-

How to Buy Your First Cryptocurrency Coins (Ethereum, Bitcoin, Litecoin, and Ripple)

Posted on Updated on

Here’s a basic guide and recommendations for where to safely buy digital currencies like Ethereum.

CREDIT: Shutterstock

Cryptocurrency (digital currency) is taking off this year. New millionaires are being made almost daily as Ethereum, Bitcoin, Litecoin, Ripple, Stratis, and other cryptocurrencies reach all-time highs. It is becoming somewhat of a modern-day gold rush.

As I write this, Bitcoin’s “market cap” is $37 billion, with a value of $2,281 per Bitcoin. For a coin that was once worth only pennies, Bitcoin investors have made serious money in the past few years.

Bitcoin might be the oldest, but it’s not the only cryptocurrency on the block. In fact, the majority of people getting into cryptocurrency are flocking to Ethereum. Ethereum has had the most impressive gains this year after recently being the first cryptocurrency to be backed by major corporations such as Microsoft, Samsung, JPMorgan Chase, and others in what’s being called the Enterprise Ethereum Alliance. Ethereum does for code and programming what Bitcoin did for financial transactions. For simplicity’s sake, think of Ethereum like a more advanced and sophisticated Bitcoin backed and utilized by major corporations because of its technological advances and clear pathway to building a decentralized internet.

One Ether (Ethereum’s crypto token) was worth as little as $12 earlier this year, but the cryptocurrency is now worth $228 per coin with a total market cap of $21 billion. Ethereum is slowly but surely making gains on Bitcoin’s market cap. Many spectators believe that “the flippening” will happen sometime this year, in which Ethereum becomes the most valuable (market cap) cryptocurrency in the world, overtaking Bitcoin in total value (total number of coins times price per coin).

Ethereum isn’t the only new coin on the block, but it is definitely the most promising. Others to watch that I will explain and write about in future articles include Ripple, Litecoin, Statis, and Siacoin. All these coins have something unique and technologically innovative about them.

How to Buy Your First Cryptocurrency Coin

Buying cryptocurrency is confusing for a lot of people. It’s not a stock or a typical “investment.” It’s not like anything most people have ever seen or experienced. You don’t get shares; instead you get digital coins or tokens. The coins are “better” than a paper dollar bill because they actually support a greater cause, as in Ethereum’s case, to build a decentralized internet and host code and apps on a decentralized platform. And coins help “fuel” that cause, so to speak, without getting technical.

For most people in the U.S., Coinbase would be the easiest option to buy Ethereum, Bitcoin, or Litecoin (it doesn’t support any others yet). After verifying your account, you can add a number of payment methods including credit or debit cards, U.S. bank accounts, or even wire transfers of funds. Other options for exchanges that will take U.S. dollars for coins are Kraken, and Gemini in the U.S. Typically you will need to verify your account with a driver’s license and add other details to expand your buy limits. Since cryptocurrencies are “hard currencies,” the exchanges don’t want to risk getting ripped off, since you can’t reverse a cryptocurrency transaction once it’s done.

If you are looking for some of the newer coins that are making big movement but haven’t made their way to the aforementioned exchange sites, you can look into Poloniex or Livecoin. You can transfer Bitcoin or Ethereum to these platforms from Coinbase and then exchange it for any other digital currency that you want.

If you are outside the U.S., here are a few options for exchanges that take your local currency: BTC Markets (Australia), Bitthumb or Coinone (Korea), CHBTC or Huobi (China), and QuadrigaCX (Canada.) You can find a full list on this page of where to buy Ethereum for your local currency.

Advertisements

The Rise and rise of Bitcoin

Posted on

The Rise and rise of Bitcoin

The story behind the world’s newest and potentially most powerful currency.

When he discovered the crypto-currency in 2011, it opened up an uncharted world of new possibilities for him to explore.

“It’s fascinating to imagine what it means to have global decentralised money,” he says.

In this two-part documentary, we go inside the complex world of Bitcoin to explore the social and political impact of an open-source digital currency and ask if it could create a monetary paradigm shift that will forever change the world.

What is Bitcoin and who invented it?

