Tag Archives: Bitcoin

Cryptocurrency

Cryptocurrencies – A Brief Tutorial

Cryptocurrencies have become a rage among the investors over the years. However, there is extreme volatility witnessed with this new kind of currency. Many say that it’s the new way of existence in the new global economy. Crypto currencies are nothing but agreement between willing parties that calculate crypto of each participant. The experts dealing with this currency type say that people can create their own crypto currency till the participants do it among any group of people in a logical as well as consistent manner. However, there are also sceptics who compare these online currencies with that of the Dutch Tulips market bubble the market witnessed during 1600s. These are the reasons why it has become important to have a closer look at cryptocurrencies and have a clear idea about them before investing or owning them.

The Most Popular Currency till Date – Bitcoin

Bitcoin is definitely the first and most popular decentralized digital currency. The entire system works in such a manner where there is no central bank or any specific administrator. It’s a peer-to-peer network where transactions happen directly between two users. Mind it there is no intermediary in such a transaction. However, there are network nodes for verifying each transaction, which is again done with the help of cryptography. In fact, a blockchain is maintained for recording every transaction made. Blockchain is nothing but a publicly distributed ledger, maintained digitally throughout the network. Per available information, Bitcoin was invented by Satoshi Nakamoto. However, it’s still not known whether it’s a single person or a group of people. After creating this technology those anonymous persons released Bitcoin in 2009 in the form of a open-source software. Bitcoin process starts with the mining process. This currency is a reward for the effort of mining. These cryptocurrencies can be exchanged for other products, currencies, and services.

What are the other Crypto Currencies Available?

Though Bitcoin is the most popular crypto currency available, there are other popular ones too. Some of them include Ethereum, Ripple, and Light Coin blockchains. While Ethereum is backed by Ether, Ripple blockchain is backed by Ripple.

Another popular crypto is Light Coin that is nothing but classical Bitcoin’s modern variation. There are many others and loads more are being added to the list on a regular basis. So, there are many cryptocurrencies available at present.

Is there a Trend Emerging that is Preferring Other Cryptos than Bitcoins?

Bitcoin is definitely ahead of others in terms of popularity. However, experts point out that. Inspite of the fact that Bitcoin has started a sort of digital currency revolution of sorts, experts believe they are inadequate in meeting the stated objectives as well as requirements. Hence, it can be said that Bitcoin is not at all decentralized as the objective states. In fact, it also comes with a transaction cost. In fact, the volatility of Bitcoin’s price is extreme and that’s why many sceptics have started showing concerns about it. Some have also started predicting that Bitcoin will have the same fate as it was the case in the 1600s with Dutch Tulips and the associated market bubble. Many have started saying that Bitcoins are not suitable for transactional purposes, especially from the perspective of the true sense electronic currency. When we say digital currency then the first thing that comes to mind is the feature of facilitating legitimate commerce online.

To fill in the gap and move towards the stated decentralized objective of digital currencies, many more currencies are being developed. One such effort is in the form of utility settlement coin. This effort is channelized by a London based company called Clear Matics. In this case, the currency is has a direct linkage with that of Fiat currency. There are other instances too. One such effort is being carried out by a MIT faculty along with other experts in the field where they are trying to conceptualize a currency backed by assets. They say this currency will meet the needs of the general perception of people, which is nothing but storage of value by each account. Many experts are of the opinion that cryptocurrencies are still in the evolving stage and more exciting things are yet to come and surface.

Can Cryptos be part of Real World Finance?

That’s definitely a million dollar question. However, there are ominous signs that indicate that crypto currencies can definitely become real world finances and drive the world finance in the days to come.

There are multiple obstacles that are there and they are required to be overcome. The first most vulnerable aspect of Bitcoin or other cryptos is that it has become more volatile with many more participants getting involved in the process and transaction. A person who bought Bitcoin at $1000 would definitely be happy when the value reaches $20,000. However, the same will not be the case where a person bought the same at $20,000 because the value has now come down to $11,000.

Once these issues are sorted out, cryptocurrencies will become the norm of world finance and will definitely drive them.

In a nutshell, you can opt for Bitcoin mining and other cryptocurrency mining to earn great ROI and become a part of crypto community.

Amazing Bitcoin Facts for Net Savvy People

Amazing Bitcoin Facts for Net Savvy People

Bitcoin has been witnessing a fascinating rise in its price and it is just one of the reasons why more and more individuals are finding it interesting. The popular crypto-currency has achieved a phenomenal status and has gained global acceptance.

