Tag Archives: Bitcoin

What Does Bitcoin & Blockchain Have to do with Cruising?

 

Justin Connell,  an Associate Editor with the Bitcoin.com News team, wrote yesterday:

“Bitcoin was built on a platform without national boundaries,” the Former Governor of the Bank of China, L H Li, said on CCTV Tuesday in China. “If you want to kill Bitcoin, it will be an impossible task. So it will continue to exist. What is important now is that we should properly regulate it.” 

Rumors in China have led bitcoin exchange executives to expect “forthcoming official guidelines in the coming weeks” by PBoC (People’s Bank of China). “Such regulations could set a global precedent”, says Aurélien Menant, Founder, and CEO of Gatecoin, a regulated blockchain asset exchange based in Hong Kong. “China will probably beat Japan as the first nation to officially regulate cryptocurrency trading and exchange activities.”   

For the balance of the above interesting article, Click Here

Bitoin, blockchain, and crypto currency articles are prevelent today.   However, today I came across an article promoting a Blockchain Cruise.    Yes, I did say Cruise! 

"CoinsBank is proudly announcing the second annual event – the CoinsBank Blockchain Cruise 2017, which will be held at the best and latest cruise ship – Anthem of The Seas. This unique and extraordinary event will bring together the brightest minds, top speakers, media, fintech and blockchain industries representatives to discuss latest trends and shape the better future today, not tomorrow.

The CoinsBank Blockchain Cruise is aim to revolutionize and change the way of running traditional conferences. This is time to Walk not Talk! And let's do it with fun and the highest quality of world known service".

Cool new way of combining learning with relaxation.    Interested?   Need more Information?   I've got you covered ….. just Click Here

Bottom Line is that I believe the Bitcoin is here to stay.   There will be other crypto currencies that come and go, perhaps one day there will even be a crypto coin better than Bitcoin.   But for now,  I perceive Bitcoin to be the head of the crypto-coin pack!

 

Judy Curtis,
Contributor

Bitcoin: The End of Money as We Know It

Bitcoin has been around for a number of years now, but only in the last 6 – 8 months, have I seen more and more articles on Bitcoin.  The price has escalated from around $450 per Bitcoin last May until today’s price of just over $1000 per Bitcoin.

To gain a better understanding of Bitcoin and how it can and does affect financial matters around the world, one can spend hours and hours using Google to find an abundance of articles and videos on the subject.  I have come across a documentary video which provides a very informative and interesting insight on not only Bitcoin, but the financial system in general.  I offer it here for your viewing pleasure.

BITCOIN:  The End of Money as We Know It

It is my hope that you have a better understanding of Bitcoin and it’s importance to our financial future.  While I don’t think that paper currency will be obsolete in my lifetime,  I do think it is a good idea to educate one’s self with Bitcoin, blockchain, ledgers and the rest of the terminology that goes along with digital currency and perhaps get acquainted with how to set up a wallet and make a purchase of Bitcoin.

 

Judy Curtis,
Contributor

 

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What’s in a Name? From Bitcoin to Blockchain to Distributed Ledgers

What’s in a Name? From Bitcoin to Blockchain to Distributed Ledgers

(@nelsonmrosario) | Published on February 11, 2017 at 15:42 GMT

Opinion
 

Nelson M Rosario is an intellectual property attorney working as an associate at Marshall, Gerstein & Borun in Chicago. He has years of experience working on patent prosecution matters in bitcoin/blockchain and fintech, as well as other areas.

In this CoinDesk opinion piece, Rosario ponders why we have developed so many terms for what is effectively the same technology – bitcoin.

“What’s in a name? That which we call an electronic payment system based on cryptographic proof instead of trust by any other name would smell as sweet.”

– William 'Satoshi' Shakespeare (probably)

In the beginning, there was 'bitcoin', and it was good. But, bitcoin would end up bearing a nomenclature fruit salad that tests mortal comprehension. Perhaps, that is the natural way of things.

As a new technology develops, the number of people exposed to that new technology increases, and the language used to describe the new technology evolves.

Initially, the language was limited to bitcoin. Now a person is liable to see any of the following words or phrases that theoretically all mean different things: bitcoin, Bitcoin, block chain, blockchain, Blockchain, private blockchain, public blockchain, distributed ledger technology, distributed asset ledgers, decentralized ledger technology, shared ledgers, et al.

