Category Archives: ico crypto wiki

Mega Data Breaches Could Drive the Blockchain Revolution – Infosecurity Magazine

Mega Data Breaches Could Drive the Blockchain Revolution

Last year broke all records for data breaches according to IBM X-Force Threat Intelligence Index. With over four billion records stolen last year, two thousand sixteen eyed more records exfiltrated than two thousand fourteen and two thousand fifteen combined. Beyond just attempting to stop a breach, businesses have an enlargening financial incentive to protect their data.

The McKinsey Global Institute estimates that, as of 2014, all types of international data flows have raised the world’s GDP by toughly Three.5% with it accounting for $Two.8 trillion in annual revenue for businesses.

Therefore, something with that much influence to global GDP should be worth protecting. Come in blockchain “an open, distributed ledger that can record transactions inbetween two parties efficiently and in a verifiable and permanent way”.

Put another way, it is a distributed, immutable database that is autonomously managed without the need for a trusted third party. This makes it the ideal candidate for a diversity of data security applications and the information security world has already begun to take notice.

It’s core algorithm relies on two kinds of records: individual transactions and transaction blocks. Blockchain’s code very first makes each transaction into a unique hash value. The hash values are then combined in a hash tree, or Merkle Tree, with a specified group of hashed transitions creating a block. Each block is given a unique hash that includes the hash of the prior block’s header and a timestamp.

Since each block’s header includes the hash of the prior block, the two are linked, creating the very first links of a chain. Since this chain is created by using information from each other block, each link is immutably strapped together.

Originally invented by the as-of-yet-unknown Satoshi Nakamoto (most likely a pseudonym), blockchain is an open-source application whose core software is developed and maintained by a worldwide team of volunteers around the world.

While the underlying code is open-source, companies are quickly innovating that code and bringing their proprietary versions to market. Of course, “legal disputes have cropped up over who actually possesses the rights to the innovations built using that code,” reports the Boston Globe; but it has not stopped strenuous hitters like Goldman Sachs, Bank of America, MasterCard, and many others from focusing resources (and patents) into the technology. Let’s take a look at two verticals already being revolutionized by blockchain.

Blockchain, with it’s distributed ledger technology, is a potential game changer for those in FinTech. The World Economic Forum estimates that blockchain has captured the imagination and wallets of the financial services industry to the tune of $1.Four billion in investments in the last three years. Blockchain in FinTech applications has the capability to better secure financial transactions inbetween institutions without the need for a trusted third party. It also has the capability to improve the capability of regulators to ensure the security and stability of the financial markets.

In their most latest report on global FinTech trends, PwC reported that 77% of respondents planned to adopt blockchain as part of their production or process system by 2020. This is a massive adoption rate. The report noted the “large back-office cost savings and transparency gains” were what made blockchain most attractive. These emerging products enable financial institutions to increase efficiency in their payment processes with real-time payments and lower operational costs.

Most blockchain products available now feature a permissioned, distributed ledger; which means that participating financial institutions have greater security as all entities validating transactions are authorized.

PwC also noted three areas facing the largest disruption (and benefits) from blockchain within FinTech. Here is what ISVs (and others) are presently working toward:

  • Payments & Fund Transfer Infrastructure: Since blockchain’s distributed ledger is able to validate every transaction (achieving consensus across the network of ledgers) and since the ledger is decentralized and immutable; it promises to reduce fraud or other forms of hacking.
  • Regulatory Technology (RegTech): With its “native regulatory capabilities” intrinsic within the technology, blockchain transactions can be validated as they happen, instead of at a later period of time by human or software intermediaries.
  • Digital Identity Management:IBM summed up blockchain’s benefits best in this area in that by using append-only ledgers, prior agreed-upon sets of identity attributes, and all within a permissioned network – companies will have the capability to establish trust and greatly reduce fraud and user mistakes.

Another area in which blockchain could revolutionize an industry is in data security. Traditional encryption for data-at-rest and data-in-flight rely on a sturdy encryption algorithm, centralized encryption key management, and thorough auditing to make sure everyone is playing by the rules. Blockchain has the capability to liquidate the need for a trusted third party with data sharing and enhance auditing capabilities for organizations to quickly spot inwards and outside threats.

When it comes to data breaches, the truth is, hackers often infiltrate a network days, weeks, or even months before they are able to access and exfiltrate sensitive data. Hackers often attempt to mask their footprints by modifying security logs. As many of these logs are just text files, once accessed, they can lightly delete entire sections with a keystroke.

With blockchain, its distributed ledger all but makes that unlikely. If one knot is switched, the other knots detect that they are not in agreement with the tampered knot and isolate it from the ledger network, thus alerting network administrators. Blockchain could be enormously efficient in retaining the integrity of security logs.

Along with that, one of the best ways to detect malicious activity within your network is anomaly detection. With blockchain, each time a network’s sensitive data is retrieved the ‘who’ and the ‘when’ can be recorded within the distributed ledger. If any of those parameters do not conform to established norms, alerts can be registered within a company’s SIEM. If the activity proves malicious, a response team can stir quickly to shut the internal or outward threat out of the network to minimize any harm.

The blockchain revolution is just in it’s infancy. Venture capitalists worldwide are pouring billions of dollars into research and development. As well they should, as blockchain promises to address some of the vulnerabilities of our current data security.

Related video:

Is UCC Article nine the Achilles Heel of Bitcoin? Credit Slips

Без кейворда

Last week, Professor Lynn LoPucki called me up and asked a good question. Why hasn’t Bitcoin fallen apart because of the operation of Article nine of the Uniform Commercial Code (UCC)? It is a indeed good question. With Lynn’s permission, I am writing up a blog post about our conversation, but it was Lynn who very first identified the issue.

As many readers will know, all fifty states have enacted the UCC with only minor variations. Article nine governs security interests in private property – that is, movable and intangible property as opposed to land and buildings. The bank that gave you a car loan has an Article nine security interest in the automobile serving as collateral for the loan, and the bank providing operating capital for your corner bakery similarly may have an Article nine security interest in the inventory, equipment, and accounts at the store. Article nine is one of those laws that only specialists tend to know, but it plays an significant role in the flow of commerce.

The bakery example was deliberate given this news about a Durham, NC, bakery accepting bitcoins. I have no idea about the financial circumstances of this particular bakery, but to understand the point assume it has loan from a bank secured by the bakery’s “inventory, goods, equipment, accounts, and general intangibles.” Such an arrangement would not be uncommon and would effectively give the bank an Article nine security interest in all of the bakery’s property that is not real estate, sometimes referred to as a “blanket lien.”

When a customer pays the bakery with bitcoins, those bitcoins certainly now become part of the bank’s collateral. Given that one bitcoin is worth over $600 today, the customer either has ordered the world’s most expensive donut or technically will have paid with bitcoin subunits. For ease of exposition, let’s just call them “bitcoins.”

The bank’s security interest will link to the bakery’s bitcoins. When the bakery uses bitcoins to buy flour from a supplier, the bank’s security interest will proceed to encumber them. UCC section 9-315(a)(1) provides that the bank’s security interest “continue in collateral notwithstanding . . . disposition thereof unless the security party authorized the disposition free of the security interest. The supplier is not protected by the “buyer in ordinary course” provision of 9-320(a) because that provision only strips security interests from “goods.” 

Further, the security interest will remain with the bitcoins through subsequent transfers (UCC § 9-325). A remote transferee of the bitcoins will take the bitcoins subject to the bank’s security interest. Assuming the bank has taken the effortless steps to ideal its security interest, which it almost always will have, the bank can seize the bitcoins as collateral if the bakery’s debt goes unpaid. The possibility of another party with superior property interest in a bitcoin would seem to substantially dampen their utility as a medium of exchange.

Transferees of money take free of a preexisting security interest (UCC § 9-332). Thus, you do not have to worry that the U.S. currency the bakery gives you as switch for your transaction is encumbered by a security interest.  That way, money circulates like . . . well, money.

A Bitcoin defender might react that the UCC should treat bitcoins like money. Regardless of the merits of such a principle in the abstract, the UCC has a definition of money, and it does not emerge to include bitcoins. Specifically, “money” is a “medium of exchange presently authorized or adopted by a domestic or foreign government” (UCC § 1-201(b)(24)). To the best of our skill bitcoins are not presently authorized or adopted by a domestic or foreign government. One solution to the UCC problem might be to get a domestic or foreign government to authorize bitcoins as a medium of exchange such that they then may receive the UCC treatment for “money.” But that solution will come too late for the thousands of wallets very likely already infected with bank liens.  Those liens will remain with the coins to which they affixed.

Another out for Bitcoin defenders might be the rules for commingled collateral. For example, if the bakery deposits your payment for donuts in its bank account, the bank account may contain some of the bank’s collateral and some of the bank account may be non-collateral. In these situations, the UCC simply directs that the court is to use “equitable principles” to resolve any disputes that arise. In the context of traditional bank accounts these “equitable principles” are a series of well-established practices. Once in a bitcoin wallet, a free-wheeling interpretation of “equitable principles” might wash the security interest away, but that would be a very untethered free-wheeling.

Even if there some arguments that the security interest does not stay with the bitcoins, the problem is the uncertainty, and the uncertainty would seem to be enough to undo the appeal of bitcoins. Either Lynn and I have missed something about how bitcoins work and their interaction with Article 9, or the Bitcoin proponents have failed to notice how Article nine could unravel the entire enterprise. Up until now, bitcoins have not become a substantial part of mainstream commerce such that the Article nine problem may have been of little consequence, but if bitcoins are to become part of mainstream commerce, the Article nine problem must be solved.

Related video:

IONICOIN DIGITAL CURRENCY LTD – Fresh Bitcoin trading platform

IONICOIN DIGITAL CURRENCY LTD

Commence MAKING MONEY TODAY. INVEST IN YOUR FUTURE

What is Ionicoin?

Ionicoin is a company registered in the UK that deals with trading using the Bitcoin virtual currency.

Ionicoin has 1,900 registered members and over 1,300 investors.

Over one hundred employees of the company, professional tradesmen, will invest in the money deposited by you in virtual moneys and other companies listed on the international stock exchange to generate profit.

What do you build up?

By purchasing one of our packages according to its value you can earn inbetween 0.5% per day up to 1.5%.

What do we build up?

An employee can make a profit of 0.2% per day using your money.

For example, if you buy the basic five hundred usd package you will receive five hundred USD + 0.5% each day. Our company will stop 0.15%.

You have the right to withdraw your profit every day.

What should you do?

Our system is very plain.

You create an account, choose a package, Initiate, Basic, Advanced, Professional, Pro or Enterprise (VIP), store the bitcoin in your virtual wallet and we make a profit.

Do not you have money to invest in our company?

No problem. Create an account and sign up for referral or awarness.

Invite a friend through your referral account by providing him a link to sign up and earn 10% of the invested money you have instant access and you can eliminate it anytime you want.

What is

Bitcoin is a decentralized digital currency that permits any two willing parties to conduct transactions anywhere around the world. Bitcoin is a payment method accepted both by online and offline shops and in the last few years has become one of the most successful investment opportunities available.

Price history – Bitcon

Over time bitcoin price has evolved rapidly and resumes to evolve towards an unknown target. Statistics demonstrate that bitcoin will become the paying method of the future.

Use the right implements in order to make right decisions

Take total advantage of our advanced solutions, charting systems, technical indicators, bitcoin card and user-friendly bitcoin wallet.

Learn to compare pricings

It is imperative to control your trading costs. Evaluate all bitcoin traiding pricing options so you are able to find what works best for you. Ionicoin Digital Currency LTD will guide and help you make your very first transactions successfully

Bitcoin supply on the market

Bitcoin have been in circulation for years. They are produced through a precess called “mining”. In the mid 2016’s there where 15,791,326 available. Bitcoin creator Satoshi Nakamoto set an upper limit to bitcoins that will be mined, that limit is twenty one million bitcoins.

Sign up and embark trading Bitcoin

Begin trading Bitcoin

With encrypted SSL connection over HTTPS, two- factor authentification and trusted IP addresses, bank-grade security and next generation account protection we give you the chance to embark earning right away. Finish the free registration and commence trading with Ionicoin Digital Currency LTD.

Best day to day Bitcoin trading platform

Ionicoin Digital Currency LTD has become one of the most trusted platforms used for Bitcoins trading. The exchange provides low spread, rapid order execution, acces to high liquidity orderbook for top currency pairs available and the maket. Cross-platform trading can be realized using a diversity of methods: numerous API solutions, website or mobile app. Assets safety is ensured by advanced legal compliance and high security standards.

IONICOIN DIGITAL CURRENCY LTD – Fresh Bitcoin trading platform

IONICOIN DIGITAL CURRENCY LTD

Begin MAKING MONEY TODAY. INVEST IN YOUR FUTURE

What is Ionicoin?

Ionicoin is a company registered in the UK that deals with trading using the Bitcoin virtual currency.

Ionicoin has 1,900 registered members and over 1,300 investors.

Over one hundred employees of the company, professional tradesmen, will invest in the money deposited by you in virtual moneys and other companies listed on the international stock exchange to generate profit.

What do you build up?

By purchasing one of our packages according to its value you can earn inbetween 0.5% per day up to 1.5%.

What do we build up?

An employee can make a profit of 0.2% per day using your money.

For example, if you buy the basic five hundred usd package you will receive five hundred USD + 0.5% each day. Our company will stop 0.15%.

You have the right to withdraw your profit every day.

What should you do?

Our system is very elementary.

You create an account, choose a package, Initiate, Basic, Advanced, Professional, Accomplished or Enterprise (VIP), store the bitcoin in your virtual wallet and we make a profit.

Do not you have money to invest in our company?

No problem. Create an account and sign up for referral or awarness.

Invite a friend through your referral account by providing him a link to sign up and earn 10% of the invested money you have instant access and you can liquidate it anytime you want.

What is

Bitcoin is a decentralized digital currency that permits any two willing parties to conduct transactions anywhere around the world. Bitcoin is a payment method accepted both by online and offline shops and in the last few years has become one of the most successful investment opportunities available.

Price history – Bitcon

Over time bitcoin price has evolved rapidly and proceeds to evolve towards an unknown target. Statistics showcase that bitcoin will become the paying method of the future.

