#bitcoinarticle

[cryptoknowmics]

As the Bitcoin started getting popular, regulatory authorities of countries all across the world seemed to be confused in handling the currency. Some countries legalized it while others made the Bitcoin illegal. While some other restricted and regulated the crypto markets in their country. In this article, let us explore the response to- Should Bitcoin be legalized?

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[coindelite-blog]

Proof-of-Work For Newbies

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[superspinmanhellas-blog]

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[virtualcurrencyspace]

Bitcoin: The Preeminent Virtual Currency

First, Bitcoin is a complete, complex, highly engineered cryptographic, economic, and software system and network, now thoroughly battle- and time-tested, with enormous mindshare and a thriving ecosystem. Betting on some new idea with a whitepaper is a bit like deciding that a dude folding paper airplanes for kids will one day beat Boeing; maybe, but awfully unlikely. Second, thanks to the immense — horrifyingly immense — number of watts poured into it by miners every hour, it is, by far, the scarcest of all our digital scarcities.

That second point is a little wobbly, though. First, Bitcoin’s power consumption is a big and growing problem, and any true believer who pretends it isn’t is delusional. Yes, the estimate that made the rounds recently is probably wildly off, but as its valuation grows, its power consumption will grow too, as miners are more and more incentivized. This is very bad PR, and new initiatives like the Lightning Network won’t help (though the halving of block rewards will.) Second, even if Bitcoin succeeds, as Rusty Russell points out, people will want to change it e.g. to add a little inflation to its limit of 21 million coins, and I think it’s much more likely that they’ll succeed than he does.

On the gripping hand, though, if Ethereum’s mooted move to Proof-of-Stake (which essentially replaces the cryptographic number-crunching those miners perform with game theory) proves that PoS actually works, or if Bram Cohen’s Chia takes off … well, then I can certainly imagine a future in which Bitcoin’s pre-eminence is threatened. (I don’t usually write about vaporware but Cohen’s previous paper airplane was responsible for about a quarter of all Internet traffic for a decade, so I’m willing to make an exception here.)

So what are we left with? Permissionless cryptocurrencies, of which Bitcoin will possibly-to-likely remain the most prominent, aren’t going away, but will be used in limited albeit significant circumstances: as digital gold; as an international transfer currency for individuals and small businesses; to skirt and avoid the law and the taxman; but not really on an everyday basis, except in nations whose own currencies have been seriously debased. https://techcrunch.com/2017/12/03/metascarcity-and-bitcoins-future/

[cryptoknowmics]

All wallets can be classified into two categories, i.e. cold storage and hot storage. Any wallet that works offline just like hardware wallets and paper wallets are called cold storage while all other types of wallets that need internet access are called hot storage. Hot Storage wallets include desktop wallet, mobile wallets and web wallets. If you want to know about all such wallet, read our official website of Trezor and Ledger. Read Full Article Here 

[cryptoknowmics]

So, you’ve bought Bitcoins and now ready to HODL it for a lifetime. But where? Where are you planning to keep your Bitcoin? If you are thinking to leave your coins into your exchange wallet, then you are attempting a mistake. No matter what the situation is, you should never leave your cryptocurrencies in the exchange wallet as they are...

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[virtualcurrencyspace]

Global Laws for Virtual Currencies

By Shammari Khan

In the current literature, the benefits of virtual currencies like Bitcoin far outnumber the imagined or perceived weaknesses or vulnerabilities. The idea that money or value could move at the speed of information, detach the stranglehold of incumbent banks and financial institutions (FI’s) and break long lasting barriers to include the current unbanked populations on the earth is breathtaking. However, in order for the vision to succeed there needs to be a global framework for virtual currency regulation, otherwise the piecemeal approach to securing, verifying and mainstreaming the technological breakthrough could create undue delay that extends outdated technology, injustice and greed. This is a fiery moment in time where unforeseeable amounts of the worlds fiat currencies, wealth and value is moving into the virtual currency space though crowd funded initial coin offerings, purchases of virtual currencies, increasing institutional investor interest, regulated vehicles for investing such as futures and through frenetic venture capital funding in the financial technology arena.

This euphoria and positivity for a new paradigm in the way money is controlled, managed, invested and unleashed is counter balanced by financial experts and gurus who caution against the risk of bubbles, unseemly regulations and nefarious manipulations. Yet, the fact that the technology is decentralized, open and visible has many reassurances embedded within the system that helps to negate the worries of those who cannot understand it or are weary of it supplanting their own entrenched structures and institutions. In fact, the shadowy nature of the global subprime crisis, tax funded bank bailouts and the long periods and hefty frees to transfer one’s own money to others for valid purposes, were some of the main motivators for the creation and development of Bitcoin.

The fascinating promise of virtual currencies include the hope that those who are currently lacking identity data or documents due to their presence in developing countries or who have been wholly ignored by the giant global banks, may use micropayments built into virtual currencies to move value and thus become included. For instance, many people in the world lack bank accounts, yet they possess smart phones and thus can begin to transfer their sustenance wages, perhaps to purchase water services, or to pay for electricity, and eventually become part of a network of value transfer and value creation. In the Western, developed world, virtual currencies have been touted to ease a variety of expensive, time consuming and antiquated frictions inherent in the system, from creating more value from monetizing data, to streamlining supply channels, to using smart contracts to settle a plethora of transactions.  For instance, the richest of nations could use a system that protects and creates a blockchain based digital identity safe from hackers, or perhaps quicker and faster settlements for real estate transactions or an ability to safeguard the truth and hamper the spread of fake news though verifications on the blockchain.

The major law that encourages virtual currencies adoption and investor certainty, is already global in nature, it is the AML/KYC laws that banks and other FI’s adhere to, thus it would require a similar unified approach, as to when these regulations were promulgated and adopted, to ensuring that virtual currencies are given the security of oversight with an even-handed approach and manner.  The issue of onerous and burdensome regulations for a budding technology is that it may stifle the energy, momentum, potential and collaborative urges of those engaged in the sphere, for example, the exchanges, wallets, merchants, users, regulators and developers behind the movement. Yet, without a strong legal structure, no system can take off, for the laws and policies help to determine the scope and nature of what is possible while addressing pressing issues such as privacy, security, taxation, risk and consumer protection. Thus AML/KYC laws must be tweaked or rewritten to include virtual currencies with a sensitivity to what it actually is or may be, whether a new asset class, a payment system, a store of value or more. It would be foolish to merely force old laws into a new system, as virtual currencies are a different creation entirely, may have various security features already imprinted into it, have been shown to be fairly useless in laundering money compared to cash and thus regulators must work closely with tech innovators, developers and other stakeholders to share in the vision and craft laws that resourcefully support a new global financial order.

Currently, there is race for powerful countries to become the FinTech capital of the world. The list of positive regulations married with a vibrant start up culture grows daily. For instance, the UK and is banks have been incubating FinTech startups from the beginning, Australia just amended its laws to curb double taxation of virtual currencies, Japan has introduced regulations for Bitcoin, Switzerland has granted its first license for an AML compliant Bitcoin payment company, Russia plans to introduce its own state bank virtual currency, Canada has taken a FinTech positive “wait and see” regulatory approach and more. Thus, the magic and promise of technology must be allowed to proliferate in these early stages, yet the regulators must also imagine how to circumvent the risks, with a careful, well thought out, nuanced and collaborative hand.