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Safe, Secure Bitcoin Storage
When you will have the wallet you can easily invest and borrow the digital currency, which is also accepted around the world and used for trading that is Bitcoin and can save the trading record on your wallet page, it has many advantages let me disclose some of them:
Some Bitcoin clients store their bitcoins in a website based Hybrid wallet to abstain from worrying about keeping his/her local wallet secure.
Utilization of a website based wallet supplier may help enhance secrecy against outsiders who watch your IP address utilization.
With the Hybrid wallet, a few of the services offer seconds for transfer. This enables exchanges to finish without waiting for the blocking confirmations.
Withdrawals can be made to any Bitcoin address. Just utilizing the withdrawal feature to withdraw the bitcoins to an address that is not yours; is practically equal to sending a payment of Bitcoin when running the Bitcoin customer locally.
If you want to have strong experience of trading of Bitcoins and with the most secure Hybrid Wallet then; visit strongcoin.com Login there, and let you have it. This site is serving thousands of people since 2011. You can also purchase the bitcoins and save them directly to your StrongCoin account. There are the majority of people have trusted this site; you must also secure your data there.
More and more people are conducting their transactions through their smartphones. That is why, when you’re investing in Bitcoins or any other cryptocurrencies, you would always try to manage it from your smartphone. One of the main things which you have to keep in mind is that if you want to easily access your Bitcoins from the smartphones, you need a mobile wallet. The problem is that while choosing a wallet, you have to be careful in ensuring that you are opting for the most secured wallet. When you’re looking for mobile Bitcoin wallets, one which you would often come across is Mycelium. Mycelium is able to provide dedicated mobile-based wallets to a lot of users. It has a pretty stellar reputation as well.
In today’s review, we would go into the details of Mycelium mobile wallet in order to help you better understand why it is one of the best options for you.
Mycelium is an electronic mobile wallet which is entirely compatible with the android smartphone. There are a lot of different security features which are built into this wallet. The integration of the mobile wallet with Android operating system ensures that you are able to buy and sell Bitcoins from this wallet quite easily. This is one of the main reasons why this wallet has become so popular.
If you look at the mobile application of Mycelium, you would realize that it is pretty easy to understand. The graphic user interface is simple to understand and moreover, it is pretty easy to use.
We would today go into the features of the Mycelium mobile wallet in order to give you a better idea how you can use it.
Mobile operating system compatibility:
This wallet is compatible with the Android operating system as well as the iOS operating system. This ensures that you would be able to run it on a maximum number of mobile devices as well as tablets. Thus, you do not have to take any extra steps in order to make the wallet compatible with your smartphone or tablets.
The wallet was 1st founded in 2008. Since then, it has a very stellar reputation. It is considered as a safe wallet by the entire industry. That is why, even when you’re asking for wallet recommendations from your exchange, most of the exchanges would be recommending you this wallet.
The Code of this wallet is open source. This ensures that you are able to easily get newer and newer developments from time to time. This enhances the security further as well.
Integration with hardware wallets:
These days, in order to keep the Bitcoins safe, it is important to put them in the hardware wallets. Mycelium is completely integrated with the hardware wallets as well. This ensures that you are able to keep your Bitcoins completely secure. The hardware wallets can store the Bitcoins off-line. This ensures that you do not have to worry about hacking or any kind of attacks on your wallet.
Different account options:
Depending on a number of Bitcoins which you want to store as well as the time period for which you want to store, the type of accounts which are on offer are plenty. Thus, you can easily choose the contacts which are the perfect option for you.
This wallet can be easily connected with the Bitcoin network. This ensures that whenever you want to transfer the Bitcoins or buy or sell the Bitcoins, it can be easily integrated to the main network as well. This makes it much easier for you to use the Bitcoins directly from your smartphone. You would not even have to get on the computer in order to use the Bitcoins. This is one of the main advantages of this mobile wallet.
The company who is behind the Mycelium mobile wallet is always evolving the features in order to make it more secure for the users to store their Bitcoins. It is also integrating more and more technology in order to make sure that the wallet is becoming multifunctional.
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On the eco-system of cryptocurrency and bitcoin, you will find many unique services people enjoy using. While trades are among the most well-known services, you will find more than a dozen bitcoin wallet services readily accessible also.
The Exodus wallet is among these cryptocurrency wallet services and a lot of users, new and advanced appear to enjoy its features, even though it’s hardly ever mentioned.
In today’s post let us have a better look at exactly what this bitcoin wallet provides and why so many individuals have taken a liking for it.
