Satoshi Nakamoto - legend or step into the future
Every society produces its own history, its legends and myths, which will eventually become the basis of something more than simple interest or the general idea or co-operation.
The need for legends, mysteries - is the foundation of human culture and identity, regardless of where it resides or is doing. Legends were created as large groups of people, such as religious communities, as well as small, such as the Order or clans. Past Millennium did not deprive people of interest and desire to create new myths. Because without a certain share of mystery and mysticism, life seems fresh and colorless. It would seem that could be farther from the myth-making than purely technological process of creating Bitcoins. But no. In cryptocurrency area too there is a legend. And this legend - Satoshi Nakamoto. The myth about a man who has not been seen. The Parable of the creator of Bitcoin.
Although careful consideration of all of this goes beyond the simple mystery or myth. Satoshi Nakamoto, it belongs to him first place in the creation of an entirely new community of people, the basis of which he put by his basic principles. It is on this basis and to cooperate. Create and develop a system, he left her and ... disappeared. It remains only a name and a very different approach to the perception of reality, a new thought, a new word. Satoshi - the mysterious creator of Bitcoin. So this was the beginning of formation of the modern IT myth, turning cryptocurrency company with combining separate diggers - in a decentralized World Order.
It is the legend of Satoshi, making this a purely mechanical process anything more than primitive making money doing something other than just a new financial system. Technologies underlying Bitcoins, allow people to have more confidence in each other, cooperate and develop.
It is difficult to predict what will grow from Satoshi Nakamoto myth, but would very much like it was the first step, the first step into a new future of mankind.
Regulation of Bitcoin
Bitcoin is comparatively new currency, however, its growing popularity demands some reaction from countries’ governments and regulatory agencies. There is no single decision on how to interpret Bitcoin, therefore, different countries have different legal status for this crypto-currency, from tax-free usage to a total ban.
The decentralized and anonymous nature of Bitcoin provokes the high attention to it from regulatory agencies. For example, as early as 2012, the FBI voiced its suspicions about using crypto-currency in money laundering and illegal goods purchase. This made the US senators debate about the legal status of Bitcoin. For now, only New York has a clear legislation for crypto-currency usage, known as BitLicense (it regulates only New York-located businesses).
As for the European Union, crypto-currency is free from value added tax and is treated as traditional means of payment (according to the European Court of Justice). The latest news show that the EU seeks the ways to control anonymous crypto-currency payments. In other words, they are looking for methods to identify crypto-currency users. Moreover, the EU is going to come up with the list of counrties which will be forbidden to conduct transactions with.
Many countries still haven’t come up with the clear decision on crypto-currency. However, there are some countries that have already banned the usage of digital currencies for one reason or another. China, for example, prohibited the usage of crypto-currency by banks, however, the citizens are not forbidden to use or mine Bitcoins. Another example is Equador, where crypto-currency is totally forbidden, because the country is creating its own digital cash system, and there is no need in competitor with sufficient benefits. The use of Bitcoin is also banned (to a bigger or smaller extent) in Iceland, India, Russia, Sweden, Thailand, Bangladesh, Vietnam, and Bolivia. However, the situation with the growing popularity of Bitcoin may change the legislation any time.
Become a Crypto-Currency Creator
Well, why not? Have you heard about Dogecoin – a crypto-currency called in honor of Internet meme Doge? It was funny experiment – becoming a quite successful project with the big community and appreciable market capitalization. So what would you need if you happen to start inventing your own crypto-currency?
One may think that the most complicated thing is technical part of the project. Well, this is the main mistake of many startups. Technical perfection is great, but marketing is your everything. If you don’t know how to sell your project, no one would know that it’s great, and useful, and whatever. So the same thing works with new crypto-currency creation: find your audience. Your first aim is to gather the community which will have some common interests or needs your new crypto-currency will satisfy. You have to explore the needs, and only then think about an instrument which will solve the problems the most effectively.
Only then, when you have found aliens, and you studied the characteristics of your future crypto-currency together, start coding. You have to know C++ (or find a person who knows it) and study the code of Bitcoin (actually, all other crypto-currencies are based on it). The main difficulty will be to code the new parameters you need (according to the needs of your community). And don’t forget that your new crypto-currency, as any other project, would need a lot of support – fixing bugs, educating people, improving program to better meet users’ needs, etc.
Next, you need a team of miners, who will be loyal to your crypto-currency through hard times. This stage requires a lot of good communication, team-building, and promotion. And you have to be even more convincing and oratorical to make merchants sell goods for your new crypto-currency, so that miners had places where they can spend your coins. So this is the matter of confidence and very hard work with a lot of talking on forums, communities, and social media.
And one more thing that you should keep in mind. Your crypto-currency shouldn’t be global, it should meet the needs of the certain community or audience, serve a particular aim, and this will bring it to success within this particular group of users.
Bitcoin Wallet for Newcomers
This is the information for those who have already created a Bitcoin wallet. After the installing the wallet on your computer or phone it will generate your first Bitcoin address. Wallets can be created in the unlimited amount and use their addresses to pay for services or goods, or receive payments yourself.
Now, we should fill this moneyless vacuum inside the wallet. The simplest way to do this is Bitcoin faucet. Faucets are websites that give free Bitcoin, paying them with small amount and with small periodicity. We have to visit the website, enter the Bitcoin wallet address, wait for a moment and receive a reward. The rewards are small, but it is enough to get acquainted with crypto-currency. And if you like it, you will be able to repeat this action after some time or visit another faucet since there are hundreds of them in the network.
