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How does cryptocurrency works?
When we were a much smaller society, people could trade in the community pretty easily, but as the distance in our trade grew, we ended up inventing institutions such as banks, markets, stocks etc. that help us to conduct financial transactions. The currencies we are operating with nowadays are bills or coins, controlled by a centralized authority and tracked by previously mentioned financial institutions. The thing is, having a third party in our money transactions is not always what we wish for. But fortunately, today we have a tool that allows us to make fast and save financial transactions without any middlemen, it has no central authority and it is regulated by math. Sounds cool, right? Cryptocurrency is this tool. It is quite a peculiar system, so let’s take a closer look at it. by StealthEX
Layers of a crypto-cake
Layer 1: Blockchain
First of all – any cryptocurrency is based on the blockchain. In simple words, blockchain is a kind of a database. It stores information in batches, called blocks that are linked together in a chronological way. As the blockchain is not located in one place but rather on thousands of computers around the globe, the blockchain and the transactions thus are decentralized, they have no head center. The newest blocks of transaction are continuously added on (or changed) to all the previous blocks. That’s how you get a cryptocurrency blockchain. The technology’s name is a compound of the words “block” and “chain”, as the “blocks” of information are linked together in a “chain”. That’s how crypto security works – the information in the recently created block depends on the previous one. It means that no block can be changed without affecting the others, this system prevents a blockchain from being hacked. There are 2 kinds of blockchain: private and public. Public, as goes by its name, is publicly available blockchain, whereas private blockchain is permissioned, which only a limited number of people have access to.
Layer 2: Transaction
In fact, everything begins with the intention of someone to complete a transaction. A transaction itself is a file that consists of the sender’s and recipient’s public keys (wallet addresses) and the amount of coins transferred. The sender begins by logging in into his cryptocurrency wallet with the private key – a unique combination of letters and numbers, something you would call a personal password in a bank. Now the transaction is signed and the first step which is called basic public key cryptography is completed. Then the signed (encrypted) transaction is shared with everyone in the cryptocurrency network, meaning it gets to every other peer. We should mention that the transaction is firstly queued up to be added to the public ledger. Then, when it’s broadcasted to the public ledger, all the computers add a new transaction to a shared list of recent transactions, known as blocks. Having a ledger forces everyone to “play fair” and reduce the risk of spending extra. The numbers of transactions are publicly available, but the information about senders and receivers is encrypted. Each transaction holds on to a unique set of keys. Whoever owns a set of keys, owns the amount of cryptocurrency associated with those keys (just like whoever owns a bank account owns the money in it). This is how peer-to-peer technology works.
Layer 3: Mining
Now let’s talk about mining. Once confirmed, the transaction is forever captured into the blockchain history**.** The verification of the block is done by Cryptocurrency Miners – they verify and then add blocks to the public ledger. To verify them, miners go down on the road of solving a very difficult math puzzle using powerful software, which is that the computer needs to produce the correct sequence number – “hash” – that is specific to the given block, there is not much chance of finding it. Whoever solves the puzzle first, gets the opportunity to officially add a block of transactions to the ledger and get fresh and new coins as reward. The reward is given in whatever cryptocurrency’s blockchain miners are operating into. For example, BTC originally used to reward miners in 50 BTC, but after the first halving it decreased to 25 BTC, and at present time it is 6.25 BTC. The process of miners competing against each other in order to complete the transactions on the network and get rewarded is known as the Proof-of-Work (PoW) algorithm, which is natural for BTC and many other cryptocurrencies. Also there are another consensus mechanisms: Proof-of-Stake (PoS), Delegated Proof-of-Stake (dPoS), Proof-of-Authority (PoA), Byzantine Fault Tolerance (BFT), Practical Byzantine Fault Tolerance (pBFT), Federated Byzantine Agreement (FBA) and Delegated Byzantine Fault Tolerance (dBFT). Still, all of them are used to facilitate an agreement between network participants. The way that system works – when many computers try to verify a block – guarantees that no computer is going to monopolize a cryptocurrency market. To ensure the competition stays fair, the puzzle becomes harder as more computers join in. Summing it up, let’s say that mining is responsible for two aspects of the crypto mechanism: producing the proof and allowing more coins to enter circulation.
Types of cryptocurrency
In the virtual currency world there are a bunch of different cryptocurrency types with their own distinctive features. The first cryptocurrency is, of course, Bitcoin. Bitcoin is the first crypto coin ever created and used. BTC is the most liquid cryptocurrency in the market and has the highest market cap among all the cryptocurrencies.
The term ‘altcoins’ means ‘alternatives’ of Bitcoin. The first altcoin Namecoin was created in 2011 and later on hundreds of them appeared in crypto-world, among them are Ravencoin, Dogecoin, Litecoin, Syscoin etc. Altcoins were initially launched with a purpose to overcome Bitcoin’s weak points and become upgraded substitutes of Bitcoin. Altcoins usually stand an independent blockchain and have their own miners and wallets. Some altcoins actually have boosted features yet none of them gained popularity akin to Bitcoin. More about altcoins in our article.
Token is a unit of account that is used to represent the digital balance of an asset. Basically tokens represent an asset or utility that usually are made on another blockchain. Tokens are registered in a database based on blockchain technology, and they are accessed through special applications using electronic signature schemes. Tokens and cryptocurrencies are not the same thing. Let’s explain it more detailed: • First of all, unlike cryptocurrencies, tokens can be issued and managed both centralized and decentralized. • The verification of the token transactions can be conducted both centralized and decentralized, when cryptocurrencies’ verification is only decentralized. • Tokens do not necessarily run their own blockchain, but for cryptocurrencies having their own blockchain is compulsory. • Tokens’ prices can be affected by a vast range of factors such as demand and supply, tokens’ additional emission, or binding to other assets. On the other hand, the price of cryptocurrencies is completely regulated by the market. Tokens can be: • Utility tokens – something that accesses a user to a product or service and support dApps built on the blockchain. • Governance tokens – fuel for voting systems executed on the blockchain. • Transactional tokens – serve as a unit of accounts and used for trading. • Security tokens – represent legal ownership of an asset, can be used in addition to or in place of a password. Tokens are usually created through smart contracts and are often adapted to an ICO – initial coin offering, which is a means of crowdfunding. It is much easier to create tokens, that is why they make a majority of coins in existence. Altcoin and token blockchains work on the concept of smart contracts or decentralized applications, where the programmable, self-executing code is ruling the transactions within a blockchain. By the way, the vast majority of tokens were distributed on the Ethereum platform.
Generally a fork occurs when a protocol code, on which the blockchain is operating, is being changed, modified and updated by developers or users. Due to the changes, the blockchain splits into 2 paths: an old way of doing things and a new way. These changes may happen because: a disagreement between users and creators; a major hack, as it was with Ethereum; developers’ decision to fix errors and add new functionality. The blockchain mainly splits into hard forks and soft forks. Shortly speaking, coin hard forks cannot work with older versions while soft forks still can work with older versions. Hard fork – after a hard fork, a new version is completely separated from the previous one, there’s no connection between them anymore, although the new version keeps the data of all the previous transactions but now on, each version will have its own transaction history. In order to use the new versions, every node has to upgrade their software. A hard fork requires majority support (or consensus) from coin holders with a connection to the coin network. If enough users don’t update then you will be unable to get a clean upgrade which could lead to a break in the blockchain. Soft fork – a protocol change, but with backward compatibility. The rules of the network have been changed, but nodes running the old software will still be able to validate transactions, but those updated nodes won’t be able to mine new blocks. So to be used and useful, soft forks require the majority of the network’s hash power. Otherwise, they risk becoming set out and anyway ending up as a hard fork.
