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Best Tips for Where to Buy Bitcoins Instantly

Best Tips for Where to

Buy Bitcoins Instantly

I got an email the other day from a CPA asking how they can help a client buy lots of bitcoin right away. I instantly thought of three questions everyone should reaction in this screenplay.

1) How much bitcoin do you need?

Two) How quick do you indeed need the bitcoin?

Trio) What do you need it for?

The three questions are critical for determining the best way to buy bitcoin swift. Sometimes you can buy less than $1000 instantly, but if you need more it might take a few days. You may be asking what difference does it make what I need bitcoin for? CPA’s don’t ask erroneous questions and as the most trusted professionals we want to solve your challenge so we need all three answers to give you the best advice.

Golden Rule of Quick Bitcoins (the Very first Time)

The more bitcoin you need the longer it will take to get and the more you have to indentify yourself.

The less bitcoin you need the swifter it will take to get with more options and it can take more or less work.

Note: This statement is based on my definition of what work is and I have obtained bitcoins in almost everyway. Its also a rule to be generally applied as there are anomalies and the like that are beyond the scope of this blog.

Buy bitcoin in LARGE amounts:

1) Creating a bitcoin exchange account (or similar platform)

Two) KYC AML identity verification & document obedience

Three) WAIT for verification to accomplish

Four) Linking a bank account or credit card

Five) Accomplish a buy act for bitcoin

6) WAIT longer for the transaction to clear to get bitcoin

7) More systematic and less variable process

8) Usually involves a third party

Buy bitcoin in Petite amounts:

1) Using the same method above except for petite amounts which can done closest to the truest definition of instantly with the same bitcoin exchanges

1) Buy bitcoin online with or without an account

Two) Generally doesn’t have KYC AML verification

Trio) NO WAIT for verification

Four) NOT linking a bank account or credit card

Five) Finish a buy activity for bitcoin

6) WAIT less for the transaction to clear but could take as long

7) Have more options

8) Can be peer to peer

Urgency and Legacy Banking

Whether you’re a business or individual don’t wait until your need for bitcoin becomes urgent. You can lightly set up a fresh bitcoin wallet and receive bitcoin from another party within a few minutes, however if you need to buy bitcoin it’s another story. While buying bitcoin can still be done fairly lightly you have to keep in mind it’s usually tied into the legacy banking system and we all know what that means. You need cash, bank wires, checks or debit cards to purchase bitcoin so you’re temporarily joined at the hip with the banking system as you convert dollars into bitcoin.

Two Steps the Very first Time

There are generally two distinct steps for buying bitcoin if you’ve never done it before.

1) Create an account on a trading platform or bitcoin exchange. This part will seem like setting up a bank account as you provide individual identifying information and documents like driver license, passport, utility bills, corporate docs etc. The bitcoin platform has to obey with KYC and AML requirements regardless of country.

Two) After verification in #1 above, connect you bank account or buy bitcoin with credit card or debit card as instructed. Sometimes you can buy bitcoin instantly but in puny amounts and sometimes it takes several days the same way you have to wait for deposits and payments to clear. Some bitcoin exchanges have implemented amazing technology to speed up an approval process from a few minutes to less than an hour.

Alternatively, you can buy bitcoin peer to peer with someone you know or by using a platform like LocalBitcoins.com to connect with buyers and sellers in your area. These methods don’t require the KYC compliance mentioned above but they are not systematic and can be time intensive to meet someone in person considering the purpose is to get bitcoins swift.

Sites like Bitquick.co, whose tagline is buy bitcoins in less than three hours, suggest the speed but are coupled with inconvenience of going to a bank to make a cash deposit. This could involve a excursion to your back to withdraw cash and a journey to another bank to deposit the cash followed by a race back to your computer to upload the deposit slip before the 3-hour clock expires.

Purse.io offers 15%+ savings on Amazon purchases and a quick way of buying bitcoin without verification. If you want to buy bitcoin and stuff from Amazon you’ll be in heaven because other people are matched up to accomplish the transaction so everybody gets what they want.

Both of these methods will likely limit the amount of bitcoins you can buy to several hundred dollars. If you need several thousand dollars, a bitcoin exchange is the best method and can also be the best method for buying petite amounts instantly.

If you apply the Boy Scout Motto, Be Ready, then knowing where to buy bitcoins instantly won’t turn into an exercise in urgency. By the time you figure how to buy bitcoins in scare mode you could have already have them in your bitcoin wallet. The old telling borrow money when you don’t need it because when you need it you can’t borrow it can be adapted as goes after: Get setup to buy bitcoin when you don’t need it so you can buy it when you do.

You’ll Always Have Bitcoin

Also reminisce the best and easiest way to get bitcoin is to accept bitcoin as payment for your goods and services. Otherwise get setup with at least two bitcoin platforms in each category above. Once you embark the cycle of receiving, using and spending bitcoin you won’t have to worry about how to get it because you will always have it. I have never cashed out bitcoin to US dollars and I never will. I suggest you do the same so you can commence playing with 21st-century money.

So I’m sure you’re asking how can I learn more, what are some other bitcoin platforms and how do I get set up? That’s why I wrote The Ultimate Bitcoin Business Guide available in paperback e-book and audiobook. Courses on the topic will be coming soon.

Related video:

9 reasonable cryptocurrencies to invest in – Paul Miller – Medium

9 reasonable cryptocurrencies to invest in

After my Ethereum investment grew 45x (as per Sep 21, 2016), I determined to do a similar research on alternative cryptocurrencies.

Since an advice without skin in the game should not be taken gravely, I invest a significant amount of individual money into all the projects listed here.

I think of pouring money into cryptocurrencies as an accessible scheme of a venture investment. U.S. regulations prohibit an investor from purchasing ownership interests in companies that are not publicly listed on a stock exchange — unless he / she has at least $200K of a yearly income. This is very unfortunate and closes those fine instruments from the general population.

Cryptocurrency investment, on the other palm, is not presently regulated by SEC — or similar agencies. Keeping this in mind, investing in Ethereum development in middle-2014 has been utterly similar to a venture investment. And, well, it played out — permitting ETH team to grow rapidly.

Any investment may grow by a enormous factor. Or, it may become worth nothing. It’s your take whether to go after the advice, or to overlook it. There are many cryptos out there which are just sophisticated ponzi schemes determined to enrich their creators. Similarly, currencies which do not bring any innovations to the table have been excluded from the list.

The simplified list

  • Ethereum: Had 40x growth rate over the last two years. Permits to build fully-functional applications on blockchain without middlemen. Utterly promising currency, solid team (take a look at what Vitalik Buterin is doing right now). #Two crypto right now — but still 1/Ten of the Bitcoin value. So even while being conservative, thinking that any crypto would not grow higher than BTC, it may grow 10x. Still 10x is a puny amount — compared to other solutions on the market. So, not enormously yummy for a mid-game. Long-term, I am keeping most of the cash here.
  • Monero: Anonymous / private Bitcoin. Now, you may think, “What are you talking about, the BTC is anonymous already?” — which is a very unfortunate albeit popular misconception. All BTC transactions can be seen by the public. For example, by providing out your wallet address to someone, the person is able to see all the payments you’ve received and sent. The black market (drug dealers and weapon manufacturers) created a solution for this: basically a software that mixes your coins with other coins. Nevertheless, the software needs to be trusted and may not work correctly. This is pretty bad when your freedom depends on it. Monero has the mixing system built-in — which makes it very delicious for any kind of black market. This is how the currency got its very first big growth boost — basically a popular darknet market adopted it. Moreover, the transaction privacy is a necessity for any kind of widely adopted currency, which makes me think it may even overtake BTC. The market capitalization of Monero is presently 1/100 of BTC, which makes it a better investment in my opinion. This is where I put most my of my “new” investment batch in.
  • Factom: A blockchain-based system that’s optimized to store millions of realtime records with a single hash. Useful for all kinds of business apps. Runs on top of Bitcoin.
  • Counterparty: A plain description of it may sound like an “Ethereum competitor backed by Bitcoin blockchain”.
  • Siacoin: Distributed data storage. An alternative to Box, Google Drive. The big corporations would not have any access to your data in this point.
  • Lisk: A JavaScript-based Ethereum competitor that aims to make the deployment and development effortless. Interesting solution for an internet of things device from a simpleness perspective.
  • Ripple: A protocol which basically permits to reduce financial transaction fees by a hefty amount (to a duo cents) — and makes the settlement almost instant. Already backed by some VCs and used inwards big banks. The currency itself tho’ is different from others: it’s premined and centralized.
  • STEEM: A decentralized platform which permits to prize content creators lightly.
  • Zcash: crypto, which aims to solve the same problem Monero does. Some venture capital is pouring in. I am unconvinced — a plain backdoor at this point can compromise the entire system in the future. Nevertheless, my individual thoughts don’t matter here — what the market thinks is much more significant; i’d very likely pour some cash once the inflation rate would become stable.

The investment process

The most elementary way of investing is buying the Bitcoin with real money on any exchange, then selling the BTC for any currency from the list.

I’ve used Poloniex to buy BTC and other currencies; which has all the pairs from the list.

I would advice to not keep any significant amount of assets on an exchange. After buying the currency of your choice, send it to a wallet without an internet connection. Reminisce to do some googling and research to ensure your storage is solid and secure.

Prepare yourself to not brief the investments with yet another market fright. Largest points in an investment game are awarded for bearing discomfort.

