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holytransaction daily limit

HolyTransaction daily limit: how to increase it

If you want to increase your HolyTransaction daily limit for withdrawal and transaction this is the guide you need.

This process is directly linked to the 2FA (two factor) setup, so if you want to increase your limits, you will have to improve the security of your wallet first.

If you don’t have your 2FA activated, the limit is 1,000EUR, but if you decide to setup it, you can increase your daily limit.

So, after you successfully set up your 2FA with Google Authenticator, you just need to contact us via email (support@holytransaction.com) and ask us for the increasing.

In fact, this is not an automatical process.

Read the procedure I’m going to show you to increase your HolyTransaction daily limit.

How to increase your HolyTransaction daily limit for withdrawals and transactions in general

  1. Visit HolyTransaction.com;
  2. Sign in to your account (or create a new one);
  3. Click on “Settings” in the menu;
  4. Scroll down to “One time Password”;
  5. Click on the blue “Setup” button;
  6. Download the “Google Authenticator” app on your mobile (available for Android, iOS, and Blackberry);
  7. Scan with your mobile phone the QR code shown on your PC;
  8. In order to save the 2FA system, you have to digit the 6-number code you can read on your mobile phone;
  9. Click  on “Save” in order to confirm you want to activate the One-Time Password;
  10. Now you can ask our support team to increase your daily limit for withdrawals and transactions in general.

Click here to read a full explanation with pictures.

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

9 Best Bitcoin Video Animations

Open your free digital wallet here to store your cryptocurrencies in a safe place.

admin

Infographic: A basic overview of storage practices

Open your free digital wallet here to store your cryptocurrencies in a safe place.

jorge

Bitcoin ~ Hands On Code: Discover Bitcoin Open-Source Technology

(LuissEnLabs) LUISS ENLABS in collaboration with Bitcoin Foundation Italia and
Codemotion presents the first of a series of technical conferences
“Bitcoin ~ Hands On Code”.

The event will take place on Wednesday, 2nd of July, from 4pm to 8pm and enjoys the participation of speakers Thomas Bertani, Founder&CEO BitBoat Ltd, Guido Dassori, IT&building automation Freelancer, Luca Matteis, Semantic Web Developer, as well as Francesco SimonettiAndrey ZamovskiyNickolay Babenko in live streaming from San Francisco.

The mission of the conference is to remove friction between bitcoin and
developers, encouraging the development of an appropriate tech scene
around Bitcoin, an incredible open-source based technology, aiming to
disrupt finance and money as we know them today.

There’s an
enormous opportunity for developers, who are already jumping in and will
have a real impact on the future, contributing to this open-source
technology.

Jump on board!

Program:

16.00 – Welcome: Tobia De Angelis, Augusto Coppola
16.15 – 17.15 – Panel moderated by Franco Cimatti, Developer and President of Bitcoin-Italia: Speakers’ interventions
17.15 – 17.30 – Break
17.30 – End (Around 20.00) – Hands on Code, guided by Thomas Bertani, a developer with a deep expertise in bitcoin/blockchain and founder of BitBoat.net.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

admin

You say Bitcoin has no intrinsic value? Twenty-two reasons to think again!


Intrinsic Value Defined:

(BitcoinMagazine) Let’s agree what the term “Intrinsic Value” means. For this article
we will use the common Wikipedia entry for the intrinsic theory of
value. This is found at: http://en.wikipedia.org/wiki/Intrinsic_theory_of_value

An intrinsic
theory of value (also called theory of objective value) is any theory
of value in economics which holds that the value of an object, good or
service, is intrinsic or contained in the item itself. Most such
theories look to the process of producing an item, and the costs
involved in that process, as a measure of the item’s intrinsic value.

What are some properties contained in the bitcoin itself?  What are
the properties that make it valuable?  Some pundits like Warren Buffett
seem to remain stuck in the belief that only things you can touch, feel,
and see can be intrinsically valuable.
So now let’s talk about the properties that are found in bitcoin that
are unique or ground-breaking. These properties did not exist before
bitcoin. Some people would rightly point out that many of these
properties can be duplicated. There is, however, one extremely important
factor that separates bitcoin from any other digital coins on the
horizon: the protective shell created by the network that prevents it
from being hacked or commandeered

Bitcoin intrinsic value properties:

