For many active investors in the cryptocurrency space, a lot of time is spent trading one coin for another. It can be easy to forget that the viability of most cryptocurrencies depends on being used for commerce in the real world. If nobody were willing to accept Bitcoin as payment, it wouldn’t have much value. Fortunately, more and more merchants, businesses, and individuals are beginning to transact with Bitcoin.
The number of startups and established brands raising capital by selling digital tokens that represent value on the blockchain is on the rise. In 2014, you could expect one initial coin offering (ICO), or crowdsale as they were called then, to launch in two months. In 2017, two or three launch each week, and keeping track of them is becoming an issue.
In centralized systems, an administrator manages the database and decides what files to store and how to update them. The administrator can delegate this power to others. With decentralized public ledgers, or blockchains, however, no administrators exist. Independent nodes in peer-to-peer networks must come to a consensus on the status of the ledger.
The question Satoshi Nakamoto grappled with when designing Bitcoin—the first blockchain—was how a peer-to-peer network could agree on the status of the public ledger continually and in real-time without stalling the cryptocurrency. He found the answer in “mining”.
Although it is true that Bitcoin is one of the most innovative inventions of the 21st century with potentials to revolutionize financial systems all around the world, it is also true that Bitcoin has unfortunately been linked to various scandalous incidents. This article highlights the top 3 Bitcoin scandals.
If you’ve been following the Bitcoin scaling efforts lately, you already know that the Bitcoin blockchain forked on August 1, giving birth to a new currency called Bitcoin Cash (BCH). The event was surrounded by quite a bit of uncertainty over how well the new currency would perform. Would it flatline for lack of support? How would it hold value compared to Bitcoin?
As the adoption of blockchain grows, so does the need to understand the lexicon around it. A fork is a common blockchain technical term used specifically in the ongoing scaling debate, yet it causes a lot of confusion, particularly for those new to the technology.
Knowing what it means puts you in a better position to follow discourses at Bitcoin events and in online forums.
Starting 1 July 2017, Bitcoin use in Australia will no longer result in double taxation. The government announced the change in its 2017-18 budget report. The change comes under the $1.1 billion National Innovation and Science Agenda (NISA), designed to make Australia attractive to financial technology enterprise. From the report:
“The Government is committed to establishing Australia as a leading global financial technology (FinTech) hub and is announcing a new package that aims to position our local FinTech industry as a world leader.”
The global economy has relied on permanent employment as the main source of labor since the industrial revolution of the 19th century. Silicon Valley is changing that through short-term contracting or freelancing platforms such as Uber, Lyft, Upwork and Airbnb. In October 2016, Forbes reported:
Freelancers now make up 35% of U.S. workers and collectively earned $1 trillion in the past year.
What is a Cryptolocker?
A Cryptolocker is a high-level computer virus, usually circulated in the form of an attachment, disguised to look like an Auspost email notification or invoice such as an energy bill. Opening or downloading the attachment will lead to you having all your data encrypted and leaving you 3 days to pay a ransom or suffer complete loss of all your files.
While some media like to focus on Bitcoin’s connection with dark markets, the technology could actually make legal markets more secure. For example, it could protect the art market from the world’s third most lucrative crime—art forgery.