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.
Continue reading “Now I Get It: Bitcoin [Video]”

Smart Investment for the Middle Class: BitShares

  • Every day there seems to be a new story about an average Joe who bought some Bitcoin years ago for a few hundred dollars and turned that small investment into a fortune, buying a new house, car or retiring early.
  • Fortunately, the cryptocurrency sector is overflowing with opportunity and there may just be the “next Bitcoin” waiting to take off!
  • The cryptocurrency BitShares could potentially be the next “Apple” or “Bitcoin” and it is currently trading for less than $0.15!
  • BitShares offers some unique features and at this price could be the next life changing investment.
  • These features include price-stable cryptocurrencies, custom user issued assets, the creation of Distributed Autonomous Companies (DAC) and the BitShares Decentralized Exchange (DEX).

Bitcoin and other cryptocurrencies have been on a tear lately, with many of the digital tokens hitting all-time highs. Many investors have been making fo…
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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”

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.
Continue reading “Now I Get It: Bitcoin [Video]”

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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