  1. It transcends nations, politics, religions, cultures and regulations.
    These vary from country to country in ways that may seem bizarre to
    populations out of its own borders. While one may believe that
    governments always have their best interests at heart, it may be wise to
    see that knife cuts both ways. Some drugs are banned in certain states
    or countries that are allowed in others. Bibles are banned from purchase
    is some countries. Religion, custom, dogma, superstitions prevent
    various purchases based on man-made borders that continually shift over
    time. These policies tend to be created by limited segments of
    populations that can be self-serving.  If one happens to be included in
    the “correct” political party, race, religion, items can be purchased or
    outlawed. It’s all opinion.
The US government bans online gambling.
Is this a moral decision? Many of the same governments think it morally
acceptable to hold their own state-lotteries. The lotteries hold
significantly worse odds and tends to target those in the community that
are the least educated and most susceptible to poverty, alcohol abuse,
and have a generally poor understanding of mathematical probability.
Many have gone on to say that lotteries are simply “a tax on people bad
at math”. Many argue that this is a double standard of governments
which prevents them from taking the moral high ground.
2.    It requires no trust. (in
the short term). It can’t be counterfeit. There is a record of who owns
it (by wallet id) and its validity is publicly known. It requires no
central clearing house. With any other currency, one must trust the
government from which it is issued will continue to maintain its value
by not “overprinting” to pay for its own mismanagement. You can send it
globally without having to trust anybody. This is not true with any
state issued country, bank, credit card company, or anybody else.
Volatility and long-term trust is still building, but when one transacts
in bitcoin, nobody gets in-between sender and receiver unless agreed
beforehand. It’s permission-less.
3.    It can be transparent.
By making wallet IDs public, one can track the flow of money through
other transparent wallets. You cannot do that with any other currency.
You can use this feature to do things like monitor your children’s use.
This can make obsolete entire industries that are built solely on the
fact that money can be hidden, disguised, cheated, etc. These can also
happen to bitcoin, but pressure can be applied by the people to make it
transparent and accountable when needed. Auditors may insist on it for
compliance.  The list of possibilities of this intrinsically valuable
feature can scarcely be imagined.
4.    It can be programmable.
Plans for product layers on top of bitcoin to further its use to become
spendable based on contracts that can be programmed to complete with
built in variables, or be valid to purchase only certain items.  Insist
your college bound kid buys books and not beer for example. Or based on
GPS in a cell phone,  you could send your kids off shopping and it could
be programmed to be spendable only in certain stores.
5.    It can require multi-signatures.
Wallets containing the currency can be set to only unlock with more
than one signing key. This will leave hackers and thieves frustrated.
Try doing that with your grandpa’s money. It is an intrinsic piece of
bitcoin technology.
6.   It can be spent over the internet without a bank account, credit report, identification, and pre-permissions.
Prepaid credit cards can do some of these functions, but only to
locations and countries that accept credit cards. This list of locations
in countries outside of the US is actually decreasing with the amount
of fraud in the networks. Technically, the only item limiting of bitcoin
is the merchant’s acceptance of it. Given the natural law of least
resistance, these limitations could erode as more merchants around the
world realize the potential savings. The network effect will continue to
work its magic.
7.    It can store irrevocable and time stamped records of transactions.
 Absolute clarity of events and their corresponding order is available
in the block chain. Proof of ownership and purchase can be established
without a third party. The trusted and reliable distributed ledger
cannot reasonably be altered (barring a massive scale network attack
which becomes less likely as the network grows).
8.    It allows you to keep your identity from being stolen.  Bitcoin
is nobody’s debt. Paying with bitcoin isn’t a “promise to pay”. It is
payment in full. This could potentially reduces fraud related expenses
on massive scale. http://www.statisticbrain.com/credit-card-fraud-statistics/ There
is no need for a merchant to get bank information or any other kind of
personal information that can be later used in identity theft.
9.    It allows movement across borders.
It can defeat government issued capital controls. The same governments
try to hold their own citizens “hostage” monetarily by outlawing
movement of money outside its own borders. Ask any citizen from any
country ravaged by hyperinflation if this is important. Could it be
possible that it might ever become important
in the USA? If you can foresee the day people will be clamoring to get
out of the US dollar, where do you think they are going to go? Ask
Argentina.
10.     The same wallet can be used anywhere in the world with a connection to the internet.
As the money exists on the global ledger, all you need is the key. This
can be memorized, or written on any piece of paper – even confined
inside a microdot
the size of the period that ends this sentence. Some old time gold bugs
say you can’t bribe the border guards with bitcoin like you can gold. In
the future, border guards will have cellphones and internet access too.
We aren’t living in the 1960s Vietnam or before any longer.
11.    It can move independently of banking rules, laws, and restrictions.
The people in the USA may think this unimportant in their bubble view
of the world, but is this also true of the 150 or so currencies and countries with terrible track records?
Which other currency enjoys this property? Will enough of the world
outside of the US believe it to be so? Is it hard to imagine the
properties of bitcoin being intrinsically valued by populations
subjected to terrible economic policies?  It only takes a billion people
in India fed up with corruption to want an escape mechanism out of the
control of the system. At that point, they won’t give a hoot about what
some American pundit said on “bubble vision” about intrinsic value.
12.    It can be used to resist corruption.
If the citizens stand up united and demand a transparent government,
they can use bitcoin to follow the money in the same way governments use
powers at their disposal for surveillance on their own populations. In
today’s world money corrupts. In tomorrow’s maybe it will become
vice-versa. Let’s see if 86% of the world agrees that any tool that makes less opportunity for corruption is valuable.
13.    It can be made to settle contracts without other parties.
You can program it to settle contracts based on certain events such as
date, proof of ownership, death, or a host of other factors that can be
validated programmatically without a third party to validate if the
conditions were met. It can be used as a record keeping asset tag, and
proof of ownership. Ownership of the private key to the bitcoin is by
definition, the owner. In addition, it can be the source record of
ownership for property title, copyrights, and intellectual property that
transcends borders and locally interpreted laws.  In effect, the
records become the de-facto “single source of truth”. The currency
itself is globally accessible proof of ownership. Can these functions
and properties be reasonably argued to be valuable beyond the currency
itself?
14.    There are no age requirements.
Paying for items in a global world requires bank accounts. Bank
accounts are legal properties that can only be established with those of
legal age (18 in most locations). There is no minimum age requirement
to pay for items globally using bitcoin. How many people under 18 have
cell phones, AND need to spend money with no credit card. Smart
businesses have started to recognize this intrinsically valuable
potential.
15.    It is more difficult to be used as surveillance.
The main attributes of money are often quoted these days, but one
attribute is rarely mentioned. Money has become surveillance. As people
continue to learn of the horrors of the NSA and other government efforts
to spy on every aspect of their lives, it only takes one person drunk
with power to make all the well-intention sounding policies reverse into
shocking horror. One government required Jews to register themselves
for easy identification, which was then used to “dispose” of them.
Now one’s religion, race, gender,
national origin, political party, age, place of work, address, and much
more can be determined by how and where one spends their money. To those
who think they have nothing to worry about because they are not doing
anything wrong, might ask themselves, what did the Jews have to fear
during the time they were self-registering?  They also were not
(generally) doing anything wrong. That’s only one example in a history
littered with them. Is the ability to obscure one’s spending habits
intrinsically valuable? Is it possible to imagine how much of the
population of the world would think it is?
16.   Bitcoin as money bandwidth.
If one were to transfer value between large companies or nations, much
of the world has discovered bitcoin to be a very efficient payment
network to do this. If bitcoin was thought of as envelopes to be stuffed
with dollars or other currencies for transport, only the size of the
envelope itself that contains the dollars inside would be the limiting
factor. To increase the ability and usefulness of this feature, the
envelopes represented in bitcoin price will have to inflate enormously
to take on that load. The Federal Reserve and former Vice Presidents have caught on.  So has smart Venture Capitalist firms that have a knack for being one step ahead of everybody else.
17.    It can be the basis of a new eco system. Right now entire new ecosystems
are being built up around the new currency (in use, if not government
recognition).  Gold towns sprang up into eco-systems but crashed when
the gold veins ran dry. We know exactly how deep the bitcoin well can go
and the rate at which it will be found. What other modern day
ecosystems are being built because of the intrinsic values of a
currency?
18.    It can upend centuries-old money monopolies.  The strangleholds on monetary policy continue to be held by relatively few extremely wealthy families
for centuries.  Bitcoin has the possibility to change the paradigm
completely. These banks will likely find ways to maintain their power
and wealth and there is nothing preventing them from moving into digital
currencies to maintain it.  However, which other currency has the
possibility to change the dynamic? Many in the world will likely place
much value in the paradigm shift that is possible. When was the last
time a monetary unit threatened to rewrite the rules from the ground up?
19.    Democratization of money. An explosive report
from a whistleblower from the World Bank reports that all networked
banking infrastructure throughout the entire world can be traced back to
12 people who make decisions at the privately controlled US Federal
Reserve bank.  Consensus driven, public records, and democratization of
money made possible by bitcoin, might change the rules.
20.    Gives the unbanked population access to banking features they might not otherwise enjoy. As the much smaller digital currency M-Pesa proved,
the poverty riddled villages with no access to banking were able to
lift themselves out of poverty with simple abilities to pay suppliers
and start businesses. With the cross border scale and usability of
bitcoin, imagine the same results x 1,000. Are there any national
currencies up to this task?
21.    It can be extremely hard to steal.
Muggers of the future will be at a loss for what to do with the bitcoin
they can’t take from your wallet or purse.  That money will be no good
to them without the private keys to spend it. There likely will no
longer be credit cards there was well. Could robbery itself become
obsolete? Hackers will soon have a difficult time stealing money from
multi-signature wallets.
22.    It represents economic freedom.
Because of all of the reasons stated above, it might as well be called
the currency of freedom. Dictators will hate it. Totalitarian
governments will hate it in proportion equal to the amount of corruption the government enjoys.
The worst countries for freedom believe that  money exist primarily to
serve the country and personal ownership of it is just an illusion they
can confiscate at will. Banks technically own it as soon it’s deposited.
Through court order, government taxation, or inflation, they always get
it back. Bitcoin offers some protection. We become our own bank.
Many people will likely debate this list.
 Others might be open to the suggestion that if just ONE of these
factors is agreeable to most reasonable people, the description used by
Wikipedia might also be applied to bitcoin.  A year from now, there
might be another list compiled that is just as long as this one – of
things that can’t possibly be imagined today.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

