What Is Bitcoin, and How Does It Work?

  • The records of the Bitcoin network, including all balances and transactions, are stored on every computer helping to maintain the network — about 9,500 computers in late 2017.
  • Bitcoin mining refers to the process through which new Bitcoins are created and given to computers helping to maintain the network.
  • The computers involved in Bitcoin mining are in a sort of computational race to process new transactions coming onto the network.
  • Anyone can set his or her computer to mine Bitcoin, but these days only people with specialized hardware manage to win the race.
  • While several people have been identified as likely candidates to be Satoshi, as the creator is known in the world of Bitcoin, no one has been confirmed as the real Satoshi, and the search has gone on.

Growing in importance but still not well understood, Bitcoin is a virtual currency with a novel background.
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Blockchain Will Disrupt Every Industry

#Blockchain Will Disrupt Every Industry #GartnerSYM

  • To learn more about the impact of Blockchain on businesses and industries, I spoke with Brett Colbert, Solutions CTO and Vice President of Enterprise Architecture at Salesforce.
  • In this role of Solutions CTO, Colbert leads the customer-facing Salesforce Enterprise Architecture team which helps customers and prospects strategically transform their business systems.
  • Colbert has been researching Blockchain for more than three years, leading customer implementations and collaborating with blockchain industry thought leaders.
  • Examples of Blockchain use by Industry – The answer isn’t in the technology, but in how the technology can improve inefficient business processes.
  • Here are a few examples of the opportunities that exist to improve processes in a variety of industries using Blockchain: – – This article was co-authored by Brett Colbert —- Solutions CTO, Vice President of Enterprise Architecture at Salesforce.

As with all major paradigm shifts, there will be winners and losers. But if we do this right, blockchain technology can usher in a halcyon age of …
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Revolut launches cell phone insurance in the U.K. – TechCrunch

  • This time, the company is partnering with Simplesurance to launch a new insurance product.
  • But they tend to be more expensive than Revolut’s offering in the U.K. Revolut already talked about launching phone insurance, but today marks the debut of this new product.
  • Simplesurance usually works with other companies to provide B2B insurance products.
  • But you can also sign up to a similar phone insurance product on Simplesurance’s consumer website.
  • So Revolut users in other countries can expect to see today’s new insurance product in the future.

Fintech startup Revolut is trying so many things at once that it’s hard to keep track of everything. This time, the company is partnering with Simplesurance to launch a new insurance product. You can now insure your cell phone for £1 per week/£42 per year, which represents $1.35 per week/$56.50 per year.
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Chicken safety scandal: 2 Sisters faces parliamentary inquiry after revelations

  • Three of the UK’s biggest supermarket chains have halted deliveries of chicken from a factory belonging to the country’s biggest poultry supplier after undercover filming revealed poor hygiene standards and food safety records being altered.
  • The 2 Sisters Food Group, which owns the site, is also facing a “short, sharp” parliamentary inquiry in the wake of evidence uncovered by a joint investigation by the Guardian and ITV News, which showed footage of workers altering the source and slaughter date of poultry being processed at the…
  • The Food Standards Agency (FSA) launched its own investigation into the company, which produces a third of all poultry products eaten in the UK.
  • We need to restore both food safety, animal welfare and consumer confidence to these massive chicken plants run by 2 Sisters.
  • 2 Sisters Food Group is the UK’s second largest food company by turnover and claims to process around 6 million chickens a week.

Commons committee to summon founder Ranjit Singh Boparan as three supermarkets suspend contracts and FSA launches investigation
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Big bitcoin-friendly companies like Microsoft and Expedia hedge their bet

Big #bitcoin-friendly companies like Microsoft and Expedia hedge their bet @ewolffmann

  • Though a precious few may be transacting in bitcoin, many big companies like Overstock, Microsoft, Dish, and Expedia., still offer to accept it.
  • A spokesperson for Microsoft told Yahoo Finance that the company does not actually take possession of bitcoin directly but instead can use bitcoin via an exchange to add money (in U.S. dollars) to a customer’s Microsoft account.
  • The company uses Coinbase’s instant exchange feature to convert all bitcoin transactions into U.S. dollars.
  • Like Expedia, Dish (DISH) also uses Coinbase’s exchange feature to settle payments made in bitcoin into U.S. dollars for a “low, but steady” group of customers.
  • With the exception of Overstock, these companies take a conservative angle with the cryptocurrency, which is unlikely to change unless bitcoin stabilizes and turns into a more usable and predictable currency.

Here’s how the biggest companies deal with bitcoin risk — avoid it for now. Except for one, which has doubled down.
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John McAfee challenges Jamie Dimon’s bitcoin skepticism

  • “You called bitcoin a fraud,” McAfee told CNBC’s “Fast Money” on Wednesday.
  • Miners invest “massive” amounts of supercomputing power and electricity in creating bitcoins, McAfee said.
  • “And the fact that bitcoin is consistently growing in its use and its value has to say something,” McAfee said.
  • McAfee made a lewd bet on Twitter earlier this summer that bitcoin would reach $500,000 within three years.
  • Plus, the long-term trend of bitcoin has been consistently up, McAfee added.

Dimon called bitcoin a “fraud” that will eventually blow up. McAfee disagreed.
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