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Bitcoin News

Bitcoin and Crypto Currency News

Browse latest bitcoin news about new businesses that accepts bitcoin and other cryptocurrencies, blockchain technology, and regulations of bitcoin. We report on latest crypto currency news, prices, talks and new start up related to bitcoin and other crypto currency.




  • 1% of the Bitcoin Addresses Have Over 99% of All of the Bitcoins

    “The rich get richer.” Isn’t that how the saying goes? If you look at the current economic system valued in fiat currency, the one’s at the very top have the vast majority of all the funds in circulation. It has been found that the Walton family, of Wal-Mart fame, hold as much wealth, at almost $90 billion, as 42% of the United States population. There will always be the haves and the have-nots, but can Bitcoin, the decentralized digital currency of the people, change that? It would seem that it cannot, as information from the Bitcoin Rich List reveals.

    Yes, we are the 99%

    If you are one who likes to “fit in,” you’re in luck, if you have less than 1 bitcoin in your wallet. 98% of all Bitcoin addresses have one bitcoin of less, and 99% of less than one Bitcoin. To the very few of you who hold a sum of “Digital Gold” in several different addresses, you are a cut above the proletariat. The chart below shows the most recent distribution of Bitcoin wealth, as of the last time these things were checked. That would’ve been sometime in the middle of January 2016, which would be Block Number 395,000 (This chart is updated every 5000 blocks.) This week, Bitcoin will pass Block Number 400,000, so a new chart is coming soon, but these figures shouldn’t change much, if at all.

    How can I be so sure? Because I reported on these community numbers almost one year ago, and the more things change the more they stay the same. Just as it was back in May of last year, just over 100 addresses held about 20% of all the Bitcoin in circulation. The good news is some of this wealth is slowly trickling down, as the percentage was over 20% last year, but under 20% this year. The percentage of addresses that have less than one-thousandth of a BTC has hardly changed.

    On the surface, the fact that over 50 million news addresses have been created since my report last Spring would seem like great news. The only problem is virtually all the new addresses are virtually empty, as the tally of empty addresses rose almost exactly 50 million, from 67 million to 117 million.

    So who are the owners of these three wallets that hold hundreds of thousands of Bitcoins, or the other 105 that hold almost 18% of the community’s wealth? Most likely they are exchanges that have “hot wallets” to quickly move funds into and out of for their consumers. If you are the Cameron and Tyler Winklevoss, or Satoshi Nakamoto, most likely you’ll have your hefty Bitcoin cache spread around to several wallets and addresses, for maximum security.

    What can be inferred from this information is that the active Bitcoin community is not much more than 3-4 million people worldwide. If you have consistently less than one-thousandth of a BTC, it might be unreasonable to consider yourself an active Bitcoin participant. And with Bitcoin exchange prices growing over 35% last year, and expected to go much higher than that in 2016, it would be difficult to see this balance of economic power changing much in the near future. If and when Bitcoin becomes a more widely circulated currency within the mainstream, then these numbers may indeed start to balance out in the years to come.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Australia Newest Country to Publicly Embrace Digital Currency

    The world of currency and personal finance is changing right before our very eyes. Bitcoin provides the entire world the option of using an appreciating, encrypted and decentralized medium of exchange regardless of age, location or identification. Now, countries are starting to serious consider offering their own digital currencies in response, and Australia is the latest country to move towards a more digital future.

    The right move for the wrong reasons?

    Just within the last two months, the African country of Tunisia has moved a digital version of their national currency to a blockchain, becoming the first of its kind. As BitConnect reported yesterday , Japan is considering accepting Bitcoin as a recognized currency in Japan. China has discussed moving to a digital currency , utilizing a blockchain, with banking heavy weights Citibank and Deloitte for their Yuan.

    This move is more of a defensive economic measure, as the declining economy is forcing well-heeled investors to divest themselves of Yuan and move their money, physically, into overseas assets, and Bitcoin. A digital currency run by The State may limit this freedom to transfer wealth outside of the country.

    Australia now may be reacting to the movements of China and Japan in their region, and the moves of the Australian people. Australia is one of the hottest Bitcoin markets in the world, with businesses, exchanges and IPO’s becoming commonplace in Oceania. Tony Richards of RBA (Reserve Bank of Australia) is considering the future of money, in all its forms, in a discussion with The Sydney Morning Herald.

    "A plausible model would be that issuance would be by the central bank, with distribution and transaction verification by authorized entities, which might or might not include existing financial institutions," Mr. Richards said. "The digital currency would presumably circulate in parallel, and at par, with banknotes and other existing forms of the national currency.”