The article has been translated: На русском

9 reasonable cryptocurrencies to invest in – Paul Miller – Medium

9 reasonable cryptocurrencies to invest in

After my Ethereum investment grew 45x (as per Sep 21, 2016), I determined to do a similar research on alternative cryptocurrencies.

Since an advice without skin in the game should not be taken earnestly, I invest a significant amount of private money into all the projects listed here.

I think of pouring money into cryptocurrencies as an accessible scheme of a venture investment. U.S. regulations prohibit an investor from purchasing ownership interests in companies that are not publicly listed on a stock exchange — unless he / she has at least $200K of a yearly income. This is very unfortunate and closes those fine instruments from the general population.

Cryptocurrency investment, on the other arm, is not presently regulated by SEC — or similar agencies. Keeping this in mind, investing in Ethereum development in middle-2014 has been enormously similar to a venture investment. And, well, it played out — permitting ETH team to grow rapidly.

Any investment may grow by a hefty factor. Or, it may become worth nothing. It’s your take whether to go after the advice, or to overlook it. There are many cryptos out there which are just sophisticated ponzi schemes determined to enrich their creators. Similarly, currencies which do not bring any innovations to the table have been excluded from the list.

The simplified list

  • Ethereum: Had 40x growth rate over the last two years. Permits to build fully-functional applications on blockchain without middlemen. Utterly promising currency, solid team (take a look at what Vitalik Buterin is doing right now). #Two crypto right now — but still 1/Ten of the Bitcoin value. So even while being conservative, thinking that any crypto would not grow higher than BTC, it may grow 10x. Still 10x is a puny amount — compared to other solutions on the market. So, not utterly yummy for a mid-game. Long-term, I am keeping most of the cash here.
  • Monero: Anonymous / private Bitcoin. Now, you may think, “What are you talking about, the BTC is anonymous already?” — which is a very unfortunate albeit popular misconception. All BTC transactions can be seen by the public. For example, by providing out your wallet address to someone, the person is able to see all the payments you’ve received and sent. The black market (drug dealers and weapon manufacturers) created a solution for this: basically a software that mixes your coins with other coins. Nevertheless, the software needs to be trusted and may not work correctly. This is pretty bad when your freedom depends on it. Monero has the mixing system built-in — which makes it very delicious for any kind of black market. This is how the currency got its very first big growth boost — basically a popular darknet market adopted it. Moreover, the transaction privacy is a necessity for any kind of widely adopted currency, which makes me think it may even overtake BTC. The market capitalization of Monero is presently 1/100 of BTC, which makes it a better investment in my opinion. This is where I put most my of my “new” investment batch in.
  • Factom: A blockchain-based system that’s optimized to store millions of realtime records with a single hash. Useful for all kinds of business apps. Runs on top of Bitcoin.
  • Counterparty: A plain description of it may sound like an “Ethereum competitor backed by Bitcoin blockchain”.
  • Siacoin: Distributed data storage. An alternative to Box, Google Drive. The big corporations would not have any access to your data in this point.
  • Lisk: A JavaScript-based Ethereum competitor that aims to make the deployment and development effortless. Interesting solution for an internet of things device from a plainness perspective.
  • Ripple: A protocol which basically permits to reduce financial transaction fees by a big amount (to a duo cents) — and makes the settlement almost instant. Already backed by some VCs and used inwards big banks. The currency itself tho’ is different from others: it’s premined and centralized.
  • STEEM: A decentralized platform which permits to prize content creators lightly.
  • Zcash: crypto, which aims to solve the same problem Monero does. Some venture capital is pouring in. I am unconvinced — a plain backdoor at this point can compromise the entire system in the future. Nevertheless, my private thoughts don’t matter here — what the market thinks is much more significant; i’d very likely pour some cash once the inflation rate would become stable.

The investment process

The most plain way of investing is buying the Bitcoin with real money on any exchange, then selling the BTC for any currency from the list.

I’ve used Poloniex to buy BTC and other currencies; which has all the pairs from the list.

I would advice to not keep any significant amount of assets on an exchange. After buying the currency of your choice, send it to a wallet without an internet connection. Recall to do some googling and research to ensure your storage is solid and secure.

Prepare yourself to not brief the investments with yet another market fright. Largest points in an investment game are awarded for suffering discomfort.

The article has been translated: На русском

Related video:

Five Ways Theme Parks Could Embrace Blockchain (And Why They Should)

Без кейворда

Jegar Pitchforth is a statistician, data scientist and blogger with a background in sophisticated systems analysis.

In this opinion chunk, Pitchforth takes a tour of potential blockchain applications in the theme park industry, presenting five ways the summer entertainment staple could improve by using the tech.

The theme park world has been known to embrace all forms of fresh technology, from virtual reality in rails to recommendation systems on mobile apps and the touchless payment technology that now pervades all major theme parks globally.

But while the methods of delivering the theme park practice are as advanced as they come in any industry, the systems behind all of it are sorely lacking. The practice of booking tickets and organizing the visit is often a lot more strained than it needs to be, and anything that minimizes this process is likely to be well received.

Meantime, the digital world is undergoing a switch in the way it stores information and makes financial transactions. A technology known broadly as ‘blockchain’ is gaining more and more attention amongst development circles, and it promises a fresh way of interacting with data altogether free of server costs or security issues.

You’ve most likely heard of the very first major application of the blockchain known as bitcoin – an entirely digital currency given value by those who use it.

But for all the hype you’ve heard about bitcoin, this is only the very pointy peak of a continent-sized iceberg. The next iteration of cryptocurrency is called ethereum, and its applications to the theme park world are far ranging.

1. Ticketing

Ticketing is very likely the most demonstrable application of the blockchain to the operations of theme parks. There are already a range of interesting ethereum-based ‘dapps’ that promise ticketing services for music festivals and concerts at a fraction of the price.

Because the blockchain only ever permits one copy of a digital property (such as a ticket to a theme park), users can have a password-protected wallet on their phone that contains the digital tickets signed by the park which are scanned at the gate, at which time the payment transfer is finalized inbetween the guest’s wallet and the theme park’s.

No ID, no paper tickets, just a secure decentralized system approved by consensus.

What’s more, these digital tickets don’t have to be bought all at once or even by the same person. A guest who knows they want to go to the park a year out can make a promise to buy a ticket, which they can then pay off at their will over the remaining time they have. The blockchain can lightly store the payment history of the guest without any specific human approval or oversight.

Now that your tickets are digital assets that you don’t need to keep an eye on, you can pretty much permit people to do whatever they want with them.

Ethereum has the capability to run ‘brainy contracts’ (executable code with instructions to carry out deeds based on specific triggers), so any time someone sells on your park’s tickets at a profit you can get a cut. Say you take 50% of any resales as part of the contract when you sell the ticket. On popular days that ticket might go through any number of arms, and you are making money each time without any effort, while also permitting others to make money from their good predictions.

Two. Fastpass tracking and interchanges

Similar to theme park ticketing, fastpass tickets for rail queues like this one at Universal, or the equivalent at Walt Disney World can be entirely managed through wise contracts, providing them much more plasticity than the current systems.

The current system has a entire range of books and forums dedicated to how to game it, with people spending hours attempting to get the best rail times and cover the rest of their dearest rails through careful planning. It surely doesn’t need to be so tense.

What if everything switched over to a bidding system with every guest given equal chance to begin with?

You could provide guests with some tokens to spend on fastpasses when they buy a ticket, then use a demand-based system for the token cost of each rail in the park. The xxx fans can spend all their tokens on the newest rail at the most popular times, while the kids can spend theirs on railing the Jungle Cruise for the five-millionth time.

Now that you’ve established a within-park market for rail times, there’s nothing stopping you from selling extra tokens to guests buying premium packages, or to their relatives wishing them a good holiday.

The cool thing about this is that you get a lot more information about which rails people indeed wished to go on, because you can track the ‘price’ and witness them trading with each other. This would let you embark improving your recommendations to them, providing them indications of rails they might like and good times to rail them that suit their intended schedule.

Trio. Create a theme park currency

You can very likely see where all this is heading: a theme park currency that can be used at any of the park owner’s subsidiary and affiliate businesses.

A majority of people that visit premium parks now download the app before they go so they can organize their day and use the map. It’s not a good step for that app to become a digital wallet that visitors can use in your parks, stores and even online platforms. What makes this a digital currency rather than the old-school version of ‘park dollars’ is that these could be exchanged back into local currency anywhere someone wants to set up an exchange.

On its own, the prospect of having a future corporate currency that could be more stable than many local governments is interesting, but the instant benefits are still compelling. Once you transfer your ticketing, fastpasses, merchandising and digital distribution payments through one channel that doesn’t require a bank, your accounting all of a sudden becomes a lot simpler.

The concept is especially arousing for larger brands who may not have a park, but do have a store in a particular country.

The park currency can be used in all these stores without having to make special banking or business arrangements, permitting for much quicker expansion into fresh markets. With amazingly low transfer costs inbetween countries, theme parks that embrace blockchain would be able to capitalize on the post-visit practice much more effectively.

Four. Audience surveys with meaning

One of the most popular early uses of the ethereum cryptocurrency was as a voting system. Rather than a ‘one person one vote’ treatment, The DAO (the earliest manifestation of an ethereum organisation) used a share-based system where those with more coins had more vote.

