digital currencies news

How Digital Currency Works and What Makes them different ?

noreply@blogger.com (Emily Johnson) — Mon, 19 Mar 2018 23:42:00 +0000

Today we're discussing digital currency cash is the cash, that is being used in a given country at a certain time , but what about the crypto part .

Well crypto is a prefix meaning hidden or secret , it comes from the word cryptic which means mysterious or difficult to understand . you may have heard about the most popularcryptocurrency . At the moment the Bitcoin well I've absolutely heard the name , yet I can't say I know what it is first our quiz question .

Digital Currency First created

The Bitcoin crypto currency first created is it a 2004 B 2009 or C 2013 , well I think 2004 may have been a little early , and I think 2013 could be a little late . So the smart money's on 2009 we'll see if you're right later on in the show , so Bitcoin what do you know about it .

Well I know it's a digital currency , so presumably you can use it online to buy things you are right on the money , which means correct both times bitcoin is just like any other currency , except for two things to begin with it's not printed by governments , or banks which implies that it's not legal tender .

Legal tender means the official money that can be used within a country , so that means we can't use it to pay taxes , or settle debts right exactly governments won't recognize it as an official currency , although it acts just like one you can use it to purchase things from any individual , who will acknowledge it and its esteem vacillates varies implies changes in level or sum .

How Digital Currency and bitcoin Works ?

The bitcoin is a digital currency meaning that with the exception of a few tokens , it largely exists online , only you can't convey a heap of bitcoins around in your pocket . Well that rolls out a decent improvement out , so if it's a computerized as it were currency , where do new ones come from .

You see even though bitcoin is not controlled by a bank , or government despite everything it has a procedure that prevents individuals from cheating , there are only two ways to get bitcoins you either trade them from someone , or you go mining I'll wait and I've heard about this this is , when you use your computer to run calculations which verify other Bitcoin transactions .

The Easy Way to Earn Money

You get rewarded for this work by acquiring bitcoins , it's cash for old rope which would not joke about . This is an easy way to earn money , I'm going to start mining immediately well you wouldn't be the only one bitcoins value has recently gone up quite a lot , and this has caused a lot of enthusiasm .

for certainty one stock trade in Chicago has started exchanging Bitcoin fates , gets a prospects get what's that , I'll let BBC correspondent Rory Kaitlin Jones explained that , the futures contract a bet on where the currency will be a month from now , soared above 18,000 dollars that means investors believe Bitcoin which started the year worth under $1000 , will continue to rise in value albeit at a slower rate .

However , at the enormous banks there's still a lot of incredulity about the cash , took off in this setting implies expanded rapidly .

The Top 5 Best Cryptocurrency Wallets

noreply@blogger.com (Emily Johnson) — Wed, 07 Mar 2018 18:57:00 +0000

Cryptocurrency wallets ,, first off we must explain what is a crypto wallet ??

A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance you're not really storing bitcoiners storing a theory 'm in a wallet it's more that you're storing the keys to your wallet if you get .

The different types of Cryptocurrency Wallets

So this isn't really a very accurate picture but it looks cool because it's not recommended to keep your Bitcoin and your out coins on exchanges of course , I mean if you plan to get in and out of trades quickly if you're doing trading or even swing trading .

You might keep a few on the exchange you don't have full control over your currency on your coins when you keep it on an exchange it's just not recommended but for optimal security and privacy you want to get yourself acryptocurrency wallet .

The desktop wallet

So these are wallets that are downloaded and installed on your PC or your MacBook they're only accessible on the computer that you downloaded it so you know if you download it on your macbook you can't access it on your boyfriend or girlfriend's PC you can't access it on your phone or anything it's just on your desktop on the computer that you have that you downloaded onto desktop while it's offer one of the highest levels of security however if your computer is hacked or it gets a virus there's a possibility that you may lose all your funds and also if you don't have your wallet backed up and if something happens to your computer .

Cloud wallet

In other words an online wallet while it's run on the cloud and are accessible from any computing device in any location so it doesn't matter what computer or what tablet or phone you use they're definitely more convenient to access but online wallets store your private keys online that are controlled by a third party which makes them more vulnerable to hacking attacks and to theft .

Mobile wallet

So mobile wallets run on an app on your phone and are useful because they can be used anywhere including retail stores you know it's just like having a wallet in your pocket your phone is your wallet so it's super convenient , so they're smaller obviously depending how small your phone .

