As Bitcoin Rises Above $6,000 Will Government Restrictions Succeed? Jeffrey Tucker is Skeptical

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  • Renowned Austrian economist and anarcho-capitalist, Jeffrey Tucker, recently spoke with news.Bitcoin.com regarding his views on a number of facets to the cryptocurrency ecosystem, including government regulation, monetary fundamentals, and language.
  • Also Read: Ron Paul: “Government Should Stay out of” Bitcoin – – With bitcoin pushing $100 billion in market capitalization, the flagship crypto is attracting mainstream investors around the world – people who were initially skeptical of digital, non-fiat cash.
  • But as mainstream investors normalize the use of bitcoin, author Wendy McElroy cautions in “The Satoshi Revolution” that history is full of examples where private mints were ungraciously pushed aside in favor of monopolistic state presses.
  • Tucker, like many others, thinks bitcoin is a different, more resistant beast.
  • As governments around the world contemplate how to deal with (and tax) bitcoin, the user-base of digital cash grows each day.

Renowned Austrian economist and anarcho-capitalist, Jeffrey Tucker, recently spoke with news.Bitcoin.com regarding his views on a number of facets to the cryptocurrency ecosystem, including regulation, monetary fundamentals, and language.
Continue reading “As Bitcoin Rises Above $6,000 Will Government Restrictions Succeed? Jeffrey Tucker is Skeptical”

What Is Bitcoin, and How Does It Work?

#News via #NYTimes

  • 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.
Continue reading “What Is Bitcoin, and How Does It Work?”

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.
Continue reading “What Is Bitcoin, and How Does It Work?”

Blockchain: the answer to life, the universe and everything?

  • The answer to that question, first proposed by bitcoin’s pseudonymous creator, Satoshi Nakamoto, was to create a decentralised digital ledger, keeping track of every transaction made, and with its accuracy guaranteed through the combined honesty of the entire network.
  • Bitcoin was the first technology to use the blockchain, but the currency is now starting to look a bit like the steam pumping engines invented in the 17th century.
  • A permissionless, distributed, trust-free network has the power to revolutionise not just financial technology, stock markets and banking, but also the music industry, digital access in some of the world’s poorest nations, and could even ensure your Italian extra-virgin olive oil really is from Italy.
  • For a long time, the ability to use the blockchain in this way was treated as an interesting side-effect of bitcoin’s role as a currency, but the tenfold collapse in the currency during 2014 prompted many who had invested in the bitcoin ecosystem – whether financially or intellectually – to seek other uses for the underlying technology.
  • Instead, there are many blockchains, as companies are born with different needs from a distributed ledger than those of Bitcoin.

Bitcoin hasn’t lived up to the salvation rhetoric, but the digital engine behind the currency may be about to change the world
Continue reading “Blockchain: the answer to life, the universe and everything?”

The battle over the future of bitcoin

  • On the other side of the fence, Peter Smith, whose firm Blockchain tries to help people pay with bitcoin at places like local coffee shops, says “religion does perhaps explain it well”.
  • Naturally, Smith wants bitcoin to grow quickly – preferably very quickly, handling lots of transactions at the same time so it’s faster and more convenient for users to spend money, and so that his investors make a bigger, faster return on their investment.
  • Along with other bitcoin companies, Smith is trying to improve the process to handle more consecutive transactions to reduce delays and boost volume.
  • Smith, Wright and some other key bitcoin developers want the blocks to be larger so more transactions can clear at the same time.
  • In 2014, before bitcoin’s current identity crisis, bitcoin developer Gregory Maxwell and several encryption enthusiasts co-founded Blockstream, a bitcoin startup that tries to develop new ways to use the currency’s main technology, the blockchain.

Billed as the future of democratized, digital money, the currency is now at the center of a conflict over how to develop technologies behind the system
Continue reading “The battle over the future of bitcoin”

Australian Craig Wright claims to be Bitcoin creator

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    Media captionAustralian entrepreneur Craig Wright says he is Mr Bitcoin
    Australian entrepreneur Craig Wright has publicly identified himself as Bitcoin creator Satoshi Nakamoto.His admission follows years of speculation about who came up with the original ideas underlying the digital cash system.Mr Wright has provided technical proof to back up his claim using coins known to be owned by Bitcoin’s creator.Prominent members of the Bitcoin community and its core development team say they have confirmed his claims.But many others in the Bitcoin world are asking for more proof.Signed blocksMr Wright has revealed his identity to three media organisations – the BBC, the Economist and GQ.

  • At the meeting with the BBC, Mr Wright digitally signed messages using cryptographic keys created during the early days of Bitcoin’s development.
  • Image copyright
    AP

    Image caption

    Dorian Satoshi Nakamoto was wrongly identified as the inventor of Bitcoin in 2014

    “These are the blocks used to send 10 bitcoins to Hal Finney in January [2009] as the first bitcoin transaction,” said Mr Wright during his demonstration.

  • “I was the main part of it, but other people helped me,” he said.Soon after Mr Wright went public, Gavin Andresen, chief scientist at the Bitcoin Foundation, published a blog backing his claim.
  • Security expert Dan Kaminsky said the procedure was almost “maliciously resistant” to validation.Many people have called on Mr Wright to go further in proving his identify.How Bitcoin worksBitcoin is often referred to as a new kind of currency.But it may be best to think of its units being virtual tokens rather than physical coins or notes.However, like all currencies its value is determined by how much people are willing to exchange it for.To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.For each problem solved, one block of Bitcoins is processed.

Australian entrepreneur Craig Wright has publicly identified himself as Bitcoin creator Satoshi Nakamoto.
Continue reading “Australian Craig Wright claims to be Bitcoin creator”

Blockchain: the answer to life, the universe and everything?

  • The answer to that question, first proposed by bitcoin’s pseudonymous creator, Satoshi Nakamoto, was to create a decentralised digital ledger, keeping track of every transaction made, and with its accuracy guaranteed through the combined honesty of the entire network.
  • Bitcoin was the first technology to use the blockchain, but the currency is now starting to look a bit like the steam pumping engines invented in the 17th century.
  • A permissionless, distributed, trust-free network has the power to revolutionise not just financial technology, stock markets and banking, but also the music industry, digital access in some of the world’s poorest nations, and could even ensure your Italian extra-virgin olive oil really is from Italy.
  • For a long time, the ability to use the blockchain in this way was treated as an interesting side-effect of bitcoin’s role as a currency, but the tenfold collapse in the currency during 2014 prompted many who had invested in the bitcoin ecosystem – whether financially or intellectually – to seek other uses for the underlying technology.
  • Instead, there are many blockchains, as companies are born with different needs from a distributed ledger than those of Bitcoin.

Bitcoin hasn’t lived up to the salvation rhetoric, but the digital engine behind the currency may be about to change the world
Continue reading “Blockchain: the answer to life, the universe and everything?”