While this may not be exactly what you want for your theme park, having a good skill of what the highest spenders in your park are looking for is a useful thing.

On top of that, you might also see a groundswell of grassroots support from lower-spending guests (like Universal witnessed with the opening of Harry Potter worlds in Florida), which would give you an indication that you need to build a rail with high throughput that doesn’t need a lot of stores nearby.

Whatever the outcome, an audience survey with the answers weighted by how much they have invested in your company is a lot more useful than standing around on corners asking people how they feel about things.

Five. Turn everyone into an ambassador

Once you have your audience used to using your park’s currency, and it’s gained some value, there’s more and more benefit to suggesting what are essentially cash prizes for advertising and information about your park.

This could be as basic as forwarding coins to a wallet linked to a Twitter account that posts lost of very retweeted content, or as sophisticated as real-time prizes for advice about park waiting times, incident reports and events. There are already dozens of forums online vying to be the accomplished of one park or another, why not bring it all into your own app ecology and prize your guests for their effort?

You could create ‘flashmobs’ in the park with your most loyal fans by incentivizing them with tokens, as could any guest with enough tokens and approval from the park’s digital protocols. There is no end to the ways people could build secondary and tertiary businesses around your brand, and with the right protocols you wouldn’t need to spend a cent on protecting it.

There’s a massive range of ways which theme parks can use blockchain technology, and it’s titillating to imagine what the future might hold.

What other ways could theme parks use blockchain technology? Or should they be looking at this at all? Let us know in the comments below.

This article originally appeared on the author’s blog, and has been republished here with his permission.

The leader in blockchain news, CoinDesk strives to suggest an open platform for dialogue and discussion on all things blockchain by encouraging contributed articles. As such, the opinions voiced in this article are the author’s own and do not necessarily reflect the view of CoinDesk.

Related video:

Four blockchain companies that could switch everything from accounting to money transfers

Opinion: four blockchain companies that could switch everything from accounting to money transfers

Published: May 11, two thousand sixteen Four:44 p.m. ET

Don Tapscott and Alex Tapscott explain Consensys, Chain, Abra and Bitfury

DonTapscott

AlexTapscott

The very first generation of the digital revolution brought us the Internet of information. The 2nd generation — powered by blockchain technology — is bringing us the Internet of value: a fresh platform to reshape the world of business and convert the old order of human affairs for the better.

Blockchain is a vast, global distributed ledger or database running on millions of devices and open to anyone, where not just information but anything of value — money, but also titles, deeds, identities, even votes — can be moved, stored and managed securely and privately. Trust is established through mass collaboration and clever code rather than by powerful intermediaries like governments and banks.

To be sure, much needs to happen to fulfill the promise of blockchain. For one, the technology must scale to meet the high expectations placed on it. Governing the protocol is still an open question, but we see these as implementation challenges that will be overcome.

Already, an intrepid and visionary crop of entrepreneurs is applying this revolutionary fresh technology to convert industries from financial services to media and everything in inbetween. Here are a few of the most promising we got to know during the research for our book “Blockchain Revolution”:

Consensus Systems

Consensus Systems is a venture production studio, building decentralized applications on the Ethereum blockchain. It sounds low key, but if implemented, the applications that Consensys (as it is known) is building would wiggle the windows and rattle the walls of a dozen industries. Projects include a distributed triple-entry accounting system, which could upend the audit and accounting businesses of the Big Four.

In double-entry accounting, a debt and credit are recorded on each side of the balance sheet. In triple entry accounting, a third time stamped entry uploads to a blockchain. It’s semitransparent and immutable and thus gives auditors and other stakeholders much better visibility into the health of a company.

Other projects are a decentralized version of the massively popular Reddit discussion forum that has been plagued of late by controversy over centralized control as well as a document formation and management system for self-enforcing contracts.

Consensys is also building prediction markets for business, sports, and entertainment; an open energy market, which is already being implemented in Park Slope, Brooklyn with energy company LO3; a distributed music model to rival with Apple and Spotify; and a suite of business instruments for mass collaboration, mass creation and mass management of a management-less company.

Additionally, Consensys launched an enterprise consulting arm called Consensys Enterprises, which counts Deloitte, Microsoft MSFT, +1.49% and Manulife Financial MFC, -1.71% as a few of its many customers.

Chain Inc.

Perhaps no other company has done more to bring blockchain to Wall Street than Chain Inc. Adam Ludwin, the company’s founder and CEO, sees a once-in-a generation chance to entirely and fundamentally switch the way financial markets work.

Chain is building a suite of blockchain-based contraptions for banks, stock exchanges, credit-card companies and other major industry participants that will enable them to stir, store, trade and manage financial assets quickly, securely and with less risk to the system.

Already, the company is working with Nasdaq NDAQ, -0.62% Citibank C, -2.19% Visa V, +1.85% Orange ORA, +0.32% and others on real-world commercial implementations of the company’s blockchain solutions. “All assets in the future will be digital bearer instruments running on numerous blockchains,” Ludwin told us in an interview for “Blockchain Revolution”.

On May Five, Chain took another big leap forward by releasing an open source blockchain protocol that it has built with a group of leading financial service firms. The protocol, called Chain Open Standard 1, or Chain OS1, is designed to be massively scalable, secure and needing just one 2nd to clear and lodge a transaction, versus the average of ten minutes using the bitcoin blockchain, another public open blockchain.

With a name like Abra, one would expect to see a little “Cadabra,” and the company doesn’t disappoint. Abra is building a global digital asset-management system with retail-banking functionality like payments and savings on the bitcoin blockchain. Abra sees opportunities in the global remittance market, estimated to be $600 billion in size.

Today, most people who want to send remittance must go through a long, costly and frustrating process, using legacy systems like Western Union, where payments can take a week to clear and lodge and the average fees are upward of 10%. Abra will enable anyone with a mobile phone and an Internet connection to rafter dollars, pesos and bitcoin to another person for around 0.25%, a fraction of the cost today.

Using the bitcoin blockchain to create a seamless user interface and secure and efficient back-end is only one of Abra’s big innovations.

Because most people in the developing world pay in cash, Abra will also make it ordinary to convert from their platform to a local currency. Anyone who uses Abra can become a teller, suggesting to interchange virtual money for physical money. Using reputation systems, GPS and other sharing-economy innovations, Abra can turn its network into the largest ATM network in the world. It took Western Union a century to build a network of 500,000 agents. Abra will exceed that in year one.

Bitfury

Bitfury, founded in 2011, is one of the “old guard” of the industry, a term we use somewhat lightly given the rapid evolution of blockchain technology. Began as a mining company — a network participant who validates transactions and secures the network — Bitfury has since evolved into a fully integrated, full-service blockchain security and technology rock-hard. It has developed proprietary hardware and software solutions that have helped the blockchain world scale both quickly and securely. The company is also a pioneer in blockchain analytics, platform development and is working toward scaling public blockchains through its involvement in The Lightning Network.

Recently Bitfury has announced a fresh property rights registry initiative. Today, billions of people in the world lack clear and enforceable title to their land, preventing them from fully participating in the global economy. Land titles on the blockchain would create a superior alternative to a system where records often go missing in centralized databases or filing cabinets and can be altered by unscrupulous and corrupt officials.

The Republic of Georgia has partnered with Bitfury to develop blockchain land titles for the National Agency of Public Registry. If effective, it would make Bitfury the global standard.

Don Tapscott is the author of fifteen books about technology in business and society. His son Alex Tapscott is CEO of Northwest Passage Ventures, a rock-hard that helps startups in the blockchain space. Their book “Blockchain Revolution: How the Technology Behind Bitcoin is Switching Money, Business and the World” was published on May Ten. Bitfury and Chain are two of the sponsors of the authors’ book tour.

Related video:

Why Your Bitcoin Transactions Are Taking So Long to Confirm

Why Your Bitcoin Transactions Are Taking So Long to Confirm

If you have sent a bitcoin payment in the last duo of weeks, you may have noticed that your transactions are taking much longer than expected to confirm.

We have received your emails.

Since, like the Bitcoin network, we are presently working through a backlog, we want to thank you for your patience. With the high volume of questions we’re getting about delayed payments, we determined it would be best to write a brief explanation about what’s happening with many bitcoin transactions right now.

How Bitcoin Transactions Get Confirmed (or Delayed)

Transactions on the Bitcoin network itself aren’t managed or confirmed by BitPay, but by the bitcoin miners which group transactions into “blocks” and add those blocks to the Bitcoin “blockchain” – the collective historical record of all transactions. When a transaction has been added to a block six blocks ago, it’s considered a done deal.

Presently, bitcoin network traffic is unusually high due to enhancing request for transactions per block. Block sizes are limited, so this means that transactions which exceed the capacity for a block get stuck in a queue for confirmation by bitcoin miners. This queue of unconfirmed transactions is called the bitcoin mempool.

For context on what’s happening now, here is a look at the current bitcoin mempool size.

The good news? A lot of people are interested in using bitcoin for transactions. The bad news is that this network traffic may produce delays of a few hours to a few days for some users and a wait time of weeks for a petite number of users.

What To Do If You Have an Unconfirmed Transaction

If your bitcoin transaction to a BitPay merchant has not confirmed yet, you will need to wait for it to be confirmed by bitcoin miners. Since BitPay does not control confirmation times, there is unluckily nothing we can do to speed up the process once your transaction has already been broadcast to the network.

