5 most commonly asked questions about Bitcoin

1. What is a Bitcoin?
A Bitcoin is an electronic currency, AKA Cryptocurrency, that lives on the internet. There is no physical “coin” anywhere, just a string of numbers. It’s based on an emerging tech called block-chain, where the transactions are logged in a string of blocks, linked together to make a chain.
According to the Bitcoin website, “Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen”.
Bitcoin is pretty much like cash for the internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence, relates users.

2. What is the amount of Bitcoins out there?
There are currently 16.73 million Bitcoins in circulation. There can never be more than 21 million Bitcoins, ever. No actual circulation of these numbers can be seen, however, because some coins have been lost forever from theft and computer/human error. The number of new Bitcoins created per year is automatically halved over time until their creation is halted completely with a total of 21 million.

3. Is Bitcoin the sole Cryptocurrency?
No. There are over a thousand different electronic-based cryptocurrencies. There are 1,910 of them listed. Around which they sum up to $240 billion. There is a lot of money in these markets!

4. How to Buy and sell a Bitcoin?
Bitcoins can be bought and traded on exchanges, kind of like the stock market. Coinbase is one of the more widely known exchanges. Others include itBit and Gemini in the U.S. People are able to buy and sell Bitcoins with multiple currencies.

5. How do you store/save your coins?
The safest way to store your Bitcoins is to use what is called “cold storage.” This is where you store your reserve of Bitcoins offline. It could be on a USB flash drive or paper wallet. Then people can keep them in a safety deposit box or somewhere secure. The key is it’s offline and not connected to the internet, so no risk of being hacked. Some people do save them on their computers or on exchanges. there, hacking is a concern.

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Major Cryptocurrencies on the rise.

Cryptocurrency markets see a go sign after trading sideways at the beginning of the day. Nearly all top 20 coins are viewed to have minor gains.


Bitcoin (BTC) broke the $4,000 threshold, peeking the $4,010 mark. However, the leading Cryptocurrency is trading under $4,000 at around $3,981, having gained just around 1 percent over the last 24 hours with lowest price point of around $3,618.


Ethereum (ETH) is currently trading at a$147.62, rise with 2.5 percent. The altcoin is up around 20 percent from its price point of around $123. ETH is now up slightly over 18 percent month wise.


The third largest digital currency, Ripple (XRP), has gained 1.48 percent and is trading around $0.329 currently. By weekly chart, XRP has rose by 8.10 percent, with loss by 0.3 percent monthly basis. EOS meanwhile has seen upwards gains, up by 34 percent on its weekly chart and 56 percent over the month. Currently EOS is up by 7.76 percent over the past 24 hours and is trading at $3.83.


Binance Coin (BNB) and Tether (USDT) have reported losses over the past day, down 0.24 percent and 0.39 percent respectively. Among the top 20 currencies.


Cryptocurrency Tron (TRX) up by just 1.66 percent on the day and trading at $0.0251 at press time. With a total market capitalization of all 2,074 cryptocurrencies on CoinMarketCap is around $134.8 billion, up from $121.3 billion a week ago.


West Texas Intermediate futures hit a new high for 2019, up 1.5 percent at $56.92 per barrel, while Brent crude futures rose 63 cents, or 1 percent, to $67.08 per barrel, Andy Lipow, president of Lipow Oil Associates in Houston, said that “The oil market is supported by the OPEC and non-OPEC cuts from countries that are determined to see higher prices and supply disruptions.”

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Coinbase Key backup available on Google Drive and iCloud

Coinbase states allows users to upload their keys to a cloud provides a safeguard against lost keys, helping them to avoid losing funds in case keys are misplaced. The announcement notes:
“The private keys generated and stored on your mobile device are the only way to access your funds on the blockchain. Owners of ‘user-controlled wallets’ like Coinbase Wallet sometimes lose their devices or fail to backup their 12 word recovery phrase in a safe place, thus losing their funds forever.”


Now, users of Coinbase Wallet can store an encrypted copy of the recovery phrase on their cloud accounts. Coinbase notes the cloud services will have access to user funds, as recovery phrase key is unlocked by a password known only to the user. The backup is purportedly encrypted with AES-256-GCM encryption, accessible only through the Wallet mobile app.


Coinbase notes that, in addition to Google Drive and iCloud, giving support to other clouds in the future. The feature is an opt-in service that doesn’t replace or supersede the prime recovery option.