Further confusing the matter, the term bitcoin may not always mean the same thing to different people. What happened? Why the change in language?

First, bitcoin has the word 'coin' right in it. This naturally makes people think of currency. Not surprisingly, bitcoin use as a currency is far and away the most successful iteration of bitcoin. The applications for bitcoin are not, however, limited to currency.

This is where much of the confusion arises. Intuitively, the currency implementation for bitcoin (with the word coin in it) makes sense. Trying to convince someone that bitcoin can also be used for purposes as diverse as asset transfers, escrow services, or logistics management is not so straightforward.

Bitcoin also suffers from an image problem. The early publicity surrounding bitcoin included scandals, thefts, a euphoria akin to the Tulip bubble, and in general, bad press. 'Fake internet money', as some people called bitcoin, did not inspire confidence amongst the masses.

Additionally, the main advocates for the new technology were unpolished and unproven. Often if someone had heard of bitcoin they had heard of the failed Mt Gox exchange, or they assumed bitcoin was something a person used to buy illicit drugs or hire a hitman. The reality was not that far off.

How do you get people to forget about the failed exchanges, drugs, and hitmen? Get them to focus on 'the technology underlying bitcoin', and get them to think about the other potential implementations. Once the conversation moved beyond currency, people started searching for a new word. That search led them to the blockchain.

The rise of the blockchain

Negative publicity and conceptual confusion laid the groundwork for people to begin to refer to the blockchain as the real innovation to come out of the bitcoin phenomenon.

The blockchain is a chain of transactions that makes bitcoin possible. The term refers to a collection of bitcoin transactions grouped together into blocks and linked through cryptography. This linkage is part of what makes it virtually impossible to fake bitcoin transactions.

In a sense, the blockchain provides true decentralized trust and distributed consensus, but the rebranding, or reorienting of people’s attention, to the blockchain and away from bitcoin may be just a clever marketing trick.

Many people argue that you cannot separate the blockchain from bitcoin. The thinking is that you cannot break up bitcoin into its component parts because the parts by themselves will not work the same way independent of each other. In other words, the whole is greater than the sum of its parts. Regardless of whether this is correct, that is precisely what people have done.

Once the power of bitcoin became apparent, we started to see article after article touting the 'real innovation' behind bitcoin. Respectable and well-established firms began developing blockchain solutions to their problems.

People consistently discredited bitcoin as boring, while extolling the virtues of the multifaceted blockchain. Large banks, financial exchanges, and the 'Big Four' consultancies all rushed to publish reports on blockchain technology. The hype train that left the station heading to Bitcoinland was diverted to Blockchainville.

There are now hundreds of blockchain startups. Problems related to back end services for large institutions, digital identity, asset transfer, escrow, and logistics, are all being tackled by blockchain solutions. Even tracking pork along a blockchain has been proposed. These companies are doing truly innovative work.

However, to many observers the term 'blockchain' is still conceptually associated with bitcoin. So, if a company describes an innovation that leverages a type of blockchain they have to distinguish it from bitcoin and the bitcoin blockchain. How do blockchain companies talk about what they are doing without referencing bitcoin, or other blockchains? The solution is to talk about ledgers.

The arrival of distributed ledger technology

A ledger can record transactions between multiple parties. The ledger concept is a main building block of bitcoin and any blockchain. Ledgers also benefit from the fact that they are commonly thought of as boring, safe, and dependable tools in an accountant’s toolbox, as opposed to the technological innovation that makes bitcoin possible.

What better way to put thoughts of bitcoin and blockchain out of people’s minds than insisting that you are only talking about ledger technology? Thus, the conceptual chain to bitcoin was broken.

However, there remains considerable debate over whether this is feasible or even desirable. To early adopters, bitcoin is a monolith that cannot exist without distributed trust, consensus, and immutability, but many new industry entrants view the technology as an a la carte buffet. They are free to decide between many concepts including: permissioned vs permissionless, public vs private, tokenized vs no token, etc.

Today any institution or organization that refers to ledgers is free to discuss bitcoin or blockchain related concepts, without the supposed taint of bitcoin. Even the Federal Reserve Board (of Federal Reserve Bank fame), has touted ledgers in their recent report on “Distributed Ledger Technology.”