You can check your transaction’s confirmation status and other payment details on any blockchain explorer (like BitPay’s block explorer Insight). Look up your transaction using your transaction ID or the sending or receiving bitcoin addresses, which can all be found in your bitcoin wallet that sent the payment. For your transaction to be considered fully confirmed by most BitPay merchants, your transaction will need to have six confirmations.

Note that until your payment has six confirmations on the bitcoin blockchain, the recipient will not have access to the funds and will not be able to refund your transaction.

While some BitPay merchants may choose to fulfill orders on payments with fewer block confirmations, you will need at least one block confirmation before your order can be considered finish. If your transaction confirms and the merchant does not fulfill your order, you don’t need to reach out to BitPay. Just reach out to the seller and provide your order ID and BitPay invoice URL as proof of payment.

How To Avoid Delayed Transactions

Because block sizes are limited, it’s significant for bitcoin miners to know which transactions they should include in blocks very first. Miners use prices to figure this out. When you broadcast a transaction, your total amount sent usually includes a “miner fee” which goes to pay miners.

If you want your transaction to leave the bitcoin mempool and be added to a block quickly, it’s significant that you include a sufficient miner fee. This is why we strongly suggest using the BitPay wallet or another true bitcoin wallet that can dynamically calculate the miner fee needed for timely block confirmations. For reference, the website bitcoinfees.21.co gives the minimum miner fee as 360 satoshis/byte, however this amount has been fluctuating via this week.

Transactions are being added to the bitcoin mempool’s total queue permanently. Some may have been sent with higher miner fees than the one sent with your payment. This means that with current network traffic, miners may deprioritize your unconfirmed transaction even if it was sent with an adequate fee at the time.

Your transaction will likely confirm, but if the Bitcoin network does not confirm it, it be spendable again in your wallet. Funds are spendable again in the BitPay wallet after transactions fail to confirm for up to seventy two hours, but other wallets may behave differently.

If you are not using the BitPay wallet, you should contact your wallet provider for help if your unconfirmed funds do not showcase up as spendable again after a few days.

What Is BitPay Doing About This?

While BitPay does not control confirmation times on the Bitcoin network, we care about the payment frustrations BitPay merchants and purchasers are experiencing right now.

For purchasers, our BitPay wallet team has been working on updates to the BitPay wallet for our next release which will help to mitigate the effects of these delays on the bitcoin network when they occur.

For bitcoin users and businesses alike, we’re also continuing to explore options for quicker, simpler, and more affordable bitcoin payments. We’ll proceed to post here on the BitPay blog as we make progress.

If this article didn’t reaction your question, check out our payment guide or our fresh movie walkthrough for more info on how to make a successful bitcoin payment.

Related video:

What is the simplest implementation of the blockchain?

implementing a blockchain

Blockchains are one of the most significant technologies to emerge in latest years, with many experts believing they will switch our world in the next two decades as much as the internet has over the last two.

You can this executive guide as a PDF (free registration required).

Albeit it is early in its development, firms pursuing blockchain technology include IBM , Microsoft , Walmart , JPMorgan Pursue, Nasdaq , Foxconn, Visa, and shipping giant Maersk . Venture capitalists have so far poured $1.Five billion into the space, with storied firms such as Andreessen Horowitz, Kleiner Perkins Caufield and Byers, and Khosla Ventures making bets on startups.

The applications for blockchain technology seem endless. While the very first demonstrable ones are financial — international payments, remittances, complicated financial products — it can also solve problems and create fresh opportunities in healthcare, defense, supply chain management, luxury goods, government, and other industries. In more advanced stages, the technology could give rise to what Gartner calls "the programmable economy," powered by entirely fresh business models that eliminate all kinds of middlemen, machine networks in which devices engage in economic activity, and "brainy assets" in which some form of property such as shares in a company can be traded according to programmable or artificial intelligence-based rules rather than the control of a centralized entity.

Not every blockchain works the same way. For example, they can differ in their consensus mechanisms, which are the rules by which the technology will update the ledger. But broadly, a blockchain is a ledger on which fresh transactions are recorded in blocks, with each block identified by a cryptographic hash of that data. The same hash will always result from that data, but it is unlikely to re-create the data from the hash. Similarly, if even the smallest detail of that transaction data is switched, it will create a frantically different hash, and since the hash of each block is included as a data point in the next block, subsequent blocks would also end up with different hashes. This is what makes the ledger tamper-proof. Eventually, security also comes from the fact that numerous computers called knots store the blockchain, and so to switch the ledger, one would need to build up control of at least fifty percent of the computing power in order to switch the record — a difficult feat especially for a public blockchain such as bitcoin's.

A blockchain in two hundred lines of code

The basic concept of blockchain is fairly elementary: a distributed database that maintains a continuously growing list of ordered records. However, it is effortless to get mixed up as usually when we talk about blockchains we also talk about the problems we are attempting to solve with them. This is the case in the popular blockchain-based projects such as Bitcoin and Ethereum . The term “blockchain” is usually strongly tied to concepts like transactions , brainy contracts or cryptocurrencies .

The very first logical step is to determine the block structure. To keep things as ordinary as possible we include only the most necessary: index, timestamp, data, hash and previous hash.

constructor(index, previousHash, timestamp, data, hash)

What Is a Bitcoin Worth? The Motley Idiot

What Is a Bitcoin Worth?

Bitcoin has existed for less than a decade, but it has achieved amazing popularity across the globe, and its value has risen along with its use. Shortly after its creation in 2009, one could buy the virtual currency for less than a penny per bitcoin. Now, a bitcoin is worth about $1,250, and many believe that the upward trend for bitcoin could proceed indefinitely. Despite there being slew of skepticism about the inherent value of bitcoin, the currency has survived dramatic volatility without losing favor among its core users.

During the very first duo of years of its existence, bitcoin spotted dramatic gains in price. From its penny valuation in 2009, bitcoin rose to $0.Ten by two thousand ten and very first hit the $1 mark in early 2011. That ignited a meaty wave of fresh request for bitcoin, sending the currency up to more than $Ten by mid-2011.

Photo source: Getty Pictures.

Yet at that point, bitcoin showcased its propensity for big ups and downs. Within just a few months, bitcoin prices dropped 80%, penalizing those who had gotten in at the top and were looking for quick gains. Still, those who stuck with bitcoin earned back their losses, with the currency reaching the $Ten mark again in late 2012.

From there, the next wave of interest in bitcoin took the currency to the $100 mark and beyond, climbing to almost $200 by early 2013. The bankruptcy of the Mt. Gox bitcoin exchange shortly took a big toll on prices, cutting bitcoin’s value in half, but before the year was out, the digital currency climbed above $1,000 as market participants increasingly believed that bitcoin would achieve global currency status and prove to be a better alternative to traditional government-issued currency. The frequency of financial crises across the globe during the very first several years of bitcoin’s history certainly helped feed that theory and added to bitcoin’s appeal.

Since then, bitcoin has remained volatile, but not to the same extent as it was earlier in its existence. Prices sank to around $200 in 2015, but the currency picked up steam again more recently. This year, bitcoin regained the $1,000 level and has climbed as high as almost $1,300.

The true measure of bitcoin’s worth

One concern that some have voiced about bitcoin is that the currency has no intrinsic value. Gold coins, by contrast, represent a given weight of an actual commodity with practical applications, and gold investors take convenience in the fact that their bullion is worth something beyond monetary terms. That’s not true of bitcoin, which one receives as a prize for solving sophisticated mathematical problems.

Yet bitcoin advocates note that the same is true of paper currency. It used to be that Federal Reserve notes were tied to the value of gold or silver, but those days are long gone. Just as a dollar bill only has whatever value a buyer and seller assign to it, so too does bitcoin have practical value to the extent that those who make exchanges of the digital currency agree on what it’s worth.

One reason why bitcoin has become more valuable likely has to do with the fact that one can use it more widely now than early in its history. Many major technology and retail companies accept bitcoin in the same way they would older currencies, and petite businesses have leaped on the bitcoin bandwagon as well. Moreover, with relatively low transaction fees for transfers, bitcoin has become a popular way to budge money while avoiding the costly charges that banks and other financial institutions often impose.

Keep an eye on bitcoin

Bitcoin has seen dramatic price increases recently, but the one thing investors in the currency can be certain of is that volatility in both directions will proceed. With some calling for continued exponential growth in the value of bitcoin while others believe it’s a bubble waiting to burst, the market for bitcoin is sure to be arousing for the foreseeable future.

What Is a Bitcoin Worth? The Motley Loser

What Is a Bitcoin Worth?

Bitcoin has existed for less than a decade, but it has achieved amazing popularity across the globe, and its value has risen along with its use. Shortly after its creation in 2009, one could buy the virtual currency for less than a penny per bitcoin. Now, a bitcoin is worth about $1,250, and many believe that the upward trend for bitcoin could proceed indefinitely. Despite there being slew of skepticism about the inherent value of bitcoin, the currency has survived dramatic volatility without losing favor among its core users.

During the very first duo of years of its existence, bitcoin spotted dramatic gains in price. From its penny valuation in 2009, bitcoin rose to $0.Ten by two thousand ten and very first hit the $1 mark in early 2011. That ignited a hefty wave of fresh request for bitcoin, sending the currency up to more than $Ten by mid-2011.

Photo source: Getty Pictures.