    Nation-states rarely innovate on their own accord, unless mismanagement and economic conditions force a bold move. China and japan are in a state of economic decline, so they are moving more aggressively with their finances. Australia is relatively stable, so they can be more circumspect, but Richards sees the tide turning digital, and Australia may be swayed in the coming years.

    "Both the Bank of England and Bank of Canada have indicated that they are undertaking research in this area," he said. "And a recent announcement from the People's Bank of China indicated that it has plans for digital currency issuance though few specifics were provided. The Bank will be interested to see what proves to be possible and what proves to be problematic, as countries consider going down the path of digital currency issuance."

    You can add the United States to that list as the Federal Reserve has discussed a digital currency option with IBM within the last year, as well. A future full of sovereign digital currencies can have both positive and negative benefits for Bitcoin and other cryptocurrencies. People can become used to the concept, and more accepting of the original. Or, the people can see a lack of need to move to Bitcoin if their national currency is already digital.

    The loss of cash as an option, in favor of digital currencies, seems to be baked into the cake, at least in the major industrialized cultures. The chart above shows people are suing cash less and less, as debit cards and other forms of payment are made more convenient, and cash is regulated into a position of inconvenience. Similar statistics of cash in decline are available in most Western cultures, as many businesses accept cash less and less. At most major banks, it is not possible to remove more than $5000 USD in cash from one’s own account.

    Losing cash as an option in the coming years will make all transactions governed and monitored by banks, governments, or both. Making cash less attractive, or less available, while making digital money more accessible certainly works in banks favor over the long run. Banking “Bail-ins”, where banks can legally take depositor’s funds to protect the bank form failure, protection from consumer’s “Run on the bank,” and increased fees for increased banking service use are just some of the upsides for the banking industry in this scenario.

    The privacy of what one does with their own money may soon be gone, but Bitcoin and other encrypted currencies will still be there to provide some measure of encrypted autonomy.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • 7 Ways to Learn How The Bitcoin World Turns

    For those steeped in the traditional of the ever-evolving global Bitcoin online community, many things Bitcoin may be old hat. Be that as it may, there are many people who own Bitcoin who really don’t understand it all that well, and would like to learn more. Keep in mind that around 99% of the general population still asks What is Bitcoin?. Many only know what the mainstream media tells them about Bitcoin, so there are major knowledge gaps that need to be filled, worldwide.

    Of course, BitConnect is a trusted information resource for the latest news and current events in the Bitcoin realm, but why stop learning here? For more information on what makes Bitcoin tick, there are several fine destinations for Bitcoin knowledge, whether it is for the complete novice, or for those looking to become the next Coinbase coder or Core Developer.

    1st Way to Learn How The Bitcoin World TurnsThe Daily Decrypt is a YouTube channel produces by Bitcoin news writer and enthusiast Amanda B. Johnson. It is based upon the comings and goings of the digital currency community and seeks to educate and stimulate those who partake it the videos. After four months, it has gained over 2500 subscribers, so this indicates The Daily Decrypt’s high level of quality content. New videos post every weekday.

    2nd way to Learn How The Bitcoin World TurnsBitcoin Video University is built upon the need to educate the masses about the unique benefits of adding Bitcoin to any investment portfolio. This new video training center is designed to help take the total Bitcoin novice to a full understanding of how to use and acquire Bitcoin, which wallets to use and why, and why you should use Bitcoin to begin with.

     

    3rd Way to Learn How The Bitcoin World TurnsMastering Bitcoin is the work of revered Bitcoin orator and mentor Andreas Antonopoulos. It comes as a training manual for the slightly more advanced digital currency user. Antonopoulos’ extensive computer background shines through here, but it may be too much for the layman after a couple of early chapters. Consider this a definitive Level 2 Bitcoin tomb. It’s a popular Bitcoin buy on Amazon but is available on GitHub .

    4th Way to Learn How The Bitcoin World TurnsThe Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order is a book penned by Paul Vigna and Michael Casey. For those who wonder why Bitcoin is here and what does it mean, this is a good place to start. Vienna is a regular Bitcoin writer for the Wall Street Journal’s blog on the subject of digital currencies, titled “BitBeat.”

    5th Way to Learn How The Bitcoin World TurnsKhan Academy teaches a video course on Bitcoin instruction that has been online for awhile as one of the forerunners in basic Bitcoin education. The free course does not feature the hottest graphics and user interface, but will bring viewers up to speed on how it all works. It approaches from a more technical point of view than other starter courses, so Khan Academy is best for highly analytical types.