Use the right devices in order to make right decisions

Take total advantage of our advanced solutions, charting systems, technical indicators, bitcoin card and user-friendly bitcoin wallet.

Learn to compare pricings

It is imperative to control your trading costs. Evaluate all bitcoin traiding pricing options so you are able to find what works best for you. Ionicoin Digital Currency LTD will guide and help you make your very first transactions successfully

Bitcoin supply on the market

Bitcoin have been in circulation for years. They are produced through a precess called “mining”. In the mid 2016’s there where 15,791,326 available. Bitcoin creator Satoshi Nakamoto set an upper limit to bitcoins that will be mined, that limit is twenty one million bitcoins.

Sign up and begin trading Bitcoin

Commence trading Bitcoin

With encrypted SSL connection over HTTPS, two- factor authentification and trusted IP addresses, bank-grade security and next generation account protection we give you the chance to embark earning right away. Finish the free registration and embark trading with Ionicoin Digital Currency LTD.

Best day to day Bitcoin trading platform

Ionicoin Digital Currency LTD has become one of the most trusted platforms used for Bitcoins trading. The exchange provides low spread, quick order execution, acces to high liquidity orderbook for top currency pairs available and the maket. Cross-platform trading can be realized using a diversity of methods: numerous API solutions, website or mobile app. Assets safety is ensured by advanced legal compliance and high security standards.

Related video:

ICO – Shadow Of The Colossus Collection Review – PS3, Shove Square

Review: ICO & Shadow Of The Colossus Collection (PS3)

An impeccable, provocative and emotional affair, ICO & Shadow of the Colossus Collection makes a strong argument in favour of interactive art, and does so with such a matter of fact, effortless mentality that it’s unlikely not to fall in love with the practice.

Despite being heralded as two of the finest games ever created, there’s an effortless manner at which both ICO and Shadow of the Colossus go about their business.

It’s with ICO that we begin. Originally released ten years ago, the game centres upon the relationship inbetween a youthful boy and an ethereal woman named Yorda. It emerges that the boy has been incarcerated in a vast castle after being considered a bad omen by the residents of his native village. Happening upon an escape route, the boy detects the mystical Yorda trapped in a box, and instantly sets about releasing the damsel from her restricts. Together the freshly liberated duo embark on an venture that sees them attempting to escape from the castle’s captivity. To say much more would be to spoil the game’s unparalleled sense of discovery, but what you’ll uncover is a narrative so devouring that it left us with goosebumps at numerous points during its running time.

What’s most staggering about ICO if you’re coming to it from a fresh perspective is just how much it’s influenced other games. The strongest comparison would most likely be to Playdead’s latest PSN downloadable, LIMBO, which has much in common with ICO’s level design. Elementary puzzles are at the heart of the game’s progression, but it’s in the relationship inbetween the two protagonists that the title indeed finds its lasting presence.

With a quick tap of R1 you’re able to clasp the palm of Yorda, dragging her through the environment with the subtlest of controller rumbles complementing your deeds. It’s perhaps the best implementation of rumble ever to emerge in a movie game, and its meaning is entirely up for interpretation. Some people believe that the rumble indicates the strain on the fragile Yorda as you pull at her brittle assets, but we happen to believe its more akin to the fluttering warmth that passes inbetween two human beings in spite of fine adversity.

ICO is a game scattered with fine imagery, but nothing appeals fairly like the very first time you haul the wistful Yorda across an epic bridge as the wind purrs in your ears. There’s truly nothing else fairly like it in games; it’s a spine-tingling moment that’s underlined by the sheer simpleness of it all.

While ICO and Shadow Of The Colossus aren’t technically connected, there are similarities that indicate they’re the brainchild of the same creator. Both games have a penchant for extravagant, Mayan architecture that represent the non-natural environments in the two campaigns. They also each love pulled out camera angles that emphasise the enormity of each game’s scale.

And no game does scale fairly like Shadow of the Colossus. Originally released in 2005, the game’s drawn-out opening centres on the journey of its protagonist Wander, a worn 20-something adventurer who’s travelled to a barred land in order to bring back the life of his deceased love. Resting her figure on an exuberant stone bed — which serves as a visual reminder of your plight across the game’s ten hour campaign — Wander is informed that he must defeat no fewer than sixteen Colossi in order to restore his companion. The Colossi are gigantic majestic animals that wander the prohibited land.

Like ICO, it’s the plainness of Shadow of the Colossus that underlines its brilliance. There are no mini-bosses, sub-quests or mini games: it’s all about you, your pony and the sixteen boss fights ahead of you.

You’ll need to find the Colossi before you can face them, but gratefully your sword is tooled with a nifty gadget that points you in the direction of each brute when held towards the sun. The game’s Hyrulian hub world is beautiful in its emptiness, spanning long horizons of nothing but fields, deserts and postcard-perfect blue skies. Pelting through the landscape invokes memories of ICO’s sense of loneliness, as there’s nothing to accompany you but the sound of your pony’s hooves hitting the turf below.

Fighting the Colossi is where the game most stuns. With each creature possessing a different look and style, you’ll need to cautiously consider your methods in order to bring the hulking monsters down. Fights are intense, white knuckle rails backed by one of the most powerful musical scores in movie games. The solutions for each boss battle are wonderfully creative too: one requires you to frighten the animal with a searing torch, while another has you hopping inbetween piles and runways in an attempt to crack the enemy’s armour.

Our favourite boss fight comes in the form of Colossus number five, a winged eagle-like foe that resides in a forgotten lake. Here you’ll need to clasp hold of the animal as it swoops down to attack you, and will find yourself clambering across its figure hundreds of feet into the air as the world flies by underneath you.

The game’s imagination is liberated from its technical limitations on the PlayStation Three, with the screen-tearing and framework rate inconsistencies that plagued the title’s original release now no longer a concern. The cleaned up textures don’t hurt either, providing the game’s outstanding art direction room to shine.

Both games are bona fide classics, ensuring ICO & Shadow of the Colossus Collection’s status as a must-own compilation. Stereoscopic 3D support, Trophies and a duo of behind-the-scenes movies (curiously absent from our review copy) help to round out the package, but it’s the inclusion of the definitive versions of two of the greatest games ever designed that makes this collection such a necessary purchase.

Conclusion

If movie games aren’t art, then ICO & Shadow of the Colossus Collection is not a movie game. It’s a staggering compilation of two of the most creative, intimate and emotional lumps of interactive entertainment ever conceived. Bring on The Last Guardian.

ICO – Shadow Of The Colossus Collection Review – PS3, Shove Square

Review: ICO & Shadow Of The Colossus Collection (PS3)

An impeccable, provocative and emotional affair, ICO & Shadow of the Colossus Collection makes a strong argument in favour of interactive art, and does so with such a matter of fact, effortless mentality that it’s unlikely not to fall in love with the practice.

Despite being heralded as two of the finest games ever created, there’s an effortless manner at which both ICO and Shadow of the Colossus go about their business.

It’s with ICO that we embark. Originally released ten years ago, the game centres upon the relationship inbetween a youthfull boy and an ethereal woman named Yorda. It emerges that the boy has been incarcerated in a vast castle after being considered a bad omen by the residents of his native village. Happening upon an escape route, the boy detects the mystical Yorda trapped in a cell, and instantly sets about releasing the chick from her restricts. Together the freshly liberated duo embark on an escapade that sees them attempting to escape from the castle’s captivity. To say much more would be to spoil the game’s unparalleled sense of discovery, but what you’ll uncover is a narrative so devouring that it left us with goosebumps at numerous points during its running time.

What’s most staggering about ICO if you’re coming to it from a fresh perspective is just how much it’s influenced other games. The strongest comparison would very likely be to Playdead’s latest PSN downloadable, LIMBO, which has much in common with ICO’s level design. Elementary puzzles are at the heart of the game’s progression, but it’s in the relationship inbetween the two protagonists that the title indeed finds its lasting presence.

With a quick tap of R1 you’re able to clasp the mitt of Yorda, dragging her through the environment with the subtlest of controller rumbles complementing your deeds. It’s perhaps the best implementation of rumble ever to emerge in a movie game, and its meaning is entirely up for interpretation. Some people believe that the rumble represents the strain on the fragile Yorda as you pull at her brittle assets, but we happen to believe its more akin to the fluttering warmth that passes inbetween two human beings in spite of superb adversity.

ICO is a game scattered with superb imagery, but nothing appeals fairly like the very first time you haul the wistful Yorda across an epic bridge as the wind coos in your ears. There’s truly nothing else fairly like it in games; it’s a spine-tingling moment that’s underlined by the sheer plainness of it all.

While ICO and Shadow Of The Colossus aren’t technically connected, there are similarities that indicate they’re the brainchild of the same creator. Both games have a penchant for extravagant, Mayan architecture that represent the non-natural environments in the two campaigns. They also each love pulled out camera angles that emphasise the enormity of each game’s scale.

And no game does scale fairly like Shadow of the Colossus. Originally released in 2005, the game’s drawn-out opening centres on the journey of its protagonist Wander, a worn 20-something adventurer who’s travelled to a barred land in order to bring back the life of his deceased love. Resting her assets on an exuberant stone bed — which serves as a visual reminder of your plight via the game’s ten hour campaign — Wander is informed that he must defeat no fewer than sixteen Colossi in order to restore his companion. The Colossi are ample majestic animals that wander the prohibited land.

Like ICO, it’s the simpleness of Shadow of the Colossus that underlines its brilliance. There are no mini-bosses, sub-quests or mini games: it’s all about you, your pony and the sixteen boss fights ahead of you.

You’ll need to find the Colossi before you can face them, but gratefully your sword is tooled with a nifty gadget that points you in the direction of each brute when held towards the sun. The game’s Hyrulian hub world is beautiful in its emptiness, spanning long horizons of nothing but fields, deserts and postcard-perfect blue skies. Pelting through the landscape invokes memories of ICO’s sense of loneliness, as there’s nothing to accompany you but the sound of your pony’s hooves hitting the turf below.

Fighting the Colossi is where the game most stuns. With each creature possessing a different look and style, you’ll need to cautiously consider your methods in order to bring the hulking monsters down. Fights are intense, white knuckle rails backed by one of the most powerful musical scores in movie games. The solutions for each boss battle are wonderfully creative too: one requires you to frighten the animal with a searing torch, while another has you hopping inbetween piles and runways in an attempt to crack the enemy’s armour.

Our favourite boss fight comes in the form of Colossus number five, a winged eagle-like foe that resides in a forgotten lake. Here you’ll need to clasp hold of the brute as it swoops down to attack you, and will find yourself clambering across its figure hundreds of feet into the air as the world flies by underneath you.

The game’s imagination is liberated from its technical limitations on the PlayStation Trio, with the screen-tearing and framework rate inconsistencies that plagued the title’s original release now no longer a concern. The cleaned up textures don’t hurt either, providing the game’s outstanding art direction room to shine.

Both games are bona fide classics, ensuring ICO & Shadow of the Colossus Collection’s status as a must-own compilation. Stereoscopic 3D support, Trophies and a duo of behind-the-scenes movies (curiously absent from our review copy) help to round out the package, but it’s the inclusion of the definitive versions of two of the greatest games ever designed that makes this collection such a necessary purchase.

Conclusion

If movie games aren’t art, then ICO & Shadow of the Colossus Collection is not a movie game. It’s a staggering compilation of two of the most creative, intimate and emotional lumps of interactive entertainment ever conceived. Bring on The Last Guardian.

Related video:

How to use blockchain to build a database solution, ZDNet

How to use blockchain to build a database solution

Why would you want to use blockchain to build a database solution? And how would you actually do that? BigchainDB has answers.

Very first Wall Street, then the database world. While most people are still attempting to wrap their goes around blockchain and its difference from Bitcoin, others are using it in a broad range of domains. Is it hype, a case of having a hammer and watching problems as tears up, or could blockchain actually have a purpose in the database world?

BigchainDB’s creators argue there is a reason, and a way, for blockchain and databases to live joyfully ever after.

Blockchain technology, put simply, is a type of digital ledger which records transactions, agreements, contracts and sales. The technology is decentralized, which means that information is stored in computers around the world, and is permanently updated in real-time to reflect switches in stock, sales and accounts by bringing records together into blocks before algorithms ‘chain’ these data stores together chronologically.

Silicon Valley is hot on blockchain — the technology behind the Bitcoin cryptocurrency — and its many potrential uses.Blockchain’s economic influence could be as significant as the Internet

Blockchain was introduced by Bitcoin, which despite its oft discussed issues has illustrated a novel set of benefits: decentralized control, where “no one” wields or controls the network; immutability, where written data is “forever” tamper-resistant; and the capability to create and transfer assets on the network, without reliance on a central entity.

The initial excitement surrounding Bitcoin stemmed from its use as a token of value, for example as an alternative to government-issued currencies. Now the separation inbetween Bitcoin and the underlying blockchain technology is getting better understood, the scope of the technology itself and its applications are being extended.

With this increase in scope, single monolithic blockchain technologies are being re-framed into building blocks at four levels of the stack:

Two. Decentralized (blockchain) computing platforms

Trio. Decentralized processing (wise contracts) and decentralized storage (file systems, databases) and communication

Four. Cryptographic primitives, consensus protocols, and other algorithms.

Blockchain operations work with data, and that data is also stored as part of the blockchain. For example, when transferring assets from one knot to another, the amounts transferred as well as the sender, receiver, and time of transfer are stored. So the option to leverage the benefits blockchain brings by using it as a database is tempting.

The problem is, the blockchain as a database is awful, measured by traditional database standards: throughput is just a few transactions per 2nd (tps), latency before a single confirmed write is ten minutes, and capacity is a few dozen GB. Furthermore, adding knots causes more problems: with a doubling of knots, network traffic quadruples with no improvement in throughput, latency, or capacity. Plus, the blockchain essentially has no querying abilities.

How could that possibly ever work? Trent McConaghy and his co-founders in BigchainDB have tackled this issue by turning it on its head: instead of using blockchain as a database, they are taking a database and adding blockchain features to it. Originally they commenced working with RethinkDB, the reason being that RethinkDB leveraged a clean and efficient knot update protocol.