Yet at that point, bitcoin displayed its propensity for big ups and downs. Within just a few months, bitcoin prices dropped 80%, penalizing those who had gotten in at the top and were looking for quick gains. Still, those who stuck with bitcoin earned back their losses, with the currency reaching the $Ten mark again in late 2012.

From there, the next wave of interest in bitcoin took the currency to the $100 mark and beyond, climbing to almost $200 by early 2013. The bankruptcy of the Mt. Gox bitcoin exchange shortly took a big toll on prices, cutting bitcoin’s value in half, but before the year was out, the digital currency climbed above $1,000 as market participants increasingly believed that bitcoin would achieve global currency status and prove to be a better alternative to traditional government-issued currency. The frequency of financial crises across the globe during the very first several years of bitcoin’s history certainly helped feed that theory and added to bitcoin’s appeal.

Since then, bitcoin has remained volatile, but not to the same extent as it was earlier in its existence. Prices sank to around $200 in 2015, but the currency picked up steam again more recently. This year, bitcoin regained the $1,000 level and has climbed as high as almost $1,300.

The true measure of bitcoin’s worth

One concern that some have voiced about bitcoin is that the currency has no intrinsic value. Gold coins, by contrast, represent a given weight of an actual commodity with practical applications, and gold investors take convenience in the fact that their bullion is worth something beyond monetary terms. That’s not true of bitcoin, which one receives as a prize for solving sophisticated mathematical problems.

Yet bitcoin advocates note that the same is true of paper currency. It used to be that Federal Reserve notes were tied to the value of gold or silver, but those days are long gone. Just as a dollar bill only has whatever value a buyer and seller assign to it, so too does bitcoin have practical value to the extent that those who make exchanges of the digital currency agree on what it’s worth.

One reason why bitcoin has become more valuable likely has to do with the fact that one can use it more widely now than early in its history. Many major technology and retail companies accept bitcoin in the same way they would older currencies, and petite businesses have hopped on the bitcoin bandwagon as well. Moreover, with relatively low transaction fees for transfers, bitcoin has become a popular way to budge money while avoiding the costly charges that banks and other financial institutions often impose.

Keep an eye on bitcoin

Bitcoin has seen dramatic price increases recently, but the one thing investors in the currency can be certain of is that volatility in both directions will proceed. With some calling for continued exponential growth in the value of bitcoin while others believe it’s a bubble waiting to burst, the market for bitcoin is sure to be titillating for the foreseeable future.

Related video:

What can an attacker with 51% of hash power do? Bitcoin Stack Exchange

blockchain fifty one attack

Actually, it’s very effortless to do harm to the network once you have 51%; just build your own chain quicker than the network, and broadcast it whenever you like. If you send some of your coins to a fresh address in your own chain, all the transactions issued in the live network by spending those same coins will be reversed at the moment the longer chain is broadcast.

Right from the bitcoin wiki (most likely proof-read by many pairs of eyes) :

An attacker that controls more than 50% of the network’s computing power can, for the time that he is in control, exclude and modify the ordering of transactions. This permits him to:

  • Switch roles transactions that he sends while he’s in control
  • Prevent some or all transactions from gaining any confirmations
  • Prevent some or all other generators from getting any generations

The attacker can’t:

  • Switch sides other people’s transactions
  • Prevent transactions from being sent at all (they’ll demonstrate as 0/unconfirmed)
  • Switch the number of coins generated per block
  • Create coins out of skinny air
  • Send coins that never belonged to him

It’s much more difficult to switch historical blocks, and it becomes exponentially more difficult the further back you go. As above, switching historical blocks only permits you to exclude and switch the ordering of transactions. It’s unlikely to switch blocks created before the last checkpoint.

Since this attack doesn’t permit all that much power over the network, it is expected that no one will attempt it. A profit-seeking person will always build up more by just following the rules, and even someone attempting to ruin the system will very likely find other attacks more attractive. However, if this attack is successfully executed, it will be difficult or unlikely to “untangle” the mess created — any switches the attacker makes might become permanent.

In theory, this attacker possesses enough computing power that they could execute a “dual spend” attack. They could spend coins in one place, permit the coins to come in the block chain as normal until the required confirmations are met, then fire up their 51% of the miners to craft a fraudulent fork of the block chain in which those coins were never spent, permitting them to re-spend the coins. This could theoretically be repeated for as long as the attacker maintained control of 51% or more of the hashrate.

Realistically, 51% is only the point at which this becomes possible not the point at which it becomes likely or effortless. An attacker would very likely need something like 65% to actually execute such an attack.

And then there is the denial of service possibility of abruptly withdrawing from the service, taking the necessary computing resources away to proceed to solve blocks every ten minutes until the difficulty is adjusted down again (which could take a long time if there is only a block every day for example).

Of course, for that one would need much more than 51% of hash power.

The answers so far concentrate on the algorithm itself, I have a few social economic thoughts to add.

Let’s assume Bitcoin is massively popular and indeed becomes THE global go-to currency, at this point this and similar questions become (very) relevant.

What happens in maturing industries is that through commoditization and mergers smaller and smaller numbers of players remain. Through scale advantages this puny number of players will be able to provide services at lower cost and squeeze out smaller players. I see little reason the industry of Bitcoin transaction processing will be exempt from this general rule.

Next, we cannot foresee every aspect of the future, even tho’ the Bitcoin designers did a terrific job there will be situations that will call for switches to the system. For example there might be a call from the people to stop child porn networks, to stop capital shelters for the rich, to stop overly profitable and powerful corporations. etcetera, you name it. Whether justified or not, the people will request for switches, not necessarily a villain government individual, the people.

Since there is only a puny number of players it is actually possible to regulate the industry. For example the regulation could be that only payments with a traceable account number will be processed, or only payments with fastened fees that include a portion for tax.

I would think the government could even request switches to the core of the algorithm. Preventing, for example, “non-certified” players to inject, thereby further establishing the power of the existing payment processors.

The freshly elected monopolists will then, in the final phase of capitalism self-destruction leisurely but steadily raise their processing prices, eventually driving customers away and causing the Bitcoin to never reach the deflationary status many proponents and early investors claim it will have.

And let’s just hope it completes this way, a forking screenplay from this could be that the Bitcoin reaches “too big to fail” status, and the people request further regulation (of processing fees, mining speed caps, etc). We will all keep paying a premium on the existence of the currency, just for the sake of stability and the fear for disruption of the status quo. Just like with today’s currencies.

I’m not attempting to be skeptical, I’m actually very hopeful the crypto currencies are going to help with globalization and advance humanity. As a deflationary currency to “lightly” save for your (early) retirement I am not so sure. As a transaction system most likely in some way.

Maybe we don’t actually need a “currency” maybe all we need is a transaction. Maybe there can be a super layer on top of numerous challenging crypto currencies that quickly and automatically switches your money back and forward inbetween the best suitable mix of currencies and investment funds. After all what you truly care about is how your salary is exchanged into goods and future promises.

What can an attacker with 51% of hash power do? Bitcoin Stack Exchange

blockchain fifty one percent

Actually, it’s very effortless to do harm to the network once you have 51%; just build your own chain swifter than the network, and broadcast it whenever you like. If you send some of your coins to a fresh address in your own chain, all the transactions issued in the live network by spending those same coins will be reversed at the moment the longer chain is broadcast.

Right from the bitcoin wiki (very likely proof-read by many pairs of eyes) :

An attacker that controls more than 50% of the network’s computing power can, for the time that he is in control, exclude and modify the ordering of transactions. This permits him to:

  • Switch sides transactions that he sends while he’s in control
  • Prevent some or all transactions from gaining any confirmations
  • Prevent some or all other generators from getting any generations

The attacker can’t:

  • Switch roles other people’s transactions
  • Prevent transactions from being sent at all (they’ll showcase as 0/unconfirmed)
  • Switch the number of coins generated per block
  • Create coins out of skinny air
  • Send coins that never belonged to him

It’s much more difficult to switch historical blocks, and it becomes exponentially more difficult the further back you go. As above, switching historical blocks only permits you to exclude and switch the ordering of transactions. It’s unlikely to switch blocks created before the last checkpoint.

Since this attack doesn’t permit all that much power over the network, it is expected that no one will attempt it. A profit-seeking person will always build up more by just following the rules, and even someone attempting to ruin the system will most likely find other attacks more attractive. However, if this attack is successfully executed, it will be difficult or unlikely to “untangle” the mess created — any switches the attacker makes might become permanent.

In theory, this attacker wields enough computing power that they could execute a “dual spend” attack. They could spend coins in one place, permit the coins to come in the block chain as normal until the required confirmations are met, then fire up their 51% of the miners to craft a fraudulent fork of the block chain in which those coins were never spent, permitting them to re-spend the coins. This could theoretically be repeated for as long as the attacker maintained control of 51% or more of the hashrate.

Realistically, 51% is only the point at which this becomes possible not the point at which it becomes likely or effortless. An attacker would most likely need something like 65% to actually execute such an attack.

And then there is the denial of service possibility of abruptly withdrawing from the service, taking the necessary computing resources away to proceed to solve blocks every ten minutes until the difficulty is adjusted down again (which could take a long time if there is only a block every day for example).

Of course, for that one would need much more than 51% of hash power.

The answers so far concentrate on the algorithm itself, I have a few social economic thoughts to add.

Let’s assume Bitcoin is massively popular and indeed becomes THE global go-to currency, at this point this and similar questions become (very) relevant.