Bitcoin, much like the internet in 1994, is not easily explained or understood. Its advocates compare the technical innovation with that of the World Wide Web. But while the internet changed the way people communicate, Bitcoin changes the way people view and use money.

My concern is how the governments will react. They can’t kill or stop Bitcoin, but they could impede it and they could get in the way of its development.

Erik Voorhees, Bitcoin entrepreneur

Bitcoin was created to provide an alternative to the banking system. It is an open accounting system that allows thousands of computers from around the world to track ownership of digital tokens – the Bitcoin – as part of a purchase transaction.

All transactions are visible to Bitcoin users and, once verified, are logged in a public ledger called the “blockchain”. The “blockchain” records every Bitcoin transaction since the launch of the system and every user has a copy of the transactions.

This is the primary difference between Bitcoin and the current finance banking system. While physical currency is issued through a central authoritative agency, Bitcoin is a peer-to-peer system.

Bitcoins are awarded to “miners” – computers specialised in processing and verifying Bitcoin transactions – as a reward for their work. This is how new Bitcoins are released into circulation.

Satoshi Nakamoto is the founder of Bitcoin. An online profile with a currently unconfirmed physical identity, Nakamoto first announced the development of the Bitcoin system in an online forum in late 2008. Despite his cryptic online presence, programmers and developers around the world immediately recognised the intelligence behind Nakamoto’s peer-to-peer design, and worked with him to further develop Bitcoin.

In October 2009, a first exchange rate was published, listing the value of 1,309 Bitcoins at $1. Bitcoins were cheap and throughout the following year they continued to trade for fractions of a cent.

The first known transaction with Bitcoin occurred in 2010 when a Florida resident offered 10,000 Bitcoins to anyone who would order him a pizza. One user in London agreed, making a long-distance phone call to a Papa John’s and cementing the first Bitcoin transaction in history.

Bitcoin was gaining momentum, but in order for it to thrive, the coins needed to be more widely accessible.

Tokyo-based Mt Gox was the first Bitcoin exchange on the market. By November 2010, four million Bitcoins had been mined. The exchange rate briefly spiked to 50 cents a coin. The market awoke and Bitcoin started to look as if it had real potential as a global currency.

The renegade currency

Just a month later, the Bitcoin community received the attention it was looking for, albeit in all the wrong ways. As WikiLeaks released top secret US diplomatic cables to the world, and major financial institutions proceeded to block all transactions to WikiLeaks, one news article suggested that Bitcoin would be the perfect solution to the blocked donations.

I don’t know how the government will react to Bitcoin. But I spend thousands of dollars on lawyers every day just to make sure that I’m not going to go to jail.

Charlie Shrem, CEO BitInstant

Satoshi Nakamoto slowly disappeared from all forums – and was never heard from again.

Just months later, the Silk Road anonymous market was launched. This was an online black market dealing in highly illegal substances, including drugs and other illicit goods. Silk Road dealt exclusively in Bitcoin, taking advantage of the near impossibility of tracking transactions.

The Bitcoin exchange price continued to climb. By February 2011, it reached parity with the US dollar, sparking an influx of new users and speculators.

In June 2011, after hitting $31, Bitcoin exchange dropped dramatically. The Mt Gox system was hacked, driving the price even further into the ground. As the value of Bitcoin hit the $2 mark, speculators labelled it the end of the dream.

Bitcoin today and for the future

In 2012, after months of stagnation, hacks and online theft, Bitcoin slowly climbed its way back on to exchange market boards.

By 2013, recognised websites such as Reddit and WordPress announced Bitcoin as legitimate means for transactions.

Months later, as Cyprus suffered the biggest financial crisis in its history and banks withdrew money from account holders, Bitcoin thrived. Bitcoin ATMs were set up around the island, validating Bitcoin evangelicals’ faith in the currency.

But while Bitcoin seemingly ensures users’ privacy and offers a more democratic financial alternative to conventional banking, the same privacy offers anonymity to illegal activity – such as the Silk Road market.

