
There have been hacks, scams, frauds and out right theft. I want you to avoid the scams and use the legit btc exchanges, brokers and even find the best crypto casinos and buying services.
Bitcoin trading by itself should be considered ultra-high risk investments . You have the huge volatility of the alt-coin markets in addition to having to find an exchange that works for you and will treat your fairly.
We are in the "wild west" days of the crypto exchange world.
Don't get burned. Trading with a reputable exchange is paramount.
First you should feel comfortable that when you withdraw your funds you will get paid.
Having a reputation of timely payouts, responsive customer support, and accurate dealings is vital.
Especially when we look at the historical nature of bitcoin exchanges. If you haven't heard of the Mt. Gox fiasco where millions of dollars worth of BTC were stolen. Or Cryptsy that went under and took all the coins with them. Trading crypto currencies is risky by itself. When you mix in a less than reputable exchange the risk increases exponentially.
Even if you trust your exchange it is still best practice to secure your bitcoin in your own personal wallet with private keys that you own. You can see my guide on how to safely secure your bitcoin for how to's.
Pro tip: Never keep your balance on an exchange longer than you have to. Instead withdraw it to a wallet where you control the private keys. I recommend getting a Trezor as a hardware wallet for ease of use and security.
Scams - Red Flags & Warnings Signs To Watch Out For.
Welcome to the exchange asylum, it's a jungle out there! I highly recommend you carefully watch out for that tree with your George Washington's! Avoid the exchanges that show signs of danger, have legit scam complaints or a overwhelming horrible reputation.
At the bottom of our reviews you can find a place where other real people have left comments and ratings. Read through those to help you make an informed decision. Do keep in mind that honest user reviews are overwhelmingly negative in nature . People are way more likely to leave a negative review than a positive one.
Getting Started If You Just Want to Buy Bitcoin Now.
I've written a more in-depth how to buy bitcoin for the first time guide as well as reviewed most of the buying services listed. If you want my first time bitcoin buyers guide that is written specifically for new users then I highly recommend reading this page. I cover the steps you need to do to make sure you are set up to properly buy and eventually sell bitcoin.
Title: Re: What is Bitcoin?
Post by: admin on Oct 28, 2019, 04:12 pm
Bitcoin Exchange YOU CAN TRUST.
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Among the numerous websites providing Bitcoin exchange services, the positive reputation of CEX.IO makes it worth the trust of the users all over the world. With the customer base of over 3,000,000, the platform can be recognized as the one that can be relied on. Starting your Bitcoin trading on a platform with substantial history, you will benefit from a deep understanding of the market and customers’ needs.
We are constantly working on enhancing the security, ensuring the high level of customer support, and providing our users with new opportunities for trading on the Bitcoin market. CEX.IO is regularly considering the addition of new coins, which was not so long the case with Dash, Zcash, and Bitcoin Cash. Still, every cryptocurrency has to pass a thorough check to be listed. Our due diligence and concerns about the quality of the service yield results. Now, we are moving forward to achieve the status of the best cryptocurrency exchange.
Best Cryptocurrency Exchange: What does It Mean for Us?
For you to be able to recognize a reliable online exchange and sort out those that appear to be too weak, we list several features, paying attention to which would help you to make the right choice.