admin

Twenty mind-bending secrets about Bitcoin

(BitcoinMagazine) This article will introduce some of bitcoin’s Mind-Bending amazing
abilities only few people know. As you read this list, remember your
favorite so can impress your friends with your new
incredible bitcoin knowledge.

1.  Fun with programmable money

calandar
  • Bitcoin wallets are like personal debit cards that you can create
    and assign yourself to store your bitcoin. Some new wallet versions can
    be programmed with bizarre abilities.
  • You can program features like GPS coordinates on your phone that make the money unavailable off if your kid leaves the city.
  • You can also create “treasure hunts” where coins will suddenly be
    released for you to use if you find yourself in the right place at the
    right time.

  • You may also release money by calendar dates –  gifting bitcoin
    money that can’t be used until their 18th birthday or Christmas. Or set
    up a will that releases amounts in intervals long after your death.
  • Huge potential for ideas not yet imagined.

2.    First purchase with bitcoin

pizza
  • Bitcoin’s price wasn’t established by a committee, government, or special council.
  • Florida resident Laszo Hanyez may go down in history for buying the
    most expensive pizza ever recorded. He also makes history for making the
    first significant purchase using bitcoin.
  • His 10,000 bitcoins used in June of 2010 bought two Papa John’s Pizzas worth about $30 at that time.
  • Today’s equivalent price is about $5 million.
  • For the first 18 months they were worthless. The pizza purchase was
    the event that set the price of bitcoin at about a third of one penny
    each.
  • Within weeks, they were being bought and sold for 8 cents, representing a price increase of over 1,000%.

3.   Bitcoins to billions

house
  • In 2013 the price of a single bitcoin went from $13 to over $1,000 for an increase over 7,000%.
  • At that rate, the owner of one bitcoin today would be a millionaire in two years.
  • And would become a billionaire only 18 months after that.

