Speaking at London’s British Library, Dorsey said; ‘The world ultimately will have a single currency, the internet will have a single currency.
‘And I believe that it will be bBtcoin’, he said.
Continue reading “Twitter CEO Jack Dorsey says Bitcoin will be world’s ‘single currency’” »
Through a pilot program between the city of South Burlington and Propy, a blockchain platform designed to facilitate real estate transactions, a Vermont woman became the first person in the U.S. to sell a home using blockchain.
On February 20, Vermonter Katherine Purcell did something extraordinary: She sold her home. And yes, people sell their homes every year—scores of them. But Purcell’s sale was fundamentally different: There’s a record of it on a blockchain.
On Mar. 7, elections in Sierra Leone marked a global landmark: the world’s first ever blockchain-powered presidential elections.
As president Ernest Bai Koroma leaves office after serving two five-year terms, the maximum allowed constitutionally, Sierra Leoneans have had to pick from a pool of 16 candidates including the ruling party’s Samura Kamara, the erstwhile foreign minister, and Julius Maada Bio, former military head of state and candidate of the main opposition party.
Results released by Sierra Leone’s election commission (NEC) suggest a run-off between Bio and Kamara is likely with neither candidate securing the required 55% of votes so far. Sierra Leone’s new president will be tasked with a continued rebuilding given the country’s recent major disasters. In 2014, an Ebola outbreak led to nearly 4,000 deaths and GDP losses estimated at $1.4 billion—a major loss for one of the world’s poorest countries. Last year Sierra Leone’s capital also suffered devastating flooding and mudslides believed to have claimed more than 1,000 lives.
John Oliver is a crossover who bridges the art of a comedian with the reporting and perspective of a liberal political pundit. Even detractors acknowledge that Oliver addresses serious issues with unusual wit and humor.
I never thought Oliver could (or would) tackle the topic of cryptocurrency—at least not with value to the viewer. It is too geeky, and too esoteric. (It also cuts into my mission of evangelism and education). smile
He did, and he sparkles! Feel free to jump past the fluff. The Bitcoin tutorial starts at 3:40. Of course, my friend, Shechter, in Long Island New York will bust a gut over what Oliver says at 9:40. It is not only clear and concise, it is accurate and terribly funny!
Whether you are a Bitcoin newbie or a seasoned blockchain coder, this is the video you have been looking for. This one is durable.
Continue reading “John Oliver explains Bitcoin, Blockchain & Crypto (with precision & clarity)!” »
Today, I was asked to answer this question at Quora:
“What sets each cryptocurrency apart from the others?”
“Cryptocurrency” is a broad term. It refers to payment coins, of course—such as Bitcoin and Litecoin. But, because most tradeable tokens attain an asset value, the word is often used to refer to smart contract devices, such as Ethereum, a host of other blockchain based tokens, functional Internet-of-Things tokens, and even ICOs (Initial Coin Offerings). Since people treat ICOs and IOT tokens as investment instruments even if they are useless as a payment mechanism, they all fall within the realm of a cryptocurrency.
So, before addressing the question, let’s distinguish between Altcoins and ICOs. I assume the question refers to Altcoins, and not ICOs…
Continue reading “What sets cryptocurrencies apart from each other?” »
A new section about Bitcoin ATM business models
has been added. Jump to “UPDATE – July 2019”
The good news is that building a Bitcoin ATM is easy and less expensive than you might expect. But, offering or operating them engulfs the assembler in a regulatory minefield! It might just be worth sticking to selling bitcoin on PayPal (visit this website for more information on that). You might also wish to rethink your business model—especially user-demand scenarios. See our 2019 update at the bottom of this article.
A photo of various Bitcoin ATMs appears at the bottom of this article. My employer, Cryptocurrency Standards Association, shared start-up space at a New York incubator with the maker of a small, wall mounted ATM, like the models shown at top left.
What is Inside a Cryptocurrency ATM?
Legacy Method of Inheriting Assets
Many Bitcoin owners choose to use a custodial account, in which the private keys to a wallet are generated and controlled by their exchange—or even a bank or stock broker. In this case, funds are passed to heirs in the usual way. It works like this…
An executor, probate attorney, or someone with a legal claim contacts the organization that controls the assets. They present a death certificate, medical proxy or power-of-attorney. Just as with your bank account or stocks and bonds, you have the option of listing next of kin and the proportion of your assets that should be distributed to each. These custodial services routinely ask you to list individuals younger than you and alternate heirs, along with their street addresses, in the event that someone you list has died before you.
Of course, Bitcoin purists and Libertarians point out that the legacy method contradicts the whole point of owning a cryptocurrency. Fair enough.
Continue reading “What happens to your Bitcoin if you die or forget passwords?” »
First, let’s get some basics out of the way…
What is Transaction Malleability?
Here are 2 explanations of transaction malleability: [Coindesk] [TechTalk]
In a nutshell, Transaction Malleability is a weakness in the original Bitcoin implementation that enables a bad actor to change the unique ID of a bitcoin transaction before it is confirmed on the Blockchain. Such a change makes it possible for someone to pretend that a transaction didn’t happen, if all necessary conditions are in place.
Continue reading “Have there been successful Transaction Malleability attacks?” »
Cryptocurrencies have become a major topic of interest in the United States, in part due to the extreme volatility of the flagship cryptocurrency, Bitcoin. Bitcoin rose from a modest value (under $1,000) to more than $15,000 in the span of a year, and now hovers between $6,000 and $12,000, with wild fluctuations throughout the days and weeks. It’s a potentially lucrative investment, but also a risky one—especially considering how new the concept of cryptocurrencies really is.
In addition to buying and selling cryptocurrencies, consumers are more actively involving themselves in crypto mining, the process of creating new digital currency. But the culture surrounding crypto mining is changing, and it may never be the same again.
Before you can understand how crypto mining is changing, you have to understand how it started, and what it is today. To hold its value, cryptocurrency needs to exist in a finite amount, and just like printing money, it needs an initial distribution. The system also relies on a network of peers (i.e., hundreds to thousands of computers) to audit each transaction on the network; in other words, the community of computers has to agree that a transaction is legitimate before it’s finalized as a “block” and added to the blockchain.
Continue reading “The culture of crypto mining is changing: here’s how” »
John Oliver is a crossover who bridges the art of a comedian with the reporting and perspective of a liberal political pundit. Even detractors acknowledge that Oliver addresses serious issues with unusual wit and humor.
