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Advantages of the Bitcoin – Part 2


Advantages of the Bitcoin – Part 2

By on January 15, 2013


Still having doubts about bitcoins? Here’s a few good facts about them.

Advantages of Bitcoin:

1- Transferred to any country around the globe in 10 minutes.
2- You can take it with you on a USB stick.
3- You don’t need to register it in any airport customs.
4- Is comfortable with an Android Phone.
5- There is no absolute way to identify transactions, its private.
6- Nobody can freeze the account.
7- All transactions are non-reversible. (no charge back, no fraud)
8- The only currency with no control of any bank!

Advantage of the Bitcoin as a Merchant System

By on January 15, 2013

Unlike Paypal that’s banned in certain countries (Egypt, Iraq, Afghanistan, Iran and Pakistan), Bitcoin is the newest secure Digital Merchant System that can be globally accepted.

Here are some of the advantages for merchants and users:

● Decentralized: Means less prone to varying forms of manipulation and control by the wealthy and governments. Well, as far as is publicly known by anyone. Who controls the system is important for reasons similar to why a country like Canada doesn’t use USD as it’s main currency; Canada using a currency system controlled by America would not really be the best idea in the long run. Although created by someone, Bitcoin is thought to be under little control by anyone. This is one of the most important aspects, and the most difficult to implement.

● Private: An address does not need to be connected to your “real name” in any way necessarily. This can be combined with methods of using the system that allow true anonymity. Clearly this could be good or bad, depending on the context.

● No terms of use: Like those foisted on merchants by visa and mastercard before you can accept credit cards. No risk of e.g. an unethical company like Paypal freezing your account or deducting money unfairly either.

● Safer than cash in some ways: Very low risk of robbery at the point of sale when used in a suitable way, and during transport at the end of the business day, as there is with cash.

● No charge-backs possible: Confirmed payments are as good as real cash, unlike e.g. paypal and credit cards. At present, “unconfirmed” payments are almost as good for transactions under very roughly $100. Currently, on a statistical basis, you are much more likely to get stuck with a counterfeit bill than to have problems accepting even unconfirmed bitcoin payments of such amounts.

● Low overhead: There are only negligible transaction fees, roughly zero to 0.6 cents per transaction, which help pay for system upkeep, and you can choose not to pay if you wish. This is particularly important, as it opens the previously closed door to small value payments that are rendered impractical due to the processing fees charged by most electronic transaction systems. There is also no capital investment you need to make to start accepting payment in BTC.

● No unethical banks, no credit score changes, no credit checks, no surprise fees, no denial of access by anyone for any reason.

● Seamlessly global and always on: Accept payments from anywhere at any time of day, any day of the week.

Can you think of other advantages for bitcoins? Do tell us, we love your feedback.

Li Ka-shing invests in Waze

By on January 14, 2013

Li Ka-shing, is the richest person of Asian descent in the world and was previously listed as the ninth richest person in the world with an estimated wealth of US $25.5 billion. He is also an investor in Waze, as listed on the SecondMarket page.

Will Mr Li Ka-shing start investing in bitcoin ventures in 2013? Only time will tell.

Waze is a social traffic & navigation app based on the world’s largest community of drivers sharing real time road info and contributing to the “common good” out there on the road. By simply driving around with Waze open users passively contribute traffic and other road data. Users can take a more active role by sharing road reports on accidents, police traps, or any other hazards along the way, helping to give other users in the area a ‘heads-up’ about what’s to come.

Bitcoin Clients Thesis by Rostislav Skudnov

By on December 19, 2012

Interesting Bitcoin Clients thesis by Rostislav Skudnov. Bachelor’s Thesis (UAS). Degree Program in Information Technology (2012). Talks about bitcoin mining, blockchain, merkle root, bitcoin wallets,etc.

Download Bitcoin Clients thesis by Rostislav Skudnov.

Bitcoin Mining – solo or pooled mining.

By on December 10, 2012


Here’s a good clarification on whether you should be doing solo bitcoin mining or pooled mining. Thanks to Chip Geek and Keefe.