4.   Bitcoin is not alone

coins
  • Thousands of other digital currencies have since been created once bitcoin became popular.
  • Litecoin, Peercoin, Dogecoin and many more can be purchased on various online exchanges.
  • Thousands of people buy altcoins, hoping the bitcoin lighting strikes twice.

 5.   World’s fastest supercomputer

warehouse
 One bitcoin warehouse of bitcoin processors out of many throughout the world.

  • The current computing power protecting the Bitcoin network is over
    6,000 times more powerful than the top 500 supercomputers of the world
    combined. And still growing faster.
  • Computer power is measured in “petaflops”. One petaflop is equal to one thousand trillion calculations per second.
  • Top 500 supercomputers combined can calculate 250 petaflops. (Indicated by the arrow on the graph below).

graph
  • By comparison, the bitcoin network can calculate 883,000 petaflops.
  • It is roughly the equivalent in scale between eight sticks of butter verses the largest 15,000  pound African Elephant.

6.   The amazing bitcoin wallet

earth
  • Before you buy bitcoin you can create your own personal bitcoin wallet before you fund it.
  • The number of possible wallet IDs that can be created are roughly the same amount as atoms on the earth.
  • You can create as many as you want. They are free.
  • New wallets can be secured with two or more passwords.
  • You can also print your wallet to make a “Paper Wallet”  that allows you to store your bitcoin off-line.

7.    Spend bitcoin with smart phones for everyone

phones
  • The $25 smartphone is on the way.
  • It is estimated that in 2014 there will be more cellphones than people on earth.
  • Many poor countries just skipped  land-line telephones and went straight to cellphones.
  • Where they don’t have electricity, they charge them daily using solar panels.
  • Most developing countries do not have access to banking – but the bank can come to them with bitcoin and a smartphone.
  • Sending digital cash has already proven to lift entire villages out of poverty.
  • This opens up their entire world from which to buy and sell items rather than just a few neighbors with cash on hand.

8.   Magic the Gathering and bitcoin

mtgox
  • The first big online bitcoin exchange was Mt. Gox. It got its start and name by trading playing cards for “Magic The Gathering Online EXchange.
  • They once accounted for over 80% of all Bitcoin trades.
  • They started trading bitcoins when they were worth less than a dollar.
  • Unsurprisingly, when the world found out that bitcoins were worth a
    lot more than playing cards, the tiny company was overwhelmed.
  • More than half of all first generation Bitcoin exchanges have closed down.
  • Now big finance companies are creating their own exchanges in the US that are regulated and insured.

9.    Say goodbye to “Bitcoin” and hello to “Bits”

shave
  • Currently, one full bitcoin is divisible down to eight decimal places.
  • The Bitcoin community has started referring the the sixth decimal point from a full bitcoin where they will be called “bits.”
  • Bits are part of bitcoins as pennies are to a dollar – except it would take a million of them to buy a full bitcoin.
  • Calling them “nano-dimes” sounded dumb.
  • Today one hundred dollars migh buy you .2 bitcoins. Or it can buy
    you 200,000 bits.  It’s the same amount, but which one makes you feel
    richer?
  • At some point, we might be able to sing that song (commonly played with hand- drums).  “Shave and a haircut..  2 BITS”

10.    Spy Vs Spy. Your bank in a microdot

dot
  • Future Bitcoin billionaires can include their entire banking Bitcoin
    fortune – in a dot the size of a period. When you have access to any
    computer or phone with Internet connection you can simply type in your
    account number and password as needed.
  • Your account is all stored and available to you on the public ledger
    available anywhere in the world with an Internet connection.

 11.    Forget money laundering. Your activity is recorded

nsa
  • Every transaction is tracked the Bitcoin public ledger, recorded and
    shared around the world. The ledger cannot be changed and it’s
    continually reconciled, verified and protected by bitcoin’s world-wide
    network.
  • Every time a bitcoin trades hands, a trail of digital breadcrumbs follows it forever.
  • You may or may not allow people to know your personal wallet
    information, so your bitcoin account is as secret as you want it to be.
  • Once bitcoin passes through widely known wallet addresses, it may be
    traceable by super-secret organizations that may, or may not, rhyme
    with Em- essay.
  • Relax, if you aren’t doing any really, really bad – it’s probably
    not worth the trouble for anybody to track your every spend. Not one
    bit.

12.    Gambling once accounted for most transactions

satoshidice
  • The web gambling site “Satoshidice” once accounted for about half of bitcoin transactions.
  • Due to murky gambling laws in various jurisdictions, gaming on  Satoshidice is currently not allowed from US-based IP addresses.
  • Provably Fair (http://provablyfair.org/)
    is a website that  has risen to act as an independent probability odds
    checker for people to validate the odds of customer bets being
    mathematically fair for the computers running the gaming systems.
  • Many online casinos are having their computer programs independently and voluntarily certified.
  • Today bitcoin use is spread over several industries in addition to gambling.

13.    Watch people trade in their paper money

fiatleak
  • The website Fiat Leak shows a world map which allows you to see which country is exchanging their native currency for bitcoin in real-time.
  • The larger the coin floating up – the bigger the dollar amount.
  • The amounts all accumulate over a 10 minute period, which is the
    point that the ledger is reconciled and copied throughout the world for
    verification.
  • Once you go digital, you don’t go back.
  • Ask the tape recorder.

14.   It might become currency for poorly run countries

peso
  • Total value of bitcoin measured in US Dollars has surpassed 100 national currencies out of 160.
  • Some are
    beginning to ask if it is possible to one day to scrap some smaller
    national currencies that continue to fail –  and use bitcoin instead.