What happens in maturing industries is that through commoditization and mergers smaller and smaller numbers of players remain. Through scale advantages this puny number of players will be able to provide services at lower cost and squeeze out smaller players. I see little reason the industry of Bitcoin transaction processing will be exempt from this general rule.

Next, we cannot foresee every aspect of the future, even tho’ the Bitcoin designers did a terrific job there will be situations that will call for switches to the system. For example there might be a call from the people to stop child porn networks, to stop capital shelters for the rich, to stop overly profitable and powerful corporations. etcetera, you name it. Whether justified or not, the people will request for switches, not necessarily a villain government individual, the people.

Since there is only a petite number of players it is actually possible to regulate the industry. For example the regulation could be that only payments with a traceable account number will be processed, or only payments with fastened fees that include a portion for tax.

I would think the government could even request switches to the core of the algorithm. Preventing, for example, “non-certified” players to come in, thereby further establishing the power of the existing payment processors.

The freshly elected monopolists will then, in the final phase of capitalism self-destruction leisurely but steadily raise their processing prices, eventually driving customers away and causing the Bitcoin to never reach the deflationary status many proponents and early investors claim it will have.

And let’s just hope it completes this way, a forking screenplay from this could be that the Bitcoin reaches “too big to fail” status, and the people request further regulation (of processing fees, mining speed caps, etc). We will all keep paying a premium on the existence of the currency, just for the sake of stability and the fear for disruption of the status quo. Just like with today’s currencies.

I’m not attempting to be skeptical, I’m actually very hopeful the crypto currencies are going to help with globalization and advance humanity. As a deflationary currency to “lightly” save for your (early) retirement I am not so sure. As a transaction system very likely in some way.

Maybe we don’t actually need a “currency” maybe all we need is a transaction. Maybe there can be a super layer on top of numerous challenging crypto currencies that quickly and automatically switches your money back and forward inbetween the best suitable mix of currencies and investment funds. After all what you truly care about is how your salary is exchanged into goods and future promises.

What can an attacker with 51% of hash power do? Bitcoin Stack Exchange

blockchain fifty one percent attack

Actually, it’s very effortless to do harm to the network once you have 51%; just build your own chain quicker than the network, and broadcast it whenever you like. If you send some of your coins to a fresh address in your own chain, all the transactions issued in the live network by spending those same coins will be reversed at the moment the longer chain is broadcast.

Right from the bitcoin wiki (most likely proof-read by many pairs of eyes) :

An attacker that controls more than 50% of the network’s computing power can, for the time that he is in control, exclude and modify the ordering of transactions. This permits him to:

  • Switch sides transactions that he sends while he’s in control
  • Prevent some or all transactions from gaining any confirmations
  • Prevent some or all other generators from getting any generations

The attacker can’t:

  • Switch roles other people’s transactions
  • Prevent transactions from being sent at all (they’ll demonstrate as 0/unconfirmed)
  • Switch the number of coins generated per block
  • Create coins out of skinny air
  • Send coins that never belonged to him

It’s much more difficult to switch historical blocks, and it becomes exponentially more difficult the further back you go. As above, switching historical blocks only permits you to exclude and switch the ordering of transactions. It’s unlikely to switch blocks created before the last checkpoint.

Since this attack doesn’t permit all that much power over the network, it is expected that no one will attempt it. A profit-seeking person will always build up more by just following the rules, and even someone attempting to demolish the system will most likely find other attacks more attractive. However, if this attack is successfully executed, it will be difficult or unlikely to “untangle” the mess created — any switches the attacker makes might become permanent.

In theory, this attacker possesses enough computing power that they could execute a “dual spend” attack. They could spend coins in one place, permit the coins to inject the block chain as normal until the required confirmations are met, then fire up their 51% of the miners to craft a fraudulent fork of the block chain in which those coins were never spent, permitting them to re-spend the coins. This could theoretically be repeated for as long as the attacker maintained control of 51% or more of the hashrate.

Realistically, 51% is only the point at which this becomes possible not the point at which it becomes likely or effortless. An attacker would most likely need something like 65% to actually execute such an attack.

And then there is the denial of service possibility of all of a sudden withdrawing from the service, taking the necessary computing resources away to proceed to solve blocks every ten minutes until the difficulty is adjusted down again (which could take a long time if there is only a block every day for example).

Of course, for that one would need much more than 51% of hash power.

The answers so far concentrate on the algorithm itself, I have a few social economic thoughts to add.

Let’s assume Bitcoin is massively popular and indeed becomes THE global go-to currency, at this point this and similar questions become (very) relevant.

What happens in maturing industries is that through commoditization and mergers smaller and smaller numbers of players remain. Through scale advantages this puny number of players will be able to provide services at lower cost and squeeze out smaller players. I see little reason the industry of Bitcoin transaction processing will be exempt from this general rule.

Next, we cannot foresee every aspect of the future, even tho’ the Bitcoin designers did a terrific job there will be situations that will call for switches to the system. For example there might be a call from the people to stop child porn networks, to stop capital shelters for the rich, to stop overly profitable and powerful corporations. etcetera, you name it. Whether justified or not, the people will request for switches, not necessarily a villain government individual, the people.

Since there is only a puny number of players it is actually possible to regulate the industry. For example the regulation could be that only payments with a traceable account number will be processed, or only payments with affixed fees that include a portion for tax.

I would think the government could even request switches to the core of the algorithm. Preventing, for example, “non-certified” players to inject, thereby further establishing the power of the existing payment processors.

The freshly elected monopolists will then, in the final phase of capitalism self-destruction leisurely but steadily raise their processing prices, eventually driving customers away and causing the Bitcoin to never reach the deflationary status many proponents and early investors claim it will have.

And let’s just hope it completes this way, a forking script from this could be that the Bitcoin reaches “too big to fail” status, and the people request further regulation (of processing fees, mining speed caps, etc). We will all keep paying a premium on the existence of the currency, just for the sake of stability and the fear for disruption of the status quo. Just like with today’s currencies.

I’m not attempting to be skeptical, I’m actually very hopeful the crypto currencies are going to help with globalization and advance humanity. As a deflationary currency to “lightly” save for your (early) retirement I am not so sure. As a transaction system very likely in some way.

Maybe we don’t actually need a “currency” maybe all we need is a transaction. Maybe there can be a super layer on top of numerous contesting crypto currencies that quickly and automatically switches your money back and forward inbetween the best suitable mix of currencies and investment funds. After all what you indeed care about is how your salary is exchanged into goods and future promises.

Related video:

Top ten Blockchain Conferences of two thousand seventeen – Disruptor Daily

Top ten Blockchain Conferences of 2017

Blockchain is the peer-to-peer technology behind major cryptocurrencies like bitcoin and ethereum (eth). However, the distributed ledger concept is applicable to a diverse industries from gaming to healthcare to energy and beyond, even if it is most widely known for its applications in the FinTech niche. Because of its resilient nature, blockchain can create an environment that wards against fraud in terms of both money and information. One intriguing user of blockchain is in regards to copyright for photographers as well as other artists and creators.

There’s even a decentralized application that lets you proclaim your love for someone in a way that always remains on the blockchain and a blockchain-based link shortener.

What other uses are there for blockchain? Speakers and attendees at these ten blockchain conferences in two thousand seventeen are sure to be overflowing with ideas.

Feb. 21-22 in Bucharest, Romania

One-day pass – 70EUR

Total pass – 210EUR

VIP with castle tour – 340EUR

Host a discussion – 1000EUR

d10e is a conference which centers on the potential benefits of establishing decentralization as a core facet of networking. Some very prominent names in computing are speaking at d10e— John McAfee, Bruce Pon, and Yanislav Malahov. d10e is helping thought-leaders come together and incubate their ideas in a space with their peers. The three hundred forty Euro ticket features a five hour long tour of Bucharest, Romania as well as a tour of both Ceres Castle and Dracula’s Castle.

APAC Blockchain Conference two thousand seventeen

Mar. 7-9 in Sydney, AUS

embarking at Three,595AUD

Startups can attend kicking off at 1,459AUD

Discounts available for group purchases

The two thousand seventeen APAC Blockchain Conference in Sydney will be featuring speakers from IBM, ConsenSys, and many other big names in the blockchain space. The event has introduced a strong concentrate on problem solving, collaboration, and identifying commercial uses for blockchain tech.

Georgetown University’s DC Blockchain Summit two thousand seventeen

Mar. 15-16 in Washington D.C.

Ranges from $299 to $1,500

$30 for government employees

Georgetown University’s Blockchain Summit brings some of the most cutting-edge minds behind both the technology and the parties leading regulatory advancement on blockchain technology. Notable attendees are the co-chairs of the Blockchain Caucus and the co-author of “Blockchain Revolution”. Featuring a keynote speech by Don Tapscott, this summit is sure to bring even more public concentrate to the blockchain sector.

The Healthcare Blockchain Summit two thousand seventeen

Mar. 20-21 in Washington D.C.

$695 for healthcare providers and industry

$1095 for all others including finance community

The two thousand seventeen Healthcare Blockchain Conference in Washington D.C. is scheduled to cover a broad array of subject matter regarding the crossover including collaboration within the blockchain industry via some cooperative efforts from projects such as HyperLedger, switches that blockchain can make within the Pharma sector, the role of the Internet of Things and blockchain in healthcare, patient information protection, and more. Their speakers include the Executive Director of the HyperLedger Project and the blockchain product leader for IBM. There is a workshop taking place after the conference with open registration for $300.