    6th Way to Learn How The Bitcoin World TurnsBitcoinWiki is a familiar learning format if you have ever used Wikipedia, hence the name. If you want to know what a Decibitcoin is, need a detailed Bitcoin history lesson, or want a chatroom to use, BitcoinWiki’s over 1100 pages should give you comfort. It also provides a convenient Bitcoin FAQ page to really hit the spot.

    7th Way to Learn How The Bitcoin World TurnsThis reference guide wouldn’t be complete without the vocal Bitcoin forums community. bitcointalk.org is the biggest. r/Bitcoin is always busy and active but came under fire for restricting certain points of view internally last year. Voat is a new alternative Bitcoin forum site, and the bitcoin.com Forum has scored many great AMA sessions with many of Bitcoin’s elite.

    The educational space for Bitcoin is growing with the speed of the Internet itself, but considering the fact that 99% of the world still asks “What is Bitcoin? ” there can never be enough educational outlets. Many regions and languages go underserved, so there is plenty of room for growth when it comes to filling this rather large market niche. More education and experience always beats less, and the world needs to learn much more from those well-versed in the art and science of Bitcoin. Unless, Bitcoin fans would rather have the mainstream media be trusted to do such things.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Japan Looking to Put Bitcoin on Par With Japanese Yen

    Bitcoin in Japan has had a checkered past, to say the least. Japan was home to Mark Karpeles’ Mt. Gox exchange, which held as many as 1,000,000 Bitcoins at its peak, in 2013, which then was the world’s first and largest Bitcoin exchange. Mt. Gox created the first accepted price structure for Bitcoins versus fiat currencies. Its eventual collapse has soured Japan on the Bitcoin concept, overall, but some news out of Nikkei Asian Review may surprise many as Japan is considering treating Bitcoin as an official currency, like their own Japanese Yen.

    Bitcoin and Japan Make Strange Bedfellows

    Given this history, the highs and lows of decentralized digital currency in “The Land of The Rising Sun”, the Financial Services Agency’s work towards accepting Bitcoin is pretty revolutionary. Nations have been more apt to ban Bitcoin to protect their own currency, like Russia is doing as we speak, than to elevate it into the mainstream. According to the Nikkei, the FSA can implement greater regulations and spur economic growth with Bitcoin becoming a legal national currency, if not “legal tender.

    This may be a future remedy from the unregulated nature of Bitcoin and the collapse of Mt. Gox, which would prevent a reoccurrence. Over 800,000 Bitcoins were lost, with some recovered over time. This is contingent upon Bitcoin being recognized officially as a currency by the country’s economist and regulators.

    To qualify as a currency, Bitcoins would have to be viewed and agreed to be a medium of exchange for the purchase of goods and services, which is clearly done by over 100k merchants worldwide. It would also need to be readily exchangeable for legal tender currency, like Yen. Since Bitcoin exchanges are already doing this worldwide, this should also not be a problem. Exchanges would have to meet future Japanese regulatory standards to transact there.

    Fintech corporate growth and investment in places like London have exploded over the last year, and the sinking Japanese economy may see Bitcoin domestic growth as a lifeboat. Even after Mt. Gox’s collapse, Japan has been very friendly to the digital currency community. As I reported back in 2014 , Japan has looked to be one of the world’s most Bitcoin-friendly countries, even allowing a self- regulatory structure through JADA. JADA is comprised of members and experts within the Bitcoin community to help govern its future use in Japan.

    Up to this point, Bitcoin does not have any regulatory framework, as is the case in most nations around the world. China recently announced that they will make a virtual currency version of the Yuan to help stem the tide of wealth being moved overseas. The nation of Tunisia , in northern Africa, has actually made a digital version of their currency, with a blockchain, as of the first of the year, and others are sure to follow. BitConnect will keep you posted on this Bitcoin economic development in the coming months.

    Image provided by Mashable

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Sony Among First to Use Bitcoin’s Blockchain Tech Towards Education

    As the world’s largest banks and private corporations learn the secret to Bitcoin’s success, few have actually looked at how to use blockchain technology for a higher purpose. Making money and account ability to the stockholders is a common corporate ethos, but Sony has set aside their first use of blockchain tech for an educational infrastructure of the future and is looking to begin using it in 2017 under their relatively new global education initiative.