As it comes from the name, stablecoins are price-stabilized that are becoming big in the crypto world. Still enjoying most of the “typical-cryptocurrency” benefits, it is standing out as a fixed and stable coin, not volatile at all. Stablecoins’ values are stabilized by pegging them to other assets such as the US Dollar or gold. Stablecoins include Tether (USDT), Standard (PAX), Gemini Dollar (GUSD) which are backed by the US Dollar and approved by the New York State Department of Financial Services.
Now that we hacked into cryptocurrency, you probably understand that it is much less mysterious than it first seemed. Nowadays, cryptocurrencies are making the revolution of the financial institution. For example, Bitcoin is currently used in 96 countries and growing, with more than 12,000 transactions per hour. More and more investors are involved, banks and governments realize that these cutting edge technologies are prone to draw their control away. Cryptocurrencies are slowly changing the world and you can choose – either stand beside and observe or become part of history in the making. And remember if you need to exchange your coins StealthEX is here for you. We provide a selection of more than 300 coins and constantly updating the cryptocurrency list so that our customers will find a suitable option. Our service does not require registration and allows you to remain anonymous. Why don’t you check it out? Just go to StealthEX and follow these easy steps: ✔ Choose the pair and the amount for your exchange. For example BTC to ETH. ✔ Press the “Start exchange” button. ✔ Provide the recipient address to which the coins will be transferred. ✔ Move your cryptocurrency for the exchange. ✔ Receive your coins. Follow us on Medium, Twitter, Facebook, and Reddit to get StealthEX.io updates and the latest news about the crypto world. For all requests message us via [[email protected]](mailto:[email protected]). The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision. Original article was posted onhttps://stealthex.io/blog/2020/09/29/how-does-cryptocurrency-works/
If you think you missed out on the internet craze then give Cryptocurrency a shot!
If You Idea You Missed Out On The Web Earnings Transformation Attempt CryptoCurrency When the majority of people consider cryptocurrency they may too be considering puzzling currency. Really couple of individuals appear to understand what it is and for some factor everybody appears to be speaking about it as if they do. This report will ideally debunk all the elements of cryptocurrency so that by the time you're ended up reading you will have a respectable concept of what it is and what it's everything about. You might discover that cryptocurrency is for you or you might not however a minimum of you'll have the ability to talk with a degree of certainty and understanding that others will not have. There are lots of people who have actually currently reached millionaire status by handling cryptocurrency. Plainly there's a great deal of cash in this brand name brand-new market. Cryptocurrency is electronic currency, brief and easy. Nevertheless, what's not so brief and basic is precisely how it comes to have worth. Check out our guide on how to sell btc to figure out how you can turn that beloved coin into cold hard cash. Cryptocurrency is a digitized, virtual, decentralized currency produced by the application of cryptography, which, according to Merriam Webster dictionary, is the "digital encoding and decoding of info". Cryptography is the structure that makes debit cards, computer system banking and eCommerce systems possible. Cryptocurrency isn't backed by banks; it's not backed by a federal government, however by an exceptionally complex plan of algorithms. Cryptocurrency is electrical power which is encoded into complicated strings of algorithms. What provides financial worth is their complexity and their security from hackers. The manner in which crypto currency is made is merely too hard to replicate. Cryptocurrency remains in direct opposition to what is called fiat cash. Fiat cash is currency that gets its worth from federal government judgment or law. The dollar, the yen, and the Euro are all examples. Any currency that is specified as legal tender is fiat cash. Unlike fiat cash, another part of what makes crypto currency important is that, like a product such as silver and gold, there's just a limited quantity of it. Just 21,000,000 of these very complicated algorithms were produced. No more, no less. It can't be changed by printing more of it, like a federal government printing more cash to pump up the system without support. Or by a bank changing a digital journal, something the Federal Reserve will advise banks to do to change for inflation. Cryptocurrency is a method to acquire, offer, and invest that totally prevents both federal government oversight and banking systems tracking the motion of your cash. In a world economy that is destabilized, this system can end up being a steady force. Cryptocurrency likewise offers you a good deal of privacy. Regrettably this can result in abuse by a criminal aspect utilizing crypto currency to their own ends simply as routine cash can be misused. Nevertheless, it can likewise keep the federal government from tracking your every purchase and attacking your individual privacy. Cryptocurrency can be found in many kinds. Bitcoin was the very first and is the requirement from which all other cryptocurrencies pattern themselves. All are produced by careful alpha-numerical calculations from a complex coding tool. Some other cryptocurrencies are Litecoin, Namecoin, Peercoin, Dogecoin, and Worldcoin, among others. These are called altcoins as a generalized name. The costs of each are controlled by the supply of the particular cryptocurrency and the need that the marketplace has for that currency. The method cryptocurrency is brought into presence is rather interesting. Unlike gold, which needs to be mined from the ground, cryptocurrency is simply an entry in a virtual journal which is saved in different computer systems all over the world. These entries need to be 'mined' utilizing mathematical algorithms. Private users or, most likely, a group of users run computational analysis to discover specific series of information, called blocks. The 'miners' discover information that produces a specific pattern to the cryptographic algorithm. At that point, it's used to the series, and they have actually discovered a block. After a comparable information series on the block compares with the algorithm, the block of information has actually been unencrypted. The miner gets a benefit of a particular quantity of cryptocurrency. As time goes on, the quantity of the benefit reduces as the cryptocurrency ends up being scarcer. Contributing to that, the intricacy of the algorithms in the look for brand-new blocks is likewise increased. Computationally, it ends up being more difficult to discover a coordinating series. Both of these circumstances come together to reduce the speed in which cryptocurrency is produced. This mimics the trouble and deficiency of mining a product like gold. Now, anybody can be a miner. The pioneers of Bitcoin made the mining tool open source, so it's totally free to anybody. Nevertheless, the computer systems they utilize run 24 hr a day, 7 days a week. The algorithms are exceptionally intricate and the CPU is running complete tilt. Numerous users have actually specialized computer systems made particularly for mining cryptocurrency. Both the user and the specialized computer system are called miners. Miners (the human ones) likewise keep journals of deals and serve as auditors, so that a coin isn't replicated in any method. This keeps the system from being hacked and from running amok. They're spent for this work by getting brand-new cryptocurrency weekly that they preserve their operation. They keep their cryptocurrency in specialized files on their computer systems or other individual gadgets. These files are called wallets.
One cannot deny the fact that cryptocurrencies are the new future. The world is a live witness that paper money is losing its value and Digital coins are taking over. In this era where internet is the king everything is going digital be it banking, insurance or Currencies. B4U offers the Buying, Selling andExchanging of Cryptocurrenciesat Affordable Rates The business tycoons of the world are the biggest advocates of virtual currencies and they are making sure they are investing in it. Elon Musk has almost verified that paper money is on its last legs and is losing value and the founder of Twitter is making sure he is investing a great deal in digital coins. The Fascination is real. The charisma is real. Common men, middle class men or elites are in digital currencies grip and it’s almost certain that these currencies are going to be the talk of town for a very long time. There are many types of crypto currencies which one can find in the digital market like Bitcoin, Ethereum, Litecoin, Namecoin, Peercoin, Dogecoin, Gridcoin, Primecoin, Bitcoin cash to name a few. The most famous among them are Bitcoin (BTC) they have been the talk of town since their inception in 2009. It’s creator Sotoshi Nakamoto has an ambiguous identity but the coins are very famous. They have gripped the entire nation since their inception and they are soaring high with every passing day.
