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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Bitcoin at highs as fears over potential split ease

Bitcoin at highs as fears over potential split ease

  • Investing.com – Bitcoin remained at highs on Thursday, as sentiment spiked higher following growing expectations that a key proposal aimed at improving Bitcoin’s scaling capability would garner enough support, averting a potential split in the digital currency.
  • On the U.S.-based GDAX exchange, Bitcoin rose to $2,659.0, up $400.9 or 17.86%, making up recent losses, after data on Monday showed 80% of Bitcoin’s mining power, including AntPool, BitClub, Bixin, BTC.com and BitFury, have signaled support for proposal Segwit2x, which would allow the bitcoin network to scale more efficiently.
  • Ethereum followed bitcoin’s move higher, rising to $225.41, up 8.89%.
  • Despite the recent rally, following its collapse to $130.26 on Sunday, Ethereum remained well below its all-time high of $419.3.
  • The dip in Ethereum from its all-time high has seen its market capitalization fall to $20 billion, well below bitcoin’s $43 billion, reducing investor expectations that Ethereum would be the alternative digital currency that usurps bitcoin as the best capitalized cryptocurrency.

Investing.com – Bitcoin remained at highs on Thursday, as sentiment spiked higher following growing expectations that a key proposal aimed at improving Bitcoin’s scaling capability would garner enough support, averting a potential split in the digital currency.
Continue reading “Bitcoin at highs as fears over potential split ease”

Bitcoin soars as miners finally move to solve the digital currency’s scaling problem

#bitcoin soars as miners finally move to solve the digital currencys scaling problem #BIP91

  • Bitcoin (Exchange: BTC=-USS) miners are signaling their intent to support a new upgrade for the bitcoin blockchain that may solve the digital currency’s long-running scaling issue.
  • Several of the largest bitcoin miners (who create new bitcoins and support the blockchain), including AntPool, BitClub, Bixin, BTC.com and BitFury, have started showing their support for bitcoin improvement proposal (BIP) 91, by adding a piece of code to each new block of bitcoins they generate.
  • “The prospect of a contentious August fork has been hanging over bitcoin’s price like a sword of Damocles, and so the 20 percent plus price pop we’ve seen in the last 24 hours is not surprising.”
  • One solution is a system called Segregated Witness (SegWit) which would increase the speed of transactions, but it required 95 percent support from miners and the community to be added to the blockchain and there has been resistance.
  • This would involve a “user-activated soft fork”, where bitcoin users would force the blockchain to split by rejecting any block of bitcoins that did not signal support for SegWit.

Bitcoin miners are signalling their intent to support a new upgrade for the bitcoin blockchain that may solve the digital currency’s scaling issue.
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GOLDMAN SACHS: Bitcoin is going to test $3,000 and could get as high as $3,700

  • Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according to Goldman Sachs.
  • The $1,856 to $1,790 area “has the potential to act as strong support,” Jafari wrote.
  • Jafari’s latest note comes two weeks after she predicted the cryptocurrency was setting up for a big drop.
  • Bitcoin has gained more than 20% from its July 17 low, and currently trades near $2,285.
  • As to how far bitcoin can go from here, Jafari expects another run at record highs.

Bitcoin has held strong support and has its sights set on a test of the $3,000 level, according…
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Bitcoin accepted at New York pre-school

Bitcoin accepted at New York pre-school

  • Image copyright
    AFP/Getty

    Image caption

    Bitcoin is worth more than $2,500

    The head of two Montessori schools in New York won’t let parents pay by credit card – but he is accepting Bitcoin.Marco Ciocca, co-founder and chairman of the Montessori Schools in Flatiron Soho, added the option in June, after growing inquiries from parents.The decision comes as an increasing number of places – including universities in London and Greece – take the digital currency as payment.About 10 parents of the roughly 300 students have opted to pay in Bitcoin so far, Mr Ciocca said.

  • “If we talk about just the sort of transactional ease… I think this form of payment will continue to grow,” he said.Bitcoin is a digital currency that was first used in the real world in 2010.
  • I bought Bitcoins in 2011 – now they’re worth ÂŁ19,000’It’s not just Bitcoin anymore…Parents who invested early and have ridden the currency’s rise get something like a discount on the school’s hefty $31,000 tuition.But Mr Ciocca said the school won’t profit from up-and-downs in the market.
  • Tuition payments in Bitcoin – they also accept some other digital currencies – get converted to cash instantly.The decision to accept digital currencies matched the schools’ identity as “forward-thinking” and appealed to a pool of families drawn from tech and finance worlds, Mr Ciocca said.
  • He’s working to offer the option to parents at two sister schools run by his family in Miami, Florida, in September.Angela Ciocca, Mr Ciocca’s sister, is headmistress of the schools there.

The head of two Montessori schools in New York won’t let parents pay by credit card – but he is accepting Bitcoin.
Continue reading “Bitcoin accepted at New York pre-school”

Bitcoin accepted at New York pre-school

Bitcoin accepted at New York pre-school - BBC News

  • Image copyright
    AFP/Getty

    Image caption

    Bitcoin is worth more than $2,500

    The head of two Montessori schools in New York won’t let parents pay by credit card – but he is accepting Bitcoin.Marco Ciocca, co-founder and chairman of the Montessori Schools in Flatiron Soho, added the option in June, after growing inquiries from parents.The decision comes as an increasing number of places – including universities in London and Greece – take the digital currency as payment.About 10 parents of the roughly 300 students have opted to pay in Bitcoin so far, Mr Ciocca said.

  • “If we talk about just the sort of transactional ease… I think this form of payment will continue to grow,” he said.Bitcoin is a digital currency that was first used in the real world in 2010.
  • I bought Bitcoins in 2011 – now they’re worth ÂŁ19,000’It’s not just Bitcoin anymore…Parents who invested early and have ridden the currency’s rise get something like a discount on the school’s hefty $31,000 tuition.But Mr Ciocca said the school won’t profit from up-and-downs in the market.
  • Tuition payments in Bitcoin – they also accept some other digital currencies – get converted to cash instantly.The decision to accept digital currencies matched the schools’ identity as “forward-thinking” and appealed to a pool of families drawn from tech and finance worlds, Mr Ciocca said.
  • He’s working to offer the option to parents at two sister schools run by his family in Miami, Florida, in September.Angela Ciocca, Mr Ciocca’s sister, is headmistress of the schools there.

The head of two Montessori schools in New York won’t let parents pay by credit card – but he is accepting Bitcoin.
Continue reading “Bitcoin accepted at New York pre-school”

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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