    Sony Latest to Jump on the Blockchain Bandwagon

    Under their subsidiary, Sony Global Education, Inc. the Japanese company will look to implement blockchain technology in the transfer of academic proficiency and progress records. Protecting academic records through encryption allows for more trust and efficiency in non-financial industries, whether they be medical, educational, environmental, or energy. According to an official statement made by Sony on Monday, they see great potential for future uses of blockchain technology.

    "The technology has the potential to realize an entirely new infrastructure system for sharing records securely over the network in any number of ways, opening new doors of possibility for academic records and how they are assessed. For example, after taking an examination to demonstrate his or her academic proficiency level, an individual could direct the testing organization to share the test results with one or more third-party evaluating organizations. This would be a first if implemented on a system-wide basis.”

    It appears Sony has found a niche that can work for any educational system, worldwide, and then can be utilized in other markets sectors. Their Global Education platform can be the first of its kind to use such innovative tech to protect user information. Each SGE program can be customized for each party’s evaluation and testing methods.

    Sony is looking to begin using blockchain technology for the first time for the 2017 Sony Global Education's Global Math Challenge. The Global Math Challenge is a worldwide competition that tests participants' arithmetic and creative thinking skills. The competition has attracted over 150,000 participants in over 80 countries around the world, and it calculates test takers' scores based on not only their correct and incorrect responses but also their overall test taking performance, including the time that is taken to answer questions.

    It is clear that blockchain technology is only beginning to circulate through the world’s top corporations, much like the Internet and Intranets did in the 1990’s. As Bitcoin becomes more than just a currency in the years to come, it should be very interesting to see how it will continue to change the world as it evolves.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • BTCC Executive Samson Mow Discusses Recent Bitcoin Roundtable Agreement

    As BitConnect reported, several of the world’s top companies and mining operations, comprising about 80% of the world’s Bitcoin hashing power, agreed to some future developments within Bitcoin Core. Chief among them is the agreement that Bitcoin Core, not Bitcoin Classic or other options, will be the foundation of choice. One of the many executives present.

    Bitcoin Gets an Eighteen-Month Plan From Hong Kong

    Samson Mow, the COO of Chinese super-exchange BTCC was present at the weekend conference and has expressed his insider’s perspective on the new agreement. The fact that this Round table meeting had several Bitcoin Core contributors present made the choice of Bitcoin Core a non-issue, as any opposing views were not present. Bitcoin Classic has been supported by many heavy weights within the Bitcoin community, from Roger Ver to Brian Armstrong, CEO of Coinbase, who was invited, but did not attend.

    "Bitcoin Classic is another fork; people have to run that before it will activate the hard fork,” said Samson Mow about the divisive issue with International Business Times . “So you fork on to another software not maintained by Bitcoin Core. So you can call it a coup.”

    The term “coup” is obviously not accurate, given the fact that no attempt at military force was used by proponents of Bitcoin Classic, but the real issue at hand has been the block size debate. Many who use Bitcoin today are seeing transaction times in the hours, not minutes, and this was addressed with a 2 MB increase, which could go to 4 MB, but this would not happen until July 2017, tentatively.

    Some inside and outside of the Bitcoin community bemoan the fact that Bitcoin mining has become a Chinese affair, and that this has led to some issues as far as the ability of Bitcoin to expand its scalability. Chinese firewall’s and cost savings seems to incentivize the system remaining undersized for Bitcoin’s best global operation. Mow addressed the issue of Bitcoin becoming a centralized development within a decentralized protocol, much like the Internet has become, with Facebook and Google’s popularity.

    "There are levels of decentralization. You could say the development team is centralized; you could say mining is centralized; you could even say bitcoin merchants services are centralized into BitPay or Coinbase. People are free to use what services they want. The miners in a pool are free to mine individually; they are free to move to another pool. Decentralization is a very loaded word I think.”

    Whether this new agreement sticks and the community will wait another year and a half for block size relief is still highly debatable. Brian Armstrong publicly condemned the agreement in a Medium post and reiterated that Bitcoin Classic is the way to move forward.

    The sentiments of the Bitcoin Core developers seems to be best illustrated by a quote from Greg Maxwell within the Bitcoin Wizards forum last month.

    "There is nothing wrong with full blocks, and blocks have been “full” relative to what miners would produce for years. Full blocks are the natural state of the system: The demand for externalized-cost highly replicated external storage at price zero is effectively infinite. Fee pressure is an intentional part of the system design and to the best of the current understanding essential for the system’s long-term survival.”