Save money in the Exchange of Bitcoin at Kuala Lumpur
The value of one BTC is $3,980 but the local exchange will sell you BTC in a much higher price and in case you have few BTC with you and you want to swap them with your local currency which is Ringgit the local exchange will charge you for it via taxes so what’s the way out? You have some digital coins in your pocket and you want to trade them for local currency but what about taxes? How can one evade them? Well there definitely is a way out and that way out is offered by the reputed B4U. They have the Bitcoins ATM machine installed and from there you can business your virtual currency without concerning yourself about taxes. You won’t have to pay much and your BTC will be exchanged too.
B4U offer the best deals for the exchange of Bitcoin in Kuala Lumpur
B4U is reputed to have executed hundreds of successful deals in the buying, selling and exchanging of digital currencies. If you want to buy BTC or any other digital currency that option is available here. If you want to sell or swap your virtual currencies that option too is available here. We have the best deals available for our valued customers and we don’t charge them much. With B4U it’s very easy to be the owner of Digital coins and if you want to disown your coins it’s OK B4U will exchange them in your local currency as well. The best place to get your BTC Exchanged in Kuala Lumpur We are well aware what happen in exchanges. When we get to them to buy, sell or exchange our digital coins or tokens they charge us the heavy fee and not just the fee they try to invade a lot in our privacy. These are just some issues, there is one other problem at local BTC exchanges and that is mostly they don’t give us the option of having our crypto currency changed into local Currency but you don’t need to fret. We know of a place where the BTC can be exchanged into Local ringgit without much tax. This place is B4U and we have what you want. B4U will give you Ringgits for your coins without botheringyourwith the unnecessary taxes
Exchange your virtual currencies into local currencies
The best thing about B4U is if you have Bitcoins or any other virtual currency in your wallet that can be exchanged into all the other currencies. If you are in need of dollars we can give them to you in barter of your crypto. If you need pounds, rupees or any other currency B4U has that option available and you can avail that by trading your crypto with us. We have vowed to make it all easy for our valued customers so if you want the best deals in virtual currencies you can have them from us.
A Golden chance for investors! Invest in virtual currencies
Things are changing rapidly in today’s era. Things which were the sensation a year ago have been replaced with newer addictions. It seems like yesterday when Facebook was the sensation in social media but now things have changed since Instagram has taken everyone in its grip. Paper money was once a great deal. We have lived with it all our lives but since the inception of internet things have changed, now its the era of crypto. Cryptocurrency are taking everyone into its storm and it is visibly taking over the paper money. First credit cards mocked the value of paper money now its the crypto. Virtual currencies are the sensation because of one more thing, there is a chance of profit in it. For instance if you buy one bitcoin for now you will get it in $3,980 but months later its value will double or even triple so in case you intend to sell your cryptocurrencies after few months you will earn a huge profit out of it. There is a reason why the world is going gaga after digital coins, they create the chance of earning huge profit out of them. Bitcoins and Ethereum are clearly taking the lead. Back then when they came into the market they were cheap but now you can’t have them unless you have enough cash with you. You shouldn’t buy the crypto just because everyone else is buying it, you should buy it because they can generate the revenue for you. B4U has the best deals available and if you want to make a profit in cryptocurrencies it’s the right place to come to in Kuala Lumpur, Malaysia.
The ATM Machine will save you a lot of Trouble
Local Exchange are everywhere in Malaysia. The buying, selling and exchanging of crypto currencies are possible at a lot of places but there is a place which has an edge over other exchanges. This place is the ATM machine in B4U. With the availability of ATM machine in Kuala Lumpur it’s a lot easier for the people of Malaysia to have crypto in their access. While the local exchanges will charge you the heavy fee in the buying and selling of virtual currencies the ATM won’t charge you much. You can have your desired coins from the machine after inserting cash. The machine won’t invade your privacy and the method is pretty quick as well. You get a receipt 20 minutes later after inserting your cash. In the exchanges usually there is so intense an interrogation that a customer feels offended but when you know that you have all the keys in your own hand that you will just have to fill up some of your info with the cash then there is nothing to worry about. B4U ATM Machine on google map Customers like the things which are easy to operate and the ATM machine installed in B4U can be operated by a layman as well. As we all know it’s the era of digital currencies. Only that one is successful in this age who is investing in the right place. So invest in crypto because it promises a great future. More Articles about B4U ATM Machine
B4U offers the buying, selling and exchanging of cryptocurrencies at affordable rates. The ATM machine installed in B4U can be used to buy, sell and exchange the virtual currencies. Be in touch with us and secure yourself a great deal.
Cryptocurrency Market - The Biggest Trends to watch out for 2018-2025
New market research study provides an analysis and evaluation of the current and prospective profitability, liquidity and financial stability of Global Cryptocurrency Industry. Cryptocurrency is a digital currency which operates on cryptographic techniques to complete safe transaction. Being decentralized with no governing body/central body involved in verifying transaction, secured protection and producing new currencies are projected to be the major reason for the market growth over the forecast period. Moreover, cryptocurrency’s community which include miners/stakers, developers, service providers, users etc. drive the governance of cryptocurrencies. The positive feedback loop has made the community more homogenous. Globally, cryptocurreny has been selected as digital payment method for the future financial world. These convenient currencies are completely digital requiring online transaction unlike physical cash. Hustle free transaction and deduction in entire ownership cost are few key features propelling the industry. Major drivers include authentication, ease of transaction, complete security, faster international transaction are expected to spur the market growth with steady performance. Moreover, the industry has not been confined with government rules, exchange rates, interest rates or international transaction fee, hence, making the currency more convenient for application. The currencies can also be transferred digitally via devices such as smartphones, since they are completely unrestricted from any centralized bank/authorities. Vendors and consumers prefer virtual money for making payments, henceforth, creating new opportunities for the market growth. Get PDF with Technological trends athttps://www.xpodenceresearch.com/Request-Sample/105813 Tax-free & compliance-free transactions, lesser chances of identity theft & fraud and negligible fee charged for cryptocurreny transaction are few other key elements augmenting the industry growth over the forecast period. Moreover, lack of awareness among the people and stringent rules and regulations for application of robots in various countries is expected to restrain the market growth. The emerging industry is projected to grow over the forecast period with more public awareness and continuous increase of new market players with innovative product/services. The market has been segmented into type of currency, mining types, and application. The type of currency segment includes Bitcoin, Litecoin, Ethereum, Ripple, and others. Mining type is segregated into solo and pool mining. The application segment includes banking, real estate, stock market and virtual currency. Other application for the