Canadian Cryptocurrency exchange QuadrigaCX filed for creditor protection by the death of its founder Gerald Cotten. He was reportedly the sole executive responsible for the exchange’s keys and cold wallets, and by his death, the exchange has been unable to access $145 million in digital assets it purportedly needs to remain solvent.


The ‘Big Four’ audit firm, which was named an observer to Quadriga’s creditor protection proceedings recovered several electronic devices used by Cotten, including encrypted USB key.

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JP Morgan Strives to Launch Its Own Crypto coin.

United States banking giant JPMorgan Chase (JPM) is bringing its own Cryptocurrency in a U.S. banking first.


In a move commentator may see as unlikely, the multinational lender will use its newly developed asset, dubbed “JPM Coin,” to boost settlement efficiency, within three of its operations.


Speaking to CNBC, Umar Farooq, who leads JPM’s blockchain focus, seemed buoyant on blockchain technology’s views at the bank.
“So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” he told the network:
“The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”


JPM Coin mainly will focus on international settlements by major corporations, improvising to speed up transactions that currently take a day or more by using extant options such as SWIFT.


Elsewhere, treasury services and securities transactions are also in line to benefit, Farooq says the Cryptocurrency could spread further if successful.
Lump- sum amount of the total funds involved in the three areas would involve JPM Coin at first.“Even if this was limited to JPM clients at the institutional level, it shouldn’t hold us back,” he added.


The banking firm became bad influence among Cryptocurrency participants in mid-2017, when its CEO Jamie Dimon openly called Bitcoin a “fraud,” comments he later personally refuted to Cointelegraph at the World Economic Forum last year.

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What is the advantage of Trading in Bitmex compared to other Crypto Exchanges?

You might be thinking what’s the benefit of Trading in Bitmex?  Well, there are many, some of them are as follows:

  1. You will get Up to x100 leverage which is not possible in other Crypto Exchanges.
  2. It is very user friendly and convenient, understandable to those who are familiar with trading.
  3. You can keep your identity anonymous if you don’t want to reveal your personal data on the exchange for confirmation, which is a huge advantage of Trading in Bitmex.
  4. Bitcoin withdrawals can be paid out twice a day after manual verification.
  5. Funds are deposited to or withdrawn from BitMEX only in bitcoin and no other Crypto Currency.

There are 2 types of contracts available, futures contract and perpetual contract.

Futures agreement allows users to buy/sell assets at a specific time for a previously set cost. You don’t need to own coins to trade in them.

Perpetual contract is similar but is designed for long-term traders so you don’t have to deal with an expiration date.

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Read this to know the strategy by which you can make $22m on Bitcoin Price fall?

Everyone is concerned about the falling price of Bitcoin and it’s really shocking that how unaware most crypto investors are of this, you can easily make money even with the falling price of Bitcoin.


If you have knowledge about bitcoin and if you analyse the market trends, you can make a lot of money even when prices fall in a short period of time.


This will be your mind blowing read on making money when the bitcoin price falls so sit back and relax.


Many people got in to Cryptocurrencies before it’s rise at the end of 2017, and some sold them near the high time.


Even then few investors had the experience to go against the market. Majority of them had serious loss and very few investors made hefty gains.


You have the access to the same tools which they have had, and you could continue building your profile if those tools are used appropriately.
‘Intermediate’ exchanges, like Binance, offer more Cryptocurrencies and Simple exchanges like Coinbase offer a simplified user interface and an easy-to-execute process.


Professional traders are more attracted towards Advanced exchanges like BitMEX, because of advanced features they offer, like short positions and leverage.


Advanced exchanges generates more profit, however it comes with risks, so you need to understand what you are doing and if you are confused or not confident enough, then step back and earn the basics instead of getting in to loss.


You might want to consider using a VPN because Bitmex isn’t available in the United States.

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Why the market is being crashed by all the bears who are shorting the bitcoin in Bitmex? Even if they earn 80% from it, it will be worthless?

I see Bitmex is emerging as one of the most Popular Exchange in Crypto, but it doesn’t withhold the amount of power needed to crash the Market.

Shorting works as a gamble, where you sell high and buy low. Bitcoin was crashing long before shorting, it was even possible as the market is much more complex than that. It’s quite a risky business and everyone is following on that trend right now. If you can turn your amount to 80% then who wouldn’t accept it, it is totally worth it to take that risk.

On other way it is good that all those big bears throw all BTC as market crash would be the best. Then we can go in and buy cheap Bitcoin. Your BTC holdings are worth less as the price falls, but you earn more of it by shorting the way down.

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Upsurge of the Crypto Industry

A number of markets breaking through the world of crypto.