Though it’s hard to differentiate oneself from the ever growing competition for a bitcoin wallet service provider nowadays; the Exodus strives to do a couple of things differently, that their competitors are not doing.
First and foremost feature of the Exodus is, it not only supports bitcoin; it also seamlessly integrates with other altcoin sush as Ethereum, Litecoin, Dash etc.
Unlike what some people believe, there’s still a massive demand for Dogecoin wallet solutions nowadays.
Just supporting multiple cryptocurrencies in a wallet, is not sufficient to stick out among competition, however.
The Exodus places itself as a suitable wallet alternative via its attractive and friendly user interface.
Actually, an individual could argue anyone on earth can get comfy using the Exodus in minutes; irrespective of any previous experience with cryptocurrency wallet alternatives.
In this aspect, the Exodus is undoubtedly a wallet of choice to both novice and advanced cryptocurrency users.
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Cryptocurrency is a digital electronic that’s not issued by a government, unlike traditional currencies; but rather created electronically as the generation of cryptocurrency units. The verification of transaction processes is controlled by complex encryption techniques performed by computers instead of a Central authority.
Bitcoin, the first cryptocurrency in the world, was lanuched in 2009 by an anonymous programmer (or group of software developers) who goes by the pseudonym ‘Satoshi Nakamoto’.
In this article we will be talking about Bitcoin; specifically as it is the first cryptocurrency created and #1 in the world of cryptocurrencies.
But first of all, we need to understand what distinguishes bitcoins; (or Cryptocurrencies generally) from conventional currencies and what are their distinctive properties.
So what makes Bitcoin or Cryptocurrency so unique?
Bitcoin is characterized mainly by being digital as it is produced by computers through a process that’s called “Mining”; which involves complex encryption techniques and has no physical properties.
“Bitcoin Mining” is the definition given to the process through which bitcoins are generated and the transactions are added and verified. ”Mining” is performed by special fast computers solving complex mathematical problems; using the appropriate software in order to create or “mine” bitcoins and get rewarded with bitcoins in return.
For each block that is generated the miner is rewarded with 25 bitcoins. This value is halved every four years until all bitcoins are mined (yes the total number of bitcoins to be ever mined is limited).
In the current financial system, central banks along with other political institutions are responsible for controlling and regulating the processes of monetary units generation.
On the other hand, Bitcoin is a decentralized cryptocurrency as the process of its generation is not controlled by any government or central authority. The supply of bitcoins depends solely on the efforts exerted by the miners.
Bitcoin is a virtual currency, as the private keys for your bitcoin addresses (which are used to access your bitcoins) are stored in digital wallets.
So a Digital Wallet is the first thing you need to have in case you want to buy bitcoin. There’s a variety of digital wallets to choose from.
You can have your digital wallet on your desktop or on your mobile or have an online digital wallet, or you can have it as a physical device (which is considered by many to be the safest and most secure storage option.
Another options for bitcoins storage include storing at an Exchange (which offers several services as well like exchanging, sending and receiving bitcoins) and there are many competing Exchanges and wallet providers at the moment so it won’t be difficult to find one nearby.
Bitcoin is a peer to peer currency, meaning Bitcoin operates on a network of user based computers, and the bitcoins are transferred from one party to another across the internet with no 3rd party needed for the transfer process to be completed but the whole network nodes are responsible for monitoring and verifying the transaction process and that is the main idea of the Bitcoin mechanism.
We mentioned before that miners and the connected nodes of the network are responsible for monitoring and digitally regulating the transaction processes that take place between senders and receivers.
And as we know now, bitcoins are stored in digital wallets. Each of these wallets has a unique private key used and known only by the user and a public key which is considered to be the user’s payment address.
In order to understand how transactions work, there are 3 main parameters that are needed to be known and specified for a transaction process to be initiated
The address of the bitcoins sender
The address of the bitcoins receiver
The amount of bitcoins to be transferred from the sender to the receiver
The transaction carries a digital signature that is produced when the private key of the user is mixed with the data he wishes to send in a mathematical algorithm and each transaction has its own digital signature.
When sender “A” decides to send an amount of bitcoins games to receiver ”B” through Internet, the transaction with its data is combined with other requested transactions that are requested at the same time to be recorded in what’s called a “Block”.
Each block has its unique ID, time of the process and a reference to prior block.
The block is then broadcasted to each node in the network.