market includes retail sector, gaming industry, education, logistics & transportation, BFSI, tourism sector, media and entertainment industry. BFSI is expected to acquire the major share followed by retail sector operating on cryptocurrencies. The cryptocurrency mining hardware includes Central Processing Unit (CPU) mining, Graphics Processing Unit (GPU) mining, Field-Program Gate Array (FPGA) mining, and Application-Specific Integrated Circuit (ASIC) mining. ASIC mining can calculate 10,000 times faster than conventional CPU mining. Increasing acceptance and potential growth for this industry have attracted various small vendors globally for competing in the market. Apart from Bitcoin, Litcoin has also gained prominence in the market over last few years, there are plenty of vendors in the market namely as Litecoin, Namecoin, Novacoin, Peercoin, Ripple, Steller, Primecoin, Megacoin, and many others. Geographically, the market is expended across North America (U.S., Mexico, and Canada), Europe (UK, France, Germany, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and MEA (Middle East, Latin America, and Africa). North America region dominates the market owing to the regulations offered by the government. Brazil and Canada are other major regions using cryptocurreny due to rules and regulations Obtain Report Details with technological advancement athttps://www.xpodenceresearch.com/Reports/Cryptocurrency-Market Key market players include Intel Corporation, Microsoft Corporation, Xilinx, Inc., NVIDIA Corporation, 21 Inc. AlphaPoint Corporation , Amazon.com, Inc., Advanced Micro Devices, Inc, BTL Group Ltd.(Blockchain Tech), BitGo, BitFury Group , Coinbase UK, Ltd. Coinsecure, Unocoin, Coinbase, Bitstamp Ltd., Zebpay,, Poloniex Inc., Bitfury Group Limited, Global Area Holding Inc., Digital Limited, IBM Corp, are the other niche players. About Us: Xpodence Research is a U.S. based Market Research Company and offers the most extensive collection of progressive surveying syndicated and customized research reports of various categories for private and public industries across the globe. We offer the comprehensive market research solution for all the industries by performing the in-depth study of industry trends, verticals globally. We believe in building an eternal bond with our customers through providing them inclusive research study both customized and syndicated based on their specific requirements. The organizations in every industry such as Technology, Pharmaceuticals, Consumable Goods, Food & Beverage and others demands a market-based solutions for various significant decisions based on productivity and output globally. Our services are tailored specifically to our clients by proposing them the potential outcome, based on our in-depth analysis and insights for exploring the growth strategies through providing the best possible decision for quality production. Contact Us: Xpodence Research 244, Madison Avenue New York City, NY - 10016 United States Toll Free +1- 844-445-2861 Email: [[email protected]](mailto:[email protected])
New Idea: Peer 2 Peer, Decentralized Cryptocurrency Exchange
A powerful idea occurred to me earlier today that would benefit the state of cryptocurrencies immensely if it became a reality. A network where cryptocurrencies can be exchanged in a P2P fashion with a block chain type architecture similar to what cryptocoins use themselves. Decentralized and out of the control of any individual. It cuts out the middle man and reduces the need for "exchanges". For example, you can trade Bitcoin for Litecoin, PPC, Namecoin, Feathercoin, or whatever other currency is supported without the need to pay any transaction fees or pay a "percentage" to an exchange. Direct trades from one person to another throughout the network. I would imagine the GUI would look like a crossbreed between the current QT wallet software coins are using and napster back in the good ole days. It also opens up a whole new market for investing, without your spread difference.....bid/ask price, or any trade fees. A P2P exchange like this would only make crypto more popular because it would attract virtually every investor that currently trades on the Forex market. No spread = GG. It's a Forex traders wet dream. Assuming this was created and ran smoothly, the only reason we would need any exchanges like Mt.Gox at all would be to convert crypto into fiat. There would still be an exchange fee for this of course but that's understandable. With the infrastructure finally getting put in place for BTC and LTC, it's quite feasible that we won't even need to trade crypto for fiat in order to pay for the things we need in daily life in the near future. I'm sure I'm not alone in being able to appreciate this idea, and how awesome it would be for cryptocurrency in general. Alas, I'm not a programmer so I decided to put this out in reddit land, hoping a group of brilliant young minds see the value in the idea and actually create it.
(NB: typos mine; crappy OCR software. If anyone wants to see the Eliott Wave he's discussing and I'll make it available.) Bitcoin Bubble or Bitcoin Breakthrough? How about both? by Elliott Prechter December 20, 2013 in the Elliott Wave Theorist EWT discussed Bitcoin for the first time in August 2010, when the currency traded at six cents. As far as we know, EWI was the first financial publisher to discuss it. Bitcoin was unknown to the general public and off private investors’ radar. Even the earliest adopters did not take it as seriously as they should have. The most notable example of this is the man who paid 10,000 BTC for a pizza. This pizza purchase is now famous (https://bitcointalk.org/index.php?topic=l37.0), and many continue to track its price in USD terms via the “Bitcoin Pizza Index," which recently hit an all-time high of over S12 million. Fast forward to today, and the currency is regularly featured in financial news and social media. Bitcoin Magazine has become popular, Congress is holding hearings on the currency, Germany has defined its role in finance, China is ruling on its legality, and the business world is adopting it. The most prominent business to embrace Bitcoin is Virgin Galactic, one of the many creations of billionaire Richard Branson (http://www.cnbc.com/id/101220710). EWT readers were prepared for all this. When Bitcoin was still in the shadows, the August 2012 issue said,
Presuming bitcoin succeeds as the world’s best currency-and I believe it will-it should rise many more multiples in value over the years. -EWT, August 2012
The big question on the minds of investors is not what Bitcoin has achieved, but should they buy Bitcoins now? It’s amusing that so many people ignored Bitcoin upon hearing about it in 20 1 0, but now that its price has gone up 20,000 times, they want to invest. Notwithstanding the currency’s potential, this shift in attitude is a signal saying now is not the time to buy. Let’s look at four areas of evidence: 1) Optimism is off the charts. Past issues of The Elliott Wave Financial Forecast discussed people selling their homes and borrowing money to invest in Bitcoins. That was near the peak of wave Now the desire to buy has grown even more extreme. Bloggers are calling for Bitcoin to reach S1 million. . .soon. One young investor borrowed a million dollars from his father and without his knowledge invested it in Bitcoin (https://bitcointalk.org/index.php?topic=359228.0). The other day I walked into a convenience store wearing a Bitcoin T-shirt, and the owner asked me if he should invest now. I felt like I was living in 1929. 2) Investors have recently been rushing to buy a rash of 95 (at last count; see https://bitcointalk. org/index.php?topic=l34179.0) new clones of Bitcoin that have recently emerged: Litecoin, Namecoin, Zerocoin, BBQCoin, PPcoin, PrimeCoin, NovaCoin, FeatherCoin, TerraCoin, Devcoin, Megacoin, Mincoin, DigitalCoin, Anoncoin, Worldcoin, Freicoin, IxCoin... and more. (That they are clones is obvious from the lack of imagination in naming.) This rush of clones is reminiscent of the South Sea bubble of 1720 and the dot-com mania of 1999, when shares of zero-profit, copycat companies (and even fake ones) sold like hotcakes. Virtually every week now, the Bitcoin code is forked into a new coin that investors bid up. lt’s as if buyers feel the world will run out of cryptocurrency, which in fact is infinitely and freely duplicable. 