Skip to main content

Biticoin (XBT) ..... Even Expensive than its weight in Gold







Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.

The system is peer-to-peer, and transactions take place between users directly, without an intermediary.[13]:4 These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.

Besides being created as a reward for mining, bitcoin can be exchanged for other currencies,[products, and services in legal or black markets.

As of February 2015, over 100,000 merchants and vendors accept bitcoin as payment.

Blockchain



Number of unspent transaction outputs


The blockchain is a public ledger that records bitcoin transactions.

A novel solution accomplishes this without any trusted central authority: maintenance of the blockchain is performed by a network of communicating nodes running bitcoin software.Transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications.

Network nodes can validate transactions, add them to their copy of the ledger, and then broadcast these ledger additions to other nodes.

Buying and selling


A Bitcoin ATM in California.


Bitcoins can be bought and sold both on- and offline. Participants in online exchanges offer bitcoin buy and sell bids. Using an online exchange to obtain bitcoins entails some risk, and, according to a study published in April 2013, 45% of exchanges fail and take client bitcoins with them.




Exchanges have since implemented measures to provide proof of reserves in an effort to convey transparency to users. Offline, bitcoins may be purchased directly from an individual or at a bitcoin ATM.

Bitcoin machines are not however traditional ATMs. Bitcoin kiosks are machines connected to the Internet, allowing the insertion of cash in exchange for bitcoins. Bitcoin kiosks do not connect to a bank and may also charge transaction fees as high as 7% and exchange rates US$50 over rates from elsewhere.

As of 2016 it was estimated there were over 800 bitcoin ATMs operating globally, the majority (500+) being in the United States.

Unlike government issued money, that can be inflated at will, the supply of bitcoin is mathematically limited to twenty one million bitcoins, and that can never be changed.

Bitcoins are impossible to counterfeit or inflate. You can use them to send or receive any amount of money, with anyone, anywhere in the world, at very low cost. 

Bitcoin payments are impossible to block, and bitcoin wallets can’t be frozen. Short of turning off the entire world's internet, and keeping it turned off, the Bitcoin network is unstoppable and uncensorable.

If you bought $100 of bitcoin 7 years ago, you'd be sitting on $75 million now

Monday marks the seven-year anniversary of Bitcoin Pizza Day – the moment a programmer named Laszlo Hanyecz spent 10,000 bitcoin on two Papa John's pizzas.
More important than the episode being widely recognized as the first transaction using the cryptocurrency is what it tells us about the bitcoin rally that saw it break through the $2,100 and $2,200 marks on Monday.
Bitcoin was trading as high as $2,251.61 midday Monday, hitting a fresh record high, after first powering through the $2,000 barrier over the weekend, according to CoinDesk data.
A number of factors have been driving the rally:
  • Recently passed legislation in Japan that allows retailers to start accepting bitcoin as a legal currency has boosted trading in yen, which now accounts for over 40 percent of all bitcoin trade
  • Political uncertainty globally has driven demand for bitcoin as a safe haven asset
  • A debate within the bitcoin community about the future of the underlying technology behind bitcoin known as the blockchain has been taking place. There was fear at one point this could lead to the creation of two separate cryptocurrencies but those worries have largely subsided with an alternative, more palatable option now being put forward.

Bitcoin has rallied over 120 percent year to-date.

Comments

Post a Comment

Popular posts from this blog

Wizard of Dalal Street: Govind Parikh's investment mantra

Wizard of Dalal Street: Govind Parikh's investment mantra Govind Parikh of Govind Parikh Securities says selling right is more important than correct buying. He says it is necessary to keep a lot of cash. "We keep an average 10 percent cash in our portfolio," he says I like to buy things in a bad market. Additionally, don't look current cash flow, concentrate on future cash flows — that is what  I look at," says Govind Parikh of Govind Parikh Securities. He advises investors to buy good quality stocks when the market crashes. While sharing his investment philosophy with ace investor Ramesh Damani, on the Wizards of Dalal Street, Parikh says management integrity is very important when deciding which stock to bet on. He tells investors not to buy stocks impulsively. According to him, selling right is more important than correct buying. He says it is necessary to keep a lot of cash. "We keep an average 10 percent cash in our portfolio," he says. He al
2 comments
Read more
LIC IPO Shorts  The largest market capitalization in the making. The govt selling 5 percent stake...... The cuttoff price 2100 Listing price 3000 or more shall be included in the nifty Pro Large base of policies Large Market Share Cons Decling market share viz viz private companies higher cost insurance policies Bottom line can apply for LIC IPO for listing gains..... For More do have a look at the Link Below https://www.youtube.com/watch?v=VPGp5V1ecDM  
Post a Comment
Read more

IT giants beat the sTREET

  and HCL Technologies, to do an encore in their December 2013 quarter earnings. All three companies also exuded confidence about the future demand environment. N Chandrasekaran, chief executive officer & managing director of TCS, said he believed next year would be a stronger one than 2013-14, as customers executed their business plans in a relatively stable environment. HCL Technologies Chief Financial Officer Anil Chanana said the deal pipeline looked significantly better. “We won 15 large deals in this quarter — about half of them in the IMS (infrastructure management services) space. We remain confident of the growth ahead as client budgets remain stable”. Infosys had also improved its revenue guidance for the financial year from 9-10 per cent to 11.5-12 per cent. For the December 2013 quarter, TCS’ revenues grew 32.5 per cent to Rs 21,294 crore and net profit stood at Rs 5,314 crore, up 49.6 per cent from that in the year-ago period. For Infosys and HCL T
Post a Comment
Read more