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Is Bitcoin The First Cryptocurrency?

What Is Cryptocurrency And How To Use It: Everything You Need To Know

What Is Cryptocurrency And How To Use It: Everything You Need To Know

Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous. It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers. Cryptography was born out of the need for secure communication in the Second World War. It has evolved in the digital era with elements of mathematical theoryand computer science to become a way to secure communications, information and money online. The first cryptocurrency was bitcoin , which was created in 2009 and is still the best known. There has been a proliferation of cryptocurrencies in the past decade... Register or log in to view this and other Technology Intelligence articles. It's free and easy to do. Access brilliant stories, features and analysis Sign up to our exclusive Technology Intelligence daily newsletter Become part of our ambitious new Tech networking community Continue reading >>

Bitcoin And Cryptocurrencies What Digital Money Really Means For Our Future

Bitcoin And Cryptocurrencies What Digital Money Really Means For Our Future

Bitcoin and cryptocurrencies what digital money really means for our future Digital currencies such as bitcoin have caused a financial frenzy. Alex Hern explains what they are and whether this is the end of real money Last modified on Mon 29 Jan 2018 12.01EST Bitcoin the currency of choice for online drug dealers and cybercriminals.Photograph: Guardian Design Team What is a cryptocurrency? Is it like bitcoin? In a word, yes. Bitcoin was the first cryptocurrency, and is still the biggest, but in the eight years since it was created pretenders to the throne have come along. All of them have the same basic underpinnings: they use a blockchain, a shared public record of transactions, to create and track a new type of digital token one that can only be made and shared according to the agreed-upon rules of the network, whatever they may be. But the flourishing ecosystem has provided a huge amount of variation on top of that. Some cryptocurrencies, such as Litecoin or Dogecoin, fulfil the same purpose as bitcoin building a new digital currency with tweaks to some of the details (making transactions faster, for instance, or ensuring a basic level of inflation). Others, such as Ethereum or Bat, take the same principle but apply it to a specific purpose: cloud computing or digital advertising in the case of those two. What exactly is a bitcoin? Can I hold one? A bitcoin doesnt really exist as a concrete physical or even digital object. If I have 0.5 bitcoins sitting in my digital wallet, that doesnt mean there is a corresponding other half sitting somewhere else. What you really have when you own a bitcoin is the collective agreement of every other computer on the bitcoin network that your bitcoin was legitimately created by a bitcoin miner, and then passed on to you through a s Continue reading >>

Bitcoin Price: Cryptocurrency Is Getting Chased By Ripple, Next In Line To Break Records | City & Business | Finance | Express.co.uk

Bitcoin Price: Cryptocurrency Is Getting Chased By Ripple, Next In Line To Break Records | City & Business | Finance | Express.co.uk

Ripple is the next cryptocurrency believed to break records among virtual wallet holders after bitcoin . Ripple prices have soared in the past month, beating Ethereum in the cryptocurrency competition with bitcoin. Cole Diamond, CEO ofCoinsquare, told Business News Network Ripple is the first cryptocurrency they are going to add to their blockchain platform after bitcoin. Ripple is the next cryptocurrency to rise after the surge of bitcoin price in 2017 He said: Were going to be adding Ripple, were going to be adding Manero, were going to be adding other digital currencies that have their own blockchains and never did this ICO, Initial Coin Offering, with the exception of Ethereum." The rising cryptocurrency has skyrocketed by more than 1,000per centsince the start of December 2017, when it was trading at about $0.24. Were going to be adding other digital currencies that have their own blockchains, Ripple is first in line Trevor Koverko, CEO of blockchain platform Polymath, believes investors are choosing to back Ripple because they trust the brand. He told Forbes: "People feel comfortable with its name and the technology behind Ripple. "A lot of people are beginning to realise how big of an opportunity there is between business and the blockchain, and that's making Ripple the early winner here." JPMorgan Chase head Jamie Dimon is one of Bitcoin's harshest critics Ripples founder Brad Garlinghouse said the company uses blockchain technology to send money across the world in real time settlements. He said: Ripple sells a blockchain technology to banks and payment providers and other financial institutions to do real-time settlement between banks. So today if you wanted to send $10,000 to London right now, the fastest way for her to do that is to drive to Newark or JFK a Continue reading >>