BigchainDB works by building blockchain features on top of a DB, rather than using blockchain as a DB. Photo: BigchainDB

Under the bondage mask, BigchainDB utilizes two distributed databases, S (transaction set or “backlog”) and C (blockchain), connected by the BigchainDB Consensus Algorithm (BCA). The BCA runs on each signing knot, with signing knots forming a federation. Non-signing clients may connect to BigchainDB, and depending on permissions they may be able to read, issue assets, transfer assets, and more.

Each of the distributed DBs, S and C, is an off-the-shelf big data DB. BigchainDB does not interfere with their internal workings, so it gets to leverage their scalability properties, as well as features like revision control and benefits like battle-tested code. Each DB is running its own internal consensus algorithm for consistency.

At this point BigchainDB has moved towards using MongoDB, and is in fact in a partnership with them. But why MongoDB? It could have been any other open source distributed database. “We did consider a number of DBs, but we desired a document DB to begin with as we’re working with JSON at this point, and MongoDB is an demonstrable choice.”

But, again, isn’t BigchainDB afraid that combining the well known blockchain with the recently targeted MongoDB could raise numerous crimson flags in terms of security? McConaghy has openly acknowledged that the underlying DB may be a security vulnerability at this point, but is neither critical of MongoDB nor apologetic.

“MongoDB has been clear about providing ease of access by removing hard security, so it’s not their fault if people left their installations on the internet unsecured. As for us, at this point we are no better or worse than a centralized solution, and we will undoubtedly add improved security features before moving to production,” he says.

BigchainDB promises blockchain advantages, plus scalability. See also addendum. Pic: BigchainDB

BigchainDB works by suggesting an API on top of the underlying database, with the aim of acting as a substrate-agnostic layer that adds the key blockchain features of decentralization, immutability, and asset transferability. But that leads to some interesting issues.

Read this

Even tho’ it may be the wrong device for the job, the years of development behind the relational database ensure its popularity — for the moment, says MongoDB’s Max Schireson.

For example, what if for some reason users would like to use a different database as a substrate? BigchainDB offers a Service Provider Interface that can be used to butt-plug in other databases. It is what has been used to integrate and operate on top of MongoDB, and according to McConaghy could also be used to do the same with any other database, be it relational or key-store or anything else.

Of course, that is lighter said than done, and brings up another issue: querying. Albeit BigchainDB’s querying support is not fully operational at this point, the aim is to suggest one unified querying interface over whatever underlying database knots BigchainDB may be using. That is a hard problem to solve, as not all databases have the same query languages or capabilities.

However, the current trend towards feature convergence in the database world, and in particular the renewed interest and turn to SQL as the standard for querying may suggest a way out of this. Even so-called NoSQL databases like MongoDB suggest SQL capabilities these days, so this is the most promising way forward for BigchainDB as well: a SQL interface.

At this point, BigchainDB queries are mostly done by directly using MongoDB’s API, but this is a sort of hack that tightly couples BigchainDB to MongoDB, so it is seen as an interim solution that will eventually give way to querying via BigchainDB’s own API.

As should be evident by now, BigchainDB is not a typical database by any measure. It is also not a typical startup run by a typical founder. McConaghy has a rich background in AI before it was cool and a hacker ethos: “doing AI in the 90s was one of the least popular things one could possibly do, so I certainly didn’t do it for the hype.”

McConaghy could have been part of the Facebooks of the world had he chosen to, as he has actually turned down such offers. This is not what drives him, and by extension BigchainDB. The drive behind BigchainDB is not getting to a successful exit or IPO, but rather reshaping the internet and the world at large.

McConaghy believes that centralization leads to concentration of power, citing examples such as social media ownership and control of data or the conundrum that both creators and consumers of art, and content in general, face on the internet.

This is what McConaghy’s previous venture, Ascribe, was about: helping digital artists transfer ownership of their work to customers. Albeit whether this is indeed applicable to everyday art like music or movies is unclear, Ascribe aims to provide a solution for digital artists with unique creations and collectors that want to own them, and uses decentralization to achieve this. At some point Ascribe’s evolution gave birth to BigchainDB.

Some might say this is an overly complicated solution, but McConaghy is not one to bashful away from complexity. When asked on his take on Numerai and the criticism that has been voiced towards it for example, he is adamant: “I don’t think it’s overly complicated, on the contrary, I think it’s brilliant, maybe the best combination of blockchain and AI out there. I think they are doing a truly good job of aligning incentives for founders, employees and users. Think of Facebook, what if it operated on the basis of providing its users a stake in the value it generates? This is what Numerai is doing, and in the process it is bringing a shift in the power structure and creating incentives for cooperation. So it is turning a zero-sum game to a positive-sum game.”

Where

So where on that long and winding road is BigchainDB at the moment? Berlin-based BigchainDB has raised a total of five million euros, with a latest series A of three million. It is working in close collaboration with a number of early adopter clients, including the likes of RWE and Internet Archive.

The Internet Archive, along other organizations such as Open Media or the Human Data Commons Foundation, are also the caretakers of IPDB, or Inter-Planetary DB: a public example of BigchainDB, used to collectively store and manage content in a safe and decentralized way. IPDB has an identically grand vision: its aim is to be a database for the internet.

For Internet Archive for example, it would mean moving away from traditional storage technology and towards the decentralized and cooperative storage model that BigchainDB stands for. As Internet Archive is looking into options such as moving its data to Canada to avoid data sovereignty issues, the potential of adding immutability on top of decentralized storage is appealing.

For RWE on the other mitt, the stakes are a bit different. Traditionally, large electrified utilities would connect the energy producers with the energy consumers. Deregulation switches things, as anyone can now connect to anyone. RWE is getting in front of that by exploring several blockchain projects, such as energy exchanges, electrified car charging, and billing.

BigchainDB has recently released version 0.9, and its roadmap for two thousand seventeen is to reach a stable version 1.0 in the summer and to have fully operational, production-ready open-source and enterprise versions available by the end of the year.

Whether that aim is feasible, or whether its grand vision is likely to be achieved remains to be seen. It certainly does not lack in ambition or abilities however.

Addendum, March 8th 2017: After the article was published, we received the following clarification from Bigchain’s CEO regarding scalability:

“When we very first released BigchainDB, we gave too strong of an impression that it was *already* doing 1M writes/s whereas that was actually just in the underlying database (RethinkDB at the time), tho’ we had designed the algorithm such that BigchainDB could eventually hit that (after more hardening and optimizations).

After feedback, we revised things to set a more adequate expectation: *towards* 1M writes/s. And we also discovered that users didn’t care as much about that benefit compared to other benefits, like high capacity and usability; so we spent more of our resources towards user asks than towards 1M writes/s so far. (That is however still in the roadmap; it’s just not a priority).

I wrote a blog post last May describing this journey; including an apology for setting the wrong expectations; and a commitment to be better about it, which I’m proud to say we’ve kept. It was the very first time in my career that I’d had misaligned expectations compared to what I was shipping; never again! :)”

Digital Transformation, a CXO’s Guide:

Related video:

How to Buy Bitcoin With Debit

How to Buy Bitcoin With Debit/Credit Card in Nigeria 2017

(Plus cheapest Price possible…)

If you are on a mobile device, swipe left and right to view total table.

There are lots of Bitcoin exchange merchant online that accepts the credit or debit card (naira master card or visa card) for the purchase of bitcoin. But almost all of them does not accept the Naira debit card and debit cards from some other countries. The annoying thing is that they permit you to register with them before telling you that your country is not accepted. This could be a waste of time. I took my time go through thirty one sites that accept credit card for bitcoin. I found that only three of them accepts the debit/credit card from all countries including Nigeria. I have reviewed and compared this three websites with a table to compare them and even found out the cheapest exchange. If you appreciate the information, share on Facebook to reach more people.

Buy Bitcoin with Debit/Credit card at Virwox

Accepted Cards: GTB MasterCard, GTB utility card, FCMB visa card, Access bank master card and UBA Visa card, dollar card of all banks

Virvox is a virtual currency exchange that existed even before Bitcoin was open for trading in Jan 2009. Virvox was set up in two thousand seven to trade 2nd Life Lindens (SLL) and other virtual currencies used for gaming online.

Virvox Commenced accepting Bitcoin in April two thousand eleven and opened a way for people to buy Bitcoin with PayPal. In other words, people buy SLL with PayPal, convert the SLL to Bitcoin then send the bitcoin to their bitcoin wallet so the process is fairly long and don’t leave behind your debit/credit card is linked to your PayPal. Their transaction fee is fairly high 10% but they have over 740k registered users very likely because they have been around for a long time.

A quick breakdown on how to buy Bitcoin with debit card/PayPal at Virwox

  1. Deposit dollars to virwox through PayPal
  2. Buy “Second Life Lindens” (SLL) with your USD
  3. Purchase Bitcoin with SLL
  4. Withdraw BTC to your Bitcoin Wallet

From my calculation, you will lose NGN eight hundred if you buy Bitcoin with virwox compared to the local exchange.

Pros. Worldwide availability, no verification needed

Buy Bitcoin with Debit/Credit card at Luno

Accepted cards: All visa and master card from all banks

Luno is a Bitcoin exchange/wallet provider. I will recommend Luno to anybody any day, as a matter of fact, if you already have a wallet provider, I suggest you still sign up with Luno. This is the exchange I use 95% of the time the remaining 5% is just for me see how other sites work. From my practice, they are the cheapest and easiest way to buy bitcoin online. They are in many countries around the world. They were primarily called bitx when they did not have the debit/credit card option and take about twelve to twenty four hours to process your transaction. They later upgraded to a more user-friendly interface, switched their name to Lluno without disrupting their users’ account, launched their app and integrated a debit/credit card option. Your wallet if funded instantly on Luno. The good thing about Luno is that they accept your local currency. This way you do not lose money due to dual conversion from naira to dollar or Euro before Bitcoin. This means that you are no longer limited to $100 per month since the transaction is in naira. Transactions can be made with master or visa card from any bank. Luno also makes withdrawal effortless. You can lightly convert your bitcoin to naira and receive it in your bank account.

To buy Bitcoin from Luno. Click on ‘account’, click on deposit. Inject your card information. Your Luno naira wallet will be credited. Click ‘buy’ to buy bitcoin. Your bitcoin wallet will be funded instantly. You can buy bitcoin with as low as one hundred naira (about $0.28) This process is plain and straight forward.

From my calculation, you will save about Two,430 naira per $100 if you buy Bitcoin on luno when compared with the local bitcoin exchange.

Pros: Cheapest so far, user-friendly, excellent customer support

Cons: they only deal on Bitcoin

Buy Bitcoin with Debit/Credit card at Indacoin

Accepted Cards from Nigeria: GTB MasterCard, GTB utility card, FCMB visa card, Access bank master card and UBA visa card, dollar card of all banks

Indacoin is an exchange based in the UK that permits anybody from any part of the world to buy Bitcoin, Litcoin or Etherum with debit/credit card. They accept Master card and Visa card from any part of the word.

To use your card for the very first time on indacoin, you will have to inject a 3-digit code that can be found in your card statement and verify your phone number. This process is very plain and it’s just to confirm that the card belongs to you. Also for your very first transaction with a fresh card, you are limited to inbetween thirty to one hundred Euro the very first day, two hundred Euro after four days and five hundred Euro after seven days.

On the downside, tho’ the site stated that they don’t charge any fee, their exchange rate is pretty high this could be due to the debit card charges. From My calculation, you will be losing about NGN12,700 naira per $100 dollar when you use this exchange compared to using a local Nigeria Bitcoin exchange. this is a lot

Pros: worldwide availability, good support, user-friendly interface

have you made a choice yet?

There is no doubt that Luno has all the advantages but if you don’t have a debit or credit card, there are other methods you can use. I have also reviewed ten sites where you can buy Bitcoin in Nigeria most of them have offices where you can even walk in and buy with cash. If you loved reading this, please like, leave me a comment and share this post on facebook with the facebook icon below someone might need the information. If you have any information for me to update this article do let me know. Thank you.

Related video:

How to Buy Bitcoin: The Ultimate Beginner – s Guide to Buying Bitcoin – Altcoins – Individual Finance Made Effortless – Banking, Loans, Credit Card Advice

How to Buy Bitcoin: The Ultimate Beginner’s Guide to Buying Bitcoin & Altcoins

Like a lot of people you have very likely heard; and read, a excellent deal about bitcoin and cryptocurrencies but still do not know what they are. Worse you might have a vague notion of how these fresh financial technologies work.

Everybody needs to know what altcoins are; because they have the potential to upend the entire financial system and switch our lives. If they are successful cryptocurrencies might switch how you do business, get paid, pay taxes, buy and sell goods online and in store, invest and bank.

If they are successful cryptocurrencies might switch how you do business, get paid, pay taxes, buy and sell goods online and in store, invest and bank.

Not remarkably the potential of these technologies have attracted the attention of a lot of investors. Individuals ranging from Chinese grandfathers to Wall Street hedge fund operators are buying up large amounts of cryptocurrency in anticipation of cashing in on the disruption it might cause.

We’ve created this guide to explain the basics of altcoins in general and bitcoin in particular to ordinary people.

I want to state personally that I’m a rock-hard believer in cryptocurrency and I see the technology (represented by bitcoins and alt coins) as disruptive technology, much like the internet was in the 90’s, mp3’s were to the music industry, and streaming was to the movie industry.

Over the next few years, we will commence to see crypto currency bleed into the real world and provide better solutions than currency exist, especially in the financial sector (money transfers, payment processing, identity storage, etc).

Hopefully, this will be the beginning of your journey in which you learn all the opportunities and potential pitfalls associated with cryptocurrencies.

What the Heck are Cryptocurrencies and How Do They Work?

A cryptocurrency; or altcoin, is a purely digital medium of exchange that is supposed to function as money. That is you can buy and sell with it and convert units to government or fiat currencies.

Unlike fiat currencies altcoins are issued and maintained by networks of users. These networks include bankers, programmers, businesspeople, investors, entrepreneurs and many ordinary people who are attempting to create an alternative to government currencies. The ultimate hope is to create a currency anybody can use anywhere in the world.

Many of the altcoin creators believe they can one day produce currencies that will not be subject to inflation and devaluation; and immune to government tampering, such as currency controls. This makes cryptocurrencies very popular in countries like China and Venezuela, where most citizens distrust the government.