Hardware wallets

Hardware wallets differ from software wallets in the face store a user's private keys on a hardware device like a USB so even though they make transactions online they are stored offline which also lead Olivie security hardware wallets can be compatible with several web interfaces and can support different currencies depending on which one you use so yeah making a transaction is easy you just simply plug in your device to any internet-enabled computer or device .

Let's make it possible to easily transact while also keeping your money offline and away from danger you know so there is that real sense of safety unless I mean I guess someone could could rob you you know they might be really stupid not know what it isn't think it's a USB and just like throw it away regardless you've lost your money .

Paper wallets

The most creative obscure way of keeping your cryptocurrency they are easy to use and they do provide a high level of security so the term paper while it can it can Refer to a physical copy or print out of your public or private keys but it can also refer to a piece of software that is used to securely generate a pair of keys which are then printed so using a paper wallet is relatively straightforward .

So there's a process called sweeping and that is if you want to withdraw or spend currency all you need to do is transfer funds from your paper wallet to your software wallet and that's called sweeping and it can either be done manually by entering your private keys or by scanning the QR code on the paper wallet paper wallet I don't know I feel like I would spill tea on it or my dog would eat it or something there's lots of tutorials on YouTube on how to make a paper wallet .

History of Digital Currencies & Bitcoin ( Part 2 )

noreply@blogger.com (Emily Johnson) — Wed, 17 Jan 2018 23:05:00 +0000

By May 2010 Bitcoin was beginning to trade in the real world it is likely the first transaction ever made with the excellent currency which began in 2009 this Papa John's Pizza might look like an ordinary delivery but it seems likely to go down in history is the most expensive food of all time a member pleaded to the community for someone to provide him with two pizzas delivered to his residence for his payment of 10,000 bitcoins this simple dinner and perhaps a little leftovers cost the equivalent in bitcoins of what would come to be worth over 10 million dollars .

By December 2013 this is how fast bitcoin has increased in value or rather how fast the increase in its number of users and recognition has been my fila Stannah content hidden cash defined under flushing yeah I got bad bad bad village punished to listen to Caesar daddy fizzy forest at fight yeah yeah Haga online exchanges have been providing the trade of bitcoins and dollars for years though many have closed from site security issues and lack of complying with government regulations Bitcoin pirate scandal SEC steps in amid allegations that the whole thing was a Ponzi scheme mass adoption however will more easily happen from a recent trend that is growing fast now if you haven't heard of Bitcoin yet it is making international headlines and changing the way we exchange money it is the first of its kind in the world .

Bitcoin and Digital Currencies Growth ..

Today the Bitcoin ATM was unveiled right here in San Diego Bitcoin ATMs are deploying worldwide allowing the sale of bitcoins for cash and cash into bitcoins at physical locations this machine changes it all by allowing users to get cash out or make deposits to their accounts there are already such machines in Boston Massachusetts Austin Texas Mountain View California Vancouver Canada and Tijuana Mexico bitcoin is like the Internet in 1994 few people used it and even fewer knew how it worked but it would go on to revolutionize nearly every industry in the world digital currencies are set to revolutionize money bitcoin is such a versatile software that hundreds of copycat spin-offs have already been created including litecoin dogecoin and even aurora coin the cryptocurrency introduced and distributed equally to all citizens of Iceland it appears that 2014 is the year of Bitcoin and digital currency the future you know I really think digital currency is more about for you and if you have your your own wealth and control your own well if it's about freedom it's not about anything other than really we'd like to give you a free report on Bitcoin and digital currencies go sign up and crush the street comm backslash Bitcoin to download this report this report will give you more on the history how to use it and why you should use Bitcoin to have more control over your wealth .

History of Digital Currencies & Bitcoin ( Part 1 )

noreply@blogger.com (Emily Johnson) — Tue, 16 Jan 2018 20:23:00 +0000

Money has changed significantly in the last 60 years credit cards first came in the late 1950s but they would not see widespread use for decades banks bank checks were still the most popular form of payment besides cash you can use cheques to bond thing increasing use of cheques in the 70s led to the development of an electronic payment network to replace the ever-growing burden of maintaining paper records of payments this network would be called the automated Clearing House or ACH this is what allows your paycheck to be directly deposited into your bank account the 20th century saw a rapid growth in technology across the Western world .

The History and growth of Bitcoin ..