CoinFestUK

Apr. 7th-8th in Manchester, UK

Tickets are not yet available

CoinFestUK will feature a speech by Digital Catapult, a talk on Bitcoin and UK law, physical bitcoin assets, and even a live demonstration of a fresh game. Digital Catapult has received funding from the UK’s Minister of State for Digital and Culture in order to ensure that the UK stays a top digital economy. The name of the game is Beyond the Void. They ran a successful crowdfunding campaign via an ICO for their own ETH-based cryptocurrency. Beyond the Void will feature assets that can be traded on cryptocurrency exchanges at a price that the players determine.

BlokTex

Apr. 7-9 in Kuala Lumpur, Malaysia

Early bird ticket- $200

BlokTex seeks to bring a disruptive edge in blockchain to South-East Asia. BlokTex will begin on April 7th and end on the 9th, but they feature a pre-event meeting with the author of “The Internet of Money” and “Mastering Blockchain”, Andreas Antonopoulos. A Bitcoin Foundation representative will also be attending the event.

Internet of Things World

May 16-18 in Santa Clara, CA

Embarking at $895

Diminished price if booked before April 21, 2017

Press can apply for free passes here.

Internet of Things World is a gathering of some of the most advanced minds in developing IoT devices. This year, Internet of Things World is going to feature concepts such as blockchain, healthcare, autonomous vehicles, and cybersecurity. Blockchain360 will be speaking on several topics, including the potential benefits of incorporating IoT devices into a blockchain environment. There are expected to be almost 11,000 visitors to Internet of Things World this year and as many as four hundred speakers.

Consensus two thousand seventeen

May 22-24 in Fresh York, NY

Students (undergrad/graduate school—non Ph.D) $250

Academia, Government, Military $499

Fresh Startups (less than 24mo. old & less than 1M in funding) $699

Startups $1,099-$1,399 Before February twenty eight or $Two,099-$Two,399 after February 28

Consensus is a blockchain conference hosted by CoinDesk to foster growth and cooperation among the various parts of the blockchain community. CoinDesk has been hosting Consensus since 2014. Two thousand sixteen was a strong event for them. They sold out of tickets and had attendants from both the government and private sectors of blockchain technology. Consensus also encourages academics, undergraduates, government, and military members alike to attend with a diminished entrance fee. Consensus is expecting more than Two,000 visitors and over eight hundred companies to attend this year.

CoinsBank Blockchain Conference Cruise

May 25-Jun. Three departing from and returning to Cape Liberty, NJ

Ranges from $1495 to $20,000+

CoinsBank is following up on their very successful two thousand sixteen Conference in Turkey with a Conference on the open seas. A cruise—what better way to foster an pleasurable professional atmosphere? The cruise is slated to depart on May 25, two thousand seventeen for a 9-day span of conferences and meetings interwoven with some luxury entertainment. They haven’t announced their speakers yet, but last year’s party featured IBM and several other notable names in blockchain.

BlockOn

Jul. Twenty seven District 1, Singapore

Research presentation and Proposal contests are open until Mar. 31

BlockOn harbors a competitive and supportive atmosphere to help with switching and influencing regulation on blockchain technology. BlockOn is partnered with a number of prominent names in the blockchain community such as Blockchain Angels. BlockOn is a one-day conference with research and proposal competitions, as well as several startup presentation slots in their schedule. You can contact them via their website if you would like to attend.

Top ten Blockchain Conferences of two thousand seventeen – Disruptor Daily

Top ten Blockchain Conferences of 2017

Blockchain is the peer-to-peer technology behind major cryptocurrencies like bitcoin and ethereum (eth). However, the distributed ledger concept is applicable to a diverse industries from gaming to healthcare to energy and beyond, even if it is most widely known for its applications in the FinTech niche. Because of its resilient nature, blockchain can create an environment that wards against fraud in terms of both money and information. One intriguing user of blockchain is in regards to copyright for photographers as well as other artists and creators.

There’s even a decentralized application that lets you proclaim your love for someone in a way that always remains on the blockchain and a blockchain-based link shortener.

What other uses are there for blockchain? Speakers and attendees at these ten blockchain conferences in two thousand seventeen are sure to be overflowing with ideas.

Feb. 21-22 in Bucharest, Romania

One-day pass – 70EUR

Total pass – 210EUR

VIP with castle tour – 340EUR

Host a discussion – 1000EUR

d10e is a conference which centers on the potential benefits of establishing decentralization as a core facet of networking. Some very prominent names in computing are speaking at d10e— John McAfee, Bruce Pon, and Yanislav Malahov. d10e is helping thought-leaders come together and incubate their ideas in a space with their peers. The three hundred forty Euro ticket features a five hour long tour of Bucharest, Romania as well as a tour of both Ceres Castle and Dracula’s Castle.

APAC Blockchain Conference two thousand seventeen

Mar. 7-9 in Sydney, AUS

kicking off at Trio,595AUD

Startups can attend kicking off at 1,459AUD

Discounts available for group purchases

The two thousand seventeen APAC Blockchain Conference in Sydney will be featuring speakers from IBM, ConsenSys, and many other big names in the blockchain space. The event has introduced a strong concentrate on problem solving, collaboration, and identifying commercial uses for blockchain tech.

Georgetown University’s DC Blockchain Summit two thousand seventeen

Mar. 15-16 in Washington D.C.

Ranges from $299 to $1,500

$30 for government employees

Georgetown University’s Blockchain Summit brings some of the most cutting-edge minds behind both the technology and the parties leading regulatory advancement on blockchain technology. Notable attendees are the co-chairs of the Blockchain Caucus and the co-author of “Blockchain Revolution”. Featuring a keynote speech by Don Tapscott, this summit is sure to bring even more public concentrate to the blockchain sector.

The Healthcare Blockchain Summit two thousand seventeen

Mar. 20-21 in Washington D.C.

$695 for healthcare providers and industry

$1095 for all others including finance community

The two thousand seventeen Healthcare Blockchain Conference in Washington D.C. is scheduled to cover a broad array of subject matter regarding the crossover including collaboration within the blockchain industry via some cooperative efforts from projects such as HyperLedger, switches that blockchain can make within the Pharma sector, the role of the Internet of Things and blockchain in healthcare, patient information protection, and more. Their speakers include the Executive Director of the HyperLedger Project and the blockchain product leader for IBM. There is a workshop taking place after the conference with open registration for $300.

CoinFestUK

Apr. 7th-8th in Manchester, UK

Tickets are not yet available

CoinFestUK will feature a speech by Digital Catapult, a talk on Bitcoin and UK law, physical bitcoin assets, and even a live demonstration of a fresh game. Digital Catapult has received funding from the UK’s Minister of State for Digital and Culture in order to ensure that the UK stays a top digital economy. The name of the game is Beyond the Void. They ran a successful crowdfunding campaign via an ICO for their own ETH-based cryptocurrency. Beyond the Void will feature assets that can be traded on cryptocurrency exchanges at a price that the players determine.

BlokTex

Apr. 7-9 in Kuala Lumpur, Malaysia

Early bird ticket- $200

BlokTex seeks to bring a disruptive edge in blockchain to South-East Asia. BlokTex will begin on April 7th and end on the 9th, but they feature a pre-event meeting with the author of “The Internet of Money” and “Mastering Blockchain”, Andreas Antonopoulos. A Bitcoin Foundation representative will also be attending the event.

Internet of Things World

May 16-18 in Santa Clara, CA

Beginning at $895

Diminished price if booked before April 21, 2017

Press can apply for free passes here.

Internet of Things World is a gathering of some of the most advanced minds in developing IoT devices. This year, Internet of Things World is going to feature concepts such as blockchain, healthcare, autonomous vehicles, and cybersecurity. Blockchain360 will be speaking on several topics, including the potential benefits of incorporating IoT devices into a blockchain environment. There are expected to be almost 11,000 visitors to Internet of Things World this year and as many as four hundred speakers.

Consensus two thousand seventeen

May 22-24 in Fresh York, NY

Students (undergrad/graduate school—non Ph.D) $250

Academia, Government, Military $499

Fresh Startups (less than 24mo. old & less than 1M in funding) $699

Startups $1,099-$1,399 Before February twenty eight or $Two,099-$Two,399 after February 28

Consensus is a blockchain conference hosted by CoinDesk to foster growth and cooperation among the various parts of the blockchain community. CoinDesk has been hosting Consensus since 2014. Two thousand sixteen was a strong event for them. They sold out of tickets and had attendants from both the government and private sectors of blockchain technology. Consensus also encourages academics, undergraduates, government, and military members alike to attend with a diminished entrance fee. Consensus is expecting more than Two,000 visitors and over eight hundred companies to attend this year.

CoinsBank Blockchain Conference Cruise

May 25-Jun. Three departing from and returning to Cape Liberty, NJ

Ranges from $1495 to $20,000+

CoinsBank is following up on their very successful two thousand sixteen Conference in Turkey with a Conference on the open seas. A cruise—what better way to foster an pleasant professional atmosphere? The cruise is slated to depart on May 25, two thousand seventeen for a 9-day span of conferences and meetings interwoven with some luxury entertainment. They haven’t announced their speakers yet, but last year’s party featured IBM and several other notable names in blockchain.