Cryptocurrencies employ two technologies that are supposed to make them tamper resistant. Encryption is a kind of code like that used by spy agencies which is very hard to break. A major aim of cryptocurrency geeks is to create an altcoin that is totally anonymous so that tax collectors and fraudsters will not be able to track down users.

Blockchain is an operating system that is designed to create a permanent record which cannot be altered or erased. The hope is that a user will be able to trace the blockchain back to its creator and authenticate it no matter how many times the altcoin is bought and sold.

There are now many different cryptocurrencies out there but the three most popular are Bitcoin, Ethereum and Litecoin.

These currencies are widely traded on exchanges and used by people all over the world. In latest years there have been also many attempts to create fresh cryptocurrencies including some for specialized purposes like UnicrnGold which is designed for sports wagering.

There are over a thousand different crypto currencies (check out coinmarketcap.com) and the number is growing.

Bitcoin is the very first cryptocurrency. Many other crypto currencies (called altcoins) seek to solve a specific market problem and suggest a unique solution, solutions that Bitcoin does not address.

Here’s a breakdown of some of the main (top Five) cryptocurrencies on the market:

Bitcoin: a store of value, considered a version of digital gold (that you can spend). Due to the high volatility and slower transaction speeds, it’s not ideally suited as a daily currency.

Litecoin: often called ‘the silver’ to the Bitcoin gold. Offers advantages of must swifter transaction times, reduce transaction fees and less volatility.

Ethererum: a platform crypto currency that permits other tokens (or crypto currencies) to be built on the ethererum platform. Ethererum is not so much an alternative to money as it is a platform that enables the creation of other crypto currencies. The key defining feature of ethereum is that it offers brainy contracts on the network (conditional execution of contracts made on the system).

Ripple: a crypto currency that seeks to enable quicker, decentralized money transfers inbetween banks. Ripple (the crypto currency itself is called XRP) seeks to become a decentralized version of the SWIFT system and envisions the world where you can basically send money across borders inbetween accounts with the click of a button without gigantic fees, waits, or other bureaucratic weigh down that are involved with sending money.

There are many, many other crypto currencies such as privacy coins (Monero) that permit anonymous payments, sports betting currencies (Wagerr), gaming currencies (Digibyte), identify verification (Civic), payment processing (Omnisigo), and many more.

What is Bitcoin?

But let’s go back to Bitcoin, the very first ever cryptocurrency and the technology that inspired (and in many cases spawned direct copies) all the other cryptocurrencies in existence.

Bitcoin is the oldest cryptocurrency created in two thousand nine by a shadowy figure called Satoshi Nakamoto. In 2015, Wired magazine reported that an Australian named Craig Wright claimed to be Nakamoto, and some bitcoin insiders confirmed the report.

Bitcoin was a revolutionary chunk of technology, because it was the very first widely available digital currency anybody could buy. More importantly it was the very first altcoin to use blockchain to ensure security and authenticity.

Bitcoins have become very valuable because they can be used as an investment, a currency; or a hedge against inflation. Many people buy or mine bitcoins the way others invest in stocks. Most consumers use them as a digital currency to buy everything from bounty cards to merchandise.

Large numbers of people; particularly in China, use bitcoin as a hedge against inflation. That is they buy bitcoin because they think it is less likely to lose value to inflation than their nation’s currency the Yuan. That way they preserve the buying power of their money, even if their currency loses all its value.

Today bitcoin is the most popular and widely used cryptocurrency. It is traded on exchanges, accepted by Swiss banks and major online retailers, and widely covered in the media.

Around 16.49 million bitcoins worth around $47.7 billion were believed in circulations on nineteen July 2017. The value of a bitcoin on twenty one July two thousand seventeen was $Two,674.Legal as recently as January one traded for around $13. It is that almost astronomical increase in value that is attracting vast numbers of investors, speculators and traders to bitcoin.

Why Buy Bitcoin

There’s a lot of reasons. Here are some main ones.

  1. A store of value: Bitcoin is deflationary. There’s a limited amount of bitcoin with only twenty one million coins that will ever be in existence (16,000 million presently in supply). Currencies are inflationary with governments printing money on request. This causes your money value to depreciate over time. That’s why $100, just five years ago would buy MORE than it would now. Storing your money in Bitcoin is a method of preserving your value and protecting it from inflation.
  2. Decentralized: there is no government who can seize your Bitcoin. It’s not managed or regulated by anyone and supersedes governments and countries, and political ambitions.
  3. Rapid Transfers of Money Across Borders: you can use bitcoin to send money anywhere in the world — swift and cheap. In many cases, it’s superior to using wire transfers.
  4. Investment: Buying bitcoin is an investment as the value can increase. For example, as of time or writing, Bitcoin value enlargened from $1000 to $4000 USD in a single year. That’s up 400%! This means if you bought one bitcoin for $1000 the past year, you could cash it out for $4000 USD now.
  5. Make Money through trading: you can make money with Bitcoin by trading it back and forward with USD or using it to buy altcoins which may increase in value. Many people have made and are making incredible amounts of money through cryptocurrency trading.

How Bitcoin Works

The best way to think of bitcoin; and other altcoins, is as a more advanced form of a digital wallet such as PayPal, Apple Pay or Android Pay.

A traditional digital wallet lets users store currency, make purchases, receive payments and transfer money like a bank account. The difference is that with an altcoin the electronic payment medium itself to make the payment and store value.

Regular digital wallets are a storage mechanism for currency. A cryptocurrency is both a storage mechanism for value and a payment method. You can use it as an investment or as a means of payment.

In bitcoin the value is stored in the blockchain which functions as the currency’s operating system. All other altcoins work in the same way. When a person buys them he or she is storing value in the blockchain. The value can be accumulated; as in a savings account, traded like stocks, or used to make purchases like money.

Bitcoin has become a popular means of payment because it can be sent electronically anywhere in the world there is an internet connection much like a wire transfer. The difference is that the bitcoin does need to be converted into other currencies like Australian dollars would. That means you can preserve value when making international transactions.

Instead the person you send the money determines whether to convert the bitcoin into fiat currency or leave it as cryptocurrency. This makes life a lot lighter for people in China; where the currency is not supposed to trade on international markets, and those in countries like Zimbabwe where the national money is worthless.

Why you should buy Bitcoin and Other Cryptocurrencies

There are several very good reasons why almost everybody should consider investing in bitcoin and other cryptocurrencies. Excellent reasons for investing in altcoins include:

  • They provide a hedge or protection against inflation. If you’re an adult you know that money is not worth as much as when you were a kid. That’s the result of inflation and it’s likely to proceed, any cash you keeping in your savings or chequing accounts will lose value to inflation.
  • Unlike stocks or bonds, bitcoin can be used to make a broad diversity of transactions right now. For example there are many websites where you can use bitcoin to purchase bounty cards that can be used at retailers. Many of these sites sell digital bounty cards for bitcoin that can be used on Amazon. Amazon will not accept bitcoin but many other large retailers including Dell do.
  • You can convert your bitcoin investment into cash almost instantly. That means you will not have to incur the transaction costs of selling stocks or bonds to access to funds. You can either use your bitcoins to make purchases or sell it to get cash quickly.
  • Unlike precious metals bitcoin can be sold almost instantly. If you own gold or silver you will have to find a shop that buys it most likely a pawnbroker. Then you will very likely receive half or one third the actual value in payment. You cannot take gold to the supermarket and buy food. Most supermarkets will not take bitcoin, but you can convert into something they will take; dollars, with the press of a button.
  • There are bitcoin debit cards such as the Visa from Bitpay that can be used at any retail store that takes credit cards. This means that unlike gold you can use bitcoin to make direct retail purchases such as petrol or food. Shop cautiously for because not all of these cards are available in Australia. Some bitcoin MasterCard bounty and credit cards are also available.
  • Bitcoin is an effortless way for average people to diversify their investments. Most investment experts recommend that you put your money in a number of different vehicles such as stocks, bank accounts and bonds to protect it from losses. Bitcoin is a cheap and effortless way to diversify without spending a lot of time and money on brokers or investment research.
  • Bitcoin is a superb way to protect your funds from a downturn in the Australian economy because it trades worldwide. Cryptocurrencies like bitcoin might keep their value while currencies like the dollar lose theirs. That means you might have more purchasing power with altcoins.
  • Bitcoin is capable of gaining a lot of value real swift. The value of a bitcoin enhanced by 317.72% or $Two,100.50 in the year inbetween twenty two July, 2016, and twenty two July 2017. This means owners more than tripled their money in less than a year.
  • Bitcoin is recognized as money in Australia; so it is exempt from dual taxation through the General Sales Tax. For more details see this Cointelegraph article.

Can you Make Money Buying & Trading Bitcoin

Yes you can make money buying and selling bitcoin. Market data provided by Coinbase clearly shows that some people have made a lot of money out of bitcoin and other altcoins.

A person that bought one bitcoin worth $568 on twenty two July two thousand sixteen would have seen her investment more than triple in value to $Two,761.23 over the next year. She would have taken home a profit of $Two,100.50 or 317.91%. An individual that purchased ten bitcoins for $Five,680 on twenty two July 2016, would have seen them increase in value to $27,610, over the course of the upcoming year.

So it is possible to make a lot of money buying, selling and trading bitcoin but you can also lose a lot of money. Inbetween eight July and sixteen July two thousand seventeen bitcoin lost $542.97 in value in an eight day period. A bitcoin was worth $Two,535.29 on eight July and $1,992.32 on sixteen July.

Therefore you can make money with bitcoin but you can also lose money through it. A good strategy for preserving your investment would be to reinvestment your bitcoin earnings in something more stable like stocks or real estate.

Where to Go to Buy Bitcoin and Where to Commence Using Bitcoin

The best way to become familiar with cryptocurrencies is to get yourself a digital wallet and embark making puny trades with it. Some truly good digital wallets include:

  • coinbase.com – This American-based service provides wallets that let you buy and sell bitcoin, ethereum and other popular altcoin called Litecoin. It also offers an excellent set of effortless to read charts that track cryptocurrency prices. Note coinbase has a reputation for having very slow wire transfers, so don’t use them if you need to get cash into the exchange to buy bitcoin swift.
  • bitstamp.com – one of the older and more trusted exchanges based in London. They serve global clients and they permit hefty wire transfers (one of the best exchanges to send large deposits of cash to, if you want to buy bitcoin)
  • Gdax.com – Coinbases.com’s crypto exchange site. One of the largest in the world and one of the most trusted.
  • bitcoin.com.au – This popular bitcoin specialist is based in Richmond, Victoria. It offers wallets and buys and sells bitcoins. The site blog is a good way to keep up with cryptocurrency developments in Australia.
  • bitpay.com – This popular American digital wallet also offers a Visa card that enables users to make retail transactions and get cash from ATMs or stores. Bitpay also offers some services for American merchants.
  • CEX:IO – This popular bitcoin exchange based in the UK offers market data, margin trading and digital wallets that can be used all over the world. It is one of the best places to go if you are interested in bitcoin currency trading.
  • Cointelegraph – A good all-around news source for all things cryptocurrency it will keep you up on the latest developments.
  • Cryptocoins News – Another good source of news and information about cryptocurrency.
  • Gyft – One of several websites that let you buy bounty cards with bitcoin. It offers an app you can download to Android or Apple phones. Amazon and eBay cards are available here.
  • Genesis Mining – If you are interested in bitcoin; or ethereum, mining this is a good place to begin. Genesis is one of the largest and most reputable miners. Its’ blog is a good source of information.

Bitcoin Exchanges: A Breakdown

A bitcoin exchange is actually a company that specializes in trading or buying and selling of cryptocurrencies.

Most exchanges; and traders, attempt to make money by speculating or betting on the differences inbetween currency prices. If bitcoin is expensive and U.S. dollars are cheap they sell bitcoin and buy US dollars for example.

A reputable exchange will be based in a country like Australia or the UK and regulated by that nation’s government. It will suggest a digital wallet that lets you buy and sell bitcoins and take credit card, bank transfer and wire-transfer payments.

A good exchange will disclose all fees, limitations and limitations up front. It should also have 99.999% service availability; that means its website will work when you need to access your money, and proven financial stability. Reputable exchanges will also disclose all problems such as technical difficulties and security breaches right way.

The best way to tell if an exchange is reputable is check and see how many active traders it has and if it has a high-volume of trading. Having a high volume of trading indicates that has an exchange has many pleased customers.

Be ready to shop around and check out a number of exchanges because the market is growing. That means there are some very fresh ventures that might not be financially stable out there.

Etherereum & other Altcoins

Nobody knows how many cryptocurrencies there are but experts estimate that are around seven hundred altcoins in existence. Most of those cryptocurrencies are worthless because nobody accepts them but there are several widely used altcoins.

The other big altcoins out there include:

  • Ethereum (which is also known as Ether or ETH) – Ethereum is the only cryptocurrency that is even close to rivaling bitcoin in popularity. Ethereum is actually a platform that permits users to create brainy contracts, and other documents that can be bundled with the ether. Ethereum’s greater versatility has attracted the attention of giant banks such America’s JPMorgan Pursue and leading tech companies such as China’s Tencent Holdings. One potential use for ethereum will be to create cryptocurrency markets for stocks and commodities. Ether can now be bought, sold and traded on most of the exchanges that accept bitcoin.
  • Litecoin (LTC) – A quicker more refined version of bitcoin created by former Google engineer Charlie Lee in 2011. Some people choose Litecoin because it is swifter than bitcoin. Litecoin is also tracked and traded by some major digital wallets including Coinbase.
  • Zcash (ZEC) – A very fresh and slightly-more advanced altcoin. Zcash’s developers claim their cryptocurrency offers more privacy and security. Zcash is not widely accepted because it was just launched in late 2016.
  • Ripple (XRP) – A more advanced cryptocurrency that is supposed to work without mining. Ripple was created to help banks lodge cross border payments in real time. Ripple was designed for institutional buyers and it is accepted by many merchants or exchanges.
  • Dash or Darkcoin – This altcoin has a real sleazy reputation because it was designed to be used on the darkweb which criminals use to hide cash. Exchanges will not accept Dash because of its criminal connections. Average people should stay away from Dash, unless they want to find police or intelligence agencies tracking them.
  • Monero (XMR) – Another cryptocurrency that is supposed to be untraceable, donation-based and community-driven. Monero is not widely used or accepted by any major exchanges.