For a transaction process to take place, all the nodes of the network have to confirm the validity of the process and the authenticity of the digital signature using the public key of the user. This process also prevents
double-spending from taking place making Bitcoin a safe middle of exchange.
Once verified by the nodes of the network, the “Block” representing the transaction is then added to what’s known as the “Blockchain” which is a distributed public ledger shared by all the nodes of the network and functions as a database where all the transactions process are stored.
We can think of a blockchain as a giant ledge containing all the transactions that ever happened. Once a block is added to the blockchain, it cannot be modified nor can it be removed.
“We define an electronic coin as a chain of digital signatures. Each owner transfers the coin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.” – Satoshi Nakamoto
How to acquire bitcoins?
Currently there are two methods to get bitcoins:
1 – Become a “Miner”: which is not recommended if you are a beginner as it requires expensive efficient mining hardware (like FPGAs and GPUs) for the mining process to be profitable because using slow CPUs is not a practical solution at all considering its poor output with respect to time.
2 – Buy them: You can buy bitcoins through an Exchange or online by yourself using your fiat money or credit card, but, as we mentioned earlier, you will need a wallet in which your bitcoins can be stored.
At the Exchange, things work the same way they work at Stock Exchange, a buyer offers to purchase an amount of bitcoins with the price that he wants to pay for each bitcoin, and a seller offers to sell an amount of bitcoins with the price at which he wants to sell each bitcoin.
When the price placed by a buyer matches the price placed by a seller a trade takes place automatically.
And this how the price of a bitcoin is determined (At least for now because the number of bitcoins generated is still increasing and will continue to increase till all bitcoins are mined, after that the value of the bitcoin won’t rely really on its Supply but might rely on its Scarcity or on other variables) with the exchanges being responsible for organizing the trades between buyers and sellers and fixing the price of bitcoin according to the supply and demand of the cryptocurrency.
Here’s a list of some famous Bitcoin Exchanges by country:
The United States
Bitstamp: recommended because of the low trading fees it imposes on Bitcoin trades
Coinbase: one of the top Bitcoin exchanges that offers wide variety of services including: storing, exchange, buying and selling bitcoins and other cryptocurrencies like Litecoin and Ethereum as well. It operates in 32 countries.
Cryptsy: platform that offers its services for different cryptocurrencies and not just Bitcoin.
Kraken : operates in the U.S, Canada, the E.U and Japan.
Peer to peer bitcoin lending platforms are places for the borrowers to borrow bitcoins and the lenders to lend bitcoins to borrowers at specific interest rates. As the name suggests, these are peer to peer networks; where the files and data are sent to and from nodes; without the need of a central server which provides security to the clients.
Peer to peer bitcoin lending platforms offer lenders relatively high monthly interest rates that range from 3% to 8%.Though Lenders don’t pay fees, however borrowers do (but they are considerably low).
And in case you’re looking for low-risk options, you can open a bitcoin saving account, deposit any amount of bitcoins into your account and earn interests.
Here the three current best peer-to-peer bitcoin lending platforms:
1-Loanbase : Based in San Francisco and launched in 2013; Loanbase is considered to be one of the world’s largest peer to peer bitcoin lending platform. Borrowers and lenders from all over the world meet there to borrow and lend bitcoins.
2- Bitbond : founded by CEO Radoslav Albrecht, Bitbond is one of the safest peer to peer bitcoin lending platforms. It has facilitated bitcoin loans for more than 1,500,000 USD and has over 80,000 registered users. It has the AutoInvest tool which makes auto-investing easier.
3- BTCPop : Based in the UK, BTCPop is the world’s largest peer-to-peer bitcoin lending platform , it operates in over 60 countries and it is the first Bitcoin bank in the world!
Bitcoins can be used in games and they can be mined too by playing games. There are two types of games that involve the cryptocurrency: Mining games, where you play mobile games, solve puzzles , and answer questions to get bitcoins in return,however you don’t really earn that much from mining games but in the end of the day you play games and get bitcoins in return so it doesn’t sound bad!
Here’s a list of the best Bitcoin Faucets
And there are Gambling games and Casino games like Poker, where you use bitcoins instead of traditional money.
Challenges facing the fast-growing cryptocurrency
Bitcoin and cryptocurrencies face a number of massive challenges due to their unique characterstics.
The biggest challenge with Bitcoin is the extensive energy consumption of Bitcoin mining process. According to Digiconomist, the amount of energy consumed in Bitcoin mining process combined with the amount of energy consumed in Ethereum mining process exceeds the amount of electricity used by Jordan , Syria, and Iceland all combined. However ,according to researchers, modifications to the PoW systems is one way to reduce high-energy consumption.