3) The Elliott wave pattern from Bitcoin’s inception shows five waves up. The December ll Short Term Update noted that a major top was potentially in place: The peak [in Bitcoin] came 10 days after U.S. officials, ranging from an assistant attorney general with the Department of Justice to Fed Chairman Ben Bernanke, “spoke approvingly of the potential of virtual currencies." So, here again, the government is getting on board at the very tail end ofa long rise. Since we posted that comment, Bitcoin has fallen an additional 40%, bringing it down nearly 60% from its all-time high. Will this prove to be just another brief, sharp correction or something larger? Take a look at the completed impulse pattern shown in Figure 3. The structure begins very near the inception of the currency three-plus years ago, when it was selling for a penny. Notice that wave @ is a triangle (see text, p.49), which typically comes in the fourth-wave position. Wave a thrust, carried to the all-time high of S 1242 on November 29. The reversal from that point should mark the start of the largest bear market to date in the currency. This forecast is in tune with the anticipated bear market in the broader stock averages, which have strongly correlated with Bitcoin’s pattern. The chart is in log scale to show the returns one would have achieved in each impulse leg of the pattern. Wave Q) achieved a stunning 3 19ox gain. Wave ® achieved 59.3% (a Fibonacci 3/5) of the gain of wave Q). Wave ® (measured from the low of wave @) achieved 39.3% (a Fibonacci 2/5) of the gain of wave (D and 66.3% (a Fibonacci 2/3) of the gain of wave Therefore, while each upward move has been large, each successive wave has been decelerating in log terms relative to past waves, in each case by a Fibonacci multiple. Also notice that Bitcoin trades more like a commodity than a stock, with its blow-off tops and extended fifih waves. Most of the gain since early 20 12 has been within (5) of ® and the final wave all of which is probable retracement territory. 4) Most people involved in this mania seem oblivious to Bitcoin’s fundamentals. In my experience, raising these issues publicly earns scorn for spreading “FUD.” But there is a good reason-now widely ignored-that Bitcoin is beta software. Our August 2010 piece explained how Bitcoin operates, but it’s worth revisiting some details to understand just how out-of-touch investor expectations are with the reality of Bitcoin technology. Specifically, let's examine the limitations of Bitcoin’s blockchain. The blockchain is the heart of Bitcoin. In its simplest form, the blockchain is a public ledger of all transactions that happen in the Bitcoin network. Each block is composed of individual records that track the ownership of each coin. The transactions “fit” together cryptographically. A block is created about once every 10 minutes by the network. Each block is then cryptographically linked to the previous blocks in the chain, forming a history of all transactions that-to Bitcoin’s credit-cannot be forged. To the extent that Bitcoin currency is real, it could be said that the blockchain is the Bitcoin currency. Yet the core problem with the blockchain is that it grows over time and must be shared by every fiill Bitcoin node. Today it is nearing 13 GB in size. Now, 13 GB doesn't sound too large, but at the current rates of exponential growth the blockchain is projected to become over a terabyte in size in just three years. What's more, the amount of accompanying data required to handle just a fraction of Visa-level traffic would overwhelm even the fastest Internet connections. This technical hurdle makes the “Bitcoin is going to a million” commentary seem premature. The hope for Bitcoin’s future lies in its open-source nature, allowing it to be improved, and Moore’s Law. Moore’s Law is colloquially used to signify the exponential increases in computer-hardware efficiency over time, including network capacity. But Moore’s law-which calls for a doubling of computer speed every two years-has hit a snag in recent years: the rate of improvement in performance has dramatically slowed, causing many experts to call for the end of the operation of Moore’s law. (For the record, Moore’s Law was never intended to refer to computer hardware performance, but the media have confused the term to the point where it is now generally used in this context. Originally, it was intended to refer to the increase in the number of transistors that are packed into microchips.) The past four years have been an exciting ride for Bitcoin. But the evidence says the Bitcoin bull market is done for now. It would be best to put Bitcoin out of your mind for the duration of the deflationary wave that is curling toward the financial world. Due to the psychology surrounding Bitcoin, as well as its correlation with the stock indices, it is too risky to buy now. Due to its open-source nature, however, Bitcoin’s infrastructure should continue to improve over the years. For the long run, I agree with Roger Ver, the CEO of memory dealers and one of Bitcoin’s earliest adopters, who recently said, “It is just getting started." But one could have said that about the U.S. stock market in 1966. It would have been visionary only if you were patient and willing to hold through a very deep valley. Our position is that Bitcoin will never again sell for 6 cents, as it did when EWT first wrote it up. But there will be another time to buy it for relative peanuts alongside stocks, real-estate, gold and silver. When the time comes, no one will be interested. Elliott Prechter's primary task at EWI is working on EWA VES, our in-house artificial intelligence softwarefor analyzing Elliott waves.
Please explain the value of the other alt-currencies?
Hey, cryptocurrency n00b here. Please don't flame. I own a couple of bitcoins. I had heard about litecoins a short while back, but don't own any, but was considering investing in some (maybe 1 or 2 BTC worth). I've recently heard of a number of other alternative virtual currencies: peercoin, novacoin, terracoin, feathercoin, namecoin, primecoin What is the point of these? For a currency to have any actual value, it needs to be actually useable and accepted by merchants. It's an easy way to pay for goods/services without the barter system. I can't imagine any merchants accepting 10 different virtual currencies. Also, I originally thought the whole point of a cryptocurrency was to have a universal, decentralized currency - one that is accepted worldwide, that everyone uses, free from being bound to any flags, governments, central banks, etc... Doesn't 10 different competing currencies cause the same problems as having pesos, yens, yuans, dollars, pounds, rubles, euros, candian dollars, rands, francs, shekels, etc..? And on that note, why not create yet another cryptocurrency that uses a slightly different hash algorithm? We can extend the several that are tradeable on BTC-E to a dozen more. At what point are there too many currencies? I'm not that familiar with monetary theory. No disrespect if yall own any of these. I can understand the point of bitcoin/litecoin as gold/silver. But these other ones just seem like speculative scams / online gambling pure and simple. Thanks
Official press release: Telegraf.Money has issued a crypto currency for the DEBIT Coin community
Telegraf.Money, a financial instant messenger with integrated VISA/MasterCard cards, specializing in p2p-credits, money transfers from card to card, announced the release of its own cryptocurrency. In near future, users wishing to buy a messenger cryptocurrency will be able to take part in the test sale of DEBIT Coin coins — cryptocurrency. Own cryptocurrency will help tighten Messenger users in the process of transactions between them, both financial and commercial. To earn DEBIT Coin will be in the form of interest on decentralized loans and deposits from embedded cards, cryptocurrency mining, as well as on various services provided by community members. The released DEBIT Coin tokens are tied to the VISA/MC cards embedded in the messenger, i.e. The holder of crypto-currency will be able to pay it off from his virtual or plastic card. Currently, the conversion rate is set by Telegraf.Money itself, then the coin value will be tied to the weighted average rate on the exchanges trading with the token. Thus, the owners of the tokens will be able to use them for purchases without cashing through the exchange. Telegraf.Money Messenger is available on Android/iOS/Windows/MAC devices, also in the Web version. In 3 months it is planning to integrate multi-wallet into the messenger, where participants