The only cryptocurrencies average people should consider investing in; are bitcoin, ethereum and litecoin. The rest of the altcoins are mostly for hobbyists and geeks and any money submerged into them is likely to be lost.

Bitcoin is the best altcoin for average people because it can be widely used for a broad diversity of transactions and lightly converted into dollars. Albeit ethereum is becoming widely accepted and might soon break into the mainstream like bitcoin has.

How to buy Bitcoin with a Credit Card

Buying bitcoin and other altcoins with a credit is real effortless all you have to do is sign up with almost any digital wallet.

Most of the major digital wallets such as Coinbase, Bitcoin.com.au, CEX.IO and Bitpay accept both Visa and MasterCard. Any digital wallet that accepts Visa and MasterCard should accept payment through both credit cards and digital cards.

Best Way to Buy Large Amounts of Bitcoin on a Credit Card

If you want to buy large amounts with a credit card, look at CEX.IO as one of the best. You can, if you verify your account, buy up to $3000 USD on your credit card. If you sign up for an institutional account (i.e. you have a company), you can charge up to $Ten,000 USD on your credit card per day to buy bitcoin with on CEX.IO.

Once you sign up for the digital wallet, all you have to do is come in your credit or debit card information. Then buy amounts of cryptocurrency just like you would a movie from Netflix or a book from Amazon.

Some of these solutions also suggest mobile wallet which you can use to buy bitcoin with a credit card balance. A few of the digital wallets like Coinbase and CEX.IO will also let you buy other altcoins like ethereum and Litecoin with a credit card.

Most of the large bitcoin mining services such as Genesis also take credit card payments. That can permit you to purchase fresh bitcoins just as they are created. Genesis also offers ethereum and Litecoin mining.

How to buy Bitcoin with PayPal

This is one of the worst ways to buy bitcoin. It’s super expensive and a big hassel. But here’s how.There are two ways that you use your PayPal account to buy

There are two ways that you use your PayPal account to buy bitcoin and other cryptocurrencies. Your options are:

  1. Sign up with one of the bitcoin wallets that accept PayPal payments. There are a number of these out there including Paxful and Buy Bitcoin with PayPal. The problem with these solutions is that they can be more expensive. Buy Bitcoin with PayPal will let you buy $Ten worth of bitcoin for $15 USD which is a pretty bad deal for example.
  2. Simply sign up for one of the PayPal accounts that suggest a MasterCard like the merchant account. Once you get your MasterCard come in the card number into your digital wallet and use it to buy bitcoin just like a credit card.

How (and where) to buy Bitcoin with an ACH Payment (free)

An ACH; or Automated Clearing House, payment is an electronic funds transfer that comes right off your bank account balance. You send an ACH every time you use online bill pay and authorize one whenever you write a cheque.

The superb thing about an ACH is that it is free and instant. Another advantage is that you pay with the money you have in the account and don’t accrue any interest.

Buying cryptocurrencies with an ACH is real effortless. All you have to do is go after these three ordinary steps:

  1. Sign up for a cryptocurrency exchange that supports ACH. ACH support is limited to only a handful of exchanges. As of mid 2017, CEX.IO offers $Ten,000 ACH transfers from your bank to the exchange; Gemini.com also offers ACH transfers.
  2. Connect your bank account by injecting your account and Bank State Branch (BSB) number. These are the two numbers found your cheques. Once the digital wallet has them it will be able to send and receive funds from your account.
  3. Go after the wallet’s instructions to buy the amount of bitcoin you want and pay for it with funds from the account.

How to buy Bitcoin with a Wire Transfer

Buying bitcoins with a wire transfer is a little trickier because most exchanges have account minimums and boundaries for wire transfers. Some of the larger services deny to accept such payments such as Coincafe.

However, if you want to buy larger amounts of bitcoin, wire transfers are the best (and cheapest way to go). They also take about two to five business days. So if you need to buy bitcoin ASAP, wire transfer is not the way to go. Give yourself a solid five days in advance. Also note that your bank will charge you a wire transfer FEE (usually inbetween $20 to $45 USD).

Here is the standard process for making wire transfer purchase:

  1. You will have to create a transfer order. Make sure you meet all minimums and thresholds.
  2. Go after the instructions.
  3. Send the wire.
  4. Make sure that you accept the wire receipt.
  5. Wait for the bitcoin seller to verify your payment.
  6. Receive the bitcoin, make sure you receive.

Buying bitcoin via wire transfer makes no sense for most purchasers because of the extra cost, thresholds and hassle involved. Most people will save money and time with an ACH or a credit card purchase.

I’ve personally used Bitstamp.com to send wire large transfers to from the USA. But CEX.IO and Gemini.com are two other trusted exchanges that will accept wire transfers. Kraken.com is another.

How to buy Bitcoin with Cash

Purchasing bitcoin; and other cryptocurrencies, with cash and can be a frustrating and confusing practice, especially if you do not wish to convert cash into electronic currency. There are a few ways to purchase cryptocurrencies with cash but they will be more expensive and time-consuming.

  • Bounty cards and reloadable debit cards. Go after this procedure:
  1. Purchase a Visa or MasterCard bounty card or reloadable debit card from a store.
  2. Explosion the amount of cash you want into the card.
  3. Simply come in the number from the card into your wallet and purchase the amount of altcoin you want.
  • Find a bitcoin ATM. Nobody knows how many bitcoin automatic teller machines (ATMs) there are but several thousand have been installed around the world. They are located in most big cities and there are around a dozen in Australia. The ATM map at CoinATMradar can help you find you one.

If you can find a Bitcoin ATM most of them will take cash in the same way that bank ATMs accept cash deposits. Once the deposit has been accepted you will have a set number of bitcoins. Be careful because some of them will charge very high fees. Unluckily most of the ATMs will not sell ethereum or Litecoin; but you can lightly convert the bitcoin you purchase into other cryptocurrencies online if you wish.

  • www.localbitcoins.com – this is a site that facilitates bitcoin trades in your area. Very likely the best way to buy bitcoin with cash (or trade bitcoin for cash) without having to go through the banking system. It’s more expensive tho’, as you pay an extra percentage to the person for this.
  • Bitcoin meetups. These are groups of cryptocurrency geeks that meet in various locations such as pubs and coffeehouses. At these you can give cash to somebody who will convert it into altcoins. The problem with that is you will be providing cash to a stranger, so there’s no assure he will not spend it on beer instead of bitcoin.
  • Friends or family. Simply ask a friend or family member you trust to deposit the cash in his or her bank and send it to your PayPal account. You can then use PayPal to buy the bitcoin.
  • Open a bank account. This is undoubtedly the best method, because bank accounts are regulated and insured. Once the account is up and running you can simply use free ACH to buy your altcoin, with few risks. Best of all you will be able to buy your coins securely at home without the hassle of finding and traveling to a meetup or ATM.

How to Convert Your Bitcoin to Cash

The thickest hassle with altcoins; like other electronic payment methods, is converting them to cash. Unluckily most of us still need cash from time to time; for street vendors, puny purchases and car boot sales. If you are traveling in countries like the United States, you will also need cash for tips.

Fortunately there are some ordinary methods of converting cryptocurrency into paper money. The best include:

  • Sell the bitcoin and transmit proceeds to a bank account via ACH. This is undoubtedly the best method because it is free and secure. Once in the bank you can withdraw cash from a teller or an ATM or a retail store with a debit card. Many large retailers in countries like the United States permit free cash withdrawals with purchases.
  • Wire transfer. Sell the altcoin and have money wired to you via Western Union or MoneyGram then pick the cash up at one of their offices. You can also have money wired to you at most banks.
  • Bitcoin ATMs. You can sell bitcoin and withdraw the proceeds in cash at most bitcoin ATMs but they will charge a fee.
  • Transfer the proceeds of an altcoin sale to your PayPal account then withdraw funds via your bitcoin debit card and an ATM.
  • Bitcoin debit and credit cards. There are a number of these available including the one from Bitpay. The ones with the Visa and MasterCard brand names can be used to withdraw cash at most ATMs and many stores. They can also be used to make purchases at almost any brick and mortar store.
  • Friends and family. You can always send a payment to somebody you trust and have that person withdraw cash for you.

Attempt to keep cash withdrawals petite because they are expensive and involve a lot of time and hassle. For most uses a bitcoin credit or debit card will be cheaper and lighter.

The Best Bitcoin Exchanges

Finding a good bitcoin exchange is harsh because there are hundreds of cryptocurrency exchanges out there. Choosing the right one is almost unlikely for a new-comer and difficult even for hardened altcoin geeks.

Here is a breakdown of popular exchanges to let you choose which one is best for your needs:

Cheapest Fees

Finding an exchange with low fees is vital because fees can quickly eat up all of your altcoin profits. The exchanges with the lowest fees include:

  • IO – no maker fee (charge for bitcoin generation), .1% to .2% taker fee (trading charge), Three.5% + 25¢ credit card deposit fee, $Three.80 Visa withdrawal fee, 1.2%+ $Trio.80 MasterCard Withdrawal Fee, no bank deposit fee and $50 bank withdrawal fee.
  • Coinbase – 1.49% trade fee, Three.99% credit card deposit fee, 1.49% bank deposit fee, $Ten wire transfer, 1.49% ACH bank withdrawal fee, 17¢ SEPA bank withdrawal fee. May charge a fee for credit card withdrawal.
  • GDAX – no maker fee, .1% to .25% taker fee, Trio.99% credit card deposit fee, $25 bank withdrawal fee.
  • Kraken – .10% to .26% taker fee depending on volume, .00% to taker fee depending on volume, may charge for credit card transactions, .0%-.19% or immovable commission wire transfer and bank deposit fee depending on country and currency.

Most Trusted

  • Coinbase
  • IO
  • Kraken
  • GDAX

Lowest Wire Fee

  • Kraken – .0%-.19% or immovable commission depending on country.
  • Bitstamp

Easiest Verification

  • For average people; Coinbase, instant verification of trades is available through the digital wallet.
  • For traders; CEX.I0, quick verification is available on the trading platform.

The Final Word

Cryptocurrencies present a wonderful chance for trading, hedging, investing and reducing costs on money transfers but they are not for the faint of heart. Risk-averse people should very likely avoid the sector for now.

Those who can live with some risk should earnestly consider investing in altcoins. This technology might be the future of finance and investment, those who become familiar with it will have an edge over late adopters.

Related video:

Helping you stay Safe in the World of CryptoCurrency

The Badbitcoin Project

Exposing bitcoin and cryptocurrency frauds since Feb two thousand fourteen

Many people who visit this site for the very first time, do so because they have already lost bitcoin to one of the many prevalent scammers who are just out there to take it from you.

We want everybody’s bitcoin practice to be a good one, and we want to see bitcoin help to pave the way toward a society that can be fairer.

Once you get your very first Bitcoin, Ethereum, Zcash or any other Cryptocurrency, there is no going back, and indeed, no need to.

Peak of the Week

Bitcoin and PayPal

PayPal and Bitcoin do not mix well.

You will come across sites that suggest Bitcoin to PayPal and PayPal to Bitcoin exchange. Whilst there may be some people out there with the best intentions, there are a lot more who use loopholes in these methods to steal from you.

Never send the payment as a ‘Bounty’ or as a ‘Friends and Family’ payment, as these fall outside the Buyer Protection safety layer, and this is the most common ploy used by these crooks. Paypal have no responsibility for your protection, when you waive that protection voluntarily.

What is a Ponzi or HYIP?

A Ponzi is any scheme which pays interest to “Investors” from Bitcoin coming in from fresh Investors. A HYIP (high yield investment program) is just a Ponzi. All Ponzi/Hyips will fail. The later Investors will lose everything when the scheme folds and leaves with the Bitcoin. Most HYIPS and doublers etc, just steal it instantly. You send it and they keep it.

Due diligence is your own responsibility.

There are slew of good sites out there where your Bitcoin and your work are safe. You just need to do your homework, including checking here. If it isn’t in our Badlist, email us, and we’ll check it and get back to you.

Here’s the psychology behind the typical ponzi’s & HYIP’s run by the “professional” scammers. They know most people will do this.

You think – Ah that’s good, so you either redeposit the entire amount, or just your profit. You get that back and think wow, it works, so then you deposit a much larger amount and in the worst case, even get your friends and family involved in this wonderful money making scheme.

Here’s a very common scam.

‘Whatever can go wrong – Will go wrong’ – Murphy

Our Team is made up of volunteers worldwide, and we welcome fresh contributors.

You will no doubt come across negative comments about this project, but understand that this is the scammers only route to fight back, and a good many of these scammers are the same people who are Senior, and Gold members of forums.

Forums relating to bitcoin are the best source of conflicting information ever, which is why we keep it plain and plain, we tell you it’s a badsite (albeit sarcastically – we have to stay sane) and that’s truly all you need to know to stay safe.

It doesn’t work like that. It isn’t magic, it’s just very efficient, very secure, and much sought after by thieves the world over.

If you have bitcoin, you need to learn to look after it, or these crooks will soon take it from you.

Declaration of Interests. We presently have project investments in Bitcoin Mining at ViaBTC (which we are keeping pointed at Btc) and we also mine ourselves. We would not invest in anything we considered to be a Ponzi or Scam. As a project, we are not directly funded by any organisation and depend on ad revenue, our own, and other donations, and our outer investments. We also provide links including referral links to trusted 3rd party sites, not including Outward Advertisers beyond our control. Updated August 2017

PS – As a friendly peak, we most likely aren’t the people to generally ask about good bitcoin investments. We are pretty good at what we do, but so far, like yourselves no doubt, we aren’t indeed that succesful when it comes to our own investments.

** The longest running and most trusted Bitcoin Earning site. Begin Here **

Irony disclaimer, and Caution

The high costs of running this site are helped by adverts. We also have to advertise in the same places as the scamsites. We have little control over this externally served content, and consequently we do not directly endorse any 3rd Party advert. Some adverts will even emerge in our Badlist. But at least the Bitcoin they spend on ads is coming back into the Bitcoin Industry.