A new “block” is a list of all transactions that are in the bitcoin network since the last block was generated. The miner software takes all of the transactions and runs them through the mining algorithm (double SHA-256) and gets a signature that to the human eye looks like a random number. If it was that easy, a new block could be generated in a tiny fraction of a second. So to make it more difficult, we require the first N digits of the signature to be zero. So now the mining software has to add some specific number X to the list of transactions so that the SHA-256 algorithm generates a signature with the first N bits zero. There is no known way to generate X other than guessing a random number then running it through the algorithm to see if it works. That’s why we need many TH/s to get a block in 10 minutes. Every miner in the world is (in theory) trying a different number X. Whoever gets a number X that works first, solves the block and gets the block reward.

More specifically, each miner adds a transaction that pays themselves the 25 BTC, which also affects the hash. Since everyone has a different bitcoin address, that right there practically prevents any miner from repeating hashes others have tried. Then there’s a timestamp and a nonce which also affect the hash. A miner usually iterates through the possible nonces sequentially, and increases the timestamp over time as well, ensuring each hash is different. If the nonces were chosen randomly, there’d be a little duplication of work since the nonce is only a 32-bit number.

Bitcoin pooled mining

With pooled mining, which most miners do, the pool server manages the block reward address, timestamp, and nonce ranges, and gives each client work that doesn’t overlap with other clients. Mining client software divides the incoming work among multiple devices, so no work is done twice. This is the same as with solo mining; the work is just divided at an additional level. The pool server divides the work among clients, and the clients divide the work among devices. And of course, the device firmware or software divides up the work among cores within a device. In both solo and pooled mining, no work is ever done twice. To handle the larger amount of work being served out, a pool server might use multiple addresses for the block reward to get around the 32-bit nonce limit.

Bitcoin is now legal in France and Europe.

By on December 9, 2012

Back in Sept 2012, the secretary of the Central Bank of Finland said that bitcoin is legal to use in Finland, many businesses have seized the opportunity to accept bitcoin. source1 and source2 with video

Now, , a bitcoin exchange operated by Paymium in France, has scored a partnership with Aqoba and Credit Mutuel that will allow it to operate as a bank. The move will provide Bitcoin-Central with protections afforded to payment service providers in Europe, including insurance on euro-denominated accounts worth up to 100,000 Euros. The insurance on deposits is only for euro-denominated deposits, and funds in euros are stored at the bank. Bitcoin balances are not stored at the bank, and are not insured. source 1 and source 2.

David from Paymium says:

We’re announcing today that is getting, through a partnership with Aqoba and the Credit Mutuel Arkéa, allowed to operate as a bank, (or more precisely a PSP which is basically the same as a bank, just without the debt-money issuing part).

Let’s go over a couple of them:

  • Our user’s funds will actually be held at the Credit Mutuel Arkéa under the user’s name, they will be separate from Paymium’s funds (on the other hand, all of other exchanges funds for example sit in the same account, and are considered by their bank to be their corporate property)
  • Our user’s accounts will be protected by the “Garantie des dépôts” which is the French equivalent of the American FDIC (the insurance cap applies to each account individually, and not to the sum of all user balances, so unless your EUR balance exceeds 100kEUR your fiat is 100% insured by the French taxpayer)
  • Each account will in a few months get its very own IBAN number, users will be able to use it as any other bank account, have their salaries and pensions sent there and have them automatically converted to Bitcoin if they so wish)
  • Each user will soon be able to order its own debit card that will use their EUR and BTC balance to honor purchases and cash withdrawals
  • We’ll have direct access to the banking networks which will let us 100% automate all incoming and outgoing transfers
  • Corporations will have an actual financial institution talking with them if they wish to start accepting Bitcoin and be safe from a regulatory point of view
  • Paymium will have a much better legal standing and a much higher attractivity for second and third-round investors
  • Paymium will be in a much better position to make its vision become true : make all our transactions, be they denominated in crypto or fiat currency, flow through the pipes of the Bitcoin network

Buy Bitcoins with Euros

By on December 8, 2012

If you are from Europe, and you want to buy bitcoins using Euro money, try the easy service at InstaWire.

InstaWire is a new online service offered by Paymium, a registered company registered in France under the number 533264800.

InstaWire enables fast, hassle-free purchase of Bitcoins using a regular bank wire transfer for payment. The Bitcoins are sent to the address provided in the “Comment” field of the wire transfer form, the same day as the funds are received by Paymium.