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As Bitcoin’s value rises, people are considering Bitcoin mining, as opposed to buying the virtual currency, however, there are numerous mining scams. It is challenging to find a legitimate operation that isn’t a Ponzi scam. While you can mine Bitcoins yourself, it usually is not feasible. You will need loud Bitcoin-specific ASIC machines and access to very expensive electricity. Today, most Bitcoin investors buy shares in mining organizations and let someone else worry about purchasing and running the equipment.
If you are like most people, then you have probably heard a lot of talk and hype about “cryptocurrency.” Just in case you have not, and/or you are not familiar with this term, cryptocurrency is basically digital currency, such as the very popular bitcoin.
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Bitcoin coins stacked on a nice wood table. Crypto currency in the real world.
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What is Blockchain Technology? A Step-by-Step Guide For Beginners
1 month ago
Topics: Blockchain 101
Is blockchain technology the new internet?
The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym Satoshi Nakamoto.
By allowing digital information to be distributed but not copied, blockchains create the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin, the tech community is now finding other potential uses for the technology.
Bitcoin has been called “digital gold”, and for good reason. To date, the total value of currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you don’t need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why it’s considered revolutionary.
What is Blockchain Technology? A step-by-step guide than anyone can understand
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don & Alex Tapscott, authors Blockchain Revolution (2016)
A distributed database
Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.
Information held on a blockchain exists as a shared — and continually reconciled — database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
To go in deeper with the google spreadsheet analogy I would like you to read this piece from a blockchain specialist.
What is Blockchain Technology? A step-by-step guide than anyone can understand
Blockchain as Google Docs
“The traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient, and ask them to make revisions to it. The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes, because you are locked out of editing it until the other person is done with it. That’s how databases work today. Two owners can’t be messing with the same record at once.That’s how banks maintain money balances and transfers; they briefly lock access (or decrease the balance) while they make a transfer, then update the other side, then re-open access (or update again).
With Google Docs (or Google Sheets), both parties have access to the same document at the same time, and the single version of that document is always visible to both of them. It is like a shared ledger, but it is a shared document. The distributed part comes into play when sharing involves a number of people.
Imagine the number of legal documents that should be used that way. Instead of passing them to each other, losing track of versions, and not being in sync with the other version, why can’t *all* business documents become shared instead of transferred back and forth? So many types of legal contracts would be ideal for that kind of workflow.
You don’t need a blockchain to share documents, but the shared documents analogy is a powerful one.”
William Mougayar, Venture advisor, 4x entrepreneur, marketer, strategist and
blockchain specialist
What is Blockchain Technology? A step-by-step guide than anyone can understand
Durability and robustness
Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:
Be controlled by any single entity.
Has no single point of failure.
Bitcoin was invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any of problems associated with Bitcoin have been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)
The internet itself has proven to be durable for almost 30 years. It’s a track record that bodes well for blockchain technology as it continues to be developed.
Transparent and incorruptible
The blockchain network lives in a state of consensus, one that automatically checks in with itself every ten minutes. A kind of self-auditing ecosystem of digital value, the network reconciles every transaction that happens in ten minute intervals. Each group of these transactions is referred to as a “block”. Two important properties result from this:
Transparency
data is embedded within network as a whole, by definition it is public.
It cannot be corrupted
altering any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network.
In theory, this could be possible. In practice, it’s unlikely to happen. Taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.
blockgeeks.com/guides/what-is-blockchain-technology-a-ste...
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Crypto space is no longer a weird thing you come across. The growing crypto market can peek you anytime, and you can dive into the trading platform. Here’re the essentials you must know about the crypto wallet!
blog.blockchainfirm.io/things-to-know-before-developing-c...
crypto
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The meteoric increase in value of cryptocurrencies like Bitcoin, Ether and Litecoin - and many others - has ignited a worldwide investment frenzy and frequent double-digit price fluctuations. Such volatility has led many of the preeminent voices in finance, including Jamie Dimon and Warren Buffett, to call Bitcoin a "fraud" and "mirage." And yet the collective market capitalization of Bitcoin and the other Top 10 digital currencies is roughly half a trillion USD. Is Crypto a global Ponzi scheme, the legitimate currency of the future, or something in between?