15.      Bitcoin may be more important than the internet

mosaic
  • Several hundred million dollars are projected to be invested into Bitcoin startups by large corporations in 2014.
  • Comparisons of importance are made by experts and scientists daily,
    who often talk about the importance of how this will change the world
    and often compare it with the invention of the Internet itself.
  • Marc Andreessen, who invented Mosaic, the first web browser, is one of many technical professionals who talk about Bitcoin and
    reminds him of how he and his friends changed the Internet and World
    Wide Web back in 1993 when it was still considered a techie geek
    technology.  As a reference point, most of the US was using the internet regularly just seven years later.

16.   Watch bitcoin network grow

youtube
  •  See the time-lapse representation of the bitcoin network build out as it assembles and grows together around the world.
  • It’s not much different than watching the progress of the early internet grow.

17.    Robbing money may become obsolete

mugger
  •  New digital wallets will require at least two signatures (passwords) or more to use.
  • This might include government’s robbery of its own citizens as many countries help themselves to one’s banking funds when they want.
  • One can require as many signature passwords as you like. Go nuts and
    require 51 signatures… Imagine the Senate being compelled to reach
    majority before spending your taxes locked in a public wallet.

18.    It can stop identity theft

hacker
  •   As making payments with bitcoin is the equivalent of cash, there is no banking information required from a retailer.
  • The hacker attack at Target, Neiman Marcus, and Michael’s (among a
    host of others) that stole users banking credit card information
    wouldn’t have happened if they had only accepted bitcoin payment.
  • Paying in bitcoin is not a promise to pay. It’s payment in full.

19.   No permission required

check cashing
  •   Over half of the world have no banking account. They can’t get
    access to regular loans, credit or checking account. They can’t get
    permission from the creditors.
  • Bitcoin doesn’t require a bank account or credit report, and you
    don’t have to be of legal age for contracts. And they can buy and sell
    in a world-wide market for once. They didn’t need permission from the
    courts.
  • One doesn’t need to be a citizen, or have identification or forms to fill out to own it. It requires no government permission.
  • You are your own bank. No permission required.

 20.  Bitcoin the currency is only the beginning

bitcoin2
  • The Bitcoin network and ledger has features that can also function
    as a way to store records of ownership, titles, copyrights and
    trademarks, home and car titles.
  • It can replace the function of a notary public.
  • All records are shared and distributed in a central location shared
    by the entire world copied on thousands of millions of computers.
  • As the Internet did to the publishing industry, Bitcoin could
    similarly disrupt several other fields or even render them obsolete.
  • Anybody’s job it is to move funds from one account to another may
    need to learn a job as those functions can now be programmed, automated
    and transparent.
  • Bitcoin 2.0 technologies and new start-up companies have already begun.


This list is only the start. Look into the amazing bitcoin and report
back your own found mind-benders in the comments section. Then play
bitcoin trivia with your friends – they may not believe you.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