Footnote. The evolution of society beyond the demise of the failed capitalist neo-liberal (Neo-con) experiment, very first needs the evolution of it’s means of trade and exchange. The current financial system, and system of fiat currency, is not fit for present or future purpose, and for all intents and purposes is already obsolete. Bitcoin is our very first financial step towards a fairer, more beneficial society for all. An experiment that separates Money from The State. Bitcoin is incorruptible, decentralised, concensus led, and above the influence of conventional politics and economics. A parallel currency with which you can begin to trade, and no middleman to take their slice or to gamble with your asset. When you deposit money to a Bank, it becomes the Banks property to do with what they choose, bitcoin is different, and you are your own Bank. It is up to you to take care of your bitcoin, and also to use it, not hoard it, and to be an significant part of helping to build this fair and open global society. Bitcoin is worth what somebody is ready to exchange it for, be that USD, Yuan, PC-hardware, Webhosting or anything that ‘money’ might buy. You can even get a bitcoin Debit Card. However, the bitcoin Blockchain, and it’s potential is a much much thicker subject.

Helping you stay Safe in the World of CryptoCurrency

The Badbitcoin Project

Exposing bitcoin and cryptocurrency frauds since Feb two thousand fourteen

Many people who visit this site for the very first time, do so because they have already lost bitcoin to one of the many prevalent scammers who are just out there to take it from you.

We want everybody’s bitcoin practice to be a good one, and we want to see bitcoin help to pave the way toward a society that can be fairer.

Once you get your very first Bitcoin, Ethereum, Zcash or any other Cryptocurrency, there is no going back, and indeed, no need to.

Peak of the Week

Bitcoin and PayPal

PayPal and Bitcoin do not mix well.

You will come across sites that suggest Bitcoin to PayPal and PayPal to Bitcoin exchange. Whilst there may be some people out there with the best intentions, there are a lot more who use loopholes in these methods to steal from you.

Never send the payment as a ‘Bounty’ or as a ‘Friends and Family’ payment, as these fall outside the Buyer Protection safety layer, and this is the most common ploy used by these crooks. Paypal have no responsibility for your protection, when you waive that protection voluntarily.

What is a Ponzi or HYIP?

A Ponzi is any scheme which pays interest to “Investors” from Bitcoin coming in from fresh Investors. A HYIP (high yield investment program) is just a Ponzi. All Ponzi/Hyips will fail. The later Investors will lose everything when the scheme folds and leaves with the Bitcoin. Most HYIPS and doublers etc, just steal it instantly. You send it and they keep it.

Due diligence is your own responsibility.

There are slew of good sites out there where your Bitcoin and your work are safe. You just need to do your homework, including checking here. If it isn’t in our Badlist, email us, and we’ll check it and get back to you.

Here’s the psychology behind the typical ponzi’s & HYIP’s run by the “professional” scammers. They know most people will do this.

You think – Ah that’s good, so you either redeposit the entire amount, or just your profit. You get that back and think wow, it works, so then you deposit a much larger amount and in the worst case, even get your friends and family involved in this wonderful money making scheme.

Here’s a very common scam.

‘Whatever can go wrong – Will go wrong’ – Murphy

Our Team is made up of volunteers worldwide, and we welcome fresh contributors.

You will no doubt come across negative comments about this project, but understand that this is the scammers only route to fight back, and a good many of these scammers are the same people who are Senior, and Gold members of forums.

Forums relating to bitcoin are the best source of conflicting information ever, which is why we keep it plain and elementary, we tell you it’s a badsite (albeit sarcastically – we have to stay sane) and that’s indeed all you need to know to stay safe.

It doesn’t work like that. It isn’t magic, it’s just very efficient, very secure, and much sought after by thieves the world over.

If you have bitcoin, you need to learn to look after it, or these crooks will soon take it from you.

Declaration of Interests. We presently have project investments in Bitcoin Mining at ViaBTC (which we are keeping pointed at Btc) and we also mine ourselves. We would not invest in anything we considered to be a Ponzi or Scam. As a project, we are not directly funded by any organisation and depend on ad revenue, our own, and other donations, and our outer investments. We also provide links including referral links to trusted 3rd party sites, not including Outward Advertisers beyond our control. Updated August 2017

PS – As a friendly peak, we very likely aren’t the people to generally ask about good bitcoin investments. We are pretty good at what we do, but so far, like yourselves no doubt, we aren’t indeed that succesful when it comes to our own investments.

** The longest running and most trusted Bitcoin Earning site. Embark Here **

Irony disclaimer, and Caution

The high costs of running this site are helped by adverts. We also have to advertise in the same places as the scamsites. We have little control over this externally served content, and consequently we do not directly endorse any 3rd Party advert. Some adverts will even show up in our Badlist. But at least the Bitcoin they spend on ads is coming back into the Bitcoin Industry.

Footnote. The evolution of society beyond the demise of the failed capitalist neo-liberal (Neo-con) experiment, very first needs the evolution of it’s means of trade and exchange. The current financial system, and system of fiat currency, is not fit for present or future purpose, and for all intents and purposes is already obsolete. Bitcoin is our very first financial step towards a fairer, more beneficial society for all. An experiment that separates Money from The State. Bitcoin is incorruptible, decentralised, concensus led, and above the influence of conventional politics and economics. A parallel currency with which you can begin to trade, and no middleman to take their slice or to gamble with your asset. When you deposit money to a Bank, it becomes the Banks property to do with what they choose, bitcoin is different, and you are your own Bank. It is up to you to take care of your bitcoin, and also to use it, not hoard it, and to be an significant part of helping to build this fair and open global society. Bitcoin is worth what somebody is ready to exchange it for, be that USD, Yuan, PC-hardware, Webhosting or anything that ‘money’ might buy. You can even get a bitcoin Debit Card. However, the bitcoin Blockchain, and it’s potential is a much much fatter subject.

Helping you stay Safe in the World of CryptoCurrency

The Badbitcoin Project

Exposing bitcoin and cryptocurrency frauds since Feb two thousand fourteen

Many people who visit this site for the very first time, do so because they have already lost bitcoin to one of the many prevalent scammers who are just out there to take it from you.

We want everybody’s bitcoin practice to be a good one, and we want to see bitcoin help to pave the way toward a society that can be fairer.

Once you get your very first Bitcoin, Ethereum, Zcash or any other Cryptocurrency, there is no going back, and indeed, no need to.

Peak of the Week

Bitcoin and PayPal

PayPal and Bitcoin do not mix well.

You will come across sites that suggest Bitcoin to PayPal and PayPal to Bitcoin exchange. Whilst there may be some people out there with the best intentions, there are a lot more who use loopholes in these methods to steal from you.

Never send the payment as a ‘Bounty’ or as a ‘Friends and Family’ payment, as these fall outside the Buyer Protection safety layer, and this is the most common ploy used by these crooks. Paypal have no responsibility for your protection, when you waive that protection voluntarily.

What is a Ponzi or HYIP?

A Ponzi is any scheme which pays interest to “Investors” from Bitcoin coming in from fresh Investors. A HYIP (high yield investment program) is just a Ponzi. All Ponzi/Hyips will fail. The later Investors will lose everything when the scheme folds and leaves with the Bitcoin. Most HYIPS and doublers etc, just steal it instantly. You send it and they keep it.

Due diligence is your own responsibility.

There are slew of good sites out there where your Bitcoin and your work are safe. You just need to do your homework, including checking here. If it isn’t in our Badlist, email us, and we’ll check it and get back to you.

Here’s the psychology behind the typical ponzi’s & HYIP’s run by the “professional” scammers. They know most people will do this.

You think – Ah that’s superb, so you either redeposit the entire amount, or just your profit. You get that back and think wow, it works, so then you deposit a much larger amount and in the worst case, even get your friends and family involved in this wonderful money making scheme.

Here’s a very common scam.

‘Whatever can go wrong – Will go wrong’ – Murphy

Our Team is made up of volunteers worldwide, and we welcome fresh contributors.

You will no doubt come across negative comments about this project, but understand that this is the scammers only route to fight back, and a excellent many of these scammers are the same people who are Senior, and Gold members of forums.

Forums relating to bitcoin are the best source of conflicting information ever, which is why we keep it plain and plain, we tell you it’s a badsite (albeit sarcastically – we have to stay sane) and that’s indeed all you need to know to stay safe.

It doesn’t work like that. It isn’t magic, it’s just very efficient, very secure, and much sought after by thieves the world over.

If you have bitcoin, you need to learn to look after it, or these crooks will soon take it from you.

Declaration of Interests. We presently have project investments in Bitcoin Mining at ViaBTC (which we are keeping pointed at Btc) and we also mine ourselves. We would not invest in anything we considered to be a Ponzi or Scam. As a project, we are not directly funded by any organisation and depend on ad revenue, our own, and other donations, and our outer investments. We also provide links including referral links to trusted 3rd party sites, not including Outer Advertisers beyond our control. Updated August 2017

PS – As a friendly peak, we most likely aren’t the people to generally ask about good bitcoin investments. We are pretty good at what we do, but so far, like yourselves no doubt, we aren’t indeed that succesful when it comes to our own investments.

** The longest running and most trusted Bitcoin Earning site. Embark Here **

Irony disclaimer, and Caution

The high costs of running this site are helped by adverts. We also have to advertise in the same places as the scamsites. We have little control over this externally served content, and consequently we do not directly endorse any 3rd Party advert. Some adverts will even emerge in our Badlist. But at least the Bitcoin they spend on ads is coming back into the Bitcoin Industry.

Footnote. The evolution of society beyond the demise of the failed capitalist neo-liberal (Neo-con) experiment, very first needs the evolution of it’s means of trade and exchange. The current financial system, and system of fiat currency, is not fit for present or future purpose, and for all intents and purposes is already obsolete. Bitcoin is our very first financial step towards a fairer, more beneficial society for all. An experiment that separates Money from The State. Bitcoin is incorruptible, decentralised, concensus led, and above the influence of conventional politics and economics. A parallel currency with which you can begin to trade, and no middleman to take their slice or to gamble with your asset. When you deposit money to a Bank, it becomes the Banks property to do with what they choose, bitcoin is different, and you are your own Bank. It is up to you to take care of your bitcoin, and also to use it, not hoard it, and to be an significant part of helping to build this fair and open global society. Bitcoin is worth what somebody is ready to exchange it for, be that USD, Yuan, PC-hardware, Webhosting or anything that ‘money’ might buy. You can even get a bitcoin Debit Card. However, the bitcoin Blockchain, and it’s potential is a much much fatter subject.

Helping you stay Safe in the World of CryptoCurrency

The Badbitcoin Project

Exposing bitcoin and cryptocurrency frauds since Feb two thousand fourteen

Many people who visit this site for the very first time, do so because they have already lost bitcoin to one of the many prevalent scammers who are just out there to take it from you.

We want everybody’s bitcoin practice to be a good one, and we want to see bitcoin help to pave the way toward a society that can be fairer.

Once you get your very first Bitcoin, Ethereum, Zcash or any other Cryptocurrency, there is no going back, and indeed, no need to.

Peak of the Week

Bitcoin and PayPal

PayPal and Bitcoin do not mix well.

You will come across sites that suggest Bitcoin to PayPal and PayPal to Bitcoin exchange. Whilst there may be some people out there with the best intentions, there are a lot more who use loopholes in these methods to steal from you.

Never send the payment as a ‘Bounty’ or as a ‘Friends and Family’ payment, as these fall outside the Buyer Protection safety layer, and this is the most common ploy used by these crooks. Paypal have no responsibility for your protection, when you waive that protection voluntarily.

What is a Ponzi or HYIP?

A Ponzi is any scheme which pays interest to “Investors” from Bitcoin coming in from fresh Investors. A HYIP (high yield investment program) is just a Ponzi. All Ponzi/Hyips will fail. The later Investors will lose everything when the scheme folds and leaves with the Bitcoin. Most HYIPS and doublers etc, just steal it instantaneously. You send it and they keep it.

Due diligence is your own responsibility.

There are slew of good sites out there where your Bitcoin and your work are safe. You just need to do your homework, including checking here. If it isn’t in our Badlist, email us, and we’ll check it and get back to you.

Here’s the psychology behind the typical ponzi’s & HYIP’s run by the “professional” scammers. They know most people will do this.

You think – Ah that’s fine, so you either redeposit the entire amount, or just your profit. You get that back and think wow, it works, so then you deposit a much larger amount and in the worst case, even get your friends and family involved in this wonderful money making scheme.

Here’s a very common scam.

‘Whatever can go wrong – Will go wrong’ – Murphy

Our Team is made up of volunteers worldwide, and we welcome fresh contributors.

You will no doubt come across negative comments about this project, but understand that this is the scammers only route to fight back, and a good many of these scammers are the same people who are Senior, and Gold members of forums.

Forums relating to bitcoin are the best source of conflicting information ever, which is why we keep it plain and plain, we tell you it’s a badsite (albeit sarcastically – we have to stay sane) and that’s indeed all you need to know to stay safe.

It doesn’t work like that. It isn’t magic, it’s just very efficient, very secure, and much sought after by thieves the world over.

If you have bitcoin, you need to learn to look after it, or these crooks will soon take it from you.

Declaration of Interests. We presently have project investments in Bitcoin Mining at ViaBTC (which we are keeping pointed at Btc) and we also mine ourselves. We would not invest in anything we considered to be a Ponzi or Scam. As a project, we are not directly funded by any organisation and depend on ad revenue, our own, and other donations, and our outward investments. We also provide links including referral links to trusted 3rd party sites, not including Outer Advertisers beyond our control. Updated August 2017

PS – As a friendly peak, we most likely aren’t the people to generally ask about good bitcoin investments. We are pretty good at what we do, but so far, like yourselves no doubt, we aren’t indeed that succesful when it comes to our own investments.

** The longest running and most trusted Bitcoin Earning site. Embark Here **

Irony disclaimer, and Caution

The high costs of running this site are helped by adverts. We also have to advertise in the same places as the scamsites. We have little control over this externally served content, and consequently we do not directly endorse any 3rd Party advert. Some adverts will even emerge in our Badlist. But at least the Bitcoin they spend on ads is coming back into the Bitcoin Industry.

