Bitcoin random notes mega thread

[Rabia Abid]

Do you know that in the early years of Bitcoin more than 9 out of 10 financial experts in the world recognized it as an absolutely hopeless means of payment? However, for almost 10 years this cryptocurrency continues not only to improve constantly, but also to beat new records for its value. But if to think about it, what interesting things do we know about Bitcoin?

Bitcoin appeared in 2008 and its creator is Satoshi Nakamoto. Interestingly that it is still unknown who is this person, or a group of mysterious experts. The most likely version is that the creator of this cryptocurrency is an American of Japanese origin whose name is Dorian Nakamoto, but actually this option has not received reliable evidence.

As you know, the maximum number of Bitcoins is limited to 21 million coins. For today more than half of this number has been produced - the algorithm for the extraction is becoming more and more complex and reduces the total number of created coins every few years. It is believed that the last Bitcoin will be mined only in 2140.

The first million of BTC was mined by Satoshi Nakamoto and many experts think that it still belongs to him. Many curious users are trying to find the purses of Nakamoto to get on the trail of its creator, but no-one has managed to do this.

Only 36% of all Bitcoin coins was marked in any transactions and payment transactions. All the remaining coins, about 64% of their total number have never been used. Users are likely holding them with the expectation of an even greater increase in BTC cost.

Of course, these are not all the interesting facts about cryptocurrency and bitcoin! Throughout the history of the existence of this cryptocurrency there was still a huge number of significant and interesting events!

And maybe you can add to these facts something interesting? Waiting for your stories in the comments!

 

[Rabia Abid]

Most of the media sources reported that china is soon going to ban all websites linked to crypto trading and ICOS and foreign exchanges.A mailbox of PBOC was hacked and a fake press release was sent to media sources.It also said that PBOC and the HKMA have decided to announce a new anti money laundering regulatory framework.But later it was known that they had no such idea.

It created a lot of damage to bitcoin.Actually the hacker wanted to bring the bitcoin price down and he achieved it.

 

[Rabia Abid]

In this rapid growth of Internet and technology, the phase of business has taken a massive turn. Where initially everything was at medium paced, everything has now turned digital. The advent of Blockchain Technology has surged the financial markets tremendously and also given a new hope to entrepreneurs.

Before taking on the dais and exploring this innovative world of Blockchain Technology, it is imperative to comprehend and understand the implications, benefits of the technology. It will help entrepreneurs to successfully utilize the benefits of this cutting-edge technology to run and survive in this competitive market system.


1) Fresh Fundraising Technique


Capital is one of the biggest concerns for a new business venture. It becomes extremely difficult to get investors on board for huge amounts of money. And the need for capital to kick-start the ideas into action is a never-ending process.
The Blockchain economy plays a significant role here as it allows one to raise capital through ICO.
An Initial Coin Offering, commonly referred to as an ICO, is a new technique that is used to generate capital for cryptocurrencies. It is a fundraising mechanism in which new projects sell their underlying crypto tokens in exchange for Bitcoin and Ethereum. The idea is similar to that of IPOs where investors purchase shares of a company.


2) A Smooth Functioning System

Gigantic companies and industries face thousands of problems which sometimes are caused due to human errors. Keeping all the departments intact and in place is a big responsibility for all. The need to supplant an intermediary to keep a check on the activities has become the need of the day. As such, Blockchain Technology helps to suffice this need by offering probable solutions to most of the difficulties. Entrepreneurs can abstract this technological breakthrough and apply it to a number of pressing problems. Be it marketing, sales, B2B or a trading platform, the implementation of this efficient technology can aide a company to run smoothly and steadily.

3) Decentralised System

Blockchain technology represents a decentralized system. That means the power lies with the people using the same. No external force, the government can intervene in its utilisations. The peer-to-peer network provides complete Transparency. It thereby eliminates the risk of loss, fraudery, corruption, hoarding, Hacking, and manipulation. All in all, it restores the power to the community as a whole.

 

[CryptoTC]

There are 10,000 nodes running the full bitcoin protocol worldwide. Bitcoin cannot be shut down or banned due to this distribution and decentralization.

Bitcoin is legal or status undeclared in almost every country in the world, with only a small minority attempting to make it illegal.