admin

10 things you should know about Bitcoin and digital currencies

After
reading these 10 things to know about the confusing world of digital
currencies, you’ll feel confident joining the conversation.
1.
The difference between virtual, digital, and cryptocurrencies
(TechRepublic) Virtual
currencies were developed because of trust issues with financial institutions
and digital transactions. Though they aren’t even considered to be “money” by
everyone, virtual currencies are independent of traditional banks and could
eventually pose competition for them.
First,
there are three terms that are sometimes used interchangeably that we need to
sort out: virtual currency, digital currency, and cryptocurrency.
Virtual
currency
was defined in 2012 by the European Central Bank as “a type
of unregulated, digital money, which is issued and usually controlled by its
developers, and used and accepted among the members of a specific virtual
community.” Last year, the US Department of Treasury said that digital currency
operates like traditional currency, but does not have all the same attributes —
as in, it doesn’t have legal tender.
Digital
currency
, however, is a form of virtual currency that is
electronically created and stored. Some types of digital currencies are
cryptocurrencies, but not all of them are.
So
that leads us to the more specific definition of a cryptocurrency, which
is a subset of digital currencies that uses cryptography for security so that
it is extremely difficult to counterfeit. A defining feature of these is the
fact they are not issued by any central authority.
2.
The origin of Bitcoin
Bitcoin
is a cryptocurrency, a number associated with a Bitcoin address. In 2008, a
programmer (or group of programmers) under the pseudonym Satoshi Nakamoto published a
paper
describing digital currencies. Then in 2009, it launched
software that created the first Bitcoin network and cryptocurrency. Bitcoin was
created to take power out of the hands of the government and central bankers, and
put it back into the hands of the people.
There
are currently about 12 million Bitcoins in circulation, though when it was
created, the programmer said there is a finite limit of 21 million Bitcoins out
there. They are currently valued at around $460 each, according to Bitcoin Charts,
which tracks the activity. The value surged as high as $1000 each in December
2013.
3.
The origin of Dogecoin
Dogecoin is a
form of cryptocurrency that was created in December 2013. It features Doge, the Shiba Inu that has turned into a famous
internet meme. It was created by Billy Markus from Portland, Oregon, who wanted
to reach a broader demographic than Bitcoin did. As of March, more than 65
billion Dogecoins have been mined, and the production schedule of this
cryptocurrency is in production faster than most.
Earlier
this year, the Dogecoin community raised funds for the Jamaican bobsled team to
attend the 2014 Winter Olympics when they could not afford to go. The community
also raised 67.8 million coins (about $55,000) to sponsor NASCAR driver Josh
Wise, who drove the Doge-themed car in several races.
Because
there’s a lot of them, Dogecoin is valued pretty low — 1,000 Dogecoins are
worth $0.46.
4.
Other types of digital currencies
There
are other types of digital currencies, though we don’t hear much about them.
The next most popular is probably Litecoin, which is accepted by some online
retailers. It was inspired by Bitcoin and is nearly identical, but it was
created to improve upon Bitcoin by using open source design.
There
are many other types of cryptocurrencies, such as Peercoin, Ripple, Mastercoin,
and Namecoin.
Cryptocurrencies get some flack because they are often replicates of other
versions, with no real improvements.
5.
Bitcoin regulations
Who
is in charge of Bitcoin? The point of the currency is that it is decentralized,
but there are legalities that differ in every country. Law enforcement and tax
authorities are concerned about the use of this cryptocurrency because of its
anonymity and the ease of using it for money laundering and other illegal
activities. Bitcoin was the prime currency on Silk Road, which was used to sell
illegal goods, including drugs. It was shut down in 2013 by the FBI.
The
US Security and Exchange Commission (SEC) hasn’t yet issued specific
regulations on digital currencies, but it often warns about investment schemes
and fraud. The Financial Crimes Enforcement Network (FinCEN), an agency under
the Department of Treasury, took initiative and published virtual currency guidelines in 2013. Many
countries are still deciding how they will tax virtual currencies. The IRS is
specifically concerned with virtual currencies being used for unreported
income.
6.
How Ben Bernanke changed the Bitcoin game
In
late 2013, the first congressional hearing on virtual currency was held to
outline the pros and cons of Bitcoin. The hearing ended up providing a
financial boost for the currency, because US officials talked about it as a
legitimate source of money, as opposed to only discussing its role in illegal
activities.
Although
he didn’t attend, Federal Reserve Chairman Ben Bernanke said in a letter to US senators that virtual
currencies “may hold long-term promise, particularly if the innovations promote
a faster, more secure, and more efficient payment system.” Bitcoin, which was
valued around $13 in the beginning of 2013, jumped sharply after news of his comments broke.
7.
How to get Bitcoins
There
are three ways you can get Bitcoins: buy them on an exchange like Coinbase,
accept them for products and services, and mine them. We’ll get to the latter
process in the next section.
To
start, download a Bitcoin wallet. There are many websites where you can
download an app on your phone or computer to store Bitcoins. MultiBit is an
app you can download for Windows, Mac and Linux. Bitcoin
Wallet
for Android runs on your phone or tablet. To store the
Bitcoins, you have three options:
1.
Desktop wallets leave you responsible for protecting the currency and
doing your own backups.
2.
Mobile wallets allow you to travel with the Bitcoins anywhere, and you
are responsible for them. Mobile apps allow you to scan a QR code or tap to
pay.
3.
Web wallets are transacted through a third party service provider. If
anything happens on their side or it gets hacked, you run the risk of losing
the Bitcoins, so extra backups and secure passwords are suggested.
Problem
is, Bitcoins can be stolen in huge quantities, just like money, and with no
centralized bank, there’s no way to recoup the losses. There are several types
of Bitcoin ATMs, which exchange Bitcoins for flat currencies. Most machines are
expensive and rare, ranging from $5,000 to $2,000. Skyhook,
a Portland, Oregon-based company, demoed a $1,000, machine at a
conference
this month. It is the first portable, open source ATM.
8.
How to mine for Bitcoins
It’s
like mining for gold, just on the computer. You need a Bitcoin wallet and
specific software, which is free and open source. The most popular is GUIMiner, which
searches for the special number combination to unlock a transaction. The more
powerful your PC is, the faster you can mine. In the early days, it was easy to
find Bitcoins, and some people found hundreds of thousands of dollars worth of
the cryptocurrency using their computers. Now, though, more expensive hardware
is required to find them. Each Bitcoin block
chain
is 25 Bitcoin addresses, so it takes a lot of time to find
them on your own. The exact amount of time ranges depending on the hardware power, but mining all day could drive your energy bill up and only mine a tiny
fraction of a Bitcoin — it may take days to mine enough to purchase anything.
To
tackle that problem, there are now mining pools. Miners around the world can
band together to combine the power of their computer systems and then share the
profits between participants. The most popular one is Slush’s Pool,
where smaller, more steady payouts are given instead of a lump sum.
9.
Where you can use Bitcoin
There
are many places you can use Bitcoin to purchase products or services. There’s
no real rhyme or reason to the list, which includes big corporations and
smaller, independent retailers including bakeries and restaurants. You can also
use the currencies to buy flights, train tickets, and hotels on CheapAir;
upgrades to your OK
Cupid
profile; products on Overstock.com; gift cards on eGifter.
There’s a list on SpendBitcoins that shows all the places that
accept the cryptocurrency.
10.
The future of virtual currency
The
value of Bitcoin has fluctuated drastically throughout the last year, and there
are still 9 million of the coins out there in cyberspace. However, many
security issues remain, and that will continue to be a problem. In 2013, Mt. Gox,
a Japanese exchange, handled 70% of all Bitcoin transactions, but they lost some 750,000 Bitcoins in February 2014 and filed for
bankruptcy
, and nothing has been proven in the case. Since it’s
universal, it’s useful for international transactions, and could be helpful for
transactions in developing countries.
Some
experts suggest putting a few aside if you have them and see what happens in
the coming months and years, because there are sure to be regulations on the
currency soon. With businesses jumping on the bandwagon and investors becoming
interested in cryptocurrency, look for momentum to grow, but it will take time
for the situation to stabilize as governments, the international community, and
the people of the internet decide on how the next generation of currency will
transition to a digital world.