Comparison Of Cryptocurrencies

Comparison Of Cryptocurrencies

The cryptocurrency market is explosive which currently serves hundreds of currencies. Almost all of them are obvious scamsincluding many which purport to have a large market cap. This article aims to list only the most relevant cryptocurrencies in terms of novel technological advancements or strong engineering teams, or due to widespread awareness thereof. Direct, low-level scams should not be listed here. An altcoin based on Bitcoin's blockchain with replay protection and an increased block size limit of 8MB. An unusual emergency difficulty adjustment algorithm causes significant periods of hyperinflation. First cryptocurrency that implemented Satoshi's BitDNS idea. Essentially the first real altcoin. Still under active development. First merged-mined altcoin. Introduced the X11 algorithm, which is just a composite function of multiple hashing algorithms. Had a significant failure mode in the beginning which equated to a majority premine by a small number of Amazon EC2 customers. This means their Master Node algorithm has been in a failure mode from the beginning. Majority premine sale. Source of the ICO bubble. Multiple client implementations which fail against each other in terms of consensus errors regularly. Requires multiple months of time to sync to eth blockchain. Contract-building tools interpret input incompatibly. Continue reading >>

How To Buy Bitcoin: A Step-by-step Cryptocurrency Guide | Fortune

How To Buy Bitcoin: A Step-by-step Cryptocurrency Guide | Fortune

Bitcoin mania doesnt seem to be waning. People are even mortgaging their homes to pour money into the cryptocurrency that started out 2017 being worth $1,000. By Nov. 20 the price of Bitcoin had set a new record, passing the $8,000 mark . On the last day of the year, the value of Bitcoin was $14,129 per coin. Perhaps you too want to invest in Bitcoinbut youre not really sure how. Heres a guide. To be clear, this is not an endorsement for any cryptocurrency, Bitcoin , Ethereum, Ripple or otherwise. Its also not a suggestion that you should invest in cryptocurrency at all. Heres what we do know: The markets for these largely untested, unproven digital assets are like teenagersyoung and unpredictable. Just look at the volatile ride Bitcoin was on over the Christmas holiday . First, some context. (Want to get right to the buying? Scroll down to the section How Do I Buy Bitcoins?) Bitcoin is a decentralized digital currency that can be bought, sold, or traded like a commodity. It can also be used to buy goodspizza, cars, beer, whatever youd like. Bitcoin is different from U.S. dollars because it uses peer-to-peer technology to operate. That means there is no central authorityin this example, the U.S. Treasuryto issue new money or track transactions. Those functions are built into Bitcoin itselfspecifically, the so-called blockchain technology that powers Bitcoin and other cryptocurrencieswhich is one reason its such an attractive, and controversial, concept. What is the blockchain , you ask? Think of it like a digital version of a public ledger, in which all transactions are recorded for everyone to see. It serves as the primary mechanism for trust in this financial system. The term cryptocurrency, by the way, applies to any digital currency that uses cryptography to make s Continue reading >>

What Is Bitcoin? Everything You Need To Know About The Booming 'cryptocurrency' That's All The Rage

What Is Bitcoin? Everything You Need To Know About The Booming 'cryptocurrency' That's All The Rage

What is Bitcoin? Everything you need to know about the booming 'cryptocurrency' that's all the rage The basics of Bitcoin: Here's everything you need to know about how the virtual currency is made, and what keeps it secure Could not subscribe, try again laterInvalid Email Bitcoin has hit the mainstream over the last few months as the decentralised digital currency continues to hit ridiculous heights. It pushed past the $10,000 mark for the first time last month, which is double its price just a month ago, ten times its price in January and an astonishing 100,000 times what it was worth in 2010. Some investors are cautious about it whilst others are trying to capitalise on the trend. Some people are even trying to sell their house for Bitcoin. But what is it? Here we look at the 21st century currency that exists only in cyberspace. Bitcoin was the first of what have become known as "cryptocurencies". These are forms of digital money that use encryption to secure transactions and control the creation of new units. The plan was to make a form of currency not controlled by governments or businesses, that you could trade globally with no cost and without having to reveal your identity. The popularity of Bitcoin has spawned many copycats - sometimes called "altcoins". To make things more confusing, there are also "second generation" virtual currencies like Ethereum and Bitcoin Cash. So theyre not like the coins in my purse or wallet? No. They are essentially a line of numbered code - instructions used in computer programming. However, once purchased they can be exchanged for some goods and services, like normal money. Hackers who took down NHS and organisations worldwide used cyber weapons stolen from US spies Created by a mysterious developer who uses the pseudonym Satoshi Continue reading >>

