(NewsBTC) The duo — who infamously won a multimillion dollar settlement from
Facebook following claims Mark Zuckerberg had ripped off their idea —
says that bitcoin could very well become bigger than Facebook, says The Guardian.
The Winklevoss twins are betting big on bitcoin. |
Facebook, of course, is the world’s largest social network — with a user base exceeding one billion.
The two came to learn about bitcoin whilst on holiday in Ibiza, saying they were “fascinated from day one.”
And while bitcoin’s $5.67 billion market cap doesn’t come close to
touching Facebook’s $150 billion cap, the Winklevosses put their faith
in the digital currency for the reason that it has more potential to be
more impactful than a social network.
“Bitcoin potentially could be more impactful because being able to
donate 50 cents to someone across the world has more impact than
potentially sharing a picture,” said Tyler Winklevoss.
“But they’re very different. Facebook is like the internet – a large
company and an application. Bitcoin is a protocol for decentralisation,
so you could build a decentralised company on top of it, a stock market.
It’s an internet of ownership, so it’s not quite a direct comparison.”
For critics who point to bitcoin’s volatility as a reason it can
never be widely successful, the twins say that’s basically a
non-statement.
“Unregulated assets with unclear regulatory landscapes are always
going to be volatile. That’s what unregulated assets do,” said Tyler,
who points to the early days of the Internet as an example of a
technology that can go from an enthusiast’s interest to a worldwide
phenomenon.
The twins, who are working on the own bitcoin ETF (and also recently launched a price index) predict that this is the year Wall Street becomes heavily involved in the bitcoin-o-sphere.
Already, we’re seeing incredibly amounts of investor interest,
especially in the wake of two major price spikes that eventually brought
the price of bitcoin above $1,000 late last year.
The Winklevosses are estimated to own one percent of bitcoins presently in circulation.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Image via Bees Brothers |
Hailing
from Cache Valley, in northern Utah, three brothers between the ages of
11 and 15 have their own successful honey business at home in the Cache
Valley.
“We’re three
tech tweenpreneurs, also known as The Sabra Sisters. We were born in
2000, 2001 and 2003. We’ve been blogging since 2008, started making
money online in 2010, [and] became bestselling kindle authors in 2013.”
“My sisters and I split up the various tutorials so everyone had a share in spending bitcoin and having fun. ;-)”
“We rarely look at each individual title, but two books are our bestsellers making up nearly 40,000 of those downloads: ’Science Projects for Kids’ and the ’My First Smoothie Recipe Book’.”
Reddit
user DorkusPrime came across young entrepreneurs Mia and Taylor in
California back in January in the Noe Valley neighbourhood of San
Francisco. He posted a photo of the two little girls at their cookies and lemonade booth and it quickly became something of a web sensation.
“It was something funny that happened in my childhood – I used to not eat certain foods and we would say ‘are you scared of a blank?
I would say ‘no’ and we would keep joking around with it. A few years
later, we started thinking about making a book about it.”
“Well, you can’t buy anything unless you have a job, so I might be an entrepreneur … or maybe sell toys to kids.”
And
finally, let us not forget the enterprising college kid who, in early
December 2013, made it onto TV holding up a sign with a bitcoin logo and
wallet QR code at ESPN’s ‘College GameDay’ game.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
It may take years before Bitcoin makes any noticeable dent in
Citigroup’s profits, but Bitcoin’s existence alone raises some
uncertainty about the future of such financial institutions and their
profit margins. Some players like Western Union have already been forced
to drop their fees drastically in response to Bitcoin’s extremely low
transaction fees.
The question is where does all that money pulled out of the stock
market will go? Many investors like Kevin O’Leary publicly said that
they’ve put a few percents of their money into Bitcoin already. His
Bitcoins were without a doubt his best performing asset in 2013. It’s
likely that most billionaires pulling out of the stock market will put a
small part of their wealth into crypto currencies as it’s highly
independent from other assets which is important for healthy
diversification.
Let’s just see how much money are we talking about. Let’s assume only
a fraction of those stock dollars will be funnelled into cryptos. Half
percent of NYSE’s total market cap is 83 billion dollars.
If 70% of that 0.5% would flow into Bitcoin it would increase BTC’s
market capital 7 fold raising the price of Bitcoin to over $5,000. If
10% of it went to Litecoin it would increase LTC’s market capital by 13
times raising the price to $325. And we’re talking about just 0.5% of
one stock exchange in the world.
Potentially it is also possible that the crash of stock market prices
will scare crypto currency investors too. Although, it’s hard for me to
find a plausible reason why this would happen.
It will be interesting to see how the predicted decline in the stock
market will influence the valuation of the popular crypto currencies.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
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.
(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.
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.
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.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
The blockchain is a hard concept to wrap one’s head around because it describes a system for which no analog exists today, and it runs counter to everything we know about how trust works. In today’s world, trust can only be assigned or transmitted by an individual or organization. The idea that one could safely send money from point A to point B, and have that transaction fascilitated by potentially millions of agents without you knowing who those agents are, what motives they might have vis-a-vis your money, whether they are nefarious or not, is an anathoma. But that is exactly what the blockchain helps enable.
With the blockchain, trust stems not from the reputation of an actor or collection of actors, or from a process or set of controls that abstracts power and authority away from individuals. Nor does trust get transmitted through a graph of friends, or from an external auditor who can vouch for a claim. Instead, we place trust in a design pattern. But what does that mean, to trust in a design pattern? To answer that, let’s look at another decentralized system we have all grown to trust so much that it has transcended the need for trust entirely, and just is: the Internet. The Internet has no governing body or centralized authority. There is no mastermind responsible for making sure some secret collection of computers are plugged in and working. There is no facility that if compromised could “take down the Internet.” No, the Internet works because of a design pattern that dictates that data should move the same way between networks, as it does within networks. So if a network wants to take advantage of the access and opportunity afforded by the Internet, all it has to do is connect, and in so doing it begins contributing it’s own resources to the benefit of the whole, further decentralizing it, making it faster, and making it more resilient.
We take all of this for granted without knowing how this system works. But if you look back to your own history, assuming you were around when the Internet had it’s tipping point, I bet you will find a moment where you had to take a leap of faith. A moment when you had to drop AOL for a generic Internet Service Provider who provided no information services of their own. Of course, the later you made this leap of faith the easier the choice was to make because you were entering an increasingly useful and utilitarian landscape of services – companies like CNet, Excite, Yahoo!, Excite, and others. And the more companies that began building their businesses ontop of this infrastructure, the less and less people cared about the fundamentals of how it worked. The proof was in the pudding.
The blockchain today is operating in a time not that dissimilar to the Internet in the 1990’s. Consumers are baffled and confused by how a decentralized finance system could even function, while a growing number of people led by technologists, futurists and entreprenuers see the potential for ideas and companies that heretofore had been impossible due to the economics of a centralized system. But slowly, as more and more people take their own personal leap of faith, more and more people will stop caring about how it works, and just accept that it does. By then we will no longer be talking about “a blockchain,” but rather an Internet of Blockchains. And no longer will our computers simply connect to the Internet, they will contribute their computing cycles to an untold number of micro-economies that will power far more than even they are aware of.
Open your free digital wallet here to store your cryptocurrencies in a safe place.