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • BitConnect Sits Down With Amanda B. Johnson of The Daily Decrypt

    Bitcoin and the digital currency has grown and adapted to many different markets and mediums over its seven-year lifespan, but Bitcoin has not been a consistent presence of maybe the largest of them all, YouTube, until now. “The Daily Decrypt” YouTube channel launched in October and is hosted by co- founder Amanda B. Johnson. There is more than one way to spread the news, and Amanda has found a unique way to share her unique voice, and the community has noticed. Scoring interviews with such luminaries as Andreas Antonopoulos, Roger Ver, and Erik Voorhees, The Daily Decrypt is now the go-to place on YouTube for Bitcoin news and pithy commentary. BitConnect sat down with Amanda to talk about the last five months and what the future holds.

    So Amanda, how did you get started in Bitcoin? Was there a seminal moment that inspired you to begin?

    I was sent a portion of a Bitcoin by an enthusiast, Jeffrey Tucker, in 2013. I didn't touch the money for six months after that -- it made me nervous. It intimidated me just sitting there on my tablet like that. But then I saw more people online, particularly Adam Kokesh, soliciting tips in Bitcoin, which made it seem more approachable to me.

    Reading what people in economic circles were saying about Bitcoin -- namely that it's a real, viable alternative to government-issued and inflated currencies. I'd already despised government inflation rates for years -- the fact that the U.S. dollar has lost 98% of its purchasing power since it was created just sickens me. So with a competing alternative presenting itself, I decided to dive deep and study Bitcoin in my off-time. I've been fascinated with cryptocurrency ever since.

    You have been a successful Bitcoin writer and journalist. How did you begin and what was your biggest accomplishment in that space?

    Before I started writing about cryptocurrency, I was a blogger for a public relations company. That job taught me to research quickly and write clearly. There was just one hang-up: I wasn't particularly interested in anything I was writing about. And I wasn't getting paid in Bitcoin.

    So how to solve that problem? How to write about what I'm interested in, and get paid in a currency I actually approve of? I reached out to Bitcoin Magazine with samples of my work and research, and I got hired.

    I've since written for Coin Telegraph and Bitcoin.com, as well. My biggest accomplishment thus far has been launching my own show, The Daily Decrypt, which I did four months ago along with a partner. Its theme is currency competition.

    Women have not been a market that Bitcoin has been able to engage with effectively. In your discussions with women, what have you found that isn't working for them to get involved? How do you feel this gap can be bridged?

    On the whole, a smaller percentage of women than men may have an interest in the technology underlying cryptocurrency. Once cryptocurrency has matured to the point that one need not understand its technology at all -- but can just use it anywhere with the click of a button -- you will see just as many women using cryptocurrency as men.

    The Daily Decrypt has caught on with the target Bitcoin user market rather quickly, gaining over 2,000 subscribers in less than three months, and has since doubled again! How did it catch on so fast?

    I don't know *exactly* what it is about The Daily Decrypt that has "caught on," as you say. I certainly hope to see it catch on with more and more people every day. If I had to guess, I would say that people appreciate: 1) Our consistency, 2) Our friendly, jargon-free language, 3) The timeliness and relevance of topics we select, 4) My devastating sense of humor.

    Where do you feel Bitcoin is going? 5 years from now, will it change the economic landscape, or just become Paypal 2.0?

    There is uncertainty in what the current Bitcoin developers intend for the currency -- their funding would suggest that they want to market it primarily to banks as a backend for their "compliance" operations. If that becomes the case, many people who first signed on to Bitcoin as an alternative to state-run banking may flock to another cryptocurrency which more meets their values.

    That's what I love most about cryptocurrencies, actually -- that they're so easily exchangeable for one another. We customers can change our votes for our favorite currency within a matter of seconds! The developers of these currencies -- the producers -- answer to us the consumers, not the other way around.

    How do you feel the block size debate will end? Is a resolution coming this year, in your opinion, or are band-aids like Segregated Witness, an asset but not an answer to this particular issue, going to win out?

    Segregated Witness seems like a genuinely cool innovation to decrease the space that a transaction takes up in a block, so it will probably be deployed not only in Bitcoin but in several other cryptocurrencies as well.

    Miners have the first say in Bitcoin governance -- they're the first round of voters. Currently, the majority of them are limiting themselves to small blocks (though big pools like AntPool are experimenting with Bitcoin Classic for larger blocks). But as Andreas Antonopoulos says, the customer is the ultimate voter. If the customer decides that they don't like the choices of Bitcoin's miners, they'll take their wealth elsewhere and Bitcoin's miners will suffer economically because of it.