This growth was so drastically fast there are multiple labels for this era the communication revolution the information revolution and the computer revolution but we will call this the digital revolution our representation of money used to be cash paper bills and metal coins the digital revolution has made money ever increasingly become more virtual and less physical in fact today only 8% of the world's currency exists in a physical cash form paper money used to be just a representation of the historical money that is gold because gold has high intrinsic value this was called the gold standard and was ended for the United States dollar in 1971 with the invention of the internet came some attempts to return to gold backed currency by representing gold digitally two of such attempts were called eagled and gold money though money had become more digital .

In the late 1900s there still was not a strictly digital only currency until the digit cash company was started by David CIAM in 1990 the new currency was rightly named ecash ,, however did not gain much use onlyone bank in the United States implemented the currency and just a handful worldwide and mr. Tom's company went bankrupt by 1998 by this time the internet had spread to over a quarter of US homes multiple digital currencies came in weds government regulation caused currencies like eagled gold money and Liberty Reserve to cease progress no digital currency created yet was safe from censorship during the course of this inquiry we've examined the issues and potential risks and threats .

The virtual currencies posed then came 2009 bitcoin is the first virtual currency to not have a central point of failure most importantly it is resistant to government force bitcoins protect your privacy its entire system is distributed and thus impossible to pinpoint and shut down if the United States wants to block money from going to WikiLeaks where they go while they go to PayPal's visa and mastercards of the world and put pressure on them there with bitcoin there's none of that there's nobody in the middle to to go after it is able to achieve this feat through cryptography which is basically a fancy word for secure communication .

The software of course takes place via the internet as it was designed a distributed network of voluntary users provides the service to maintain the Bitcoin software system this currency allows you to send a payment to anyone in the world online without using any bank company country government or otherwise trusted third party sending Bitcoin basically works like an email except that a bitcoins unit of value cannot be duplicated only a specified number of Bitcoin units will ever be in existence much unlike the u.s. dollar money supply which is determined by the Federal Reserve's central bank America's money supply has basically doubled in just the past decade causing prices of goods and services to do the same after it wasreleased the first bitcoins had near zero value because at this time almost all the users were simply cryptography enthusiasts computer nerds playing around with some new and cool piece of software .

Blockchains using and How it works ?

noreply@blogger.com (Emily Johnson) — Fri, 05 Jan 2018 11:55:00 +0000

Blockchains are incredibly popular nowadays. But what is a blockchain ? How do they work, what problems do they solve and how can they be used? Like the name indicates, a blockchain is a chain of blocks that contains information.

This technique was originally described in 1991 by a group of researchers and was originally intended to timestamp digital documents so that it’s not possible to backdate them or to tamper with them. Almost like a notary. However it went by mostly unused until it was adapted by Satoshi Nakamoto in 2009 to create the digital crypto currency Bitcoin. A blockchain is a distributed ledger that is completely open to anyone. They have an interesting property: once some data has been recorded inside a blockchain, it becomes very difficult to change it.

How Blockchain works on basic level and what problems it solves ?

Well, let’s take a closer look at a block. Each block contains some data, the hash of the block and the hash of the previous block. The data that is stored inside a block depends on the type of blockchain. The Bitcoin blockchain for example stores the details about a transaction in here, such as the sender, receiver and amount of coins. A block also has a hash. You can compare a hash to a fingerprint. It identifies a block and all of its contents and it's always unique, just as a fingerprint. Once a block is created, it’s hash is being calculated. Changing something inside the block will cause the hash to change. So in other words: hashes are very useful when you want to detect changes to blocks. If the fingerprint of a block changes, it no longer is the same block. The third element inside each block is the hash of the previous block.

This effectively creates a chain of blocks and it’s this technique that makes a blockchain so secure. Let's take an example. Here we have a chain of 3 blocks. As you can see, each block has a hash and the hash of the previous block.So block number 3 points to block number 2 and number 2 points to number 1. Now the first block is a bit special, it cannot point to previous blocks because it's the first one. We call this the genesis block.

Now let's say that you tamper with the second block. This causes the hash of the block to change as well. In turn that will make block 3 and all following blocks invalid because they no longer store a valid hash of the previous block. So changing a single block will make all following blocks invalid. But using hashes is not enough to prevent tampering. Computers these days are very fast and can calculate hundreds of thousands of hashes per second.

You could effectively tamper with a block and recalculate all the hashes of other blocks to make your blockchain valid again. So to mitigate this, blockchains have something called proof-of-work. It's a mechanism that slows down the creation of new blocks. In Bitcoins case: it takes about 10 minutes to calculate the required proof-of-work and add a new block to the chain.

This mechanism makes it very hard to tamper with the blocks, because if you tamper with 1 block, you'll need to recalculate the proof-of-work for all the following blocks.