BlockOn

Jul. Twenty seven District 1, Singapore

Research presentation and Proposal contests are open until Mar. 31

BlockOn harbors a competitive and supportive atmosphere to help with switching and influencing regulation on blockchain technology. BlockOn is partnered with a number of prominent names in the blockchain community such as Blockchain Angels. BlockOn is a one-day conference with research and proposal competitions, as well as several startup presentation slots in their schedule. You can contact them via their website if you would like to attend.

Top ten Blockchain Conferences of two thousand seventeen – Disruptor Daily

Top ten Blockchain Conferences of 2017

Blockchain is the peer-to-peer technology behind major cryptocurrencies like bitcoin and ethereum (eth). However, the distributed ledger concept is applicable to a diverse industries from gaming to healthcare to energy and beyond, even if it is most widely known for its applications in the FinTech niche. Because of its resilient nature, blockchain can create an environment that wards against fraud in terms of both money and information. One intriguing user of blockchain is in regards to copyright for photographers as well as other artists and creators.

There’s even a decentralized application that lets you proclaim your love for someone in a way that always remains on the blockchain and a blockchain-based link shortener.

What other uses are there for blockchain? Speakers and attendees at these ten blockchain conferences in two thousand seventeen are sure to be overflowing with ideas.

Feb. 21-22 in Bucharest, Romania

One-day pass – 70EUR

Total pass – 210EUR

VIP with castle tour – 340EUR

Host a discussion – 1000EUR

d10e is a conference which centers on the potential benefits of establishing decentralization as a core facet of networking. Some very prominent names in computing are speaking at d10e— John McAfee, Bruce Pon, and Yanislav Malahov. d10e is helping thought-leaders come together and incubate their ideas in a space with their peers. The three hundred forty Euro ticket features a five hour long tour of Bucharest, Romania as well as a tour of both Ceres Castle and Dracula’s Castle.

APAC Blockchain Conference two thousand seventeen

Mar. 7-9 in Sydney, AUS

beginning at Trio,595AUD

Startups can attend embarking at 1,459AUD

Discounts available for group purchases

The two thousand seventeen APAC Blockchain Conference in Sydney will be featuring speakers from IBM, ConsenSys, and many other big names in the blockchain space. The event has introduced a strong concentrate on problem solving, collaboration, and identifying commercial uses for blockchain tech.

Georgetown University’s DC Blockchain Summit two thousand seventeen

Mar. 15-16 in Washington D.C.

Ranges from $299 to $1,500

$30 for government employees

Georgetown University’s Blockchain Summit brings some of the most cutting-edge minds behind both the technology and the parties leading regulatory advancement on blockchain technology. Notable attendees are the co-chairs of the Blockchain Caucus and the co-author of “Blockchain Revolution”. Featuring a keynote speech by Don Tapscott, this summit is sure to bring even more public concentrate to the blockchain sector.

The Healthcare Blockchain Summit two thousand seventeen

Mar. 20-21 in Washington D.C.

$695 for healthcare providers and industry

$1095 for all others including finance community

The two thousand seventeen Healthcare Blockchain Conference in Washington D.C. is scheduled to cover a broad array of subject matter regarding the crossover including collaboration within the blockchain industry via some cooperative efforts from projects such as HyperLedger, switches that blockchain can make within the Pharma sector, the role of the Internet of Things and blockchain in healthcare, patient information protection, and more. Their speakers include the Executive Director of the HyperLedger Project and the blockchain product leader for IBM. There is a workshop taking place after the conference with open registration for $300.

CoinFestUK

Apr. 7th-8th in Manchester, UK

Tickets are not yet available

CoinFestUK will feature a speech by Digital Catapult, a talk on Bitcoin and UK law, physical bitcoin assets, and even a live demonstration of a fresh game. Digital Catapult has received funding from the UK’s Minister of State for Digital and Culture in order to ensure that the UK stays a top digital economy. The name of the game is Beyond the Void. They ran a successful crowdfunding campaign via an ICO for their own ETH-based cryptocurrency. Beyond the Void will feature assets that can be traded on cryptocurrency exchanges at a price that the players determine.

BlokTex

Apr. 7-9 in Kuala Lumpur, Malaysia

Early bird ticket- $200

BlokTex seeks to bring a disruptive edge in blockchain to South-East Asia. BlokTex will begin on April 7th and end on the 9th, but they feature a pre-event meeting with the author of “The Internet of Money” and “Mastering Blockchain”, Andreas Antonopoulos. A Bitcoin Foundation representative will also be attending the event.

Internet of Things World

May 16-18 in Santa Clara, CA

Commencing at $895

Diminished price if booked before April 21, 2017

Press can apply for free passes here.

Internet of Things World is a gathering of some of the most advanced minds in developing IoT devices. This year, Internet of Things World is going to feature concepts such as blockchain, healthcare, autonomous vehicles, and cybersecurity. Blockchain360 will be speaking on several topics, including the potential benefits of incorporating IoT devices into a blockchain environment. There are expected to be almost 11,000 visitors to Internet of Things World this year and as many as four hundred speakers.

Consensus two thousand seventeen

May 22-24 in Fresh York, NY

Students (undergrad/graduate school—non Ph.D) $250

Academia, Government, Military $499

Fresh Startups (less than 24mo. old & less than 1M in funding) $699

Startups $1,099-$1,399 Before February twenty eight or $Two,099-$Two,399 after February 28

Consensus is a blockchain conference hosted by CoinDesk to foster growth and cooperation among the various parts of the blockchain community. CoinDesk has been hosting Consensus since 2014. Two thousand sixteen was a strong event for them. They sold out of tickets and had attendants from both the government and private sectors of blockchain technology. Consensus also encourages academics, undergraduates, government, and military members alike to attend with a diminished entrance fee. Consensus is expecting more than Two,000 visitors and over eight hundred companies to attend this year.

CoinsBank Blockchain Conference Cruise

May 25-Jun. Three departing from and returning to Cape Liberty, NJ

Ranges from $1495 to $20,000+

CoinsBank is following up on their very successful two thousand sixteen Conference in Turkey with a Conference on the open seas. A cruise—what better way to foster an pleasant professional atmosphere? The cruise is slated to depart on May 25, two thousand seventeen for a 9-day span of conferences and meetings interwoven with some luxury entertainment. They haven’t announced their speakers yet, but last year’s party featured IBM and several other notable names in blockchain.

BlockOn

Jul. Twenty seven District 1, Singapore

Research presentation and Proposal contests are open until Mar. 31

BlockOn harbors a competitive and supportive atmosphere to help with switching and influencing regulation on blockchain technology. BlockOn is partnered with a number of prominent names in the blockchain community such as Blockchain Angels. BlockOn is a one-day conference with research and proposal competitions, as well as several startup presentation slots in their schedule. You can contact them via their website if you would like to attend.

Related video:

The World Economic Forum Might Not Be Ready to Lead a Blockchain Revolution

blockchain revolution

The research phase of the World Economic Forum’s work with blockchain has only just begun, and already its managing director is beginning to explore a more hands-on treatment.

So far, the international non-profit comprised of the leaders of more than a thousand of the largest companies in the world, has focused largely on establishing a blockchain working group, last week publishing its very first in-depth white paper on how to maximize the influence of the technology.

But following publication of the paper, WEF managing director Richard Samans acknowledged how much more many of his members still have to learn, in spite of projects being initiated on several other fronts.

Samans told CoinDesk:

“Most of this leader-level community is not very well versed in blockchain. In fact, they may know the term, but they don’t know much about where the technology is right now and how it may be applied in multi-faceted ways via society.”

Ostensibly, the white paper – written by Blockchain Research Institute co-founders, Don and Alex Tapscott – was designed to lay the framework for how existing consortia, private companies and governments could work together to maximize the potential benefits of a collective, trustworthy ledger of transactions.

Still, Samans said that even some of the most senior-level executives among the WEF membership still need to learn more about how such a technology could be employed in ways that benefit society at large.

“There’s a 2nd potential benefit of issuing this white paper, for this particular community,” said Samans. “And that is to raise awareness of blockchain as as reality already, and to give advanced notice that this is worth some real thinking among all sorts of social actors.”

Blockchain match

Key to that learning curve are two main groups within the World Economic Forum.

Very first is the freshly launched Global Future Council on the Future of Blockchain, with membership including Hyperledger executive director Brian Behlendorf, R3 chief technology officer Richard Gendal Brown and Everledger CEO Leanne Kemp.

2nd is the Center for the Fourth Industrial Revolution, launched last October to pursue fresh ways to leverage the mutli-stakeholder treatment across industries. With fucking partners that include Salesforce, Kaiser Permanente, Palantir Technologies and SAP, the center has been studying fresh ways to implement AI, the civilian use of drones, distributed ledger technology and more.

According to Samans, blockchain itself is ideally suited for the multi-stakeholder principals being followed within the center, which he said “could improve the prospects for the technology’s development.”

Whether that actually ever happens, however, is contingent on how quickly the members can catch up on the technology, and whether blockchain developers even want such centralizing oversight, regardless of its intentions.

“We are also a fertile platform for further catalyzing partnerships and in this case, there are a number of potentially fairly interesting use cases of blockchain, which are indeed in the early stages of being explored, whether they have to do with development or the way the economy operates.”

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Everledger.

World Economic Forum photo via Flickr

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a stringent set of editorial policies. Interested in suggesting your expertise or insights to our reporting? Contact us at [email protected] .

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