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Building a Bitcoin Economy: how to stimulate adoption

This how-to guide is part of a series written by director Andrew Wagner on behalf of the Bitcoin Co-op.
Think you have what it takes to be a real Bitcoin
evangelist? Want to learn how to start your mission into the world of
fiat economics? Having preached the good word of Satoshi to laymen of
all kinds, I’ve made my mark and learned a lot about promoting crypto
adoption. Before you begin your journey, take a moment to read and learn
about the science of Bitcoin evangelism.
Most cryptocurrency initiatives require one of two
things: intellectual capital (to code the software and design the
systems that make everything work) and financial capital (to pay for
hardware, commercial space, legal fees, and intellectual capital if it
is lacking). Adoption is probably the only field of the crypto industry
that requires cultural or social capital, at least at the grassroots
level. But what does that mean in practice?
The first step on your mission is to assess the
connections you already have. In my case, that was a network of notable
Vancouver Meet Up groups, and a job as a venue promoter. At first you
won’t have existing merchants to refer to as references, so you’re going
to need to find people who really trust you. Plenty of free solutions
to accept exist, and once they realize the advantages of cryptocurrency,
they’re likely to stick with it.
Those advantages, however, are not enough. The
superiority of accepting payments via Bitcoin is meaningless if nobody
is spending their bitcoins. Even if Bitcoiners prefer to spend
fiat–maybe because the price is on an upswing–just bringing their
business to the adopting merchant provides the necessary incentive, and
there are a number of ways you can do that.
This is where experience as a Meet Up organizer will
come in handy. If you’re not a member of your local cryptocurrency Meet
Up, already, become one, or start your own group if none exists.
Community pages at Facebook and Google Plus will also help. Since all of
the businesses I signed up were event venues like coffee shops,
restaurants and bars, I was able to bring them business directly by
holding Meet Ups at their locations. Even for non-venue businesses,
though, a community allows you to connect producers to consumers and get
the word out.
Once you have a network in place, set about bringing
more businesses on board, and that network should grow. In addition to
the natural benefits of cryptocurrency, you now can now promise
additional benefits in the form of direct customers–look for businesses
likely to be open minded, like those already hosting Meet Ups or listed
on websites like GroupOn or LivinSocial. Each new adopter you post to
social media will bring more Bitcoiners into the fold, which in turn
increases the amount of business (and incentive) you can provide.
Eventually, your following should grow to the point that
you can bring more customers indirectly via publicity than you can
directly. You should probably have a couple local reporter contacts, by
now. New crypto Meet Ups and splinter groups will form, and inevitably
the majority of events and merchant connections will be initiated by
people other than yourself. This is natural in community building, and
even moreso in a community based on techno-libertarian roots–don’t be
discouraged.
Just go with it, take a step back, and use your newfound
marketing power to promote those working together for the cause. If you
maintain an honest, non-profit-focused campaign, you will become the
face of this new community; forward media inquiries where appropriate,
and engage positively with the mainstream media. Soon you’ll be ready to
take Bitcoin adoption to the next level.

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bitcoin all time high

Why simplicity is best for bitcoin growth

With the many people who have boarded the bitcoin train
lately, and bitcoin acceptance growing each and every day, security is
still of paramount concern and for those new to bitcoin or wondering
about buying some, there are still many doubts and uncertainties, which
hang over them.

Bitcoin questions(BitScan) Bitcoin
is a fascinating technology and our job as users is to keep it safe. I
had a friend tell me this weekend that bitcoin was “too hard for people
to learn.” I reminded him that email is used by so many people and that
less than 10% of those who use it, understand it all. The same will go
for bitcoin.

Often these newcomers to bitcoin are overwhelmed with

It is not surprising it all sounds too complex to even begin to understand and get involved.

The email analogy

Imagine if I had told you when email was starting that there was this
cool electronic mail available now and I think you should check it out.
To that, you ask, “How does it work?” I could answer you in two ways:

1. “You type out a message, put in the intended recipients address, and click send.” Or

2. “To start, you go to your mail user agent, or your MUA. You
address your message to the intended recipient and click the “send”
button. This causes the MUA to format the message using Simple Mail
Transfer Protocol, or SMTP and delivers the message to a local mail
submission agent, an MSA that is located at an SMTP address that is run
by your ISP.

email and bitcoin

Your MSA looks at the destination address provided in the SMTP
protocol, starting with the part before the @ sign, which is the local
part of the address and often a username, and then the part after the @
sign, which is a domain name. The MSA resolves a domain name to
determine the fully qualified domain name of the mail server in the
Domain Name System or DNS. The DNS server responds with any MX records
that are listed as the mail exchange servers for that domain.

SMTP transfers the message and your recipient then needs to press the
“get mail” button in his MUA, which picks up the message using either
Post Office Protocol also named POP3 or the Internet Message Access
Protocol or IMAP. It’s easy as pie!”

I wonder how many of us would have forged ahead with email had the
second version been the usual explanation given. Bitcoin is still in its
infancy and products will be coming along as well as solutions to make
it easier on the user. Much like Outlook and Google made email easier,
so too will product developers and businesses make bitcoin easier.

Keep It Simple

So, when talking bitcoin, keep it simple.

Think about what it can be used for and how it can benefit the newcomer:
that It is potentially the future of commerce, it is instantly transferred anywhere in the world for a low fee
and it provides a way for you to become your own bank.
Extra details can be added as required and if the interest is there.