 

[Rabia Abid]

Sorry if it sounds stupid, but does it make sense to have an option to specify the transaction details and make them public/visible as some kind of advertisement:”Sold large pizza in LA”. Could it be good for buyers/sellers, for Bitcoin popularity as well?

 

[Rabia Abid]

Do you believe this will ever happen, and if so, how long?

Please select one of the options above for this poll.

 

[Rabia Abid]

I know the answer is out there but I can’t find it.
As I understand it, when you do mining you send a getwork(), get data back and do a sha256(sha256()) of the first 80 bytes (of the data part). If it’s not below the target you increase the nonce and try again. Everyone is not working on the same thing since merkle root is different for everyone.

My question is for mining pools, I guess everyone gets the same data from GetWrok(). How is it then coordinated so that they all don’t just tests the same hashes??

 

[Rabia Abid]

Hello all,

Recently Venezuela has launched the Petro, a sovereign crypto backed by the country’s oil. Previously, Mexico approved sweeping blockchain and crypto framework which will see the promulgation of industry wide regulation. Also, the marshal island is issuing its own sovereign crypto coin.

Does this mean that countries in the developing world are beginning to take blockchain and cryptocurrencies serious technology of the future?

 

[Rabia Abid]

As you all know, the U.S regulators have recently subpoenaed Bitfinex and Tether.

If the outcome is negative, will this impact the market or has it been priced in?

Submit your vote above.

 

[uzair]

I've heard and read many analysts actually optimistic about this last big dive in the market flow, they believe it's a signal for a big bull in the next semester. But I find hard to believe as I'm not seeing why exactly they see that, what you guys think?

 

[uzair]

I've been reading some info regarding bitcoins legality this week and today a user commented the situation on Thailand, I think we are now in a very good shape.

Japan recognized bitcoin as legal form of payment (its already legal tender there)

Thailand entered the list of the nations which have legalized crypto currency.

Germany, the ministry of Finance signed a decree recognizing BTC as legal tender equating it to traditional fiat currencies and freeing it from taxation.

Switzerland's biggest Stock Exchange SIX will launch its own digital exchange in mid-2019 which will be regulated by the swiss governement.


What do you guys think of this round up and how is Crypto going in Your country??

 

[Rabia Abid]

What good are faucets?

I've seen some debate about faucets lately that has sparked a question. As a faucet list owner I can't help but to feel that I am in some way subliminally biased towards thinking faucets are a good thing. I've been trying to speculate on the subject for some time now and can't help but wonder. Would I have ever gotten in to bitcoin without them? Without earning some free satoshi (and a very small sense of accomplishment) from faucets I can't honestly say that I would be here today. I feel that faucets are wonderful in their own way. Feel free to correct me if i'm wrong but, the value of bitcoin is determined by how much value we put in it. If only a few hundred people use bitcoin then it isn't very valuable because so little people find value in it. If hundreds of thousands or even millions of people use bitcoin then it is of more value because of the community that use it. So in turn the more people that use bitcoin the more valuable it is.

So it seems only logical to me that faucets are a valuable asset to bitcoin. If I were to tell a stranger that there is a digital currency that they should invest in because its popularity is growing and value is rising there is a slight possibility that they may become a part of the community. If I told that same stranger the same thing except instead of telling them to invest I was to tell them they could get some for free I would imagine the probability of them looking further into the subject would be greater. So it seems logical to offer faucets to attract new people to the community and allow them a chance to test the cryptocurrency waters without risk. In turn they may become a active part of bitcoin (like me) and help increase its value.

If all of this is true then why would anyone claim that faucets are a complete waste of time and, compel other users not to use them?

I do understand the fact that faucets are not profitable by theirself and, the amount of time it takes to get a whole bitcoin out of them would be extremely long. Still I can't help but think that they are a important stepping stone to inviting new people to the community.

 

[Rabia Abid]

Just came to my mind today. What are the things that could end bitcoin's life? What are the threats that bitcoin could face? Are there famous people who want to end bitcoins aside from the government officials? And how can we avoid and survive those?

 

[Rabia Abid]

I'm a fan when it comes to vending machines.

The first modern vending machines were developed in England in the early 1880s.
I have never seen an actual vending machine that accepts bitcoin. It would be so awesome watching how it works.

Can you please tell me what are the advantages and disadvantages of this invention? Please share your thoughts. Thanks in advance!