Cryptocurrency Sell-off Continues As Bitcoin, Ethereum Sink

Cryptocurrency Sell-off Continues As Bitcoin, Ethereum Sink

Bitcoin is down 50% from its all-time high Bitcoin fell below $10,000 for the first time since November, as a sell-off in cryptocurrencies continued for a second day. The world's largest cryptocurrency dived as low as $9,199.59 Wednesday morning, falling almost 19 percent within 24 hours, according to CoinDesk data. CoinDesk tracks prices from cryptocurrency exchanges Bitstamp, Coinbase, itBit and Bitfinex. Bitcoin then recovered slightly to $10,123 at 11:56 a.m. ET. The last time bitcoin fell below the $10,000 mark was November 30. The red-hot digital asset soared to a record high of $19,783.21 on CoinDesk last month, but has since been on a gradual decline. At its current price, it is now down almost 50 percent from that all-time high. More than $30 billion was shaved off the cryptocurrency's market value in the last 24 hours. "Focus has shifted to negative regulation with headlines out of South Korea, China, and even minor headlines from France and the U.S.," Ari Paul, chief investment officer at cryptocurrency investment firm BlockTower Capital, said in an email. "These headlines are having an outsized effect because cryptocurrency as a whole was overbought and sentiment reached exuberant levels, setting the stage for the violent correction that we're seeing." Ethereum and ripple the second and third-biggest digital assets respectively continued to move lower. According to CoinMarketCap data, ethereum was trading 15 percent lower near $885 a coin, while ripple fell nearly 14 percent to around $1.02. Cryptocurrencies appeared to sell off shortly after South Korea's Finance Minister, Kim Dong-yeon, said the country was still mulling a shutdown of crypto exchanges . Initial reports of South Korea one of the biggest cryptocurrency markets in the world moving to clamp d Continue reading >>

Bitcoin Price Rises As First Cryptocurrency Ratings Are Released

Bitcoin Price Rises As First Cryptocurrency Ratings Are Released

Bitcoin Price Rises as First Cryptocurrency Ratings Are Released By Rakesh Sharma | Updated January 24, 2018 2:34 PM EST Edward Snowden Comes Out in Favor of Zcash Bitcoins price limbered up slightly from yesterday but still failed to break the $12,000 barrier. According to Coindesks index, a single bitcoin could set you back by $11,222.71, an increase of 3.53% from its price 24 hours ago, at 13:55 UTC. The mostly sideways movement in bitcoins price occurred even after UBS Chairman Axel Weber told Bloomberg at the World Economic Forum that the bank will not offer bitcoin investing services to clients as government regulation of the cryptocurrency might result in a massive correction and an implosion in its price. Gains for other cryptocurrencies outpaced that of bitcoin. Among the top 10 most-traded coins, Stellars Lumens was the biggest gainer, rising by 26.13% to trade at $0.57. The cryptocurrency, which shares technology with Ripples XRP, might soon be onpayments processor Stripe's network. At 14:09 UTC, the overall market capitalization for cryptocurrencies was $552.7 billion, up from a low of $515.5 billion earlier this morning. The volatility of cryptocurrency markets has stumped even the bestanalysts. Now, there are efforts to bring some science and method to the madness. Florida-based firm Weiss Ratings released a ratings assessment of cryptocurrencies, assigning letter grades to them, today. Bitcoin received a C+grade and Ethereum, the second most valuable cryptocurrency, received a B. According to the firm, bitcoin has excellent security and "widespread adoption." It did not make clear whether that adoption related to bitcoin's use as an investment vehicle or as a medium of exchange. Industry data indicates that bitcoin is struggling to gain traction as a med Continue reading >>