    So the state of Bitcoin may continue as it has for the last 1.5 years, with various interests shouting at one another, because Bitcoin's governance is pretty bare- bones. At the end of the day, it's you and me who get to vote on which of them pleases us best. Currency competition is real now -- an actual choice in the money we use -- so it's the consumer who wins. Regardless of whatever currency is deemed most popular at any given time, it will be the consumer who has ultimately triumphed.

  • Bitcoin Mining Community Reach Consensus On Future Block Size Increase

    The Bitcoin multiverse, from miners to altcoin developers, even the mainstream media, have been talking for months about what the future of Bitcoin holds when it come to the debate over its block size. Such a democratic process looks messy and confused when an open-source, multi-national, multi-billion dollar industry needs to make its first major paradigm shift, with the world watching. Now, a meeting amongst many top executives and Bitcoin developers has taken place in Hong Kong, and agreements have been made in regards to the future development of the world’s leading decentralized digital currency.

    Meeting of the Miners

    Strangely, there have been several widely publicized meeting and conferences that were supposed to come to some collective agreements about the future of Bitcoin development. Notably, the last Scaling Bitcoin conference, also held in Hong Kong, was supposed to achieve something of an accord for 2016. Yet, this meeting last week skipped the publicity and got right to business.

    The attendees and signatories of this agreement are Kevin Pan, Manager of Bitcoin mining company AntPool, Anatoly Legkodymov, the CEO of A-XBT, Larry Salibra, from the Bitcoin Association of Hong Kong, Leonhard Weese, also of the Bitcoin Association of Hong Kong, Cory Fields, Johnson Lau, Luke Dashjr, Matt Corallo and Peter Todd representing Bitcoin Core. Kang Xie of Bitcoin Roundtable, Phil Potter, the CSO of Bitfinex, Valery Vavilov, the CEO of BitFury, Alex Petrov, the CIO of BitFury, Jihan Wu, the Co-CEO of Bitmain, Micree Zhan, also Co-CEO of Bitmain, James Hilliard and Yoshi Goto of Bitmain Warranty, Alex Shultz, the CEO of BIT-X Exchange

    Han Solo, the CEO of Blockcloud, Bobby Lee, the CEO of the largest Bitcoin exchange in China, BTCC, Samson Mow, the COO of BTCC, Robin Yao, the CTO of BW, Obi Nwosu, the Managing Director of Coinfloor, Mark Lamb, Founder of Coinfloor, Wang Chun of F2Pool, Marco Streng, CEO of Genesis Mining, Marco Krohn, the CFO of Genesis Mining, Wu Gang, the CEO of HaoBTC, Adam Back, Eric Larchevêque, the CEO of Ledger, Jack Liao, the CEO of LightningASIC & BitExchange, Jack Liu, the Head of International at OKCoin, and Guy Corem, the CEO of Spondoolies-Tech.

    What were the parameters of this consensus? Primary goals were the inclusion of Peter Wuille’s novel Segregated Witness script, which has impressed all who have reviewed it (For more on how SegWit works, click here.) Plus, a block size increase to counter the scalability issues Bitcoin is currently undergoing. Many is need for the long-term health of Bitcoin. Many of you may have noticed over the past year times when a Bitcoin transaction can take hours, not minutes, to be confirmed. These two adjustments are designed to help alleviate these usage issues, with SegWit, a short-term remedy and the block size increase a long-term solution.

    How The Agreement Works

    The agreement is that Bitcoin Core consensus systems will be used, not Bitcoin Classic or other variants. SegWit will be a feature added for Bitcoin Core system use through a "soft fork" in April. In July, a hard-fork based on the revised SegWit program will be available in Bitcoin Core in July. Bitcoin block size will grow from 1 MB to 2NB, but can be as much as 4 MB in a hard-core installation for July 2017, but this time frame is subject to change and is not set in stone.

    SegWit seems to be key to avoid a short-term hard fork and easing pressures on the system by making the blockchain use much more efficient in the usage of its space. This agreement involves many important companies but is notably absent of major corporations like Circle and BitPay. Also, noted Bitcoin Core developers like Gavin Andresen, and experts like Jeff Garzik, who are very influential within the Bitcoin community.