can store any cryptocurrency (Bitcoin, any altcoins, and all ERC-20 tokens), an exchanger on the Shape Shift platform. Telegraf.Money plans to launch a messenger exchange where participants can exchange crypto-currencies among themselves, and also change them to fiat and electronic money. There are also encrypted text and audio messages, audio and video calls, group conferences, task-organizer — today people often spend their entire day in instant messengers and it is very convenient to plan there all their business with reminders. Using Telegraf.Money it will be possible to communicate, transfer money and make financial transactions with subscribers of other instant messengers: Skype, Facebook Messenger, Telegram. A total of 1.000.000.000 (one billion) tokens are released, on the Ethereum blockchain compatible with the ERC-20 standard, ie DEBIT Coin will be able to transfer through any E-wallet a wallet that supports this standard. Https://etherscan.io/token/0x577f56a16080787323a8e4a9227c040b1c2017cd The offer of cryptocurrency will be available to users of the messenger and their partners. The minimum purchase amount of tokens will be $10, the maximum $100.000. The payment will be accepted both through the payment cards integrated into the messenger and by popular electronic payment systems using the exchange partners and the cryptocurrencies BTC, DASH, LTC, ETH and EMC. Participants who took part in the test deposit receive a plastic card free of charge*, also for the first half year the bonus is the withdrawal of cash from the card and purchases without commission. Each token buyer worth $500 will receive a Free DEBIT Coin Gold — a multi-currency wallet for storing up to 5 keys from the cryptocurrency Bitcoin, Ethereum, Litecoin, Namecoin, Dash. Your wallets will be reliably protected from viruses, malware, and blocking. Multi-proof DEBIT Coin Gold wallet is the safest wallet for your cryptocurrency. It provides you with the best protection, so anyone who is not even familiar with the market can encrypt a person, can reliably protect their crypto assets. What is DEBIT Coin Token DEBIT Coin (DBC) is a decentralized cryptocurrency for performing any operations between community members, replenishing VISA/MC cards tied to the Telegraf.Money Messenger, for issuing and receiving short-term loans on the block, creating smart deposits, accepting and sending payments Between users of the messenger. The DEBIT Coin tokens are issued on the Ethereum blockchain contract. Tokens can be used for any purchases from VISA/MC cards, withdrawal of cash, international transfers to anywhere in the world, sell on the exchange, exchange offices. Distribution of DEBIT Coin tokens As part of the test sale, the distribution of tokens will take place for a maximum of 29 days, starting July 10, 2017, from 12:00 GMT. 10.000.000 (ten million) tokens, representing 1% of the total emissions, will be distributed according to the schedule below: 1.000.000 (one million) tokens are sold within 3 days, starting July 10 from 12:00 to GMT to July 13 11:59 GMT. The minimum value of the token is set at $0.10 1,000,000 (one million) tokens are sold for 4 days, starting July 13 from 12:00 to GMT on July 16 11:59 GMT. The minimum value of the token is set at $0.15 3.000.000 (three million) tokens are sold within 10 days, starting from July 16 from 12:00 to GMT to 26 July 11:59 GMT. The minimum cost of the token is $0.20 5.000.000 (five million) tokens are sold within 15 days, starting July 26 from 12:00 to GMT to August 10 11:59 GMT. The minimum value of the token is $0.25 At the end of each period mentioned above, a certain number of DEBIT Coin tokens will be distributed proportionally among all buyers, depending on the total amount of funds contributed (in USD on the day of allocation) made during these periods, as follows: EXAMPLE: 1. 100 DEBIT Coin tokens are available for sale during the period. 2.Alex contributes 20 dollars, and Maria during the period makes 5 dollars. 3. A total of 25 dollars were paid for 100 DEBIT Coin tokens for this period, 1 DEBIT Coin token will be distributed for every $0.25. So Alex gets 80 DEBIT Coin tokens, and Maria gets 20 DEBIT Coin tokens. In the event that a consignment of coins is sold before the minimum set period, this lot is added the number of coins from the next batch to the lower value, until the deadline ends, and so on.
SPECTROCOIN.COM Bitcoin Exchange, Wallet, Debit Card and Merchant solution
SpectroCoin.com is an all in one solution for Bitcoin offering Bitcoin wallet, Bitcoin exchange, Bitcoin debit card and Bitcoin payment processing services. We serve clients in more than 150 countries and we aim to offer the highest speed at the lowest price. SpectroCoin offers: BITCOIN WALLET Store, send and receive bitcoins with online or mobile wallets (Android, iOS, Windows). The API integration is also available. SpectroCoin wallet supports over 20 currencies including BTC, DASH, USD, GBP, EUR, JPY, PLN, CHF, CZK, XAU, CNY, GEL, RUB, HRK, BYN, ZAR, TRY, SGD, SEK, NOK, HKD, DKK, CAD, AUD. We offer full support of DASH wallet as well. Wallet API – easy RESTful API to send, receive bitcoins and DASH, exchange between currencies, initiate mass payments and more. BITCOIN EXCHANGE Bitcoin exchange allows to buy and sell bitcoins versus more than 40 different currencies with over 20 payment options including:
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Mobile top-ups – Top up your mobile phone with bitcoins in over 140 countries. Amazon vouchers – buy Amazon.com, Amazon.co.uk, Amazon.de, Amazon.fr, Amazon.es and Amazon.it vouchers with bitcoins. Altcoin deposits – Deposits with over 40 types of Altcoins: Augur, Ether, Novacoin, StartCoin, Clams, Litecoin, Reddcoin, Voxels, Dogecoin, Emercoin, Namecoin, SingularDTV, BitShares, Lisk, Peercoin, Vertcoin, DigixDAO, Monero, StorjcoinX, BlackCoin, LBRY Credits, PotCoin, VeriCoin, DigiByte, Monacoin, Siacoin, BitCrystals, Factoids, Nxt, Tether, Dash, Mastercoin, ShadowCash, Bitcoin, Ether Classic, NuBits, Steem, Counterparty, MaidSafe, Ripple, Zcash. BITCOIN DEBIT CARD Bitcoin debit card allows spending bitcoin in any online or physical locations where VISA or MasterCard is accepted.
Plastic - 8 EUGPB/USD
Virtual - 0.5 EUGPB/USD
No loading fee, no limits for verified cards, possibility to unload money from PayPal, Skrill and other systems.
BITCOIN PAYMENT PROCESSING Bitcoin payment processing enables merchants to easily accept bitcoin as a payment in their businesses. API – We offer Merchant API to ease and simplify Bitcoin integration into your business. With Bitcoin Merchant API, we entrust you with your wallet management and give examples how Bitcoin integration works. Bitcoin Payment Plugins – We offer Bitcoin payment gateway plugins for:
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What is NXT? Nxt is considered a 2nd generation crypto currency. With all the alt coins coming out that only change things such as hashing mechanism, time between blocks, starting difficulty, and so on, Nxt brings much much more to the table and was designated this way for a number of reasons:
It is not an "alt coin" like coins such as litecoin, peercoin, and others who have their code based on Bitcoin's source code. It is brand new from scratch with its own code.
It provides built in support for planned extra features such as a decentralized peer-peer exchange, colored coins, messaging/chat, decentralized DNS, and options for instant transactions. We will describe these advanced features later in this article.
It is a 100% proof of stake versus the proof of work mechanism the vast majority of other coins are based on. This effectively removes a large security risk inherent in most other coins, as now the issue of a 51% attack or other vulnerabilities inherent to PoW coins are now gone. The biggest plus here is how green this protocol is (not a reference to colored coins) in power consumption, since PoS doesn’t require massive amounts of hashing power
It was announced weeks in advance, unlike mere hours like most coins. The 71 stakeholders are responsible for distributing the 1 billion Nxt coins that were ejected from the genesis block via an injection of bitcoin (donated by them, 21 BTC total) into the genesis block. This is a requirement for this PoS system to work and this distribution is now in progress. Nxt is listed on http://coinmarketcap.com/ and people are trading on a 1on1 basis in the forums as well as on a temporary (centralized) exchange http://www.dgex.com.