Bitcoin

Bitcoin billionaire Brock Pierce says crashing of the Mt. Gox crypto exchange was critical, it’s effects are seen in today’s Bitcoin and crypto bear market. His plan to bring Mt. Gox back and refund the investors who lost their Bitcoin can energize the entire crypto market and transform it as a source of pride for the industry.


Ethereum

The Chicago-based crypto exchange ErisX says Ethereum (ETH) futures would have a positive impact on the cryptocurrency market. ErisX says the futures are in line with the CFTC’s mission to support open, transparent, competitive and financially sound derivative trading markets, and monitor fraud, manipulation and malpractices. ErisX is working to launch futures markets for Bitcoin, Ethereum and Litecoin soon this year, with subject to regulatory approval.


Ripple and XRP

Ripple’s managing director of South Asia, Middle East and North Africa will join a panel at Blockchain Applied in Dubai on Tuesday. The session will emphasize on how blockchain and digital assets like XRP can create real value, lower costs and deliver measurable results for enterprises around the world.

Tron

The co-founder of  a decentralized and Tron supporter Misha Lederman showcased his top five Tron developments this week. The BitTorrent token airdrop for TRX holders stood first.


Cardano

Cardano founder Charles Hoskinson put up a new ask-me-anything on YouTube. Hoskinson talks about Cardano’s Shelley update, and its efforts to get Cardano’s currency ADA onto Ledger’s hardware wallets.


VeChain

The team at VeChain is expanding in the US and UK.
VeChain is working to boost adoption of its proprietary blockchain in both countries, aiming to tackle supply chain logistics, Internet of Things, agriculture, identity verification and more.

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Apple finally starts with Blockchain Work.

Apple has submitted arcane filing with the Securities and Exchange Commission (SEC) – but the document has alluring details about the computing giant’s interest in blockchain tech.


Tittle of the document read “Summary of Apple’s Commitment to Responsible Sourcing” it details the company’s commitment “to upholding human rights across its global network of suppliers that support the manufacturing of its mobile communication and media devices, personal computers, and related accessories.” However, the filing as on February 5 mentions Apple’s involvement in the drafting of “Blockchain Guidelines” for the Responsible Business Alliance’s Responsible Minerals Initiative.

According to an RBA press release, those “voluntary guidelines” were released in mid-December of last year and “represent a first industry effort to define a common set of principles, attributes and definitions for the application of blockchain technology to support mineral supply chain due diligence.”

Release of iChain?

The filing doesn’t suffice on what Apple-watchers might most want to know: whether the Cupertino colossus is on the cusp of joining the growing ranks of tech giants that are offering some form of blockchain-related service. Specifically, if Apple is working on some kind of supply chain-focused solution, it hasn’t (yet) shown its cards.


There is visible interest internally, to say the least. The crypto space has seen Apple veterans join industry startups, and in December 2017, as CoinDesk reported at the time, a published patent filing from Apple detailed a proposed program to certify timestamps by combining aspects of blockchain technology with Public Key Infrastructure (PKI).

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Crypto being aided by Google

Google is opening up crypto. Like the Californian search giant evolved the early internet in the late ’90s from slouchy into something you could navigate at the click of a few buttons, transforming into the no less sprawling world of cryptocurrencies.

On February 5, brought in new search tools as part of its Big Query Public Data sets program. For example, any developer, entrepreneur, journalist or anyone else can search and analyze the blockchains of eight major cryptocurrencies, allowing them to trace patterns in transactions and relationships between addresses.


Besides from providing us with firm way of understanding how cryptocurrencies are at action, these tools also mark further beginning of Google’s exploration of crypto. Meanwhile such involvement could bring crypto a few strides towards the mainstream, increasing the risk of centralization.


blockchain(s) can be surfed now


On grass root level what Google has given to developers and to the general public are data sets covering the entire transaction history of eight of some major cryptocurrencies. These are Bitcoin Cash, Dash, Zcash, Litecoin, Dogecoin, and Ethereum Classic, as well as Bitcoin and Ethereum, for which the data sets were released on the BigQuery platform last year.
These are capable tools, and it’s likely that they’ll initiate insights for anyone working on a new crypto project.


“Having a public database opens many opportunities for development. The data can be turned into highly advanced blockchain analytics: distribution of assets across addresses, defining ownership of multiple wallets, qualitative and quantitative analysis of transactions, network current state tracking and analysis and much more.”
Says Dr. Mervyn G. Maistry, the CEO and co-founder of blockchain-services company Konfidio.

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