How To Buy Bitcoin - A Guide For Beginners | Digital Trends

How To Buy Bitcoin - A Guide For Beginners | Digital Trends

Fake version of top Bitcoin wallet appears on iOS App Store Get today's popular DigitalTrends articles in your inbox: Interested in learning how to buy Bitcoin? The most popular cryptocurrency is now accepted around the world and has a growing number of applications but you need to know where to go to purchase and store it. Lets walk through how to set up a bitcoin account and make your first purchase! Specific digital wallets are used to store Bitcoin until you are ready to spend them or exchange them for another currency. Wallets range in terms of features, platforms they can be used on, and security, so its important to choose one that works for you. When you find a wallet that checks off all your important features, download it to the appropriate platform. For beginners, we recommend starting off with a simple wallet that makes transfers easy. These wallets can be downloaded for free, but fees may apply to currency exchanges when moving money to other accounts. Coinbase wallet comes with a friendly wallet that ties directly into its exchange services and is simple to use, making it one of the most popular American Bitcoin wallets. When you sign up, you get a certain amount of insurance for the Bitcoin you store, and you can go online from any device to check up on your amounts or make a change. Mycelium is a popular mobile wallet known for being compatible with more advanced tech, like Trezor hardware wallets (for maximum security) and Tor. Electrum isprimarily to be used on desktop computers, and provides you with your own encryption key for security. If you plan on storing a large amount of Bitcoin online and want one of the safer options, its worth a look. Step 2: Choose the right Bitcoin exchange If you want to know how to buy Bitcoin without a broker, you need Continue reading >>

What Is Bitcoin? Everything You Need To Know About The Booming 'cryptocurrency' That's All The Rage

What Is Bitcoin? Everything You Need To Know About The Booming 'cryptocurrency' That's All The Rage

What is Bitcoin? Everything you need to know about the booming 'cryptocurrency' that's all the rage The basics of Bitcoin: Here's everything you need to know about how the virtual currency is made, and what keeps it secure Could not subscribe, try again laterInvalid Email Bitcoin has exploded into the mainstream over the last six months as many people look to cash in on the new digital currency. A surge towards the end of last year was followed by a crash soon after - but now it appears that bitcoin has largely settled down. The cryptocurrency appears to be hovering around the $9,000 mark at the time of writing. However, as with all currency markets, that could change at a moment's notice. Some investors are cautious about bitcoin in general whilst others are trying to capitalise on the trend. As a technology though, cryptocurrencies are booming - thanks to their decentralised nature and encrypted security. If you're still not sure about exactly what it is, we've taken a look at the 21st century currency below and explained everything about it. Bitcoin was the first of what have become known as "cryptocurencies". These are forms of digital money that use encryption to secure transactions and control the creation of new units. The plan was to make a form of currency not controlled by governments or businesses, that you could trade globally with no cost and without having to reveal your identity. The popularity of Bitcoin has spawned many copycats - sometimes called "altcoins". To make things more confusing, there are also "second generation" virtual currencies like Ethereum and Bitcoin Cash. So theyre not like the coins in my purse or wallet? No. They are essentially a line of numbered code - instructions used in computer programming. However, once purchased they can be Continue reading >>

Venezuela Claims $735 Million Raised In First Cryptocurrency Sale

Venezuela Claims $735 Million Raised In First Cryptocurrency Sale

Venezuela Claims $735 Million Raised in First Cryptocurrency Sale Feb 21, 2018 at 04:15 UTC|UpdatedFeb 21, 2018 at 04:18 UTC Venezuelan president Nicolas Maduro is claiming that the country has raised $735 million in the first day of a sale for its controversial "petro" cryptocurrency. Announced late Tuesday night, Maduro offered no evidence to back up the claim, though the messaging notably came directly from his official Twitter account. A grandes problemas, grandes soluciones! Desde el primer minuto el juego arranc bien, y arrancamos ganando: 4.777 millones de yuanes o 735 millones de dlares es el resultado inicial de las operaciones de intencin de compra del Petro. #AlFuturoConElPetro pic.twitter.com/LoaDgj4rr1 -- Nicols Maduro (@NicolasMaduro) February 21, 2018 Reuters and the Associated Press said that no information about who invested in the pre-sale was offered by Maduro, who unveiled the results during a national broadcast on Tuesday. That said, Maduro struck bullish notes about the initiative, which he unveiled i n December with the intent of using it to circumvent sanctions imposed by the U.S. government. "Today, a cryptocurrency is being born that can take on Superman," Maduro was quoted as saying by Reuters, referring to the U.S. by way of the comic book character. AP further cited him: "We have taken a giant step into the 21st century." The presale was launched Tuesday and is planned to last into next month. As CoinDesk reported previously, the Venezuelan government claims that the petro token will be backed by a single barrel of oil and tied to the market price from the previous day. Yet questions remain about which network the token will operate within, given that one document released today highlights the ethereum network, while another, constituting a Continue reading >>