Mystery shrouds its creator

It is a well-known fact that the exact identity of Bitcoin’s creator continues to be illusive till this date. Although some people believe that it was Satoshi Nakamoto along with others including Craig Wright, Dorian Nakamoto, and Nick Szabo who must have developed the world’s most popular digital-currency, there are many more individuals whose names keep on surfacing as creators of Bitcoin.

With more than one million Bitcoins in possession, Nakamoto is claimed to be the most influential individual in the domain of digital currency.

Restrictions on number of Bitcoins

Bitcoins must be mined if you want to generate the new ones. This might make you feel that there cannot be any upper limit o the total number of Bitcoins in circulation. However it is observed that the process of mining a Bitcoin is getting more and more complex.

This has severely restricted generation of new Bitcoins. There is a pre-determined schedule to limit this number which is close to 21 million Bitcoins and this explains growing complexity of mining new Bitcoins.

Untraceable transactions

Bitcoin transactions are executed by using alphanumeric addresses that consist of thirty four characters. It is virtually impossible to trace the sender as well as recipient by using the address. No wonder, most of the illegitimate deals are executed by using Bitcoins. Hackers prefer to collect their ransom in Bitcoins for the same reason.

Surprisingly, the first ever transaction which was successfully implemented by using Bitcoins was to purchase a $ pizza in 2009. Around 10k Bitcoins were needed to buy the pizza that was priced at $25. This also provides a hint at how the price of Bitcoin has galloped against dollar over the years.

Bitcoin is backed by a massive computing power that exceeds the total power of all supercomputers of the world by a huge margin.

Bitcoin crosses all barriers

With its successful trial in the outer space, Bitcoin has broken all barriers of distances. The three dimensional model of Bitcoin was launched by using a weather balloon and the entire travel was tracked by using a GoPro that kept focusing on the paper wallet as well as the Bitcoin model.

There were two successful transactions made at paper wallet including the one at 20th KM and the other at 34th KM.

Bitcoin needs secure storage

Although, it is not possible to use a Bitcoin unless it has been given to you, one must ensure secure storage of the Bitcoin possession. If you happen to lose your Bitcoin wallet, then you will not able to retrieve it again. The money will be lost forever. Unfortunately, no banks have facility to store Bitcoins, since it is a digital currency.

Lacks decentralized features

It is found that handful people possess major share of Bitcoin and there are fears about its imminent fall in the future. Bitcoin has assumed a phenomenal status in the digital world because of the colossal growth in its price over the years. Fluctuations in the price of Bitcoin lead to the volatility of this digital currency.

In the year 2014, Bitcoin suffered a huge downfall in terms of its price against dollar as it nosedived 62 percent in the value. This fall can be attributed to a huge growth in previous years that touched 20566 percent in 2010 and 5448 percent in 2013.

This may create a feeling that Bitcoins can only be used for high value transactions because each Bitcoin is worth thousands of dollars. Relax, you can also use the currency for purchasing day to day necessities such as pizza or movie passes.

The most noticeable advantage of Bitcoin or any other digital currency is that a small fraction can also be traded. Bitcoin can be used for as low as right decimal places and one such fraction is called as Satoshi. No other traditional currency can offer such an advantage.

Mining of Bitcoins

According to some of the available definitions of Bitcoin mining process, it relates to addition of the crypto-currency in the way that resembles mining of precious metals in terms of the time taken for such physical activities. Every time a Bitcoin is created, a log is also created to credit the person for his or her contribution and a name is assigned to the log.

The first ever mining of Bitcoin is credited to Satoshi Nakamoto and the log was aptly named as a genesis block. It is the responsibility of Bitcoin miners to create blocks for storage of Bitcoins they have mined.

Takeaway

Bitcoin has gained a charismatic profile, thanks to the celebrities and organizations that have been associated with it. They are Actor Jet Li, Spice Girl Mel-B, Lamborghini, Winklevoss Twins, and Wikileaks to name just a few. This digital currency is sure to be part of the future of the digital world through the current century.