    Can Bitcoin work with SegWit filling in as basically a band-aid before a hard fork almost 18 months away? Brian Armstrong, CEO of Coinbase, doesn’t think so. He has already endorsed the move to BitcoinClassic, which would in short order move Bitcoin to 2 MB, and leave all else the same. Armstrong believes all Bitcoin protocol development shouldn’t be left up to Core without competition from other parties.

    "SegWit contains several good features, but it is not a good solution to help bitcoin scale, which is the most urgent problem we need to solve,” said Armstrong in his Medium post on Saturday. “My understanding is that Core believes SegWit contains features which are necessary to add before a hard fork can safely occur (to prevent certain attack vectors). However, I believe Classic already contains code that prevents these attack vectors. ”

    Bitcoin expert Andreas Antonopoulos said the following about the agreement:

    This marks an important step forward by many of the people who make Bitcoin work, worldwide, behind the scenes. BitConnect will keep you informed on the progress, and backlash, of these updates in the coming months.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • DC Blockchain Summit @ Georgetown University - What You Need to Know

    There are two or three Bitcoin-related meetings that should be attended each year and this is one of them. The Chamber of Digital Commerce will hold their inaugural DC Blockchain Summit at Washington’s Georgetown University on Thursday, March 3rd, 2016. The timing couldn’t be better as the world has been abuzz over what Bitcoin’s blockchain technology means to business in every industry, much less the innovative digital currency itself. Any reasonable person can see that this now highly sought after technology increases Bitcoin’s credibility and many are of the belief that it can change the world when it comes to documentation in any form. How this applies broadly will be a key aspect of next month’s conference.

    Speakers who are scheduled to attend and speak represent some of the largest and most innovative tech companies in the world. John Beccia from Circle), Ethereum’s founder Vitalik Buterin of Ethereum), Jeff Garzik of Bloq and BIP 100/102, Marley Gray (Microsoft), Brian Kelly (CNBC), C. Alden Pelker (FBI), Matthew Roszak (Tally Capital), and Jason Weinstein (Steptoe & Johnson, Blockchain Alliance) are just some of the leading names.

    "We are bringing together key thought leaders from industry, technology and government in order to create a unique and focused dialogue on blockchain public policy and industry standards," said Perianne Boring, president and founder of the Chamber of Digital Commerce. “Blockchain technology is re- imagining the way we transfer, store, and secure assets, including currencies, commodities, property, and identity."

    Don Tapscott will be the keynote speaker. The author of the book, “Blockchain Revolution”, Tapscott is an expert in the social implications of blockchain technology. His address will explain how blockchain technology enables secure and direct communication of value and money without a trusted intermediary to authenticate and settle transactions.

    Arizona Congress man David Schweikert, a member of the House Financial Services Committee and the Joint Economic Committee, will also be in attendance and address the conference. This also underscores the value and importance of this summit at Georgetown University.

    IBM’s Arvind Krishna, Senior Vice President and Director of IBM Research, will also be a keynote speaker at the event. Krishna helps guide IBM Research's overall technical strategy, oversees a global organization of approximately 3,000 scientists and technologists located at 12 labs on six continents. Krishna also oversees IBM's Blockchain initiatives, which includes the recent proposal of nearly 44,000 lines of code to the Linux Foundation's Hyperledger Project. IBM Blockchain code is designed to help developers easily build secure distributed ledgers that can be used to exchange most anything of value. IBM recently announced new cloud-based blockchain services for developers in New York, Tokyo, Singapore, and London.

    Blythe Masters of Digital Asset Holdings will be the third keynote speaker. Masters has just secured alliances with Accenture, PwC, and Broadridge to offer their blockchain technology to their consulting clients. According to Masters, Blockchain technology helps overall efficiency.

    "Instead of building countless duplicative records, one master prime record can eliminate the need for reconciliation, which is a very costly process for financial institutions while improving compliance, security, and privacy."

    Where: Georgetown University - McDonough School of Business Lohrfink Auditorium - 37th and O St., N.W. - Washington, DC 2000
    When: Thursday, March 3rd, 2016 - Check-in @ 8AM. Program begins @ 9AM

    Website for Registration Information: http://digitalchamber.org/dcsummit.htm

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Bitcoin Gets An Upgrade: Bitcoin Core Version 0.12.0 Released

    One of the many advantages of Bitcoin, and digital currency in general, is that they are almost living technologies. They can be modified and upgraded (some are easier than others to implement) relatively quickly compared to things like fiat currencies, which can take a decade to revise. Improved speed, compatibility and higher security is always under consideration. Now, for all you miners and techies out there, Bitcoin Core has released Version v0.12.0, and here is what you can expect.