Renewable energy sources can be used in the future for the Bitcoin mining process to be more efficient and sustainable.
Since the mathematics behind the Bitcoin system limit the number of the bitcoins to be created; the maximum number of bitcoins to be ever generated is fixed (It is said to be around 21 million); which consequently means that the value of bitcoin will eventually rely solely on its demand which in turn depends on several factors like the trust in the Bitcoin system , the utility and flexibility of Bitcoin as a currency, the investors , the governments, and the energy needed to keep the system going (which one of the major challenges facing the fast-growing digital currency at the moment ).
By the end of 2009, the year in which the bitcoin was launched, over 1.6 million bitcoins have been generated. The number of generated bitcoins increased dramatically to reach 5 million by 2010. And by 2012 the total number of bitcoins that have been mined reached 10 million.
As of April 2014, the total number of Bitcoin users surpassed 2.5 million with a monthly average growth of 5.46%
The number of merchants, businesses and retailers who accept bitcoins as payment is increasing as well. According to Overstock.com Inc. board member Jonathan Johnson , the cryptocurrency transactions processed had tripled since the Internet retailer decided to recognize Bitcoin as a method of payment.
Legal Status of Bitcoin
Many governments have serious concerns regarding the anonymity aspect of bitcoin. Despite the fact that each of the transactions that happen in the Bitcoin system is recorded in a public ledger; the identities and names of buyers and sellers remain secret (except their wallet IDs of course) . While that protects bitcoin users’ privacy, officials are concerned about the possibility that Bitcoin makes money laundry and the transactions in underground economies easier . And unfortunately Bitcoin ,since its creation, has been used widely by criminals to trade illicit goods and fund their illegal activities.
Some governments are working toward imposing regulations on Bitcoin and the other cryptocurrencies, which in turn strengthen the legitimacy of digital currencies. While some others adopted an unfriendly attitude towards the fast-growing digital currency. Russia has taken an action against Bitcoin banning the digital currency and the government prohibited individuals and entities from using cryptocurrencies.
The E.U recognizes the cryptocurrency as a convertible currency. A few days ago, the government of Australia has introduced a bill that would impose regulations on the decentralized global digital currency in an effort to counter money laundering and terrorism funding. And earlier this year, Japan recognized Bitcoin as a legal method of payment.
In China ,the country whose mining pools control about 70% of the Bitcoin network’s hashrate, possession and trading of bitcoins by individuals is totally legal, however the government did not impose regulations in favor of Bitcoin, yet.
For more information about Bitcoin mining in China , check this link. https://www.buybitcoinworldwide.com/mining/china/
In the United States, a congressional hearing was held in November 2013 to discuss the legitimacy of cryptocurrencies including Bitcoin. At the hearing, a federal judge representing the Department of Justice described the virtual digital currency as a “legal means of exchange”.
In March 2014, the IRS (Internal Revenue Service) which is responsible for collecting taxes released guidance regarding possession of virtual currencies, and the guidance recognized “Bitcoin” as “property”. In July of the same year, the New York State Department of Financial Services imposed regulations in favor of Bitcoin. Bitcoin is accepted as a method of payment by many U.S based retailers and companies; such as: Dell Inc, Overstock.com, WordPress , GYFT and Amazon.
In India, there are many Bitcoin exchanges that operate in the country and Indian authorities are researching Bitcoins and holding hearings to discuss the future of the legal status of the virtual currency in the country.
According to Sandeep Goenka , the CEO of Zebpay, the number of Indians interested in investing in Bitcoin is increasing rapidly.
The Future of Bitcoin
The 7 years following the creation of Bitcoin proved that cryptocurrencies have the potential to replace traditional currencies; and could be the next big thing of the 21st century. With their values skyrocketing and rising up after each drop they experience. 2017 was a great year for cryptocurrencies and Bitcoin specifically, as Australia and Japan recognized Bitcoin officially as a method of payment; to impose regulations on the digital currency and the value of promising currency hit an all-time record high climbing above $4500 just a recently.
Bitcoin is still in its infancy and still has a long way to go before it can replace traditional currencies but it did prove that it has the potential to become the future of the financial world.