Moderator
Suna Said, Founder and CEO, Nima Capital LLC
Speakers
Mike Novogratz, CEO, Galaxy Investment Partners
Charles Noyes, Quantitative Researcher, Pantera Capital
Bill Tai, Venture Capitalist; Founder, ACTAI Global
Cameron Winklevoss, Co-Founder and President, Gemini
Tyler Winklevoss, Co-Founder and CEO, Gemini
That’s different from fiat best cryptocurrency like Litecoin. What happens if the file as quit txt in the same questions again and the like.
www.thecryptomining.info/2018/02/best-cryptocurrency-to-m...
Bill Barhydt, Founder and CEO, Abra
Alex Mashinsky, CEO, Celsius Network
Anna Irrera, FinTech Correspondent, Thomas Reuters
Brent McIntosh, General Counsel, U.S. Department of the Treasury
Nouriel Roubini, Chairman, Roubini Macro Associates LLC; Professor of Economics, Stern School of Business, New York University
Major upgrade to my Bitcoin mining hardware today. My hash rate increased by a full order of magnitude! It's a shiny new Antminer S9. It has 189 16nm ASIC processors that can do 14+ TH/sec. Also the first miner I've got that needs 240V power. It uses about 1.3kW. It's 100% powered by renewable energy of course.
Cryptocurrency and other digital assets have exploded in valuation, media attention, and interest from investors, financial technology companies, and regulators. These assets have experienced sharp increases and decreases in value, and several have imploded into bankruptcy with severe consequences for investors. Digital assets and cryptocurrency challenge existing legal and regulatory definitions and frameworks, often straddling lines in ways 20th century law never contemplated. Regulators at both the federal and state levels have been working to try to protect consumers and investors, safeguard the financial system, and allow for innovation and competition.
On Tuesday, November 15, the Center on Regulation and Markets convened the third event of our series on regulating digital assets. Keynoting was the New York Department of Financial Services Superintendent Adrienne A. Harris, who discussed her perspective as a state regulator dealing with digital assets and cryptocurrency. The event also featured two panels of experts, one focused on issues of prudential regulation, supervision, safety, and soundness, and a second focused on issues of consumer and investor protection.
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Bitcoin, and cryptocurrencies in general, remain an enigma to most people. Their understanding of the concept is typically limited to the fact that it is a virtual currency that exists solely online. They may have heard the terms “Blockchain” or “Bitcoin mining” in passing, but likely don’t know what they mean or how significant they are. Mass awareness may soon be inevitable, however, as there has been a recent trend towards hackers targeting vulnerable websites and computers to earn bitcoin for themselves without the permission of end-users.
To continue reading this article, please click on the following link!
janecrypto.com/hackers-may-be-using-your-computer-to-make...
Shadowy figure in front of the Bitcoin (BTC) logo. For attribution please link to www.comparitech.com/
A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. Many cryptocurrencies are decentralized systems based on blockchain technology, a distributed ledger enforced by a disparate network of computers. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
The first blockchain-based cryptocurrency was Bitcoin, which still remains the most popular and most valuable. Today, there are thousands of alternate cryptocurrencies with various functions or specifications. Some of these are clones of Bitcoin while others are forks, or new cryptocurrencies that split off from an already existing one.
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Bitcoin had been on an incredible run in the latter half of 2017. It was valued at $1,000 at the beginning of the year and is now closer to reaching the $10,000 mark as we inch toward to 2018!
mashable.com/2017/11/26/bitcoin-9000-close-to-10000-price...
Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, thefts from exchanges, and the possibility that bitcoin is an economic bubble.Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.