Footnote. The evolution of society beyond the demise of the failed capitalist neo-liberal (Neo-con) experiment, very first needs the evolution of it’s means of trade and exchange. The current financial system, and system of fiat currency, is not fit for present or future purpose, and for all intents and purposes is already obsolete. Bitcoin is our very first financial step towards a fairer, more beneficial society for all. An experiment that separates Money from The State. Bitcoin is incorruptible, decentralised, concensus led, and above the influence of conventional politics and economics. A parallel currency with which you can begin to trade, and no middleman to take their slice or to gamble with your asset. When you deposit money to a Bank, it becomes the Banks property to do with what they choose, bitcoin is different, and you are your own Bank. It is up to you to take care of your bitcoin, and also to use it, not hoard it, and to be an significant part of helping to build this fair and open global society. Bitcoin is worth what somebody is ready to exchange it for, be that USD, Yuan, PC-hardware, Webhosting or anything that ‘money’ might buy. You can even get a bitcoin Debit Card. However, the bitcoin Blockchain, and it’s potential is a much much fatter subject.

Helping you stay Safe in the World of CryptoCurrency

The Badbitcoin Project

Exposing bitcoin and cryptocurrency frauds since Feb two thousand fourteen

Many people who visit this site for the very first time, do so because they have already lost bitcoin to one of the many prevalent scammers who are just out there to take it from you.

We want everybody’s bitcoin practice to be a good one, and we want to see bitcoin help to pave the way toward a society that can be fairer.

Once you get your very first Bitcoin, Ethereum, Zcash or any other Cryptocurrency, there is no going back, and indeed, no need to.

Peak of the Week

Bitcoin and PayPal

PayPal and Bitcoin do not mix well.

You will come across sites that suggest Bitcoin to PayPal and PayPal to Bitcoin exchange. Whilst there may be some people out there with the best intentions, there are a lot more who use loopholes in these methods to steal from you.

Never send the payment as a ‘Bounty’ or as a ‘Friends and Family’ payment, as these fall outside the Buyer Protection safety layer, and this is the most common ploy used by these crooks. Paypal have no responsibility for your protection, when you waive that protection voluntarily.

What is a Ponzi or HYIP?

A Ponzi is any scheme which pays interest to “Investors” from Bitcoin coming in from fresh Investors. A HYIP (high yield investment program) is just a Ponzi. All Ponzi/Hyips will fail. The later Investors will lose everything when the scheme folds and leaves with the Bitcoin. Most HYIPS and doublers etc, just steal it instantly. You send it and they keep it.

Due diligence is your own responsibility.

There are slew of good sites out there where your Bitcoin and your work are safe. You just need to do your homework, including checking here. If it isn’t in our Badlist, email us, and we’ll check it and get back to you.

Here’s the psychology behind the typical ponzi’s & HYIP’s run by the “professional” scammers. They know most people will do this.

You think – Ah that’s good, so you either redeposit the entire amount, or just your profit. You get that back and think wow, it works, so then you deposit a much larger amount and in the worst case, even get your friends and family involved in this wonderful money making scheme.

Here’s a very common scam.

‘Whatever can go wrong – Will go wrong’ – Murphy

Our Team is made up of volunteers worldwide, and we welcome fresh contributors.

You will no doubt come across negative comments about this project, but understand that this is the scammers only route to fight back, and a excellent many of these scammers are the same people who are Senior, and Gold members of forums.

Forums relating to bitcoin are the best source of conflicting information ever, which is why we keep it plain and ordinary, we tell you it’s a badsite (albeit sarcastically – we have to stay sane) and that’s indeed all you need to know to stay safe.

It doesn’t work like that. It isn’t magic, it’s just very efficient, very secure, and much sought after by thieves the world over.

If you have bitcoin, you need to learn to look after it, or these crooks will soon take it from you.

Declaration of Interests. We presently have project investments in Bitcoin Mining at ViaBTC (which we are keeping pointed at Btc) and we also mine ourselves. We would not invest in anything we considered to be a Ponzi or Scam. As a project, we are not directly funded by any organisation and depend on ad revenue, our own, and other donations, and our outward investments. We also provide links including referral links to trusted 3rd party sites, not including Outer Advertisers beyond our control. Updated August 2017

PS – As a friendly peak, we most likely aren’t the people to generally ask about good bitcoin investments. We are pretty good at what we do, but so far, like yourselves no doubt, we aren’t indeed that succesful when it comes to our own investments.

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The high costs of running this site are helped by adverts. We also have to advertise in the same places as the scamsites. We have little control over this externally served content, and consequently we do not directly endorse any 3rd Party advert. Some adverts will even show up in our Badlist. But at least the Bitcoin they spend on ads is coming back into the Bitcoin Industry.

Footnote. The evolution of society beyond the demise of the failed capitalist neo-liberal (Neo-con) experiment, very first needs the evolution of it’s means of trade and exchange. The current financial system, and system of fiat currency, is not fit for present or future purpose, and for all intents and purposes is already obsolete. Bitcoin is our very first financial step towards a fairer, more beneficial society for all. An experiment that separates Money from The State. Bitcoin is incorruptible, decentralised, concensus led, and above the influence of conventional politics and economics. A parallel currency with which you can begin to trade, and no middleman to take their slice or to gamble with your asset. When you deposit money to a Bank, it becomes the Banks property to do with what they choose, bitcoin is different, and you are your own Bank. It is up to you to take care of your bitcoin, and also to use it, not hoard it, and to be an significant part of helping to build this fair and open global society. Bitcoin is worth what somebody is ready to exchange it for, be that USD, Yuan, PC-hardware, Webhosting or anything that ‘money’ might buy. You can even get a bitcoin Debit Card. However, the bitcoin Blockchain, and it’s potential is a much much fatter subject.

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Handbook of Blockchain, Digital Finance, and Inclusion, Volume one – 1st Edition

Handbook of Blockchain, Digital Finance, and Inclusion, Volume one

Cryptocurrency, FinTech, InsurTech, and Regulation

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Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation studies latest advances in digital banking and cryptocurrency, emphasizing mobile technology and evolving uses of cryptocurrencies as financial assets. Contributors go beyond summaries of standard models to describe fresh banking business models that will be sustainable and will likely dictate the future of finance. The volume not only emphasizes the financial opportunities made possible by digital banking, such as financial inclusion and influence investing, but it also looks at engineering theories and developments that encourage innovation. Its capability to illuminate present potential and future possibilities make it a unique contribution to the literature.

  • Probes latest advances in digital banking and cryptocurrency, emphasizing mobile technology and evolving uses of cryptocurrencies as financial assets
  • Explains the practical consequences of both technologies and economics to readers who want to learn about subjects related to their specialties
  • Encompasses alternative finance, financial inclusion, influence investing, decentralized consensus ledger and applied cryptography
  • Provides the only advanced methodical summary of these subjects available today

Upper-division undergraduates, graduate students, and professionals working in financial institutions and financial technology worldwide

1. Reshaping the Financial Order

Two. From Ant Financial to Alibaba's Rural Taobao Strategy – How Fintech is Converting Social Inclusion

Three. The M-Pesa Technological Revolution for Financial Services in Kenya: A Platform for Financial Inclusion

Four. Financial Inclusion in the Digital Age

Five. Using Broadband to Enhance Financial Inclusion

6. Mobile Technology and Financial Inclusion

7. The Cross-Section of Crypto-Currencies as Financial Assets

8. Econometric Analysis of a Cryptocurrency Index for Portfolio Investment

9. Financial Intermediation in Cryptocurrency Markets – Regulation, Gaps and Bridges

Ten. Legal Risks of Wielding Cryptocurrencies

11. InsurTec15h and FinTech: Banking and Insurance Enablement

12. Understanding Interbank Real-Time Retail Payment Systems

13. Real-Time Inbound Marketing: A Use Case for Digital Banking

14. Regulation and Supervision in a Digital and Inclusive World

15. Singapore Treatment to Develop and Regulate FinTech

16. RegTech: Building a Better Financial System

17. Ambient Accountability

Legitimate. Peer-To-Peer Lending

Nineteen. EU VAT Implications of Crowdfunding

20. Decentralised Trust: A Path to Financial Inclusion

Details

About the Editor

David LEE Kuo Chuen

Prof David LEE Kuo Chuen, founder of several companies including California based Left Coast and Singapore’s Ferrell Group. He is a non-executive director of two listed companies. He is the founding investor in ZCash, Qtum and a few other blockchain companies. He is an advisor to Financial Inclusion Institute, and was the Director of the Sim Kee Boon Institute for Financial Economics at Singapore Management University. He graduated with BSc, MSc and PhD from the London School of Economics and Political Science. He was the Group Managing Director of OUE and Auric Pacific. He founded and managed one of the most successful hedge funds in one thousand nine hundred ninety eight for property investment in Asia with several commercial buildings and more than one hundred units of residential units. He founded Premium Land and was the property developer for Ferrell Residences, a high-end 24th story residential building in 2006. His operation and managing practice includes F&B, manufacturing, hospitality, hedge funds, stockbrokering, property management, property development, REITs, medical plastic components, listing and de-listing of companies, start-ups and multinationals. He is the editor and an author of the American Library Association Outstanding Award Reference Book titled “Digital Currency” by Elsevier and the LASIC model for scalable technology companies. He has been nominated by Internal Consulting Group as a Global Thought Leader for Fintech and Blockchain.

Affiliations and Expertise

Visiting Fulbright Scholar (2015) at Stanford University and Professor for Fintech and Blockchain, SUSS

Robert Deng

Robert Deng is AXA Chair Professor of Cybersecurity, Director of the Secure Mobile Centre, and Dean of Postgraduate Research Programmes, Singapore Management University (SMU). His research interests are in the areas of data security and privacy, cloud security and Internet of Things security. He received the Outstanding University Researcher Award from National University of Singapore, Lee Kuan Yew Fellowship for Research Excellence from SMU, and Asia-Pacific Information Security Leadership Achievements Community Service Starlet from International Information Systems Security Certification Consortium. He has twenty six patents and has published more than three hundred papers on cybersecurity. His professional contributions include an extensive list of positions in several industry and public services advisory boards, editorial boards and conference committees. These include the editorial boards of IEEE Security & Privacy Magazine, IEEE Transactions on Dependable and Secure Computing, IEEE Transactions on Information Forensics and Security, Journal of Computer Science and Technology, and Steering Committee Chair of the ACM Asia Conference on Computer and Communications Security. He is an IEEE Fellow.

Affiliations and Expertise

Singapore Management University, Singapore

Reviews

“David Lee and Robert Deng’s contribution to the use of technology to help further financial inclusion is pivotal. If our industry is to recapture the trust of the investing public we need to float all boats in society. Technology, as David and Robert so ably demonstrate, is a wonderful device for doing so.” –Paul Smith, President and CEO, CFA Institute

“The hallmarks for any sustainable disruption to the status-quo are greater efficiency and lower costs; the nose of blockchain is now in the financial services tent, and David Lee provides a very timely and relevant tour through this space.” –William J. Kelly, CEO, Chartered Alternative Investment Analyst (“CAIA”) Association

“Digital technology is disruptive and is affecting all sectors of our economy, creating opportunities and challenges everywhere. This handbook offers a guide to understanding how digital technologies and the Internet are switching virtually all aspects of the financial services sector, both today and tomorrow. It will be of interest to students, scholars, and practioners in the field as well as to policy-makers and regulators.” –Arthur Cordell, Carleton University

“This is a timely contribution that clarifies several issues in fintech and provide regional analyses that help us to understand where this technology is going in different economic and social contexts.” –Roberto Ricciuti, University of Verona

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Digital Currency Deep Dive: Is Bitcoin Cheaper and More Efficient than Traditional Payments

Digital Currency Deep Dive: Is Bitcoin Cheaper and More Efficient than Traditional Payments?

Reminisce the day when a coin was just a bothersome lump of metal that you were glad to throw in the peak jar to benefit the underpaid baristas at your local coffee shop? Well no more. Now a coin might be worth more than many people make in a week. Over the next few weeks Economist David Evans will be taking a deeper look at bitcoin–why it is so special, whether it can provide stable value for investors and if it has a future far beyond its embryonic phases as a digital currency.

Missed the very first three editions? Don’t worry, you can read the very first installment of the Digital Currency Deep Dive: What Makes Bitcoin So Special here, the 2nd installment It’s The Protocol Stupid here, and the third installment Digital Currency Deep Dive: Hey Who’s In Charge Around Here? by clicking here. You can also get a look at Dr. Evans’ technical paper on his SSRN page here.

Is Bitcoin Cheaper and More Efficient than Traditional Payments?

Bitcoin is going to clean the clocks of the traditional payment providers because it eliminates the middleman and it’s indeed cheap. That’s a frequent claim among advocates for bitcoin and the other public ledger digital currencies. As Bitcoin Daily, echoing many others, put it:

“Bitcoin’s efficiency and low cost compared to the traditional payment methods that we are using today will ultimately prove too tempting to merchants, businessmen, and individuals. Bitcoin processors only charge one percent for bitcoin transactions, compared to the 2-3percent ‘standard’ fees paid by merchants for credit card processing. Bitcoin permits for the elementary and secure transfer of value online, without the need for intermediaries. These include credit card network, card-processing companies, or money transfer agencies that rely on skimming transaction fees for their revenue.”

Is this true, and how would we know? That’s the subject of this edition of the Digital Currency Deep Dive.

Deep Dive into Traditional Payments

To get an understanding of how Bitcoin could disrupt traditional payments let’s embark by describing how traditional payments presently work.

The basic building block of payments involves sending and receiving money. That’s effortless with cash: I give you cash, you get cash. It is much more complicated with electronic payments.

Electronic payment systems typically have a computer network for sending and receiving funds. Some are closed private networks. A remittance provider such as Western Union, for example, usually sends money to, and receives money, from its agents using its private money transfer network. Others, such as those networks used by banks domestically and internationally, are multilateral systems with clearing and lodging. They may send messages concerning debits and credits and periodically lodge accounts based on net positions. Four-party payment networks such as MasterCard work this way too. The network operates a clearing and settlement system for card issuers and merchant acquirers. In all these cases, the network ultimately enables people, businesses, and other entities to send money to, and receive money from, each other.