Cryptocurrency - Wikipedia

Cryptocurrency - Wikipedia

HitBTC cryptocurrency exchange terminal window A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. [1] [2] [3] Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies . Bitcoin , created in 2009, was the first decentralized cryptocurrency. [4] Since then, numerous cryptocurrencies have been created. [5] These are frequently called altcoins, as a blend of bitcoin alternative. [6] [7] [8] Bitcoin and its derivatives use decentralized control [9] as opposed to centralized electronic money / central banking systems. [10] The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger . [11] Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System , corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto . [12] As of September 2017 [update] , over a thousand cryptocurrency specifications exist; most are simil Continue reading >>

What Is Bitcoin? - Cnnmoney

What Is Bitcoin? - Cnnmoney

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures. Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value. Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Mt. Gox is the largest bitcoin exchange. People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally. People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created. Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes. Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the FDIC. Wallet in cloud: Servers have been hacked. Companies have fled with clients’ Bitcoins. Wallet on computer: You can accidentally delete them. Viruses could destroy them. Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed – only their wallet IDs. While that keeps bitcoin users’ transactions Continue reading >>

What Is Cryptocurrency How It Works, History & Bitcoin Alternatives

What Is Cryptocurrency How It Works, History & Bitcoin Alternatives

Cryptocurrencies, or virtual currencies, are digital means of exchangecreated and used by private individuals or groups. Because most cryptocurrencies arent regulated by national governments, theyre considered alternative currencies mediumsof financial exchange that exist outside the bounds of state monetary policy. Bitcoin is thepreeminentcryptocurrency and first to be used widely. However, hundreds of cryptocurrencies exist, and more springinto being every month. Cryptocurrencies use cryptographic protocols, or extremely complex code systemsthat encrypt sensitivedata transfers, to secure their units of exchange. Cryptocurrency developers build these protocols onadvanced mathematics and computer engineering principles thatrender them virtually impossible to break, and thus to duplicate or counterfeit the protected currencies. These protocols also mask the identities of cryptocurrency users, making transactions and fund flows difficult to attribute to specific individuals or groups. Cryptocurrencies are also marked by decentralized control. Cryptocurrencies supply and value arecontrolled by the activities of their users and highly complex protocols built into their governing codes, not the conscious decisions of central banks or other regulatory authorities. In particular, the activities of miners cryptocurrency users who leverage vast amounts of computing power to record transactions, receiving newly created cryptocurrency units and transaction fees paid by other users in return are critical to currencies stability and smooth function. Importantly, cryptocurrencies can be exchanged for fiat currencies in special online markets, meaning each has a variableexchange rate with majorworld currencies (such as the U.S. dollar, British pound, European euro, and Japanese yen). Continue reading >>

A Quick History Of Cryptocurrencies Bbtc Before Bitcoin

A Quick History Of Cryptocurrencies Bbtc Before Bitcoin

This guest post by Ian Grigg is reprinted with permission from financialcryptography.com . Before Bitcoin, there was cryptocurrency. Indeed, it has a long and deep history. If only for the lessons learned, it is worth studying, and indeed, in my ABC of Bitcoin investing, I consider not knowing anything before Satoshis paper as a red flag. Hence, a very fast history of what came before. The first known (to me) attempt at cryptocurrencies occurred in the Netherlands, in the late 1980s, which makes it around 25 years ago or 20BBTC. In the middle of the night, the petrol stations in the remoter areas were being raided for cash, and the operators were unhappy putting guards at risk there. But the petrol stations had to stay open overnight so that the trucks could refuel.Someone had the bright idea of putting money onto the new-fangled smartcards that were then being trialed, and so electronic cash was born. Drivers of trucks were given these cards instead of cash, and the stations were now safer from robbery.At the same time the dominant retailer, Albert Heijn, was pushing the banks to invent some way to allow shoppers to pay directly from their bank accounts, which became eventually to be known as POS or point-of-sale. Even before this, David Chaum, an American cryptographer, had been investigating what it would take to create electronic cash. His views on money and privacy led him to believe that in order to do safe commerce, we would need a token money that would emulate physical coins and paper notes: specifically, the privacy feature of being able to safely pay someone hand-to-hand, and have that transaction complete safely and privately.As far back as 1983 or 25BBTC, David Chaum invented the blinding formula, which is an extension of the RSA algorithm still used in th Continue reading >>

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