Regulators at the US Treasury have been wary about the possible dangers of Bitcoin, including possible funding of armed groups and money laundering – claims that are countered by many in the Bitcoin community and considered a means to control and suffocate the currency.

So, will Bitcoin weather the storm or fall victim to the “system”?

India’s First Virtual Currencies and Blockchain Conference

Posted on

Future Of Money

India’s first Meeting on Virtual Monetary standards, Balance tech and the Blockchain is being led on 23rd May, 2016 at The St. Regis Mumbai.

Power Hashing directors Abhishek Bhandhari,Amit Jaiswal,Abhishek Shrivastva attended this conference.

The conference included every senior authority of Indian government from ‪‎SEBI, ‪‎FINANCEMINISTRY, ‪CIBER Wrongdoing CELL, SENIOR ‪POLICE OFFICIAL.

‪#‎POWER ‪#‎HASHING administration is thinking from every single Lawful Angle for our partners so we can develop more in the most legal way.

Power Hashing is the main organization in India, having their own Bitcoin Mining set up. We were founded in 2015, and we work from a common objective with the force of CryptoCurrency.

Power Hashing Directors

Future Cash Meeting (India), 2016″, was aimed to unite thought pioneers from the business, law implementation and Government.

The meeting incorporates specialists’ sessions, board dialogs, verification of-idea, live demos and much more.

Subjects include:

Cash: from cowry shells to the blockchain

Bitcoin: Opportunities and Difficulties

Effect of virtual monetary forms on IRS evasion, terrorism financing and assessment avoidance

The lawful status of Virtual monetary standards: circumstance in India and worldwide patterns

Live Demo: Making and utilizing a blockchain

Blockchain: Opportunities and Difficulties

Utilizing a blockchain for controlling fake protection approaches

Monetary advances liable to disturb worldwide cash frameworks.

Japan Treating Bitcoin and Digital Currencies as Money

Posted on

Japan Treating Bitcoin and Digital Currencies as Money

Japanese banks are set for grasping Bitcoin after proposed new laws. Has Bitcoin finally come of age in the land of the rising sun?

On March 4, 2016, The Japan Times reported that the Cabinet in Japan had affirmed a progression of bills which would help the banking sector grow their reach with regards to Information Technology organizations. This interlacing of managing an account and IT are called “FinTech” in rising speech.

Curiously, the bureau likewise takes into stock the rising significance of virtual currencies and the new bills will remember them as a method for making payments and having the capacity to be digitally exchanged.

Japan has quite recently given virtual currencies standards authenticity, something that numerous different countries are as yet attempting to grapple with.

Attorney at Law, who has practical experience in Virtual Currencies, says:

“I think that new law will advance an acceptance of Bitcoin and other VC. Some of major financial institutions, investors, and advertising agencies etc. have hesitated being relevant with Bitcoin. The reasons are that Bitcoin is not regulated, the nature of it has been uncertain and some still have a bad impression on Bitcoin.”

Future of Bitcoin in the land of rising sun?

Japanese Accepting Bitcoin

The legislature in Japan is endeavoring to bring virtual currencies forms under the domain of the Financial Services Agency (FSA), the same Japanese organization which oversees exchanges that occur in Japan’s own currency, the Yen. This will likewise imply that there would registration of trades which handle virtual currencies forms went for avoiding government evasion and stretching out more insurance to the general population who use Bitcoin and other such coinage.

Kagayaki (Kaga) Kawabata, Business Development Lead at Coincheck.jp, says

“We believe this movement is positive for Bitcoin and the CryptoCurrencies communities. Since the Mt. Gox incident, the majority of people in Japan didn’t trust Bitcoin thinking that Mt. Gox was Bitcoin. People thought Bitcoin was money used for fraudulent activities. Legally accepting Bitcoin as similar to fiat money will change how people perceive Bitcoin and CryptoCurrency in general. This government’s move has a huge impact in helping Bitcoin to be acknowledged by the general public and will speed up an integration of Bitcoin by other businesses. Also, since Japan is one of the first countries to treat the Bitcoin as fiat money it is of major importance. It will be a great opportunity for Japan to show that they are actively pursuing innovative technology throughout the country.”