So here we fulfilled our first transaction. The transaction is passing money from one Bitcoin wallet to another, the information about this transaction is saved on the blockchain. By virtue of this information wallets can count the balance on your account and check if the Bitcoins are spent with their owner. The integrality and chronological order of blockchain are ensured by the cryptographic methods. All transactions are transmitted into the network and during the next 10 minutes are verified by its participants with the help of the process, called mining.
Mining confirmation is a distributed system that is used for the verification of transactions by adding them into the block network. For transaction to be confirmed they must be settled into the block that matches the strict cryptographic criteria and is also checked by the network. These rules do not allow to change the previous block, since in such case all the corresponding blocks will be invalid.
In more down-to-earth sense mining is the process of producing Bitcoin, since you can offer your resources for the confirmation of the transactions of other network users and receive free Bitcoin for that. For that, you need powerful equipment which is technically hard in support domiciliary, however, at dawn of crypto-currency era Bitcoin was easy to mine on your PC.
Ethereum: Perspectives and Risks
It is hard to ignore the recent growing interest to the Ethereum. For the last three month Ether rate has been growing with almost with the speed on light. Someone tends to believe that this was made artificially, to create an attractive background for the new Homestead release introduction. However, after the Homestead demonstration, the Ethereum rate has dropped from almost $15 to $12, and during the next week decreased to almost $10, still remaining within the frames of $10 and $12.
After the publication in New York Times, the interest to Ethereum has grown. Such original advertising disturbed the Bitcoin fans, since Ethereum is considered to be its main rival. Many people guess that the new platform can decently challenge the patriarch of the crypto-currency world, which has already been losing his great potential.
Mike Hearn, famous for his scandalous leave of Bitcoin community, yet again voiced the pessimistic prognosis concerning the Bitcoin future, and accused Gregory Maxwell, a community co-founder, in all problems. He was indirectly supported by the former director of engineering on Coinbase, Adrian Macneil, who said that any crypto-currency is doomed to lose if it lacks an authoritative leader.
However, not everyone comments on Ethereum positively. Chris DeRose, the Counterparty Foundation director, stated that the platform doesn’t deserve so many positive feedbacks. If we peep under the cover of the pompous announces, he stated, there would be nothing worth attention. He considers that using blockchain outside the Bitcoin ecosystem doesn’t have big chances to succeed. However, one shouldn’t regard DeRose’s statement as objective one, since Ethereum is a direct competitor of Counterparty, which positions itself as the decentralized platform of the open financial instruments.
Ether attracted great attention as an investment asset mainly because of the rapid rate growth. However, is such speedy growth reasonable? Hasn’t it been increasing artificially? Right now these questions are still open for discussion among crypto-currency community and those who want to invest in Ethereum.
According to the crypto-currency expert Oleksiy Sherstnev, the fact that small exchanges have started to actively buy Ether, doesn’t change anything. When the Chinese exchanges enter the game, this will be a serious claim for domination. Still, the reverse situation, that can serious decrease Ethereum rate, is possible as well. People have a lot of Ether on hands right now, and if they decide to sell it right away, it will negatively influence on the crypto-currency condition. Still, the expert considers this technology good for investment.
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What is Bitcoin?
Bitcoin is a payment system introduced as open-source software in 2009 by developer Satoshi Nakamoto. The payments in the system are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins. Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application. Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2-3% typically imposed by credit card processors. The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility. Bitcoin has been a subject of scrutiny amid concerns that it can be used for illegal activities. In October 2013 the US FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time. The US is considered bitcoin-friendly compared to other governments. In China, buying bitcoins with yuan is subject to restrictions, and bitcoin exchanges are not allowed to hold bank accounts. If you want to know more then check out the full Bitcoin Wikipedia article or watch the YouTube video below.
Bitcoin is the simplest way to exchange money at very low cost.
Mobile payments made easy
Bitcoin on mobiles allows you to pay with a simple two step scan-and-pay. No need to sign up, swipe your card, type a PIN, or sign anything. All you need to receive Bitcoin payments is to display the QR code in your Bitcoin wallet app and let your friend scan your mobile, or touch the two phones together (using NFC radio technology).
Security and control over your money
Bitcoin transactions are secured by military grade cryptography. Nobody can charge you money or make a payment on your behalf. So long as you take the required steps to protect your wallet, Bitcoin can give you control over your money and a strong level of protection against many types of fraud.
Works everywhere, anytime
Just like with email, you don't need to ask your family to use the same software or the same service providers. Just let them stick to their own favorites. No problem there; they are all compatible as they use the same open technology. The Bitcoin network never sleeps, even on holidays! Fast international payments Bitcoins can be transferred from Africa to Canada in 10 minutes. There is no bank to slow down the process, level outrageous fees, or freeze the transfer. You can pay your neighbors the same way as you can pay a member of your family in another country.
Zero or low fees
Bitcoin allows you to send and receive payments at very low cost. Except for special cases like very small payments, there is no enforced fee. It is however recommended to pay a higher voluntary fee for faster confirmation of your transaction and to remunerate the people who operate the Bitcoin network.
Protect your identity
With Bitcoin, there is no credit card number that some malicious actor can collect in order to impersonate you. In fact, it is even possible to send a payment without revealing your identity, almost just like with physical money. You should however take note that some effort can be required to protect your privacy.
You can learn more about Bitcoin on the official http://bitcoin.org website
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