Over the past two years, hundreds of new blockchains and ledgers have been created. They all draw on the root concepts of bitcoin, but their purposes and the lingo used to describe them have diverged widely. This conceptual repackaging, and public relations approved language replacement, is likely to continue for some time.

What does it all mean?

This story has gone from bitcoin to blockchain to distributed ledger technology. There are companies that operate in all of these spaces, or only one of them.

Outside observers are forgiven if they struggle to keep up with all the different terms. Yet, through all of this evolution and upheaval, bitcoin has remained central to the discussion. Whether bitcoin, the blockchain, and distributed ledgers will be adopted and thrive or consigned to the ash heap of history remains to be seen.

The fact that bitcoin has undergone repeated repackaging is a testament to the strength of the technology. Other blockchains or related technologies may rise and fall, but bitcoin’s inertia and first-mover advantage will continue to make it the most relevant cryptocurrency, blockchain, and ledger.

Evolution image via Shutterstock

Disclaimer: The views expressed in this article are those of the author and do not necessarily represent the views of, and should not be attributed to, CoinDesk.

 

Credit is given to Nelson M Rosario for this informative article.

 

Judy Curtis,
Contributor

Bitcoin Price Sinks Below $1000 as Exchanges Cut Services

Bitcoin Price Sinks Below $1,000 as Exchanges Cut Services

(@mpmcsweeney) | Published on February 9, 2017 at 13:51 GMT

 
 
 

Bitcoin's price has fallen sharply, dropping below $1,000 amid news from China that major exchanges had temporarily cut services.

At press time, prices were down more than 7% after word emerged this morning that two of China’s biggest bitcoin exchanges – Beijing-based OKCoin and Huobi – are freezing bitcoin and litecoin withdrawals for a month following pressure from the People's Bank of China.

Yuan deposits and withdrawals are not affected, the exchanges said.

Markets had been hovering around $1,063 when the news broke, though this has now changed as the market seeks to price in the news.

According to the CoinDesk USD Bitcoin Price Index (BPI), prices fell as much as $80, hitting a low of $958.56. BPI data shows that prices had previously hit a high of $1,077.76 earlier today.

At press time, bitcoin prices are at an average of $988.

CNY-denominated markets were down more than 13% from their peak on the news at one point, according to the BPI, falling from a high of ¥7,598.92 to an average of ¥6,755.52.

However, the price was up 5% on the day at press time, indicating traders were perhaps viewing the news as a buying opportunity.

Real-time response

So far, market observers appear to be reacting with a mixture of surprise and concern when reached for comment.

OTC trader Zhao Dong indicated that he expected further price weakening stoked by traders "since you can only deposit coins and sell" in light of the exchange policy changes.

Kong Gao, overseas marketing director at OTC trading firm Richfund, remarked more simply, stating:

"This is big news."

CoinDesk will continue monitoring this developing story.

Credit given to Stan Higgins who wrote this article for CoinDesk.

 

Judy Curtis,

Contributor

 

Bitcoin – A Quick Explanation & Why I Should Trust It.

Bitcoin – A Quick Explanation

QUESTION:   Why should I trust bitcoin?

ANSWER:   Here are the real questions you should be asking.

Why are more than 150,000 companies in the USA and more than 750,000 world wide accepting Bitcoins as a form of payment?

Why are individuals like Bill Gates and Richard Richard Branson investing millions of USD in Bitcoin?

Why are many governments adopting Bitcoins – Russians, Chinese, Japanese, etc. ?

Why are many companies investing millions of USD in Bitcoin?

Why are many lives still not changed by Bitcoin mining?

The answer is simple!  It’s a personal choice. You move with the times or you stay in the past. Bitcoin is going to be bigger that the internet.

Look at what happened to the Post Office when emails were introduced? Our libraries when Internet took over? What’s going to happen to Paper Money when Bitcoin or Crypto-currencies are the only currencies in the future?

Here’s the answer.   Everyone is going to use bitcoin or other Crypto-currencies. Only difference is that you will only be a user if you don’t get involved early. Just like with Facebook and the internet… many are mere USERS and they don’t have shares. If they had been involved earlier they would be shareholders.

 

Judy Curtis,

Contributor