Now I Get It: Bitcoin [Video]

Now I Get It: #Bitcoin by @Pogue

  • This arrangement has some stunning advantages over traditional currency or credit cards:

    There’s a whole lot of really cool, really complicated math involved in Bitcoin, designed to keep it secure and to prevent Bitcoin inflation.

  • There’s no government to decide when to print new money in this case, so new bitcoins are “mined”—created—through a complex scheme you can read about here.
  • When you get a Bitcoin address—something like an email address—you also get a complex password known as a private key, which you need to access your stash.
  • At that point, you can transfer money to other people by sending it to their Bitcoin addresses.
  • Or if your Bitcoin exchange goes out of business, which has happened plenty; in fact, 18 of the first 40 exchanges had gone under as of 2013, taking all their clients’ money with them.

Man, if anything needs the “now I get it” treatment, it’s Bitcoin. You hear about it all the time in financial and technical circles—but most people really don’t grasp it.
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What is ethereum and how does it differ from bitcoin?

What is ethereum and how does it differ from bitcoin?:

  • The first is that ethereum allows for “blocks”, the records of cryptocurrency transactions, that can be created much more quickly than bitcoin.
  • While bitcoin has been more widely adopted by online retailers and even some physical stores, ethereum’s fans believe its efficiency makes it better for transactions, rather than storing value.
  • Bitcoin’s appeal lies in money that is not controlled by any one party and does not have to run through a central server, but ethereum allows not just money, but all sorts of other things to run on the network.
  • A number of apps are being built on Ethereum, and the network is also being used by start-ups to raise money with initial coin offerings, which exchange ether or other currencies for special “tokens” that grant access to a service.
  • The price of ethereum has climbed more slowly than bitcoin since it launched, holding steady at around $10 for the first 18 months.

Ethereum is a rising star of the cryptocurrency world.
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Fanciful Bitcoin Banknotes Show How Digital Currency Might Look in the Real World

These fanciful #Bitcoin banknotes show how the digital currency might look in real life.

  • Each time there’s a transaction involving Bitcoin, an anonymous data “fingerprint” appears in a block recording the exchange.
  • This key innovation is the basis for “Block Bills,” a collection of paper banknotes that bring the virtual payment system into the real world.
  • Each of the 64 bills in the collection represents a single block in the blockchain ledgers.
  • At the bottom of each bill is a white bar with symbols that represent the specific address of the Bitcoin.
  • The timestamp at the bottom-right corner of each bill indicates the moment when that block of transactions was created.

There’s a lot of information embedded in this artist’s colorful renderings.
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GOLDMAN SACHS: Here’s when we’ll know bitcoin’s top is in

GOLDMAN SACHS: Here's when we'll know #bitcoin's top is in

  • Since bottoming at $2,643 a coin the day of the split, bitcoin has exploded by 57%, and it is now up 335% in 2017.
  • Sheba Jafari, the head of technical strategy at Goldman Sachs, wrote in a note sent to clients on Sunday that because bitcoin was approaching her target of $3,691 (which it has since passed), an extension wave five of this move could take bitcoin all the way up $4,827 before a correction pushes it all the way down to about $2,221.
  • Jafari isn’t the only one who sees bitcoin approaching the $5,000 level.
  • Arthur Hayes, the CEO of BitMEX, a bitcoin derivative exchange, expressed that view to Business Insider after last week’s implementation of Segregated Witness, or SegWit, a software update designed to improve the coin’s scalability and make it faster to process more transactions.
  • “At this point, Bitcoin would have to move back under 2,935 (Jul. 21st high/top of wave 1/V) to signal that a top is already in place,” Jafari wrote.

Bitcoin is experiencing a monster rally. It has gained more than 15% since Friday’s close…
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‘Blockchain technology will change the world’: Fidelity Labs SVP

  • Stern is responsible for running Fidelity’s bitcoin, blockchain and digital currency incubator.
  • And regardless of whether bitcoin will survive, it could be like the Napster of blockchain technology, Stern said, where it is the first of its kind but the next products, in this case Spotify and Apple Music, get better and better.
  • “I do think [cryptocurrencies] will make things, whether it’s bitcoin or something else, faster and cheaper and create new products and services that we can’t even imagine,” Stern said.
  • While some critics are skeptical of how bitcoin is used, Stern said that banning the cryptocurrency would be like banning the web or open internet protocols.
  • Stern did emphasize though that Fidelity’s move does not mean their clients can make bitcoin transactions through their corporation, saying “we’re not necessarily making a judgment on bitcoin.”

“Blockchain technology will change the world” and bitcoin is “here to stay,” according to the man behind Fidelity’s research into cryptocurrencies.
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‘Blockchain technology will change the world’: Fidelity Labs SVP

'#Blockchain technology will change the world': Fidelity Labs SVP

  • Stern is responsible for running Fidelity’s bitcoin, blockchain and digital currency incubator.
  • And regardless of whether bitcoin will survive, it could be like the Napster of blockchain technology, Stern said, where it is the first of its kind but the next products, in this case Spotify and Apple Music, get better and better.
  • “I do think [cryptocurrencies] will make things, whether it’s bitcoin or something else, faster and cheaper and create new products and services that we can’t even imagine,” Stern said.
  • While some critics are skeptical of how bitcoin is used, Stern said that banning the cryptocurrency would be like banning the web or open internet protocols.
  • Stern did emphasize though that Fidelity’s move does not mean their clients can make bitcoin transactions through their corporation, saying “we’re not necessarily making a judgment on bitcoin.”

“Blockchain technology will change the world” and bitcoin is “here to stay,” according to the man behind Fidelity’s research into cryptocurrencies.
Continue reading “‘Blockchain technology will change the world’: Fidelity Labs SVP”

What is ethereum and how does it differ from bitcoin? 

What is #Ethereum?  

 #fintech @cjmcgoogan @TelegraphTech #bitcoin #blockchain

  • The technology it runs on is called ethereum, which was first described by 19-year-old bitcoin programmer Vitalik Buterin in 2013.
  • Buterin envisaged ethereum as an improvement on bitcoin.
  • Like bitcoin, it is a decentralised payment network, with its own cryptograpic currency, that allows anonymous payments to be sent across the internet without the need for a bank or other third party.
  • As the second-biggest cryptocurrency after bitcoin, ethereum has inevitably drawn comparisons to it.
  • But advocates say ethereum has several advantages over bitcoin that make it more useful.

Ethereum is a rising star of the cryptocurrency world.
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