The security of a blockchain comes from its creative use of hashing and the proof-of-work mechanism. But there is one more way that blockchains secure themselves and that's by being distributed. Instead of using a central entity to manage the chain, blockchains use a peer-to-peer network and anyone is allowed to join. When someone joins this network, he gets the full copy of the blockchain. The node can use this to verify that everything is still in order. Now let's see what happens when someone creates a new block. That new block is send to everyone on the network. Each node then verifies the block to make sure that it hasn't been tampered with. If everything checks out, each node adds this block to their own blockchain. All the nodes in this network create consensus. They agree about what blocks are valid and which aren't.

Blocks that are tampered with will be rejected by other nodes in the network.

So to successfully tamper with a blockchain you'll need to tamper with all blocks on the chain, redo the proof-of-work for each block and take control of more than 50% of the peer-to-peer network. Only then will your tampered block become accepted by everyone else. This is almost impossible to do!

Blockchains are also constantly evolving. One of the more recent developments is the creation of smart contracts. These contracts are simple programs that are stored on the blockchain and can be used to automatically exchange coins based on certain conditions.

More on smart contracts in a later video. The creation of blockchain technology peaked a lot of people’s interest. Soon, others realized that the technology could be used for other things like storing medical records, creating a digital notary or even collecting taxes .

What is Bitcoin definition ?

noreply@blogger.com (Emily Johnson) — Wed, 03 Jan 2018 19:51:00 +0000

If you bought a single bitcoin a year ago you would've paid just under $1000 for it. However, if you wanna sell that same Bitcoin value today it is worth over $17,000. Which really begs the question, what exactly is a bitcoin? The idea is that this is a virtual currency that isn't backed by anything physical. It's important to know that this isn't a stock. It is a currency. Now mind you, it's a little bit different than something like a U.S. dollar, or a euro, or the yen, which are all backed by specific countries. But the same idea still applies here. And the maintenance reason why bitcoin is skyrocketing in value is because everyone wants to get their hands on them. So how does this all actually work? Well, unlike something like cash, which is printed by a government and I can hold it in my hand, bitcoin relies on something called "the blockchain".

A simple way to understand this is to imagine a ledger. Every time anyone buys or sells anything related to bitcoin is recorded in this ledger called "the blockchain" and then it is copied hundreds of thousands of times every single hour across multiple computers to make sure that everyone is on the exact same page. What makes this interesting is the idea that because it is copied across all these different computers and because it all is public, have any at all? Well, the blockchain actually does a really good job of protecting against this.Because that ledger and that list of transactions is copied across so many computers, it's updated multiple times per hour.

How to set up a bitcoin mining system ?

Essentially, every single time that you help process a transaction and make sure that it's legit you mine what is a very, very tiny amount of bitcoin. If you were lucky enough to mine bitcoin in the early days and held on to what you mined, you'd become a very, very rich person today. However, in 2017, if you wanna set up a bitcoin mining system it really doesn't make a lot of sense. Bitcoin mining used to work best on PC graphics cards, which were originally meant for gaming, can actually do this kind of stuff fairly well. However, nowadays ASICs have completely destroyed that market. And ASIC is essentially a small computer that its sole purpose in life is to mine bitcoin. And when it does it does it a lot faster than your actual computer which makes it totally obsolete.

Now even though it's not profitable to mine bitcoin anymore there are other types of crypto currencies that you can actually some money on if you have a pretty decent PC and then trade those into bitcoin. By far, the easiest way of getting your hands on bitcoin is to simply buy them. But this is where I have to be very, very clear, this is not a normal investment. Not only does it just go up and down, but it goes wildly up and wildly down.

So if you do decide to put money into bitcoin, please keep in mind this is a super risky investment. And that, honestly, it could all disappear at any minute. Hopefully it won't but just be careful. Prices really are wildly variable on bitcoin right now.

The advantage with Coinbase is, is not only do they give you a wallet to store it in but you can also purchase bitcoin from them as well as some other crypto currencies such as Litecoin and Ethereum, which is the other two major ones right now. Alright, so after this long and arduous journey we finally have our bitcoin. However, what can we actually do with it? So some stores will actually allow you to buy things with bitcoin.

However, the vast majority of people are using it as more of an investment. So you can buy some here, hope that the price goes up and then turn around and sell it later. However, it's not all just digital. So there are some bitcoin ATMs that you can go to in the real world, put your wallet information in and withdraw or deposit into them .