Many payments businesses wrap a diversity of other services around the elementary function of sending and receiving money. In some cases the entity that operates the core network provides other services; in other cases third-party businesses provide other services relying on the system for moving funds.

Consider some examples.

Remittance companies usually operate networks of agents around the world, often in poorer neighborhoods and remote locations, that enable people to send and receive funds in cash, which is what many people need in many lesser-developed parts of the world. Credit card companies like American Express provide consumers (senders) with a bundle of services including credit lines, fraud protection, and a dispute process for charges from merchants and provide merchants (receivers) with useful data for marketing and a pre-qualified group of consumers. Banks include the capability to receive money into an account and the capability to send money out of an account through ACH-type systems as part of the basic checking account that people and businesses have.

Many other payments businesses provide services that concentrate only on either the sending or receiving part of the transaction. In the payment card industry, card issuers specialize in servicing senders of funds (typically consumers) and merchant acquirers specialize in servicing receivers of funds (typically merchants). In the banking industry some banks have businesses that concentrate on originating the transfer of funds such as bill pay services. And still other businesses provide services to these other specialized businesses.

I said above that the basic cash transaction is very straightforward. But even the cash business has a relatively complicated ecosystem built around sending and receiving funds. The ATM system, including ATM/debit cards, enables consumers to get cash from their banks accounts. Cash-in-transit businesses such as Loomis stir cash inbetween banks and inbetween merchants and banks. Then there are businesses that concentrate on providing the paper stock for the currency, printing it, providing machines for counting, and cash registers for accepting it.

The bottom line is that most senders and receivers of money are not just obtaining a ordinary payment service. They are usually getting an extensive bundle of services that includes, and is ultimately predicated, on sending and receiving funds. Moreover, payments-related businesses may specialize in different elements of this bundle. As a result one must be careful in making sure that comparisons are apples-to-apples.

Government regulation is the other factor to consider. It bites different players differently. Governments around the world have imposed many regulations involving sending and receiving money to prevent money laundering and funding terrorism. Those regulations are particularly onerous for international money transfers. Governments also have many regulations for the various services such as lending that are bundled with sending and receiving money.

But one thing is true for sure: as Bitcoin Daily says, there are many intermediaries in the payments business and they all charge something to make money.

Large Computerized Networks Do The Sending and Receiving of Funds

Domestic or international computer networks are typically the workhorses of sending and receiving money. The computers are usually linked together through private communication networks. These networks face the usual path dependence problem of computer systems. They have been built over time and therefore include elements that are far from the frontiers of information technology. They are kludgy.

Nevertheless, inbetween scale economies and efforts to operate them efficiently these specialized computer networks are able to send and receive money at far less than two percent of the transaction amount. There isn’t publicly available data on this but based on my conversations with people in the business the average cost of moving money over these networks is trivially petite on a per transaction basis. That’s demonstrable from considering how these systems are run. They are sophisticated computer systems involving little manual intervention that are moving massive sums domestically and globally.

But as evidence of the low cost, here are some examples. The cost to financial institutions of transactions by one of the ACH operators in the U.S. is less than two cents. In fact, the low cost of these networks is one of the reasons that banks in developed countries typically provide direct debit and credit transfers at a very low cost, if not for free. Merchants that belong to MCX, the fresh merchant-run ACH-based debit card system in the U.S., are paying only four cents per transaction to FIS, which is operating the system, as a result of being able to rely on low-cost ACH.

Visa and MasterCard, based on data they reported to the Federal Reserve Board, charged acquirers and issuers an average of .Trio percent of purchase volume (Ten.Four cents per transaction) in 2009. Reminisce, in the case of Visa and MasterCard, that revenue covers the cost of the entire brand positioning and marketing these networks do on behalf of their customers – the issuers – as well as operating the clearing and settlement network. The PIN debit networks in the US were even cheaper. They charged a total of .1 percent or purchase volume (Four.1 cents per transaction).

The traditional payments industry therefore has inexpensive methods for moving money—at least compared to the 2-3 percent figure that is sometimes thrown around. The frictions that people complain about generally come from the various intermediaries that ass-plug into the clearing and settlement systems and, significantly, from the regulations these intermediaries have to obey with. They also come from the cost of dealing with fraud and disagreements among merchants and consumers.

The Bitcoin Ecosystem

At the heart of the Bitcoin ecosystem is the decentralized digital public ledger (aka the blockchain). That is the network that provides authentication, clearing, and settlement. It consists of decentralized servers operated by individuals around the world for hosting the blockchain and a labor force of “miners” who provide the processing services that results in authentication (is it a valid “non-double” transaction) and clearing and settlement (bitcoins are effectively moved from the sender to the receiver). The miners have formed “pools” which in some cases control a significant amount of the processing capacity. In fact Ghash has just acquired fifty one percent of network power.

As with traditional payments, many other businesses drape off of this network and provide value-added services. During its early stages of development, people sent and received bitcoins directly over this network. But as Bitcoin has attempted to stir into the mainstream, wallet providers have arisen to make it lighter for nontechnical consumers to use bitcoin.

Wallet providers enable consumers to put bitcoins in a wallet—much like putting dollars on a prepaid card. They then enable consumers to pay with those bitcoins at participating merchants who accept the wallet for payment. Like traditional payment intermediaries, wallet providers bundle many services in addition to facilitating the sending and receiving of funds. Coinbase, for example, insures merchants against exchange risk by paying US merchants in dollars rather than bitcoins and they provide consumers a presumably safe place to store their bitcoins and replenish their stocks of bitcoins.

Many other businesses have formed as complements to the public ledger. These include most exchanges, vaults, manufacturers of mining equipment, and many other specialized value-added service providers.

Like traditional payments, bitcoin is evolving into an ecosystem with many specialized players.

Comparing Apples to Apples

Unluckily, The Bitcoin Daily comparison—and one that is commonly heard in discussions of the advantages of bitcoin over traditional payment methods—is an apples-to-kumquats comparison. To indeed compare transactions across payment methods you have to make sure that the comparison includes the costs incurred by both the sender and the receiver and that they are for the same things. Bitcoin Daily compares the cost to the receiver for bitcoin with the cost to the sender and the receiver combined for credit cards and then further overlooks the differences in the services provided.

Consider Coinbase. This bitcoin wallet charges the merchant one percent of the transaction amount. But that doesn’t include the round journey for the transaction. Coinbase also charges one percent of the dollars loaded into the wallet plus fifteen cents. The round excursion cost of a transaction that starts with the consumer buying bitcoins for the wallet is therefore two percent, overlooking the 15-cent fee.

In the Bitcoin Daily example, the merchant card processor charges 2-3 percent. But that fee, which presumably refers to a credit card given its size, is predominated by revenue that the merchant processor passes on to the card issuer. The card issuer, in turn, offers various services to the consumer including dealing with merchant disputes, insurance for fraud, float inbetween the time of the charge and the time of the bill, and possibly prizes for using the card.

If we consider the round journey cost of the transaction (the total charge to the merchant and the consumer) Coinbase is presently charging fees that are harshly in the same range as credit and debit cards. A large merchant would typically pay less than two percent as the blended rate for credit and debit cards and the consumer would typically get some value back in prizes for credit cards. The round tour transaction fee is therefore less than two percent for credit and debit cards. In addition the merchant and consumer are receiving other valuable services that Coinbase isn’t suggesting.

Of course, Coinbase is still very petite and it is possible that its fees will decline as it realizes scale economies.

Nevertheless, it would seem that Coinbase would have a long way to go to challenge with ACH-based transactions. In the U.S., it is possible by linking one’s bank account to do person-to-person transactions for free using PayPal or SquareCash, and in the U.K. with Paym. Even for international remittances, PayPal linked to a bank account results in less than a one percent total fee (sender plus receiver) inbetween many developed countries. Of course, perhaps these fees will go up as these services build up more traction, but the fact that domestic transactions are free now confirms the lost cost of sending and receiving funds using ACH-type systems.

How Efficient is Bitcoin Public Ledger?

The decentralized digital public ledger performs similar clearing and settlement functions as traditional payment networks. Wallets and other value added service providers then rely on the public ledger to support the services they provide senders and receivers of bitcoin.

While the public ledger may support product innovations that traditional payments can’t it is not at all visible that the blockchain is a more efficient technology for processing transactions at least as it is presently organized. The public ledger is operated by a global network of miners, who are paid transaction fees for doing the processing work as well as randomly generated prizes that increases the supply of bitcoins. There is nothing inherent in that system that makes it obviously more efficient than a centrally managed computer network.

In fact, as of now the bitcoin public ledger is a far more costly system for processing transactions than other networks for sending and receiving funds. Miners prioritize transactions based on the fees suggested for a transaction. That results in senders having to pay fees in order to make sure their transactions get processed quickly. Coinbase reportedly pays .002 btc per transaction (toughly eleven cents as of today). One report from early February two thousand fourteen indicated that processing fees were less than forty cents, which implies they were sometimes almost as high as forty cents.

People often claim that with Bitcoin “you can send money inbetween any two points on earth for free”. While that is true in some cases, sometimes a transaction fee is required. The fee, when it is required, is usually worth less than forty U.S. cents.

If we take the Coinbase eleven cent per transaction—much less than the almost forty cent max reported above–then the Bitcoin public ledger presently charges around the same price for clearing and settlement as Visa does (Ten.Four cents as of 2009). But as I noted Visa’s fee covers the cost of running a global branded payments network that provides significant brand and marketing support for issuers and acquirers and makes a significant operating margin on the transaction fee. If Visa broke out the fee for simply moving money, independent of other things it does, it would almost certainly be less than Ten.Four cents even with a nice profit margin.

And that’s the most favorable comparison for the public ledger transaction fee. The eleven cent per transaction fee for the miners is also almost three times higher than what PIN debit networks charge in total. More importantly, the eleven cent bitcoin per transaction fee is an order of magnitude greater than the prices for clearing and settlement systems for banks. For example, we know that the clearing and settlement system operated by the Federal Reserve Board costs less than one cent per transaction (based on data here).

Over time it is possible that the Bitcoin blockchain will become more efficient as the volume of transactions increases. It is also possible that the distributed labor force of miners will be substituted by enormous processing companies that can get operate less labor-intensive and more efficient operations. Ghash evidently has gotten to fifty one percent of network power through operating efficiencies. Then one could imagine that the costs could decline to at or below the levels that existing clearing and settlement entities incur. But since the cost of processing transactions is already enormously low it also isn’t clear how much that would matter in the end.

The Potential for Disruption is at the Edge

It is very difficult to make a case for bitcoin as a more efficient method for sending and receiving money once one makes apples-to-apples comparisons that account for differences in services and compliance with government regulations. It is also difficult to make a case for bitcoin as having an inherently superior technology for sending and receiving money.

That doesn’t mean that bitcoin isn’t a disruptive technology. It could very well be. But the proof will be whether this crypto-currency can enable fresh products or services that existing payment systems can’t. Some have argued, for example that bitcoin could enable the conditional transactions such as shutting down my leased Tesla if I haven’t paid my bill or support sophisticated derivatives. There could also well be ways in which some variant of bitcoin could eliminate inefficiencies in cross-border transactions. Creative minds will surely do more with the blockchain innovation.

There are also use cases for which bitcoin could well be more efficient than existing payment methods. Bitcoin, for example was originally conceived as a method for supporting puny value transactions. That, in fact, has been one of the weakest parts of existing payment systems because it is hard to develop a pricing and business model that works for very puny transactions. As is well known, bitcoin was a particularly useful currency for entrepreneurs operating dark websites engaging in illegal activities. Similarly bitcoin could be a very efficient payment system for gamers and others who live in a relatively closed ecosystem for which a standard electronic currency makes it lighter to transact.

Meet the Fresh Boss, Same as the Old Boss

An oft-made claim about Bitcoin, reflected in the Bitcoin Daily quote above, is that it dispenses with the need for intermediaries (aka middlemen). That would indeed be miraculous since every payment method since barter has had intermediaries of one form of another.

I’m afraid there are no miracles here. The public ledger, and the miners who operate it, stand inbetween the senders and receivers of bitcoin. And that intermediary charges senders and receivers for transactions as we’ve seen. Over time the decentralized miners, who have already formed pools that control a significant fraction of transactions, could be organized into even more formal intermediaries similar to Visa and MasterCard if Bitcoin becomes successful.

Many other intermediaries are emerging. Bitcoin wallets are intermediaries inbetween merchants and consumers. Exchanges are intermediaries inbetween buyers and sellers of bitcoin. In fact, if Bitcoin were to evolve into a fully functioning financial services system we would expect the same kinds of intermediaries, and perhaps others, to emerge in the Bitcoin ecosystem as in the traditional payments ecosystem. Clearly, however, the Bitcoin ecosystem is awash with middlemen.

Some supporters of Bitcoin seem to believe that this crypto-currency will dispense with the need for banks—and those greedy bankers—and other financial intermediaries who “skim” transaction fees, as Bitcoin Daily put it. Maybe if Bitcoin is successful it will, indeed, kill off banking as we know it today. But fresh middlemen will populate the fresh ecosystem, and those intermediaries will perform many functions similar to traditional financial services.

Moreover, those intermediaries will be seeking fees. And why shouldn’t they? They are in the business of making money and their VC investors are looking for a come back on their investment. We already see this with the fees being charged by all the fresh players in the Bitcoin ecosystem including the miners (up to forty cents), wallet providers (Two percent roundtrip for Coinbase), the exchanges and so forward.

In fact, we have seen the emergence of superior intermediaries—Mt. Gox before its collapse—and Ghash now, all in the very early days of Bitcoin. This is an ecosystem that is ripe for large scale-based intermediaries.

Thus, some of the claims for the Bitcoin revolution should remind us of the sage lyrics by The Who:

I’ll peak my hat to the fresh constitution

Take a bow for the fresh revolution

Smile and smirk at the switch all around

Pick up my guitar and play

Just like yesterday

Then I’ll get on my knees and beg

We don’t get fooled again

I’ll peak my hat to the fresh constitution

Take a bow for the fresh revolution

Smile and sneer at the switch all around

Pick up my guitar and play

Just like yesterday

Then I’ll get on my knees and plead

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