Let's get into the first planned feature, a decentralized exchange. How do we currently trade coins now? Well you have to sign up for an account on a centralized platform such as Cryptsy/BTC-E/Bteetc, transfer them your coins and pay them for transactions. This brings in a large concern that I personally have yet to be seen brought to light, in that it’s possible that the exchange could just bail with everyone's deposits. This has actually already happened when the Sheep Marketplace did just that with 96,000 bitcoins, ending up as the largest theft in history. The developers of NxT (BCNxt and his crew) are developing a peer-peer exchange into the software to allow for decentralized trading which will eliminate this trust point. It will also eliminate trading fees! Obviously this is all still completely secure and anonymous as are current bitcoin transactions. But let’s not stop there. If you can have a decentralized exchange based on the peer-peer model then what else is possible? Well, quite a bit as it turns out; the developers are also building in a decentralized DNS system to compete with namecoin. Also in the future we can expect messaging and chat systems that, like the p2p exchange, will also be completely secure and anonymous. Think of what this will allow: Completely anonymous websites, AND anonymous payments, to go with an anonymous support system in the chat/messaging feature, all 100% secure, encrypted, and irreversible. Nxt (pun intended) is one of the more curious services: colored coins. To understand the concept of colored coins requires a fairly deep view into bitcoin transactions that most people aren’t aware of. With bitcoin, each transaction's output hashed address is based on a previous receiving address that originally received that coin. So with the blockchain, a set of bitcoin transactions can be traced. Not to a person mind you, but what is meant is that an individual coin or pieces of that coin can be traced back on a transaction by transaction basis. Since this is a case, then if it was possible to expand the protocol to allow a person to designate or "color" a particular coin, then we can build a bridge from the virtual crypto currency world to the physical world. In effect that coin can then be used to represent some physical entity here on earth. Property, stocks/bonds, commodites, or really any concept that can be concretely identified could be used. This protocol expansion is exactly what is being built into Nxt’s unique code to allow for the use of colored coins. Let’s talk about Proof of Stake and green energy. Everyone knows how bitcoin is based on Proof of Work. That is there are thousands of miners around the world crunching away at hashes and gobbling up TONS of power. Now, PoS doesn’t really involve ‘mining’ per se; it’s important to realize that unlike bitcoin, all Nxt that will ever exist already exists, so client wallets now ‘mine’ for transaction fees. A growing trend is to refer to this as ‘forging’ instead of ‘mining’. Since this can be done on a client wallet loaded on a PC (CPU mining), it is MUCH more environmentally friendly and power efficient. Now, on to the nuts and bolts of Nxt’s implementation of PoS. Its elegantly simple: transaction fees are distributed out proportionally to all users based on the amount of Nxt a client has. (assuming that client is running and unlocked). So if a client has 1 million Nxt, then they have 1/1000 of a chance of receiving the transaction fee for any transaction. The math here is 1 million (amount the client has) divided by 1 billion (total Nxt in existence) is 1000, so that is 1/1000 of a chance. Some extra notes about Nxt: Nxt is a brain wallet, a very long and secure passphrase MUST be used to generate your account. As stated, to forge (AKA mine) for transaction fees, your client must be running and unlocked on your machine. The software is currently java based, and closed source. Pieces of the code are available for review upon permission of the devs, but the full code will not be released until Jan2014 official launch. Many people refer to this as 100% pre-mined, but this isn’t really accurate since there is no mining, and the PoS system depends on all coins being distributed out. The Nxt official thread in bitcointalk.org is at https://bitcointalk.org/index.php?topic=345619.0
Diversify intelligently, not haphazardly. Crypto diversification is about spreading your money across multiple economic models, multiple codebases, and multiple consensus algorithms so that one problem with one thing doesn't wipe you out. by slowmoon (43 points, 35 comments)
How did litecoin and namecoin and all of these other things come into existance? How easy is it to create a version of virtual currency? (Edit) To clarify: No, I don't plan on trying. I am wondering how lots of versions of bitcoin came about.
I paid .1 btc to buy 18,000 next a month ago. happy new year worth around 1.8 btc and rising steadily. Dgex.com nxt/btc exchange overloaded with traffic over christmas
Why are people buying next? Here is a repost about "what is nextcoin" for anybody wondering what all the Hype is about. What is NXT? Nxt is considered a 2nd generation crypto currency. With all the alt coins coming out that only change things such as hashing mechanism, time between blocks, starting difficulty, and so on, Nxt brings much much more to the table and was designated this way for a number of reasons: It is not an "alt coin" like coins such as litecoin, peercoin, and others who have their code based on Bitcoin's source code. It is brand new from scratch with its own code. It provides built in support for planned extra features such as a decentralized peer-peer exchange, colored coins, messaging/chat, decentralized DNS, and options for instant transactions. We will describe these advanced features later in this article. It is a 100% proof of stake versus the proof of work mechanism the vast majority of other coins are based on. This effectively removes a large security risk inherent in most other coins, as now the issue of a 51% attack or other vulnerabilities inherent to PoW coins are now gone. The biggest plus here is how green this protocol is (not a reference to colored coins) in power consumption, since PoS doesn’t require massive amounts of hashing power It was announced weeks in advance, unlike mere hours like most coins. The 71 stakeholders are responsible for distributing the 1 billion Nxt coins that were ejected from the genesis block via an injection of bitcoin (donated by them, 21 BTC total) into the genesis block. This is a requirement for this PoS system to work and this distribution is now in progress. Nxt is listed on http://coinmarketcap.com/ and people are trading on a 1on1 basis in the forums as well as on a temporary (centralized) exchange http://www.dgex.com. Let's get into the first planned feature, a decentralized exchange. How do we currently trade coins now? Well you have to sign up for an account on a centralized platform such as Cryptsy/BTC-E/Bteetc, transfer them your coins and pay them for transactions. This brings in a large concern that I personally have yet to be seen brought to light, in that it’s possible that the exchange could just bail with everyone's deposits. This has actually already happened when the Sheep Marketplace did just that with 96,000 bitcoins, ending up as the largest theft in history. The developers of NxT (BCNxt and his crew) are developing a peer-peer exchange into the software to allow for decentralized trading which will eliminate this trust point. It will also eliminate trading fees! Obviously this is all still completely secure and anonymous as are current bitcoin transactions. But let’s not stop there. If you can have a decentralized exchange based on the peer-peer model then what else is possible? Well, quite a bit as it turns out; the developers are also building in a decentralized DNS system to compete with namecoin. Also in the future we can expect messaging and chat systems that, like the p2p exchange, will also be completely secure and anonymous. Think of what this will allow: Completely anonymous websites, AND anonymous payments, to go with an anonymous support system in the chat/messaging feature, all 100% secure, encrypted, and irreversible. Nxt (pun intended) is one of the more curious services: colored coins. To understand the concept of colored coins requires a fairly deep view into bitcoin transactions that most people aren’t aware of. With bitcoin, each transaction's output hashed address is based on a previous receiving address that originally received that coin. So with the blockchain, a set of bitcoin transactions can be traced. Not to a person mind you, but what is meant is that an individual coin or pieces of that coin can be traced back on a transaction by transaction basis. Since this is a case, then if it was possible to expand the protocol to allow a person to designate or "color" a particular coin, then we can build a bridge from the virtual crypto currency world to the physical world. In effect that coin can then be used to represent some physical entity here on earth. Property, stocks/bonds, commodites, or really any concept that can be concretely identified could be used. This protocol expansion is exactly what is being built into Nxt’s unique code to allow for the use of colored coins. Let’s talk about Proof of Stake and green energy. Everyone knows how bitcoin is based on Proof of Work. That is there are thousands of miners around the world crunching away at hashes and gobbling up TONS of power. Now, PoS doesn’t really involve ‘mining’ per se; it’s important to realize that unlike bitcoin, all Nxt that will ever exist already exists, so client wallets now ‘mine’ for transaction fees. A growing trend is to refer to this as ‘forging’ instead of ‘mining’. Since this can be done on a client wallet loaded on a PC (CPU mining), it is MUCH more environmentally friendly and power efficient. Now, on to the nuts and bolts of Nxt’s implementation of PoS. Its elegantly simple: transaction fees are distributed out proportionally to all users based on the amount of Nxt a client has. (assuming that client is running and unlocked). So if a client has 1 million Nxt, then they have 1/1000 of a chance of receiving the transaction fee for any transaction. The math here is 1 million (amount the client has) divided by 1 billion (total Nxt in existence) is 1000, so that is 1/1000 of a chance. Some extra notes about Nxt: Nxt is a brain wallet, a very long and secure passphrase MUST be used to generate your account. As stated, to forge (AKA mine) for transaction fees, your client must be running and unlocked on your machine. The software is currently java based, and closed source. Pieces of the code are available for review upon permission of the devs, but the full code will not be released until Jan2014 official launch. Many people refer to this as 100% pre-mined, but this isn’t really accurate since there is no mining, and the PoS system depends on all coins being distributed out. The Nxt official thread in bitcointalk.org is at https://bitcointalk.org/index.php?topic=345619.0 I turned .1 into 1.8btc (give and take) next currently worth 5-7 cents; btc about 755$
negocoin - Virtual Currency Classifieds. Exchange your stuff for bitcoins, litecoins or any other cryptocurrency.