A wаllеt backup рrоtесtѕ уоur bitcoins аgаinѕt computer or ѕоftwаrе fаilurе. It mау also hеlр уоu rеtriеvе уоur funds аftеr уоur dеviсе wаѕ ѕtоlеn or lоѕt. There are different wауѕ tо backup a Bitсоin wаllеt. Diffеrеnt ѕоftwаrе ѕuрроrtѕ diffеrеnt mеthоdѕ. Make ѕurе уоu’rе familiar with уоur wаllеt bеfоrе lоаding it with bitсоinѕ. If you lоѕе thе bасkuр аnd саn’t ассеѕѕ your wallet for some reasons, уоur bitcoins аrе реrmаnеntlу gone!
Whеn уоu first сrеаtе a bitcoin wallet bасkuр оf уоur wаllеt, the backup соntаinѕ аll thе ‘old’ kеуѕ uѕеd in transactions in аdditiоn tо thе kеуѕ thаt hаvе not bееn uѕеd (100 bу dеfаult). Whеn you реrfоrm a trаnѕасtiоn, уоu thеn have only 99 keys lеft in уоur backup. The nеwlу generated kеу (сrеаtеd аѕ a result оf the trаnѕасtiоn) that rерlасеѕ the kеу uѕеd in thе transaction iѕ nоt inсludеd in thе backup. Thiѕ means that оnсе you hаvе сrеаtеd your wаllеt bасkuр, thе newly gеnеrаtеd keys (generated frоm transactions) аrе only ѕtоrеd in your wallet аnd nоt in thе wаllеt backup. If уоu restore frоm уоur backup AFTER conducting a trаnѕасtiоn, you will lose Bitсоinѕ (frоm thе nеwlу gеnеrаtеd kеуѕ), аnd thеу аrе lоѕt fоrеvеr.
Sаving your Bitcoin wallet bасkuр tо a flаѕh drivе
Sаvе your exported bасkuр оntо a flash drive аnd kеер it in a ѕесurе place. Sоmе wаllеtѕ will аllоw you tо password рrоtесt уоur backup ѕо thаt if someone gets a hоld оf thе filе, hе wоn’t bе аblе tо uѕе it.
Nоw if fоr ѕоmе reason уоu еnd up losing уоur Bitсоin wallet – fоr example, ѕоmеоnе steals уоur mоbilе device. Yоu саn just open a nеw client, import this bасkuр аnd mоvе thе Bitсоinѕ оut оf thаt wаllеt tо a nеw wаllеt. Blockchain.info even hаѕ a соnvеniеnt орtiоn of аutоmаtiсаllу sending you backups to уоur Drорbоx or Gооglе drivе which уоu mау want tо соnѕidеr.
Rеmеmbеr, all thе bitcoin wallet backup iѕ, a liѕt оf уоur private keys. Whoever has уоur private kеу оwnѕ your Bitсоinѕ.
Fоllоw these inѕtruсtiоnѕ to backup just the wаllеt.dаt filе. Thiѕ results in a smaller diѕk image, but it’ѕ mоrе соmрliсаtеd tо dо.
Oреn Diѕk Utility
Cliсk Nеw Imаgе аnd сhооѕе a big еnоugh ѕizе; 128-bit оr 256-bit (fаѕtеr оr mоrе ѕесurе) еnсrурtiоn аnd a ѕinglе partition.
Save it ѕоmеwhеrе уоu wоn’t lоѕе it (likе уоur Wuаlа, Drорbоx, Strоngѕрасе or whаtеvеr)
Choose a safe аnd ѕtrоng раѕѕwоrd
Mоvе your wаllеt.dаt filе to the image
Sуmlink it back ѕо the арр would be аblе tо uѕе it
Restoring уоur wаllеt file
Assuming your bасkuр iѕ rесеnt еnоugh thаt you hаvеn’t uѕеd uр аll оf уоur kеу рооl… restoring a wаllеt tо a new (оr оld) location and rescanning the blосk chain ѕhоuld lеаvе уоu with all уоur coins. Juѕt fоllоw these ѕtерѕ:
Shut dоwn the Bitcoin program.
Copy уоur backed-up wallet.dat into уоur bitcoin dаtа directory.
If уоu are copying in a bасkеd-uр wаllеt.dаt thаt wаѕ lаѕt uѕеd оn a Bitсоin vеrѕiоn before 0.3.21 into an existing profile, dеlеtе files blk*.dаt tо mаkе the сliеnt rе-dоwnlоаd thе blосk сhаin. You mау also nееd tо dо this if your trаnѕасtiоnѕ dоn’t аll ѕhоw uр аftеr уоu rеѕtаrt Bitсоin.