However, Takao Asayama, CEO of Tech Bureau Corp (Zaif Exchange), strikes a cautious note and says:

“Japan considers whole virtual currencies, including cryptos, as “circulation”.  It’s an extension of payment method.  The law requires certain capitalization and registration at the FSA, and forces segregated management of deposits to exchanges. However, it is not fully pictured how CryptoCurrencies can be segregated and audited.  The good part of this new law is that we can wipe off most of the fraudulent “HYIP coin schemes” but I am afraid that it will also eliminate small tech startups benefiting from crypto technologies.”

Bringing Information Technology to Banking

The banking sector in Japan would advantage the most from the proposed laws. As of now the banks in Japan are more liberal about Bitcoin than their European associates who appear to close the ways to individuals who are dynamic members in the crypto world.

Jeremy Wood, Co-founder and CSO of Input Output, a company which operates in Hong Kong and Japan, says:

“I think in some respects, the banks have already accepted Bitcoin. Japan doesn’t have the bank closings that happen to Bitcoin companies.”

So are the Japanese banks prepared to go out on a limb an immense and begin grasping Bitcoin?

Takao Asayama of Tech Bureau Corp (Zaif Exchange) thinks so and let us know that things began changing in January 2016 in light of the fact that before that in 2015 virtual monetary standards were, in his words, “Voldemort” to the banks in Japan. He says that in January 2016, Japanese banks began running analyses and began discussing CryptoCurrencies with “grins” to the media. Takao is of the perspective that they are inspiring prepared to embrace it as a piece of business when the law comes into power one year from now.

Kaga of Coincheck.jp likewise rings in with his view that subsequent to the declaration banks are demonstrating an enthusiasm for Bitcoin and other virtual monetary forms. He supposes this would mean more open doors for set up Bitcoin and CryptoCurrency trades. In any case, he feels that because of expanded controls new businesses may confront more trouble in entering the business sector.

Women may play a key role in Bitcoin adoption in Japan

Japan is special in the world of individual finance since numerous budgetary choices are taken by the ladies of the family. It is understood that numerous men get an altered stipend from their wives, who are for the most part homemakers. This remittance is known as ‘okozukai’ keeping in mind men can enthrall them with this cash, they for the most part have little say in the family unit funds. Japanese ladies are viewed as the cash directors and venture wizards. In a situation where loan costs are zero and below zero, the Japanese housewife is vigilant for new and fascinating venture choices.

Actually, Jeremy Wood’s, Co-founder of Input Output, Japanese wife’s curiosity about Bitcoin surprised him.

He says:

“I was very surprised when my wife told me she wanted to buy Bitcoin.The Japanese are interested. Even my wife’s mother was asking questions about Bitcoin.”

Jeremy thinks however that while Bitcoin would be appealing to the Japanese as a type of venture, he scarcely supposes they would utilize it for exchanges as Japan is an extremely money (paper cash) arranged society.

The Road Ahead

Japan has prepared for Bitcoin and other virtual currencies to assume a part in the nation’s money related framework. Along these lines these currencies can be better directed and oversaw inside the nation.

The innovation behind these currencies can likewise be used by the current banking system. This will absolutely give Japanese managing an account framework an edge on early selection. This doesn’t mean however that Bitcoin has a status parallel to the Japanese Yen.

Charles Hoskinson, Co-founder and CEO of Input Output, observes:

“In terms of a government’s perspective, until you can pay your taxes with it, it’s not on par with the government’s money.”

Notwithstanding, the new laws proposed by the Japanese bureau area to a great extent welcome step and something that different purviews can take motivation from.

 

Digital Currency Decoded – Craig Wright

Posted on

Digital Currency Decoded – Craig Wright

Australian businessman Craig Wright’s claim to be Satoshi Nakamoto, the anonymous inventor of CryptoCurrency Bitcoin, has led to a raging debate challenging its veracity. CryptoCurrency users and experts in the field have pointed to several loop holes in the digital proofs he has offered.

Gavin Anderson, Bitcoin foundation’s chief scientist at Amherst, Massachusetts, endorsed Wright’s claim in his own blog post. Those on the social news site Reddit requested Andresen to clear up the several questions this process of verification had raised – the revelation of the signature to a private audience.