    What changed? Quite a bit

    ECDSA signatures inside Bitcoin transactions now use validation using libsecp256k1 instead of OpenSSL. Depending on the platform, this means a significant speedup for raw signature validation speed. The advantage is largest on x86_64, where validation is over five times faster. In practice, this translates to a raw reindexing and new block validation times that are less than half of what it was before.

    A major part of the outbound traffic is caused by serving historic blocks to other nodes in initial block download state. It is now possible to reduce the total upload traffic via the -maxuploadtarget parameter. This is not a hard limit but a threshold to minimize the outbound traffic. When the limit is about to be reached, the uploaded data is cut by not serving historic blocks (blocks older than one week). Moreover, any SPV peer is disconnected when they request a filtered block. This option can be specified in MiB per day and is turned off by default .

    With BIP 130, between compatible peers, BIP 130 direct headers announcement is used. This means that blocks are advertized by announcing their headers directly, instead of just announcing the hash. In a reorganization, all new headers are sent, instead of just the new tip. This can often prevent an extra roundtrip before the actual block is downloaded. With this change, pruning nodes are now able to relay new blocks to compatible peers.

    Previous versions of Bitcoin Core had their mempool limited by checking a transaction's fees against the node's minimum relay fee. There was no upper bound on the size of the mempool and attackers could send a large number of transactions paying just slighly more than the default minimum relay fee to crash nodes with relatively low RAM. A temporary workaround for previous versions of Bitcoin Core was to raise the default minimum relay fee.

    Bitcoin Core 0.12 will have a strict maximum size on the mempool. The default value is 300 MB and can be configured with the -maxmempool parameter. Whenever a transaction would cause the mempool to exceed its maximum size, the transaction that (along with in-mempool descendants) has the lowest total fee rate (as a package) will be evicted and the node's effective minimum relay fee rate will be increased to match this fee rate plus the initial minimum relay fee rate. The initial minimum relay fee rate is set to 1000 Satoshis per kB.

    It is now possible to replace transactions in the transaction memory pool of Bitcoin Core 0.12 nodes. Bitcoin Core will only allow replacement of transactions which have any of their inputs' nSequence number set to less than 0xffffffff - 1. Moreover, a replacement transaction may only be accepted when it pays sufficient fee, as described in BIP 125.

    Transaction replacement can be disabled with a new command line option, - mempoolreplacement=0. Transactions signaling replacement under BIP125 will still be allowed into the mempool in this configuration, but replacements will be rejected. This option is intended for miners who want to continue the transaction selection behavior of previous releases.

    You can now have an RPC, or Randome-cookie authentication. When no - rpcpassword is specified, the daemon now uses a special 'cookie' file for authentication. This file is generated with random content when the daemon starts, and deleted when it exits. Its contents are used as authentication token. Read access to this file controls who can access through RPC. By default it is stored in the data directory but its location can be overridden with the option - rpccookiefile.

    Bitcoin Core has a heuristic 'priority' based on coin value and age. This calculation is used for relaying of transactions which do not pay the minimum relay fee, and can be used as an alternative way of sorting transactions for mined blocks. Bitcoin Core will relay transactions with insufficient fees depending on the setting of -limitfreerelay= (default: r=15 kB per minute) and -blockprioritysize=<s>.

    In Bitcoin Core 0.12, when mempool limit has been reached a higher minimum relay fee takes effect to limit memory usage. Transactions which do not meet this higher effective minimum relay fee will not be relayed or mined even if they rank highly according to the priority heuristic. The mining of transactions based on their priority is also now disabled by default. To re-enable it, simply set -blockprioritysize= where is the size in bytes of your blocks to reserve for these transactions. The old default was 50k, so to retain approximately the same policy, you would set -blockprioritysize=50000.

    Starting with Tor version 0.2.7.1 it is possible, through Tor's control socket API, to create and destroy 'ephemeral' hidden services programmatically. Bitcoin Core has been updated to make use of this. This means that if Tor is running (and proper authorization is available), Bitcoin Core automatically creates a hidden service to listen on, without manual configuration. Bitcoin Core will also use Tor automatically to connect to other .onion nodes if the control socket can be successfully opened. This will positively affect the number of available .onion nodes and their usage.

    There are also many changes related to SSL, fee structure, and more, so go to https://bitcoin.org/bin/bitcoin-core-0.12.0/ for more information and to begin using the upgrade.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University