2Already 80% of all Bitcoins have been mined (as of January 15, 2018) so let’s see how many Bitcoins are left. The Bitcoin blockchain was designed to only ever produce 21 million Bitcoins. Once all of these are produced and mined there won’t ever be another Bitcoin produced. This is known as controlled supply and is in direct contrast with the way national currencies are handled by central banks.
National, or fiat, currencies have an ever expanding supply. This has several reasons, one of which is that it creates inflation, which global governments encourage as a way to grow the economy. Unfortunately it also leads to the devaluation of the currencies, and in many cases this also leads to a reduction of wealth for citizens.
Many analysts have described Bitcoin, cryptocurrencies, and blockchain technology as having the potential to cause disruptions in many aspects of human life. Libertarianism which is at the heart of blockchain technology is often at odds with the established order of the state whether capitalist or otherwise.
Bitcoin came at a time when the world was recovering from a severe financial crisis that had far-reaching effects. Thus, many were immediately drawn to a system that sought to eliminate the middleman.
What is Bitcoin mining? Mining is the process by which new bitcoins are created and simultaneously, the way the bitcoin system is secured. Through mining, bitcoin transactions are validated and cleared. Mining is a sort of decentralized clearinghouse because it secures the bitcoin system and enables a network-wide consensus to be achieved without a central authority or a trusted third party. It is the invention that makes cryptocurrencies revolutionary. Well, technically, Bitcoin is an emanation of an ingenious solution to the double-spending problem and the Byzantine Generals’ Problem. And here you will find out how to mine Bitcoin.
Despite the turbulence that has characterized the cryptocurrency market since the beginning of 2018, Bitcoin remains the cryptocurrency to buy.
According to venture capitalist and Blockchain Capital partner, Spencer Bogart, it is the only cryptocurrency traders should be buying as it enters mainstream markets.
If you need a desktop Bitcoin wallet and start searching for one you’ll soon find yourself overwhelmed. There are so many Bitcoin compatible desktop wallets that it can be very difficult to decide which to use. If you want to just stick with one that has a long history of solid performance though, you could just stick with the Electrum wallet.
According to local media sources in Canada, the Quebecois government has backtracked on its decision to stop selling electricity to cryptocurrency miners. This decision comes after the moratorium on energy sales to miners that has been in place since March 2018.
The government wants to explore a more measured approach to collaborating with the mining industry. Concerns over the significant energy requirements of cryptocurrency mining operations had forced the government to suspend all cryptocurrency mining applications.
A comprehensive report on the global blockchain industry’s performance was delivered by Dr. Hubery Yuan, Director of Huobi Research of Blockchain application during Blockchain Festival Vietnam on May 24, 2018. Put together by the world’s third-largest cryptocurrency exchange, Huobi, the report contained some key insights into the blockchain industry’s performance, such as data showing that the digital asset industry’s total market capitalisation rose from $17.74 billion to $559.76 billion between 2017 and 2018, a rise of about 3000% in just one year.
Bitcoin is often regarded as an anonymous cryptocurrency because it is possible to transmit and accept bitcoins without giving anyone your personally identifying information. While this is true, the current version of the protocol is not exactly anonymous.
When Bitcoin was first introduced in 2009, its creator Satoshi Nakamoto envisioned it to be a private and secure protocol for transfer of value over the Internet. Before 2014, the general public didn’t really understand how the blockchain technology operates; there was very little information on the Internet and the limited info that was available was usually catered to developers/cryptographers who already knew a lot about the technology.
Nima Tabatabai, an MBA student of the Westminster Business School, London, UK, has disagreed with a recent Financial Times (FT) article that chronicled the opinions of some MBA students regarding Bitcoin and blockchain technology.
In a letter, Tabatabai expressed disappointment at apparent lack of insight shown by the responders quoted by the article. He countered most of the arguments and statements made by fellow MBA students as presented in the article.
It’s 2018, and Bitcoin has been around for almost a decade. By now you’ve probably heard of the famous decentralized, peer-to-peer, electronic cash system — and if you haven’t, read our beginner’s guide before you go any further.