Bitcoin (the system) cannot do everything that people want to do with BTC; so, the solution is to make your own system that is usable with BTC through a 2-way peg. That is, the solution is not to create your own token, but rather to use Bitcoin's token; this doesn't detach BTC from Bitcoin's blockchain, but rather this attaches your blockchain to BTC.
I think this is how it will play out: Blockstream will create a number of blockchain systems that are specifically useful to banks, but these systems won't supply their own unique tokens; instead, you'll have to send your BTC tokens to these systems through what's called a 2-way peg, and in this way, you'll be able to do interesting and even proprietary things with your BTC that you cannot do with just plain Bitcoin—and more importantly, you can transfer those tokens back to Bitcoin when you're finished, thereby escaping the dangers of some other network; this is what people mean by "The Internet of Money". For instance, Blockstream's Alpha sidechain offers "confidential transactions", which don't allow onlookers to see exactly how much value has been transferred, which is very appealing to banks. The problem is that right now Bitcoin doesn't support 2-way pegs, so Blockstream has developed a method that anybody can use to get things started: The Federated Peg, which is a centralized (but still distributed) federation of computers that handle the business of enforcing a 2-way peg; such a federation would be perfect for a consortium of competing banks, for instance. In the future, it might be somehow worthwhile to "outsource" the business of securing the sidechain to anybody else in the world, and so such a system could transition from a federation to merged mining if the hashrate is high enough, but then fall back on a federation if the hashrate falls too low. The 2-way peg could be outsourced in this way by having Bitcoin handle it, but that would require Bitcoin to be altered with a soft fork; of course, if Bitcoin ever includes a sufficiently expressive script system to allow for truly programmable money, then a decentralized 2-way peg could be implemented as a smart contract with no special treatment.
Now, why in particular would all of this be useful to banks? Well, people like standards; they want one tool and one system—one that is well defined with characteristics about which one can reason. Blockchain data structures excel at allowing immense and widespread auditing with few resources, and frankly, that's what banking and notaries and the like are all about. For instance, git (which also uses Merkle trees to create an increasingly secure record of events, just like Bitcoin) allows disparate people—even enemies—to come to consensus about the correct history of very complex projects; the same could be done with a ledger, and that is why it's useful to the financial world. In a way, the rest of the world is starting to wake up to modern practices of source code management, and the benefit of removing authority over that management from of any one party's hands.
With regard to the Lightning Network, such an overlay (or something like it) is the only way that Bitcoin can scale, and Bitcoin must be scaled in order to be self-sustaining; the volume of transactions must grow tremendously in order for Bitcoin usage to be both cheap and secure.
One data center for processing Visa transactions was handling at least 2500 transactions per second in the year 2012. At an average of 600 bytes per transaction, that would require a 900 MB block in Bitcoin. That being said, the problem with increasing the block size is 2 fold:
Centralization The premise of Bitcoin is that a bunch of independent people are less likely to be malicious (or incompetent) than a small group of related people, so Bitcoin is designed with anti-spam algorithms (notably, Hashcash) and incentives to try to keep the authority composed of as many independent people as possible, though it doesn't guarantee it. Increasing the block size damages that design for decentralization; of course, some centralization might be a good tradeoff if it yields a much more usable system, but it's clear that growing the block size is a pretty damn limited solution in that regard. Further exacerbating the issue is the fact that the mining industry is going to be rapidly losing its income over the next several years. Right now, some miners are complaining that even 1 MB blocks are too large, even while the whole mining industry is currently getting paid the equivalent of completely full 80 MB blocks at 4 U.S. cents per transaction. Suppose that the mining industry copes with the loss of income by losing participants and shutting down mining hardware. Well, again, Bitcoin is designed on the premise that the collection of miners is dominated by general interests (as opposed to a special interest), and that the hashrate is sufficiently high to prevent any special interest from gaining significant authority.
Losing miners possibly reduces the participants with general interests.
Losing hashrate lowers the barrier to authority.
As an aside, an interesting question is how high must a hashrate be in order to be sufficient, and how is that information communicated (whether directly or indirectly) between participants?
Hard Forking Unfortunately, to update the allowable block size, a new altcoin must be created based on a copy of Bitcoin's blockchain, and then everybody must switch to that altcoin. The common sense is that the block size limit needs to be increased to avoid people jumping ship to some better altcoin; well, that altcoin would, at worst, have to copy Bitcoin's blockchain to have any chance. That is, at wost, people would start jumping over to a hard fork, the most popular of such altcoins being "Bitcoin XT". So, some people are saying we've got to hard fork now, before we are forced to hard fork later; it doesn't make any sense. It might be better to take our chances on the existing, working system, and only be forced to the new system by the actual market forces, rather than ideology.
So, at some point, there needs to be a transaction-consolidation network sitting atop Bitcoin, using Bitcoin as a highly secure settlement system; it must be recognized that Bitcoin is a settlement system rather than a currency system, and only after accepting that fact can you start designing a system that works for both settlement and currency. After all, it's more important to secure 100 thousand purchases of coffee than it is to secure any particular purchase of one coffee. Go ahead; stick your coffee purchase in the settlement layer directly if you want, but you won't want to do so, because that's insane; there is no point in storing that one transaction for all time in a highly secure record. This development is virtually proved by the fact that there are already so many ad hoc off-chain transaction consolidation networks (ChangeTip, Coinbase, Circle, exchanges, etc.); using the settlement layer directly just does not make sense. Fortunately, such an overlay need not be centralized; consider something like the Lightning Network.
Advice: Looking for technical copy editor that knows about Bitcoin and blockchain to revise my copy for my landing page.
I'm launching an app and my copy writing isn't the best and neither is me explaining some technical details in layman terms for my landing page. I want to hire a copy editor for something like this, but the person should be somewhat tech savvy enough to revise or write about my app. I want to be able to get on a phone with the copy editor to explain what I made to come to a better copy if possible. Where is a good place to look for someone like this? And what should i look in a portfolio?
#Learningmondays Read about your favorite cryptocurrency Symbol for Litecoin is LTC Charlie Lee created his own coin, called Litecoin. Litecoin was created to handle frequent small transactions and be easily tradeable. It’s blockchain network was copied from Bitcoin and then modified.
What is a crypto address? Blockchain addresses are strings of text that are used to send or receive cryptocurrency. You can copy & paste them or share them as QR codes. Also, some addresses can only be used once (Bitcoin), others can be reused (Ethereum), similar to bank account numbers.
Blockchain.com Launches Full Turkish Lira Banking Integration as a Native Payment Gateway for Turkey (copied and pasted from bitcoin(dot)com scamsite so no link, sorry).
Blockchain.com Launches Full Turkish Lira Banking Integration as a Native Payment Gateway for Turkey Blockchain.com has launched a full banking integration for Turkish Lira (TRY) to create a native payment gateway for users to deposit and withdraw Lira on its trading platform. With this development users in Turkey no longer have to incur high fees and conversion rates from third-party payment processors. Turkish traders have consistently been one of the most active countries on the company’s exchange since it launched last Summer. Native Turkish Lira Gateway Blockchain.com, the well-known provider of cryptocurrency products with over 40 million wallets created to date, has launched a full banking integration for Turkish Lira (TRY) to create a native payment gateway for users to deposit and withdraw Lira on the Blockchain.com Exchange. Turkish users can now go from account creation to buying crypto without having to use a third-party payment processor. On the trading platform, Turkish people can now deposit, withdraw, and use TRY to buy bitcoin BTC, ETH and USDT and convert their crypto into the fiat currency of their choice. “Turkey is one of the countries leading the charge to embrace cryptocurrencies, but its traders have only been met with high fees and poor service,” says Peter Smith, Co-founder and CEO of Blockchain.com. “Blockchain.com is dedicated to providing a fair, global market for Turkey’s crypto traders, and setting a new standard for the service they should not only expect, but demand from exchanges.” Economic concerns regarding the stability of the local fiat pushed cryptocurrency adoption in Turkey to grow faster than in most countries. At the start of the year it was reported that Turkish authorities, alarmed by the rapid spread of cryptocurrencies in the country, are ramping up efforts to introduce greater oversight into the sector. Local media revealed that regulators are under pressure to increase supervision because of the growing popularity of decentralized crypto assets among Turks. Turkey has an estimated 1 million investors, according to local reports, and a fifth of Turkish respondents in last year’s Global Consumer Survey by Statista said they used or owned crypto, as news(dot)Bitcoin(dot)com reported in June 2019. Blockchain.com Exchange Blockchain.com is one of the most trusted companies in the digital assets space, and has raised over $70 million in funding from investors such as Lightspeed Venture Partners and Google Ventures. It is also known for being friendly to the BCH community, integrating the cryptocurrency into its services. About a year ago, for example, the company launched a Bitcoin Cash block explorer that allows users to search for detailed information on specific BCH blocks, check whether a transaction has confirmed, view the balance of a wallet address, monitor market prices, and even watch real-time network transactions. Recently it launched a retail exchange focused on high speed performance. Since launching in August, the Blockchain.com trading platform has continued to adopt new features and assets. It now supports deposits and withdrawals in Pounds, US Dollars, Euros, and Turkish Lira, and is available in 190 countries. In the last two months, the venue has launched an API for algorithmic traders, listed the crypto project Algorand, and listed the gold-backed token DGLD, increasing its asset offering to 36 live trading pairs.
It’s taken me almost a week to download a full copy of the blockchain (~160GB) to setup my fullnode. In a few years, this could easily be a few terabytes. Wont it be a big problem for Bitcoin that only a limited amount of people will be able to run full nodes?
#SwapZilla will analyze the results of traders. Customers will be able to copy their transactions using our algorithms. The client will receive 70% of the profit, the rest will be received by the author of the strategy and platform.#crypto #bitcoin #ethereum #blockchain #btc
Copy the Bitcoin blockchain, name it Cash, add Bitcoin to the front of it, and a few tweaks - are people seriously that gullible? If you wanted on chain scaling, there were plenty of 'other' altcoins to choose from.
It's time to open the public the first cryptocurrency exchange with a built-in copy trading platform, advanced graph functionality and more. Follow us to stay in touch.#SwapZilla #ico #crypto #bitcoin #ethereum #blockchain #btc #SwapZilla
SwapZilla will include the modules for: Mirror trading: copy the strategies of the most successful traders using our trading platform. #SwapZilla #ico #crypto #bitcoin #ethereum #blockchain #btc https://www.swapzilla.co/
What's to stop IOTA from being endlessly copied the way traditional blockchain tech from bitcoin was copied?
Assuming IOTA is successful after they stop using the centralized coordinator, what's to stop other competing cryptocurrencies from forking and adopting the same mechanisms IOTA uses to be more efficient as it scales up? We've seen bitcoin's tech copied hundreds of times. What's to stop the same from happening with IOTA?
One year ago today, Oct 24, we made a snapshot (copy) of the Bitcoin blockchain at height 491406 to prepare for the fork... exciting times! Looking forward to the One Year Anniversary of the first Bitcoin Gold block, 491407, mined on Nov 12!!! $BTG #bitcoin #BitcoinGold
Transferring BTC from an exchange to my Mycelium wallet
I have Bitcoin in a Gemini Exchange account and I would like to move it to my own wallet. I've already set up Mycelium Wallet on my iphone. The whole process seems somewhat straightforward, but because I am a beginner and because I want to make sure I don't lose my funds, I thought I would reach out and ask others with more experience. Basically my question is... What are the steps to send bitcoin from my Gemini exchange account to my Mycelium wallet, (which is set up and backed up on my phone)?
Blockchain.com is the most popular place to securely buy, store, and trade Bitcoin, Ethereum, and other top cryptocurrencies. The current Bitcoin blockchain size is more than 200 GB which is immense and not everyone is ready to allocate such a huge space for Bitcoin. In order to lower this storage requirements there is a function called pruning mode. With the help of this option users can run a core wallet without having to worry about disk space. Here in this beginners guide we’ll show you how to reduce Bitcoin ... An introduction to cryptocurrencies and blockchain technology; a guide for practitioners and students. Bitcoin and blockchain enable the ownership of virtual property without the need for a central authority. Additionally, Bitcoin and other cryptocurrencies make up an entirely new class of assets that have the potential for fundamental change in the current financial system. Anyone can download a copy of the blockchain, and it can be inspected to trace the path of bitcoins from one bitcoin transaction to another. It should be noted that while there is a record of every bitcoin transaction ever made, these transactions are not inherently linked to real life identities. For this reason, Bitcoin is considered pseudonymous. Bitcoins themselves are not files stored on ... The Bitcoin Blockchain is distributed and maintained by multiple interconnected parties, so participants in the network do not need to trust just one person or company to have an accurate copy of the ledger. The framework is permanent and driven by a consensus mechanism so that there is no single source for making decisions. The Bitcoin Blockchain was designed to scale to hold high volumes of ...
The Basics of Bitcoins and Blockchains - for Academia
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