Allaying Fears

One of the main worries that anybody, new to or expert in bitcoin
has, is over security and potential theft. With hackers and their tools
getting better and faster with each day, we must protect ourselves now
before it it’s too late.

First, line of defense is a secure password.
NEVER use the same password on more than one site. You may end up
giving a scammer universal access. So now they have your bitcoin, and
passwords to all your online wallets, exchanges, email and more.

An easy and free solution might be LastPass. It is a simple and
effective way to manage all of your passwords as it stores your entire
password, encrypted on your device and all you need is to remember one
master password. There are other options as well. Do a search for
password managers and make sure they are secure and reputable.

The take away here is every password you have should be unique, at
least 15 characters with some of each upper and lower case letters,
numbers and symbols, and not contain dictionary words, names or places.

There are other safety steps that can be taken including storing bitcoin offline or in a paper wallet. See what the creator of bitcoinpaperwallet.com has to say here.
All these measures can be used when greater amounts of bitcoin are
involved but for ease of use for a new user with a small amount, finding
the best bitcoin wallet or wallet app is key.

Your Bitcoin Wallet is like the wallet in your pocket – except you
have the private key for that wallet – so it is incredibly difficult for
anyone to steal your wallet and make use of the bitcoin without your
private key.

Together

The more people who are encouraged to adopt bitcoin, the stronger and
more normal it becomes. There are no regulators for bitcoin,
decentralization means that the bitcoin community has to keep its own
house in order. By sharing information and spreading the word the
community can help bitcoin in its progress. By helping each other stay
safe, the bitcoin horror stories can be kept to a minimum.

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What is a Bitcoin address and how do you sign it?

(BitcoinMagazineShort Answer: A Bitcoin address is a unique number that “holds” bitcoin currency. You use the address to receive and send bitcoins.

Medium Sized Answer: A Bitcoin address is the public
key half of the public-private key pair that enables the validation of
ownership of that address. WHOAH there, what in tarnation does that
mean??
Bitcoin addresses are created as part of a key generation process that
creates a pair of keys. They are a matched set, where one is public and
the other is private. When you “sign” a bitcoin address you are running
the public and private keys through an algorithm that checks to see that
those keys belong together. 
Usually signing is talked about in the
context of a message. Someone sends you a signed message and you can
verify that the message came from the genuine person. You can verify the
message because it was signed with their private key and you match it
to their public key. When sending bitcoins the signed message is a
portion of the bitcoin transaction and you do not explicitly see the
message, it is just part of the transaction. This lets you validate the
ownership of the address. The transaction (the transfer of value) was
signed with the owner’s private key and you check that it’s valid using
their public key.
A little diversion – public key cryptography is a really cool
technology developed in the mid 1970′s. The amazing thing about
public-private key pairs is that everyone can know the public key and
the owner of the private key can prove that he is the owner of the
message sent with the associated public key. For more information on PKI
(Public Key Infrastructure) upon which much of bitcoin’s security is
based see Mike Hearn’s (a core bitcoin developer) great description of
many issues in “Why you think the PKI sucks…but can’t do any better“.


A Longer Story: Let look at the sequence of actions
to create and then use the key pairs. First we need to generate the key
pair, which will result in two keys the public and private keys. The
Bitcoin address is actually a form of the public key (it’s a hash of the
public key). From the Bitcoin protocol specification at:
https://en.bitcoin.it/wiki/Protocol_specification#Signatures
A bitcoin address is in fact the hash of a ECDSA public key
Since anyone can know the public key and really the Bitcoin address
is the public key, it’s perfectly OK to give out the Bitcoin address.
So
now we have a Bitcoin address, what’s next?
Let’s say that I want to get paid for something, say writing this
article! I can advertise a Bitcoin address, and since you are all so
thrilled to read this, you have an overwhelming urge to send me some
coins. You would open up your Bitcoin wallet, enter my address as the
address to send bitcoins to; click send; and I would happily receive
some bitcoins. 
Recall that I and only I have the private key matching
the public key (address) which enables me to be the only person that
could spend the bitcoins I just received.
If you wanted to double check that I was actually the owner of the
address before you sent me coins you could ask that I send a signed
message associated with address proving it’s mine. I could create a
message and sign the address. You would then take the message I sent,
and put it into your wallet along with my address to prove that I am the
“owner” of the address. Bitcoin wallets usually contain this message
signing and verification functionality.
An address is used to “hold” bitcoins, however the concept of an address
holding bitcoins or that you are the “owner” of a Bitcoin address is a
misnomer. 
Recall that the address is one half of a public-private key
pair. The reason you “own” an address and have control over the coins
associated with that address is simply that you also know the other half
of the public-private key pair, the private key. If someone else learns
the private key to an address then that person has just as much control
and “ownership” over the address, as you. In other words that person
can spend your bitcoins. The solution is quite simple, make sure you and
only you control the public keys to your bitcoin addresses. From a
practical point of view this means that you create a good, not easy to
guess, Bitcoin wallet password, and/or keep it in a safe place. Some
excellent security practices are outlined at the Bitcoin Foundation’s
site at: https://bitcoin.org/en/secure-your-wallet.
Since Bitcoin addresses are one of the cornerstones to using Bitcoin, it
is instructive to play around with addresses to get a better
understanding of just what exactly a Bitcoin address is all about. A
particularly good website to play around with is bitaddress.org.
After generating a new Bitcoin address play around with the various
options and observe the public and private keys it generates. Just don’t
go putting real bitcoins into an address while also displaying the
private key. Keep the private key private!

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