“It is ridiculous that we are supposed to believe someone is Satoshi because he can sign a message and convince some people in private, but he won’t publish the message or signature to public, “write Redditor ‘gotamd’.

Craig signed a message that I chose using the private key from block number 1. That signature was copied on to a clean USB stick I brought with me to London and then validated on a brand – new laptop with a freshly downloaded copy of electrum,” Andersen clarified on Reddit. ‘Block Number 1’ is a reference to the first Bitcoin transaction, carried out by Nakamoto. Electrum is the name of software used for Bitcoin management.

American Cyber security expert Dan Kaminsky wrote a blog post rebutting every point made by Wright. “Of course the blockchain is totally public and of course has signatures from signatures from Satoshi, so Wright being able to lift a signature from here isn’t surprising at all. He probably would have gotten away with it if the signature itself wasn’t googlable by Redditors, “writes Kaminsky. Jerry Brito, executive director of research organization Coin Center, called the claims “convoluted” while speaking to US-based publication The Daily Beast.

Andresen says in his blog that he was flown to London to meet Wright and verify his claims. “Part of that time was spent on a careful cryptographic verification of messages signed with keys that only Satoshi should possess. But even before I witnessed the keys signed and then verified on a clean computer that could not have been tampered with, I was reasonably certain I was sitting next to the Father of Bitcoin,” writes Andresen.

Bitcoin Mystery

FAQ

What is CryptoCurrency?

It is a sort of digital currency that uses encryption for minting ‘coins’ and for carrying out transactions. The model works on unique codes generated by complex mathematical equations to avoid duplication. These do not have a regulating authority.

What are the Different kinds of CryptoCurrency?

Bitcoin is the most popular form of CryptoCurrency, with number of users expected to reach 4.7 million by 2019. Other kinds include Litecoin, Dogecoin, Peercoin etc.

Are these Legal?

Legal Status varies from country to country. In 2013, RBI said it had no plans to regulate Bitcoins, though it had earlier prescribed caution in dealing in them. A formal guideline is yet to come.
Can these be used in India?

Only with vendors who accept them. One can also pay overseas vendors that accept Bitcoins from India. Some Indian startups also offer Bitcoin ‘wallet’ services.

How much is 1 BT worth currently?

About 449$, as of Wednesday morning.

European Parliament Member: Everyone Should ‘Get Some Bitcoins’

Posted on

Screen-Shot-2016-04-22-at-12.11.31-PM-300x185

A European Parliament part conveyed an ardent discourse this week to a persuasive advisory group on buyer assurance as a feature of an at last fruitful battle to step toward executing new measures identified with blockchain tech.

Antanas Guoga, an EU parliament member who represents Lithuania, called blockchain a “perfect technology” as he talked before the Internal Market for Consumer Protection Committee, which is measuring whether to propel a proposition for a new virtual currency task force.

Guoga went on to encourage members to do their own investigation of bitcoin, telling the committee:

“I’m sure a lot of us politicians haven’t got any bitcoins at the moment and we’re trying to make laws for something we don’t understand. I would suggest everyone to get some bitcoins and really learn about the system. It’s a huge leap forward and a huge opportunity.”

 

The board of trustees allegedly went ahead to pass the measure with a ” huge majority ” of member support.

 

 

Push for task force

The measure asks the European Commission, the official arm of the European Union, to either make another “team” for observing virtual currency improvement or extend a current team to cover the innovation.

Ulrike Trebesius, pushed for a global standard of direction for the innovation, adding that notwithstanding supporting the production of the team, the board of trustees had likewise chosen to bolster direction on the advancement of other computerized record advances for non-budgetary applications.

“We have achieved a technology-friendly solution to virtual currencies…Europe needs innovation and we need to keep the innovators in Europe and enable them to reach commercial success,” Trebesius said.

Votes were thrown the day after the recently shaped European Digital Currency and Blockchain Technology Forum (EDCAB) held a roundtable arrangement for policymakers and industry pioneers in the European Parliament. The non-profit association spent quite a bit of this current week connecting with policymakers in front of the advisory group vote.