Wallets for Storing Bitcoin

Top 20 Wallets for Storing Bitcoin

Bitcoin has become very popular online because of the sheer fact of easy transaction and storing ability. Though these specialized online coins are in their advanced testing phase, they are increasingly becoming mainstream as well as trusted online coins. With this increasing popularity of Bitcoins, the need for wallets for storing, sending, getting, and spending these digital coins are also increasing. In this blog post, we’ll highlight and discuss about the top 20 Bitcoin wallets –

1. Mycelium
One of the most popular Bitcoin wallets is definitely Mycelium, which helps holders of these digitised coins in secured storage. You can use your mobile phone for sending and receiving Bitcoins through the Mycelium Bitcoin Wallet. With this wallet, you can manage multiple accounts, make safe back-up, and many more. Other features include 100 per cent control over private keys, masterseed based, no block chain download, ultra-fast connection, ability for PIN-secured wallet, URI scheme, and many more.

2. Xapo
There are two specialties of Xapo wallet and they are multi-sign innovation and freezing capacity for guarding bitcoins of clients. Xapo has become very popular among its users because of the fact that they provide great security and at the same time are ensured. Some of the security measures undertaken by Xapo include keeping the servers behind fortified petrify dividers. This has been given additional support by guarding them with steel impact entry. Other security measures include locating the servers inside an Alps as well as radio wave-blocking Faraday confine.

3. Wirex
As a bitcoin user you will get both versatile as well as web secure bitcoin wallet experience. It offers convenience to the users without compromising the security aspect. That’s why it is counted among the leading and preferred Bitcoin wallets.

4. info
Blockchain.info is a highly popular site for performing as well as checking bitcoin exchanges. They are preferred by the users because of the multi-layered advantages including cross-stage capacity, multi-nation support, and most importantly convenience.

5. Bitcoin Core
This one is a first of its kind wallet that is a bit unusual too. Ensured capacity is guaranteed here through utilisation of resolution. It essentially means that it has both open as well as private keys.

6. Multibit
It has been seen that Multibit wallet is being utilised by many users along with a USB gadget Keep Key. One of the specialities of this wallet is that it needs first round affirmation before execution of any bitcoin.

7. Armory
It is one of the most popular and widely used desktop wallet for bitcoins. Armory wallet is best known for being the only open source wallet that comes with multi-signature support as well as cold storage.

8. Bit Go
It is another most popular bitcoin wallet that is known for being a highly secured one. 3 to 6 affirmations are required for making bitcoin exchange, thereby holding around 30 per hour.

9. Green Address
GreenAddress bitcoin wallet is a safe one but doesn’t compromise with both usability and control. It provide advanced protection to your bitcoins. Some of its main features include safer login with watch-only mode, enhanced privacy, quick PIN login facility, and instant confirmation.

10. Keepkey
This wallet keeps your bitcoins safe from the thieves as well as hackers. This wallet not only  secures bitcoin but also namecoin, dash, dogecoin, litecoin, and ethereum. One of the main aspects of Keepkey is that the wallet software works with the user’s computer and takes control over generation of private key management, transaction signing, and private key storage.

11. Trezor
It is popularly known as ulletproof bitcoin wallet. It is one of the most secure as well as trusted way of storing bitcoins. Private keys can be used for enjoying Bitcoin without any kind of risk. It comes with a minimalistic design, which makes it impossible to hack. Trezor is small, sturdy, and uses advanced cryptography standard.

12. Nano
It is known as one of the financially cheapest bitcoin wallets. The Ledger Nano has a size similar to that of USD. It is available in couple of varieties.
 
13. Bitcoin Core
This is the first Bitcoin wallet that has evolved continuously over the years. It is the Bitcoin advancement group that has helped people to ceaselessly innovate and at the same time stay relevant in this highly competitive market.

14. Multibit
It is a light weight programming wallet which encodes private codes locally. This acts quite similarly as most other programming wallets.

15. Hive
Hive’s main focus is on the new clients that come with interesting elements. It comes with texting style interface that enables you to send as well as receive Bitcoins in an effective as well as rapid manner.

16. Block chain Wallet
It has security highlights that intend to conquer portion of security dangers that are usually present in most wallets.

17. Coinbase
Coin Base is yet another popular bitcoin wallet that is secure and at the same time easy to use.

18. Coinkite
This wallet is pretty similar to that of CoinBase.

19. Pi-Wallet
Pi-Wallet features manual user reserve, QR codes, multi-language support, API, Google 2 Factor Authorisation, and many more.

20. Copay
Copay highlights intuitive and multi-signature security.     

 

Interesting Topic :

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