We've only recently launched this virtual currency classifieds website a month ago and have received some support from a few people eager to get rid of their junk. One mans junk is another mans treasure - as they say! www.negocoin.com Help give the site more exposure so that more ads are posted daily and we can stimulate the bitcoin and crypto-currency economy! This website is aimed at people who wish to earn some crypto-currency in exchange for services or items offered. The list of digital currencies currently includes bitcoin, litecoin and namecoin yet more will be added as popularity ensues. Keep in mind the site is still in beta phase and there may be some slight bugs or errors and some links may just point to the home page. Please report any bugs to [email protected] or through the contact form on the website. Future plans for the website include:
Posting featured ads that get more exposure for a small fee
Partnering with a reliable optional escrow service so users can exchange with piece of mind
Suggestions for implementation of what users may want integrated in the site
Uptrenda whitepaper: a peer-to-peer cryptocurrency exchange - feedback requested
So I've been working on a new design for trading cryptocurrencies that significantly reduces the impact of a compromise as well as the economic incentive for an attacker. My design is peer-to-peer and based on using smart contracts to allow complete strangers to trade altcoins without relying on a centralised exchange. It is a peer-to-peer approach, although (as of yet) it's not completely decentralised because it also includes aspects of traditional exchanges to help make matching trades faster and more reliable. The main benefits of my system:
It supports an insane amount of cryptocurrencies. Virtually every altcoin you've ever heard of (spoiler: based on Bitcoin can be traded.) This includes Bitcoin, Dogecoin, Litecoin, Peercoin, Feathercoin, Namecoin, and the hundreds of others out there. It even includes future cryptocurrencies because my design is completely currency agnostic and doesn't rely on hard coding to support new coins.
It doesn't use non-standard transactions. This is what allows the software to work with actual real coins - not just test coins. You can prove virtually any design on the test network but if it doesn't work with real coins then what's the point? (Also, standard TX = faster confirmations and lower TX fees.)
It solves the transaction malleability problem by introducing a new kind of fail-safe dispute system but without the traditional problems of relying on third-party trust. TX malleability currently effects all smart contracts proposed for trading "across block chains" and the impact is that an attacker can cause your money to be locked up which can result in an extortion scenario: I'll sign your refund transaction for a cut in the coins. (I'm guessing you probably -don't- want to use a P2P exchange that doesn't address this problem.)
It's unbelievably secure. A P2P exchange gives you full control over your coins at all times. There are no deposits required and you handle your coin's security as you see fit.
I've written a white paper that describes my design and I'll be releasing a basic prototype in the coming weeks, just got to put in some finishing touches. If anyone has some spare time to read my paper (warning: it's a little technical) - I'd deeply appreciate some feedback. The paper is available here: https://pdf.yt/d/KzFdlJWF3UTTlf_i Edit: Fixed formatting. Sorry.
Bitcoin is technology. Don't compare it to gold or currency.
I have read many articles all over the internet about bitcoin is the gold 2.0, virtual currency replaces fiat money. Gold is the commodity. Gold value has been around in the history for 5000 years. Its value will be here for another 5000 years unless the scientist can create the synthetic gold or they can mine gold in the asteroid. US dollar or any other fiat money is backed by the government with military and police. Bitcoin is the technology. It is like http for the web, smtp protocol for email. The more people use it the more value it is. 2 or 3 people use it then it has little value. Billion people use it then it has the tremendous value. It is the power of network. It likes Facebook or Twitter with billion people using it then it worths multi-billion dollar. Technology comes and goes. The new technology will replace the old technology or make the old technology obsolete. The new better digital currency will replace bitcoin. Investing in bitcoin likes investing in the technology stock. Investing in it right now like you buy Microsoft IPO in 1986 and you sell Microsoft stock at its peak value in 2000. Don't ask Warren Buffett about investing in bitcoin. He never invest in anything that he doesn't understand. Beside he doesn't want to invest in technology stock. He refused to invest in Intel or Microsoft even he had the chance to know the company CEO. There are many other cryptocurrency such as Litecoin, Namecoin, Peercoin, Feathercoin. It is like there are many social network websites like Facebook, Google+, Myspace, LinkedIn, Bebo. The one has the most users then it will has the most value as the market cap. All of the cryptocurrencies will coexist. Bitcoin, gold, US dollar, fiat currency will coexist. Each of them is useful for each country, each company or each individual user.
BTC-e is an internet-based, foreign-located money transmitter that exchanges fiat currency as well as the convertible virtual currencies Bitcoin, Litecoin, Namecoin, Novacoin, Peercoin, Ethereum, and Dash. It is one of the largest virtual currency exchanges by volume in the world. BTC-e facilitated transactions involving ransomware, computer hacking, identity theft, tax refund fraud schemes ... Bitcoin is by far the world’s leading virtual currency, but not the only one; other popular alternatives include Litecoin, Ripple, Primecoin, Namecoin and Dogecoin. They are created in somewhat different ways (more about virtual currency creation in a moment) but share the same basic advantages as Bitcoin: no transaction fees (or extremely small ones), no banking regulations, and no visible ... Bitcoin as an example of virtual currency. Article (PDF Available) · January 2016 with 1,999 Reads How we measure 'reads' A 'read' is counted each time someone views a publication summary (such ... Compare Bitcoin correlation with Litecoin, Peercoin, Namecoin, and other crypto currencies, as well as common forex pairs, commodities, and stock indices Bitcoin and virtual currency correlation, analysis, and statistics At the time of its launch, Bitcoin was trading at $24. With respect to the history of Bitcoin, Litecoin has been doing fairly well and it might follow a similar trend in the upcoming months. When compared with Bitcoin, Litecoin is referred as the “silver of digital currency” against the gold tag enjoyed by the Bitcoin. However, there are ...
As the world is moving towards the global part of the world the world has to know the concept of the cryptocurrency as namecoin, bitcoin, litecoin, laxmicoin, etc. Important concepts are held at ... What is Bitcoin? Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer ... Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to ... If money is only valuable when we believe in it, how much is a BitCoin actually worth? Jonathan explains the virtual currency as well as how to mine it and t... What is NAMECOIN BITCOIN'S First Fork http://youtu.be/oBkhPhu3_B4 Test Scanning Stainless Steel BITCOIN WALLET view http://youtu.be/P3Cny4iX-CM Why the block...