From here, the EU Parliament Committee on Economic and Monetary Affairs will consider whether to support the proposition too. A vote on the proposition will be hung on 26th April.

Bitcoin Price Breaks $450 as Global Markets Turn Positive

Posted on

Bitcoin

The cost of bitcoin broke past $450 this week, as business sectors encouraged in light of saw advancement encompassing the system’s piece limit difficulty.

The value breakout, which occurred as the computerized coin surged more than 6% in the seven days through 12:00 UTC on 22nd April, finished the example of the most recent a few weeks, when bitcoin vacillated to a great extent inside a tight range.

“Traders have been watching the psychological price barrier of $450 for a long time,” Joe Lee, founder of bitcoin derivatives trading platform Magnr, told CoinDesk.

He added:

“Now that was broken earlier in the week by every major exchange, eyes are on the bullish trend continuing with $480 and $500 as target prices for the three-to-six month timeframe.”

Volume still modest

Interestingly enough, bitcoin’s sharp ascent occurred in the midst of more unassuming week by week exchanging volumes.

Market members exchanged 12.96m BTC amid the seven days through 7:12 EST on 22nd April, as indicated by Bitcoinity information. As lately, OKCoin and Huobi were in charge of 49.46% and 44.6% of these exchanges, separately.

By examination, the ether markets experienced far less instability, finishing the week near where it began.

The token on the Ethereum blockchain system experienced 24-hour exchanging volume of $13.6m at around 12:00 UTC on fifteenth April, which plunged marginally to $13.4m by roughly 12:00 UTC on 22nd April.

These figures missed the mark concerning this advanced coin’s exchange movement in the course of the most recent month, as 24-hour exchanging volume came to $22m on 24 March and $15m on first April.

SegWit boosts outlook

The week’s most remarkable advancement was the arrival of the code for Segregated Witness (SegWit), a move up to the bitcoin convention that will permit obstructs in the blockchain to contain more exchanges.

This overhaul, which Bitcoin center engineer Pieter Wuille distributed nineteenth April, is relied upon to make bitcoin squares littler by putting away the part of each exchange containing an advanced mark in an unexpected way, when actualized.

In the event that the bitcoin group embraces SegWit, it ought to altogether build piece limit, giving a stopgap arrangement, spectators say, to what could be a proceeded with issue for the system if it need to suit more clients without extra top-level systems.

Be that as it may, bitcoin costs won’t surge until the more extensive group has received a hard fork arrangement, Tim Enneking, director of Crypto Currency Fund, an advanced money centered support investments, told CoinDesk.

Despite the fact that bitcoin designers have not yet pushed ahead with a hard fork answer for what some consider its scaling issues, numerous specialists underlined that SegWit’s discharge has positively affected both the business sector and group for the advanced money.

Petar Zivkovski, chief of operations at Whaleclub, enlightened CoinDesk concerning how dealer opinion changed after bitcoin’s sharp ascent pushed it above $440 on twentieth April.

“Trader sentiment at Whaleclub prior to [today] was predominantly short,” he said on 20th April. “Now we’re observing a 2.8:1, long-to-short volume ratio. This is 80% higher than the average 2:1 recorded ratio, so we have an 80% excess in long positions (bullish sentiment). This evolution in sentiment shows that many shorts have closed in a small period of time (hence a short squeeze).”

Sentiment turns positive

While Zivkovski supplied hard information, Christopher Burniske, expert and blockchain items lead at venture administration firm ARK Invest, addressed enhancing general supposition.

“Miners will soon be able to upgrade their software, and since it is a soft fork there is less fear, uncertainty, doubt around the process,” Burniske told CoinDesk, adding:

“In my eyes, this has collectively allowed a big sigh of relief for bitcoin participants.”

Lee, in turn, spoke to how SegWit’s release provides a blow to the arguments used by bitcoin skeptics.

“I believe that we are well on our way towards the plateau of productivity as the general public come to terms with the fact that bitcoin has not died despite repeated public media stunts,” he told.

%d bloggers like this: