Bitcoin surges after accidentally released Treasury statement
Prices of Bitcoin and other cryptocurrencies have soared following the apparent accidental release of a U.S. Treasury statement on Biden’s expected executive order on digital assets.
The premature statement by Treasury Secretary Yellen, which was dated March 9, has since been removed.
“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.
It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”
Quote from the now deleted statement
At the time of writing, Bitcoin is up nearly 8% in the last 24 hours.
Biden’s executive order aims to regulate the crypto market while also reaping the benefits of digital currencies.
So far, like most countries in the world, the US has tended to react to developments and has limited itself to pointing to a political-economic approach that is yet to be developed.
Statement by Secretary of the Treasury Janet L. Yellen on President Biden’s Executive Order on Digital Assets
March 9, 2022
WASHINGTON – U.S. Secretary of the Treasury Janet L. Yellen released the following statement on President Biden’s executive order on digital assets.
“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.
Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems. We’ll also convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place. And, because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.
This work will complement ongoing efforts by Treasury. Already, the Department has worked with the President’s Working Group on Financial Markets, the FDIC, and OCC to study one particular kind of digital asset – stablecoins– and to make recommendations. Under the executive order, Treasury and interagency partners will build upon the recently published National Risk Assessments, which identify key illicit financing risks associated with digital assets.
As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts. Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
Assigning the most powerful supercomputer to mine bitcoin would be comparable to hiring a grandmaster chess player to move a pile of bricks by hand.
The job would get done eventually but the chess player is much better at thinking and playing chess than exerting energy to repetitively move bricks.
Likewise, combining the computing power of the most powerful supercomputers in the world and using them to mine bitcoin would essentially be pointless when compared to the ASIC machines used today.
ASICs are designed to do one thing as quickly and efficiently as possible, whereas a supercomputer is designed to do complicated tasks or math problems.
Since Bitcoin mining is a lottery based on random trial and error rather than complex math, specialization (ASICs)beatsgeneral excellence (supercomputers) everytime.
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
Why this crazyness with rabbits ?!? And their holes, you would ask ?!? Why is the rabbit hole so deep ?¿
And what does the rabbit hole has to do with that BitCorn thing I keep hearing about all over the place ?¿
I like to start from the begining, as I think so I am 😋😂
Rabbit Hole is a play written by David Lindsay-Abaire. It was the recipient of the 2007 Pulitzer Prize for Drama. The play premiered on Broadway in 2006, and it has also been produced by regional theatres in cities such as Los Angeles, Philadelphia and Pittsburgh. The play had its Spanish language premiere in San Juan, Puerto Rico in Autumn of 2010.
The play deals with the ways family members survive a major loss, and includes comedy as well as tragedy. Cynthia Nixon won the 2006 Tony Award for Best Performance by a Leading Actress in a Play for her performance as Becca in the New York production, and the play was nominated for several other Tony awards.
Rabbit Hole
A situation, journey, or process that is particularly strange, problematic, difficult, complex, or chaotic, especially one that becomes increasingly so as it develops or unfolds.
An allusion to “Alice’s Adventures in Wonderland” by Lewis Carroll, it is used especially in the phrase “(go) down the rabbit hole.”
Overhauling the current tax legislation is a rabbit hole I don’t think this administration should go down at this point.I’ve stayed away from drugs and alcohol since coming to college. I have an addictive personality, so I decided to just avoid that rabbit hole altogether.
What does rabbit hole mean?
Used especially in the phrase going down the rabbit hole or fallingdown the rabbit hole, a rabbit hole is a metaphor for something that transports someone into a wonderfully (or troublingly) surreal state or situation.
On the internet, a rabbit holefrequently refers to an extremely engrossing and time-consuming topic.
Where does rabbit hole come from?
Alice’s Adventures in WonderLand
Literally, a rabbit hole is what the animal digs for its home. The earliest written record of the phrase dates back to the 17th century. But the figurative rabbit hole begins with Lewis Carroll’s 1865 classic, Alice’s Adventures in Wonderland.
In its opening chapter, “Down the Rabbit-Hole,” Alice follows the White Rabbit into his burrow, which transports her to the strange, surreal, and nonsensical world of Wonderland.
Since then, Carroll’s rabbit hole has proved a popular and useful reference. The Oxford English Dictionary finds the first allusive rabbit hole in a 1938 edition of TheYale Law Journal: “It is the Rabbit-Hole down which we fell into the Law, and to him who has gone down it, no queer performance is strange.”
Over much of the 20th century, rabbit hole has been used to characterize bizarre and irrational experiences. It’s especially used to reference magical, challenging, and even dangerous places or positions, similar to Carroll’s topsy-turvy Wonderland.
Rabbit holehas many metaphorical applications—from frustrating red tape to the mind-bending complexity of science to hallucinations during altered states—all united by a common sense of passing into some labyrinthine, logic-defying realm that, once entered, is hard to get out of.
One can fall down the rabbit hole of government bureaucracy, healthcare, obtaining a green card, tax law, the political economy of modern Japan, puberty, college admissions, or quantum mechanics.
If you’re Neo in the hit film The Matrix, you can take the red pill—a pill that shows you the truth, as opposed to the blue pill, which keeps you in ignorance—and “see how deep the rabbit hole goes.”
In a related note, some people literally take pills and go down the rabbit hole of a psychedelic drug trip.
But as Kathryn Schulz observed for The New Yorker in 2015, rabbit hole has further evolved in the information age: “These days…when we say that we fell down the rabbit hole, we seldom mean that we wound up somewhere psychedelically strange. We mean that we got interested in something to the point of distraction—usually by accident, and usually to a degree that the subject in question might not seem to merit.”
Thanks to the abundance, variety, and instant access of content online, many fall down internet rabbit holes which are often spectacularly, and addictively, niche: scary stories, obscure conspiracy theories, or famous last meals, for instance.
Other rabbit holes tend to be opened up by specific services or social media, which serve users item after item, link after link: Wikipedia, Netflix, Amazon, Facebook, YouTube, and so forth.
These rabbit holes have become so common that people sometimes swap out rabbit for the name of the particular site, e.g. “I’ve fallen down an Instragram hole” or “I’m falling down a wikihole.”
Who uses rabbit hole?
From formal documents to internet status updates, rabbit hole is a very popular and widespread expression. Unlike earlier iterations of the metaphor, internet rabbit holes convey less a sense of weirdness, disorientation, or difficulty than they do of an intensely captivating diversion.
Rabbit hole is also showing increasing use as a modifier, e.g. a rabbit-hole question or phenomenon.
Now… that we have a basic and broader understanding about this Hole and it’s rabbit that digged it 😋😂
Let me show you a journey that I took to get to know, understand, admire, be amazed and support the BitCorn everybody is so crazy about …
Bitcoin Glossary
Block
Blocks are found in the Bitcoin blockchain. Blocks connect all transactions together. Transactions are combined into single blocks and are verified every ten minutes through mining. Each subsequent block strengthens the verification of the previous blocks, making it impossible to double spend bitcoin transactions (see double spend below).
BIP
Bitcoin Improvement Proposal or BIP, is a technical design document providing information to the bitcoin community, or describing a new feature for bitcoin or its processes or environment which affect the Bitcoin protocol. New features, suggestions, and design changes to the protocol should be submitted as a BIP. The BIP author is responsible for building consensus within the community and documenting dissenting opinions.
Blockchain
The Bitcoin blockchain is a public record of all Bitcoin transactions. You might also hear the term used as a “public ledger.” The blockchain shows every single record of bitcoin transactions in order, dating back to the very first one. The entire blockchain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the blockchain online.
Block Height
The block height is just the number of blocks connected together in the block chain. Height 0 for example refers to the very first block, called the “genesis block.”
Block Reward
When a block is successfully mined on the bitcoin network, there is a block reward that helps incentivize miners to secure the network. The block reward is part of a “coinbase” transaction which may also include transaction fees. The block rewards halves roughly every four years; see also “halving.”
Change
Let’s say you are spending $1.90 in your local supermarket, and you give the cashier $2.00. You will get back .10 cents in change. The same logic applies to bitcoin transactions. Bitcoin transactions are made up of inputs and outputs. When you send bitcoins, you can only send them in a whole “output.” The change is then sent back to the sender.
Cold Storage
The term cold storage is a general term for different ways of securing your bitcoins offline (disconnected from the internet). This would be the opposite of a hot wallet or hosted wallet, which is connected to the web for day-to-day transactions. The purpose of using cold storage is to minimize the chances of your bitcoins being stolen from a malicious hacker and is commonly used for larger sums of bitcoins.
Confirmation
A confirmation means that the bitcoin transaction has been verified by the network, through the process known as mining. Once a transaction is confirmed, it cannot be reversed or double spent. Transactions are included in blocks.
Cryptography
Cryptography is used in multiple places to provide security for the Bitcoin network. Cryptography, which is essentially mathematical and computer science algorithms used to encrypt and decrypt information, is used in bitcoin addresses, hash functions, and the blockchain.
Decentralized
Having a decentralized bitcoin network is a critical aspect. The network is “decentralized,” meaning that it’s void of a centralized company or entity that governs the network. Bitcoin is a peer-to-peer protocol, where all users within the network work and communicate directly with each other, instead of having their funds handled by a middleman, such as a bank or credit card company.
Difficulty
Difficulty is directly related to Bitcoin mining (see mining below), and how hard it is to verify blocks in the Bitcoin network. Bitcoin adjusts the mining difficulty of verifying blocks every 2016 blocks. Difficulty is automatically adjusted to keep block verification times at ten minutes.
Double Spend
If someone tries to send a bitcoin transaction to two different recipients at the same time, this is double spending. Once a bitcoin transaction is confirmed, it makes it nearly impossible to double spend it. The more confirmations that a transaction has, the harder it is to double spend the bitcoins.
Full Node
A full node is when you download the entire blockchain using a bitcoin client, and you relay, validate, and secure the data within the blockchain. The data is bitcoin transactions and blocks, which is validated across the entire network of users.
Halving
Bitcoins have a finite supply, which makes them scarce. The total amount that will ever be issued is 21 million. The number of bitcoins generated per block is decreased 50% every four years. This is called “halving.” The final halving will take place in the year 2140.
Hash Rate
The hash rate is how the Bitcoin mining network processing power is measured. In order for miners to confirm transactions and secure the blockchain, the hardware they use must perform intensive computational operations which is output in hashes per second.
Hash (txid)
A transaction hash (sometimes referred to as a transaction ID or txid) is a unique identifier that can be used on any block explorer to look up all of the public details of a particular transaction. Every on-chain transaction has a unique hash made up of a long string of alphanumeric characters.
Mining
Bitcoin mining is the process of using computer hardware to do mathematical calculations for the Bitcoin network in order to confirm transactions. Miners collect transaction fees for the transactions they confirm and are awarded bitcoins for each block they verify.
Pool
As part of bitcoin mining, mining “pools” are a network of miners that work together to mine a block, then split the block reward among the pool miners. Mining pools are a good way for miners to combine their resources to increase the probability of mining a block, and also contribute to the overall health and decentralization of the bitcoin network.
Private Key
A private key is a string of data that shows you have access to bitcoins in a specific wallet. Think of a private key like a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.
Proof of Work
Proof of work refers to the hash of a block header (blocks of bitcoin transactions). A block is considered valid only if its hash is lower than the current target. Each block refers to a previous block adding to previous proofs of work, which forms a chain of blocks, known as a blockchain. Once a chain is formed, it confirms all previous Bitcoin transactions and secures the network.
Public Address
A public bitcoin address is cryptographic hash of a public key. A public address typically starts with the number “1.” Think of a public address like an email address. It can be published anywhere and bitcoins can be sent to it, just like an email can be sent to an email address.
RBF
RBF stands for Replace By Fee, and refers to a method that allows a sender to replace a “stuck” or unconfirmed transaction with a new one that uses a higher fee. This is done to make sure a transaction confirms as quickly as possible. The “replacement” transaction uses the same inputs as the original one. This is not considered a double spend, as the receiving address(es) typically remain the same.
Satoshi Nakamoto
Bitcoin’s existence began with an academic paper written in 2008 by a developer under the name of Satoshi Nakamoto. Satoshi is the name used as the original inventor of Bitcoin.
Transaction
A transaction is when data is sent to and from one bitcoin address to another. Just like financial transactions where you send money from one person to another, in bitcoin you do the same thing by sending data (bitcoins) to each other. Bitcoins have value because it’s based on the properties of mathematics, rather than relying on physical properties (like gold and silver) or trust in central authorities, like fiat currencies.
Wallet
Just like with paper dollars you hold in your physical wallet, a bitcoin wallet is a digital wallet where you can store, send, and receive bitcoins securely. There are many varieties of wallets available, whether you’re looking for a web or mobile solution. Ideally, a bitcoin wallet will give you access to your public and private keys. This means that only you have rightful access to spend these bitcoins, whenever you choose to.
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
The Times – January 3, 2009Bitcoin Genesis Block Mined 03 January 2009Cypherpunks Write CodeCODE IS LAW THE SOONER HUMANKIND ACCEPTS IT, THE SOONER IT CAN BUILD AROUND ITYeah.. I wonder Why 😂Bitcoin made easyHow a Bitcoin transaction worksA humble MinerHow Bitcoin Mining WorksMining DifficultyBitcoin HalvingBitcoin Previous HalvingsPoolsBitcoin WalletsBitcoin StakeholdersBitcoin FactsPower to the PeopleTotalitarian Governments can kiss my 256-bit keyBitcoin – People’s MoneyBitcoin cannot be Shut DownThe power of the long tail…Central Bank’s 3 StrategiesF**k them, Enough !!!Upcoming Smart Contracts NetworksBitcoin Yearly CandlesBitcoin Price History – Log ScaleBitcoin Mining Ecosystem MapDefi Ecosystem in EthereumDeFi Stack: Product& Application ViewSyscoin EcosystemSyscoinBSC EcosystemPopular CryptocurrencyCrpto EcosystemPublic Companies that own BitcoinTop Banks investing in CryptoBitcoin Inflation vs. TimeWhen you’re Ready…Choose WiselyMake bitcoin thrive, let fiat become humus…Veritas non Auctoritas Facit Legem
Most people misunderstand what bitcoin miners actually do, and as a result they don’t fully grasp the level of security provided by bitcoin’s hashrate.
In this article, we’ll explain proof of work in a non-technical way so that you’ll be able to counter the misinformation about supercomputers and quantum computers attacking the Bitcoin network in the future.
Simply put, mining is a lottery to create new blocks in the Bitcoin blockchain. There are two main purposes for mining:
To permanently add transactions to the blockchain without the permission of any entity.
To fairly distribute the 21 million bitcoin supply by rewarding new coins to miners who spend real world resources (i.e. electricity) to secure the network.
To understand what is actually happening in this lottery system, let’s look at a simple analogy where every Bitcoin hash is equivalent to a dice roll.
Luck, Gambling, and SHA-256
Imagine that miners in the Bitcoin Network are all individuals gambling at a casino. In this example, each of these gamblers have a 1000 sided dice. They roll their die as quickly as possible, trying to get a number less than 10. Statistically, this may take a very long time, but as more gamblers join the game, the time it takes to hit a number less than 10 gets reduced. In short, more gamblers equals quicker rounds.
Once somebody successfully rolls a number less than 10, all gamblers at the table can look down and verify the number. This lucky gambler takes the prize money and the next round begins.
Ultimately, the process of mining bitcoin is very similar. All miners on the network are using Application Specific Integrated Circuits (ASICs), which are specialized computers designed to compute hashes as quickly as possible.
To “compute a hash” simply means plugging any random input into a mathematical function and producing an output.
More hashes per second (i.e. higher hashrate) is equivalent to more dice rolls per second, and thus a greater probability of success.
Miners propose a potential Bitcoin block of transactions, and use this for an input. The block is plugged into the SHA256 hash function which yields a fixed-sized output, known as a hash. A single hash can be computed in less than a millisecond, as it involves no complex math.
If the hash value is lower than the Bitcoin Network difficulty, then the miner who proposed the block wins. If not, then the miner continues trying by computing more hashes.
The successful miner’s block is then added to the blockchain, the miner is rewarded with newly issued bitcoin for their work, and the “next round” begins.
Sources :
https://wikipedia.com/
https://braiins.com/
https://blockdata.com/
https://coin98analytics.com/
https://scoopwhoop.com/
https://stakingrewards.com/
https://syscoin.org/
https://galaxydigitalresearch.com/
https://surveycrest.com/
The Times
The Economist
"Internet of Money" - Andreas Antonopoulus
Hal Finney Quotes
Timothy C. May Quote
Free Spirit Digital Art
!°! If I forgot someone, sorry ! Do tell and I'll add you as a source of inspiration on the list !!! Thanks for understanding !!!
Questions, opinions, critics and requests always welcomed and as time allows will be accomodated !!! 🤓 🙂 😉
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How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
R&D, wisdom, knowledge, curiosities, answers and many more questions 🙂🤣🙃
You have a Choice !!!Power to the People !!! Wake the F… Up !!! No more excuses, you have a choice now !!!WHO as in WORLD HEALTH ORGANISATIONP F I Z E R InsiderPoem of the LegacyBeing Curious…Of course it doesn’t comply…The Problem with centralized Social-Media10 Principles of Strategic LeadershipGlobal Reserve CurrencyPsychology of a Market CycleSuccessSuccessTriangle of SuccessDon’t plan for travelling when old…😋😳😋Be like a Tree…If anyone understands this please enlighten me too 😊🤭🤗http://www.revelationtimelinedecoded.comESGFor those that think WE are the Center of the Universe 🤣😅😂Confident vs. Insecure PeopleDay by day…Managing Complex ChangeThe Cone of LearningThe Hero’s JourneyElectromagnetic Field of the HeartI-ChingLanguage creates RealitySex Organs of the Machine WorldPhilosopher’s StoneIsaac NewtonAbracadabraSingularityMulti-Mind Thought Control Process APPLE INC.RetrocausalityCERNEGOSYSCOIN ECOSYSTEMJagSteinSysCoinBitcoin might bury FIAT 🙂 🤭 🙃DEFI Ecosystem on EthereumDeFi StackBitcoin Mining Ecosystem Map…the other 6 BillionbitcoinThis is about the other 6 Billion…Top NFT ProjectsBusiness CyclesCentral’s Bank’s 3 StrategiesGlobal DebtDefender of the FlowerFlower of LifeSacred GeometrySeed & Flower of LifeKnowledge – An Antidote to FearJOIN THE REVOLUTION 😋 🤣 😋Emotion – Judgement – Action…violent recolution inevitable.E S B IEvery generation…LOVE YOUR RAGE NOT YOUR CAGERevolutionThe Times – January 3, 2009REVOLUTIONBitcoin Genesis Block – 03 January 2009Introduction to BitcoinIntroduction to Decentralized FinanceIntroduction to Digital CurrenciesAll Metals We MinedMap to Multiplication Nikola TeslaTop VC’s Investing in BlockChain CompaniesAthmospheres of the Solar SystemGlobal GDP 2021Map of CyberSecurity Domains21 QuestionsSix Innovation ModelsWhat May Happen in the next 100 YearsAbstract – “…to pull the body out of dimension so that the person can walk through solid objects such as wooden doors.” Okay 🤯 😳 🤯 ?¿?China’s Social Credit SystemBlockchain Platforms Comparison (BCP)ARISE
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
” Popular crowdfunding platform GoFundMe blocked the fundraising efforts of the Canadian trucker convoy Friday, preventing its receipt of $10 million in donations, claiming the movement violated its terms of service.”
Down bellow you have a few sources for your choice !!!
It was the people’s choice to spend their hard earned cash for the people that march for F R E E D O M !!!
Here is your system you trust your hard earned money with !!!
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
For the first time in human history there is at the disposal of the masses a tool that eliminates the middlemen and takes trust from the hands of humans and beautifully makes it a mathematics code that cannot be breaken, hacked or tricked…
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
Bitcoin is not Abracadabra… but Bitcoin can be Avada Kedavra for the current Banking system!
Bitcoin is not Magic… but it can be for Muggles!
Bitcoin is not an “Investment” … but educating yourself about bitcoin can be!
Bitcoin is not an “Investment”… but knowing the basics and being educated about it, lowers the chances of loosing your hard earned money!
Bitcoin is not an “Investment”… but staking Sats proved to be a preety good Strategy in the Long Term!
Bitcoin is not digital money… but it’s ons of it’s first applications!
Bitcoin is not money… but is Money for the Internet!
Bitcoin is not PRICE !!!
Bitcoin is not PRICE… but the market is driven mostly by FUD & FOMO people
Fear Uncertainty Doubt
bring the market Down
Fear Of Missing Out
bring the market Up
Bitcoin is not a “Get Rich Quick Scheme” and the one’s that got rich were the one’s that were there from the begining…
Bitcoin is not voodoo people, magic people… but a bunch of smart geeks & nerds that support the bitcoin’s philosophy and what it stands for…
Bitcoin is not under no juridstiction… but it is a global p2p network of like-minded people that with the power of their equipment sustain, mantain and make the bitcoin network stronger and more decentralized!
Bitcoin is not a Coin… but an entry in a digital ledger!
Bitcoin is not illegal activity money… but bitcoin can be used in such activity… Reports show that FIAT is still the No. #1 choice for “Evil Doers” as it doens’t have an public, open and visible ledger … Duh…
Bitcoin is not evil… but bitcoin can be used to do evil! As does a Pen! It can be used to do evil! How, you would ask? If I take this ✏ and stick it up your a… who is Evil ?!? The One who invented the pen? The Pen? Me? Your a.. cause it was in the way 🤣 Perspective is a matter of opinion…
Bitcoin is not News… but instead read pools, github, exchanges, wallets… They are the ones that pave the way where bitcoin could, should or would go!
Bitcoin is not DEAD… It was already declared Dead 441 times!
1 – Bitcoin consumes too much electricity, they don’t understand POW!
2 – Bitcoin isn’t a government backed currency, you should ask who backs their government… If the answer is the Army…
3 – Bitcoin isn’t backed by gold like the the US$… Neither is the $ since ’71
4 – Bitcoin isn’t real because I can’t see it… 80% of world’s money is Digital…
5 – Bitcoin isn’t a store of value as good as Gold is… Gold had thousands of years to prove that, bitcoin only 13… give it time! It already proved a lot !!!
6 – Bitcoin’s inventor is annonymous and can’t be trusted… Who invented money then? How do money come up into existance?
7 – Bitcoin will never be largely accepted because it isn’t issued by a government… You know what else wasn’t issued by no government ? Cars, Electricity, Steam Engine, Facebook, Uber, Google, Amazon, etc bla bla bla
8 – Bitcoin can’t be a currency cause I can’t buy anything with it… I think I have shared a list with places that you can buy things with bitcoin…Quite a few!!!
9 – Whales… Beware of yapidi yap of whales cause they say one and do the opposite 🙂 😉 !!!
9 – Bitcoin is not this, bitcoin is not that but they all swarm around the bee’s honeypot as if it were honey 🤣🤣🤣
I forgot…In the meantime, little unsignificant countries like El Salvador, mine bitcoin with 🌋 !!!
And still newspapers, investors that bite their whatever not having invested when it was under $1, and a hole portion of the world are all saying…
Etc bla bla bla Yapidi Yapidi Yap
Never Forget The Golden Rules:
Not Your Keys, Not Your Crypto!!!
Don’t Trust, Verify!!!
Don’t Believe, Do your own Resesearch and due diligence!!!
Save your Wallet’s Mnemonic Phrase in at least 3 places for safe-keeping!!!
WE ARE SATOSHI
When you’re ready…Timothy C. MayHal Finney
Poem of the Legacy
From the ashes of the long forgotten past, A bright mind wrote a code that would for ever last… A code so powerful and strong, That would change the world for oh so long…
The code he wrote and set it free, For the humankind legacy to be… To change the lives of future generations to come, He wrote the code and he was gone…
Oh, bright mind your legacy will last, For generations to come and be thankful about the past… Nobody knows who you might be, Some do and say Kudos to You for Ethernity!
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take … Continue reading CypherPunk Movement→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from … Continue reading The Art of War Quotes→
Mining Pool Payouts explained: PPS vs. FPPS vs. PPLNS vs. PPS+
What is a Mining Pool?
Mining Pools
A Mining pools is a hub where a group of Crypto currency miners share their processing power to the network in order to solve the blocks quicker.
The rewards will be split equally based on the amount of shares that they contributed in finding a block.
Pool mining was introduced during early Bitcoin mining days when solo mining became non-viable.
The more powerful your hardware is, the more shares you’ll submit, the more shares you submit, the more you’ll earn.
In order for the pool to pay its miners each pool uses its own payment scheme. Two of the most popular option is PPS and PPLNS.
Pay-Per-Share (PPS)Pay-Per-Last-N-Shares (PPLNS)
The first thing a miner has to decide is which pool mining payout is best for their requirements.
PROP (proportional), FPPS (Full Pay Per Share), SMPPS (Shared Maximum Pay Per Share), ESMPPS (Equalized Shared Maximum Pay Per Share), CPPSRB (Capped Pay Per Share with Recent Backpay), PPS (Pay Per Share), PPLNS (Pay Per Last N Share) and lastly PPS+ (Pay Per Share Plus).
Among them PPS and PPLNS are the two types of payment models that are mostly used by mining pools currently. Before we explain both PPS and PPLNS we’ll make a short note on mining pool.
There are numerous payment systems (over 15), but the vast majority of the pools operate on a PPS, FPPS, PPS+ and PPLNSbasis.
However, before trying to understand the different settlement models, it is important to come to a consensus on some terms used in crypto mining.
Block Reward: Block reward refers to the new coins issued by the network to miners for each successfully solved block.
Hashing Power: Hash rate is the speed at which a computer completes an operation in the cryptocurrency’s code. A higher hashrate increases a miner’s opportunity of finding the next block.
Luck: Luck, in mining, is the probability of success. Imagine that each miner is given a lottery ticket for a certain amount of hashing power they provide. If they are to provide 1 TH/s hashing power when the overall hashing power in the network is 10 TH/s, then they would receive 1 of 10 total lottery tickets. The probability of winning the lottery (in this case finding the block reward) would be 10%.
Transaction Fees: Some networks (like Bitcoin) also have substantial amounts of transaction fees rewarded to miners. These fees are the total fees paid by users of the network to execute transactions.
Pay-Per-Share (PPS)
PPS offers an instant flat payout for each share that is solved. With this payment method, a miner gets a standard payout rate for each share completed. Each share is worth a certain amount of mineable cryptocurrency.
After deducting the mining pool fees, the miners are given a fixed income every day. Therefore, under the PPS mode, the returns are relatively stable. Miners are exposed to risk here. They may not get the transaction fees.
It is ideal for low priced orders for an extended period. This model becomes lucrative during a bearish run of a particular coin.
Pay-Per-Last-N-Shares (PPLNS)
With this payout, profits will be allocated based on the number of shares miners contribute. This kind of allocation method is closely related to the block mined out. If the mining pool excavates multiple blocks in a day, the miners will have a high profit; if the mining pool is not able to mine a block during the whole day, the miner’s profit during the whole day is zero.
Notably, in the short term, the PPLNS model is highly correlated with a pool’s luck. If the luck factor of a particular mining pool decreases in the short term, the miner’s income will also decrease accordingly (the opposite case of the mining pool being lucky in the short term is possible too). However, in the long term, the luck factor tends to average out to the mean.
Hence, this model is ideal for fixing orders on a big pool that has a high chance of finding a block within the order time limit. Or a standard order which will have miners connected for a longer time.
Pay Per Share + (PPS+)
PPS+ is a blend of two modes mentioned above, PPS and PPLNS. The block reward is settled according to the PPS model. And the mining service charge /transaction fee is settled according to the PPLNS mode.
That is to say, in this mode, the miner can additionally obtain the income of part of the transaction fee based on the PPLNS payment method. This was a major drawback in the PPS model.
Full Pay Per Share (FPPS)
With this pool payout, both the block reward and the mining service charge are settled according to the theoretical profit. Calculate a standard transaction fee within a certain period and distribute it to miners according to their hash power contributions in the pool. It increases the miners’ earnings by sharing some of the transaction fees.
With the PPS and FPPS payment methods, you will get paid no matter if the pool finds a block or not. This is the most significant advantage over PPLNS. The risks and rewards are higher with the PPLNS plan.
The decision on which mining plan to choose from needs to be preceded by the decision of choosing the right mining infrastructure.
Difference between PPS vs PPLNS payment models?
PPLNS
PPLNS stands for Pay Per Last (luck) N Shares. This method calculates your payments based on the number of shares you submitted during a shift.
It includes shift system which is time based or by number of shares submitted by the miners on the pool.
Your pool may find blocks consistently or in overtime it may have huge variations in winning a block and that ultimately affects your payments. PPLNS greatly involves luck factor and you’ll notice huge fluctuations in your 24 hour payout.
If you maintain your mining on a single pool then your payouts will remain consistent and it only differs when new miners join or leave the pool.
PPS
Pay Per Share pays you an average of the number of shares that you contributed to the pool in finding blocks.
PPS pays you on solid rate and is more of a direct method which completely eliminates luck factor.
In PPS method regardless of the pools lucky at winning blocks you’re going to get 100% payout at the end of the day. This is because there is a standard payout set for each miners based on their hash power.
It won’t be more than 100% or less than that and with this PPS method you can easily calculate your potential earnings.
On the other hand with PPLNS payment system on average you can either get more than 100% or less than that. It is based on how lucky the pool is at finding blocks.
Should I choose PPS or PPLNS?
This is one of the common questions most miners have initially.
Should I choose Pay Per Share or Pay Per Last N Share pools?
If you are the person who don’t switch pools often then PPLNS is definitely for you as such pools are good at rewarding its loyal miners.
Pay Per Share: No matter what, if you need a fixed payouts at the end of the day to liquidate or for whatsoever reason then your choice would be PPS.
Pay Per Share works well for large mining farms who can calculate and have statistics based on their mining power.
PPS is good for large miners but really bad for pool owners as there is a guaranteed payout for work no matter if the pool hits the block or not.
For this reason and because of pool hoppers (not loyal miners of the pool) most of the mining pools have switched to PPLNS payment model.
Pay Per Last N Shares: If you are the one that is looking to accumulate and hold more coins then PPLNS is recommended.
For each block that your pool finds you’ll get a share based on your hashrate.
Unlike PPS, in PPLNS you’ll get payouts more often and in the long run you’ll be rewarded more with PPLNS than PPS.
However due to huge variance it’s really hard to calculate your mining income.
PPLNS is good for both mid-range miners and pool owners as the payouts is only based on the blocks found.
If your pool is more lucky then you’ll see payments more often. This is the reason why miners stick to a pool where there is more hash power assuming the pool finds block very often.
You can find more comparison of mining pools payment system here.
How to find out if a pool is PPS or PPLNS?
Cryptocurrency mining can be a lucrative process. However it’s very important that you find out what payment scheme your pool is using before committing your hashing power.
Most of the mining pools has this information listed on FAQ page or at payouts page. If you’re unable to find this information then the only option is to contact the pool support.
Hope the information on this page is helpful for you to decide the right mining pool.
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
“This is a book I want every athlete, aspiring leader, entrepreneur, thinker and doer to read. Ryan Holiday is one of the most promising young writers of his generation.”
George Raveling, Hall of Fame Basketball Coach
“Ryan Holiday is one of his generation’s finest thinkers, and this book is his best yet.”
Steven Pressfield, author of “The War of Art” and “Gates of Fire“
“Ryan Holiday has written a brilliant and engaging book, well beyond his years… It is invaluable.”
Brian Koppelman, screenwriter and director, “Rounders”, “Ocean’s Thirteen” and “Billions”
Ego Is the Enemy
“While the history books are filled with tales of obsessive, visionary geniuses who remade the world in their image with sheer, almost irrational force, I’ve found that history is also made by individuals who fought their egos at every turn, who eschewed the spotlight, and who put their higher goals above their desire for recognition.” – from the Prologue
Many of us insist the main impediment to a full, successful life is the outside world. In fact, the most common enemy lies within: our ego. Early in our careers, it impedes learning and the cultivation of talent. With success, it can blind us to our faults and sow future problems. In failure, it magnifies each blow and makes recovery more difficult. At every stage, ego holds us back.
The Ego is the Enemy draws on a vast array of stories and examples, from literature to philosophy to history. We meet fascinating figures like Howard Hughes, Katharine Graham, Bill Belichick, and Eleanor Roosevelt, all of whom reached the highest levels of power and success by conquering their own egos. Their strategies and tactics can be ours as well.
But why should we bother fighting ego in an era that glorifies social media, reality TV, and other forms of shameless self-promotion? Armed with the lessons in this book, as Holiday writes, “you will be less invested in the story you tell about your own specialness, and as a result, you will be liberated to accomplish the world-changing work you’ve set out to achieve.
RYAN HOLIDAY
Ryan Holiday is a strategist and writer. He dropped out of college at nineteen to apprentice under Robert Greene, author of “The 48 Laws of Power”, and later served as the director of marketing for American Apparel.
His company, Brass Check, has advised clients like Google, TASER, and Complex, as well as many prominent bestselling authors.
Holiday has written four previous books, most recently The Obstacle Is the Way, which has been translated into seventeen languages and has a cult following among NFL coaches, world-class athletes, TV personalities, political leaders, and others around the world.
He lives on a small ranch outside Austin, Texas.
Made with 💚 by Free Spirit
✌ & 💚
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If so, please consider a donation to help the evolution and development of more helpful articles in the future, and show your support for alternative articles.
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
How & Why You should Prepare Here are just a few examples of what that sort of total control may look like: Government in total control The government could not only withhold money … Continue reading CBDC’s Tyranny Is Coming→
Here is a list of 100 of the best based things: Trust is not based, and relying on trust is unbased. It is foolish to ever trust someone, because the only way to … Continue reading 100 Based things→
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take us back to the CypherPunk Movement starting in the 1970’s. Cryptography … Continue reading CypherPunk Movement→
The first ever bitcoin transaction from one person to another, on 2009-01-12 at 04:30 used Pay-to-Public-Key (P2PK), when Satoshi Nakamoto sent coins to Hal Finney in Block 170. P2PK is no longer used … Continue reading Block 170 – First ever bitcoin transaction→
The Art of War (Chinese: 孫子兵法; lit. ‘Sun Tzu’s Military Method’, pinyin: Sūnzi bīngfǎ) is an ancient Chinese military treatise dating from the Late Spring and Autumn Period (roughly 5th century BC). The … Continue reading The Art of War Quotes→
Finance, like most human inventions, is constantly evolving.
In the beginning it was basic: food was traded for livestock, and livestock for resources like wood, or maize. It progressed to precious metal, such as silver and gold. And now, the next step in financial evolution has come to light.
This new form of currency has been constantly evolving over the past decade, developed by an unknown person and maintained by a collective group of the brightest minds in technology.
It’s a new form of money that is created and held digitally, and the most important part, of course, is that no government owns it, or decides its value – the peer-to-peer network community does.
We call this new money, ‘Bitcoin’.
Historically, U.S. currency has been based on gold – you could give a dollar to the bank and receive a set amount back in gold. In contrast, Bitcoin isn’t based on silver or gold – it’s based on mathematical proofs validated by a public ledger called blockchain technology.
Bitcoin is generated through a complex sequence of mathematical formulas that run on computers; the network shares a public ledger using blockchain technologies that record, and validate, every transaction processed.
A single institution, such as the government, does not control the Bitcoin network.
The idea behind the technology has always been – and remains – one of decentralization – that is, remaining completely independent of a central authority, like a bank, a government, or a country.
Anyone can access the open-source software that makes Bitcoin work, and its those individuals interested that maintain it.
But, who invented Bitcoin? Is it a valid and legitimate currency like USD? And why did nobody think of this before?
But before we begin, let’s talk about the creator of Bitcoin – or rather, the anonymous pseudonym that first published a concept.
How Did Bitcoin Start?
There are many questions about Bitcoin, but the most common one to be asked is, “Who created it?”
That answer is not straightforward, because the identity of the creator remains a mystery. All we have is a pseudonym – Satoshi Nakamoto.
The accounts are no longer active; the coins in his wallet have never been spent.
Satoshi Nakamoto has disappeared from the world, or so it would seem.
Fast Company recently published an article suggesting that Satoshi Nakamoto could be a group of people, including Neal King, Vladimir Oksman, and Charles Bry. Apparently, these three people filed for a patent related to secure communication just two months prior to the purchase of the Bitcoin.org domain. Perhaps it’s a coincidence; perhaps it’s not.
What we do have, however, are facts:
On October 31st, 2008, “Bitcoin: A Peer-to-Peer Electronic Cash System” was posted to a cryptography mailing list, published under the name “Satoshi Nakamoto”. The whitepaper outlined the foundation of how Bitcoin would operate.
On August 18, 2008, an unknown person or entity registered the Bitcoin.org domain.
On January 8th, 2009, the first version of Bitcoin is announced, and shortly thereafter, Bitcoin mining begins.
The mystery that surrounds Satoshi Nakamoto is fitting; privacy was a key value for both Bitcoin, and its users.
Others have tried to claim his mantle – most recently an Australian man named Craig Wright, who has since withdrawn his claim.
While we may never know who first created Bitcoin, we do know that the technology he started has left ripples in the financial industry.
Bitcoin has risen to fame thanks to individuals such as the Winklevoss twins controlling and growing the market, and major events that have defined this new technology’s existence such as the Mt. Gox Ponzi scheme disaster.
The people involved and the events that occur are a constant reminder that this market is unregulated and seem to fall in line with Satoshi Nakamoto’s goal of creating a decentralized network.
What is Bitcoin Used For?
Currency must have value to ensure stability.
The most common way for a person to judge a currency’s value is what they can use it on; Bitcoin is no different, and a host of vendors and merchants now accept it alongside, or in place of, fiat money.
One early adopter of Bitcoin was the computer retailer Dell. In fact, when Dell started accepting Bitcoin, it became one of the largest companies to do so internationally.
While the digital currency may total for just a fraction of the retailer’s total transaction volume, there are other key reasons why the growth of Bitcoin could be aboon for the retailer.
Dell reported earnings of $59 billion during 2015. Traditional transaction fees range from 2 to 3 percent of the purchase price – with Bitcoin, it’s much, much lower, nearing non-existent – saving the retailer a lot of money in the future.
Other companies, such as Expedia and Cheapair, have also started accepting Bitcoin, along with technology conglomerate Microsoft : users can add funds to their accounts with Bitcoin to purchase apps, games, and other types of digital content.
The acceptance of Bitcoin is a strategic decision on the part of these companies, most of which are reaching out to solidify their position with tech-savvy audiences.
There’s a lot of benefit to Bitcoin, and a variety of reasons for its use, including :
Faster Payment: Accepting wire transfers and checks is time consuming, and it can take several days for payment to clear. Bitcoin is faster and can take a matter of minutes, rather than days to process payment.
Lower Transaction Fees: The cost to accept Bitcoins is lower compared to other payment methods, such as credit cards or Paypal.
Independent of Governments: Since Bitcoin is decentralized, you own it – no authority has the right to take away your Bitcoin. People with concerns about mainstream banking systems unravelling find this a major benefit.
Elimination of Chargebacks: Once Bitcoin is sent, that’s it – you can’t chargeback, like you would with a credit card payment, which eliminates ‘chargeback fraud’ often used by criminals and scammers.
Protection Against Inflation: With a fiat currency, the government can print as much money as it desires – this drastically decreases the value of currency, and may result in inflation. In contrast, Bitcoin has a fixed number – after they have all been ‘mined’, no more Bitcoins will be created. Scarcity is an important aspect of currency which protects it from inflation.
Ownership of Currency: With Bitcoin, you own your coins. With other forms of digital fiat – such as Paypal – your assets may be held, and your account eventually suspending, locking you out of your earnings. Bitcoin puts you in control.
Is Bitcoin a Commodity, or a Currency?
Bitcoin is both. While it can be used to purchase items from major retailers, it’s also treated as property by government jurisdictions, such as the IRS.
The IRS issued a guide on Bitcoin for tax purposes, stating it will treat virtual currencies as property for federal purposes. They go on to state that:
In some environments, virtual currency operates like “real” currency — i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance — but it does not have legal tender status in any jurisdiction.
The notice provides that virtual currency is treated as property for U.S. federal tax purposes.
Typically, property is almost always something tangible that can be held in the physical realm.
The IRS goes on to state that:
General tax principles that apply to property transactions apply to transactions using virtual currency. Among other things, this means that:
Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2, and are subject to federal income tax withholding and payroll taxes.
Payments using virtual currency made to independent contractors and other service providers are taxable and self-employment tax rules generally apply. Normally, payers must issue Form 1099.
The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer.
A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property.
Bitcoin has garnered a lot of attention over the past decade, despite constant declarations of its death – 99 Bitcoins keeps a running tab of ‘Bitcoin obituaries’.
Despite all of this, Bitcoin’s future has remained bright. Greater adoption rates, and an increasing number of brands accepting the currency (you can get a full list qui) means the long-term view on Bitcoin is that it will see market maturity as time progresses.
Mainstream investing vehicles, such as exchange-traded funds (ETFs) and Futures trading, including Bitcoin will be a major help to reaching that market maturity. Bitcoin Futures are already trading on the Chicago Mercantile Exchange (CME), and legislation to create a crypto ETF is in the works.
These securities will help stabilize cryptocurrency prices and mitigate volatility, which will help the public’s confidence grow in favor of Bitcoin.
It’s important to understand that, much like the early days of 1992, Bitcoin is a new technology – and new technologies can take decades to reach critical mass.
But, much like the Internet, no one wants to miss out on the ‘next big thing’ – and Bitcoin is the biggest thing yet. Constant updates are occurring to Bitcoin thanks to what is called a “hard fork”.
These constant updates ensure that digital currencies continue to experience growth through technological development.
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If so, please consider a donation to help the evolution and development of more helpful articles in the future, and show your support for alternative articles.
THE CYPHERPUNK MOVEMENT Let’s make a journey back in time to see where blockchain technology and cryptocurrencies came from. It will take … Continue reading CypherPunk Movement→
BitHouse 