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This Bitcoin Miner Threw His Hard drive Containing €74 Million Worth Of Bitcoin

A Welsh IT worker who lost a hard drive containing thousands of Bitcoins now thinks his mistake has cost him £74 million.

James Howells’ fortune is buried deep below thousands of tonnes of rubbish on a landfill site in Newport. He chucked out the hard drive in 2013, forgetting that it contained the cryptocurrency which even then was worth ‘a few hundred thousand pounds’.

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When the story hit the news in 2013, his hard drive was worth £4 million.

But one Bitcoin was worth more than £8,700 (or $11,000) on Sunday night after its price surged by 1,000 percent since the start of the year.

The 32-year-old began “mining” Bitcoin – a complex process – on his laptop in 2009. He mined 7,500 Bitcoins which he saved in a wallet file on his computer hard drive.

“After I had stopped mining, the laptop I had used was broken into parts and sold on eBay. However, I kept the hard drive in a drawer at home knowing it contained my Bitcoin private keys, so that if Bitcoin did become valuable one day I would still have the coins I had mined.

In mid-2013 during a clear-out, the hard drive – then worth a few hundred thousand pounds – was mistakenly thrown out and put into a general waste bin at my local landfill site, after which it was buried on site.’ But James said he’s not ‘crying about it’ and added: “Accidents happen. I just get on with it.

I’ve always known Bitcoin would go this high and I’ve always known the value of the hard drive would go up. ‘In the future I easily see it being worth anywhere from $500m (£270m) to $1billion.’

This week the currency ballooned to its highest value yet and James is seeking permission from Newport council to go looking for the laptop in the landfill. He believes he can pinpoint the laptop’s location by estimating its depth based on the date it was thrown away.

James added: ‘The higher the value goes, the more chance I have to recover it so it’s just been a waiting game for the past few years – waiting until the bitcoin price was high enough to make the drive a juicy enough treasure to hunt.’

What is Blockchain Technology And How You Can Profit from it

What is blockchain technology ?

Few people understand what it is, but Wall Street banks, IT organizations, and consultants are buzzing about blockchain technology. It’s hard to remove blockchain from Bitcoin, so we’ll start with Bitcoin as we work to understand this technology’s potential.

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This explainer will offer simple definitions and analogies for blockchain technology. It will also define Bitcoin, Ethereum, blockchain broadly, and initial coin offerings, and highlight promising use cases for the technology.

Lastly, this report will make clear the distinctions between distributed ledger technology and blockchain, and highlight where these technologies have an application – and where they do not.

WHAT IS BITCOIN?

The 2008 financial crisis caused a lot of people to lose trust in banks as trusted third parties. Many questioned whether banks were the best guardians of the global financial system. Bad investment decisions by major banks had proved catastrophic, with rippling consequences.

Bitcoin — also proposed in 2008 — presented something of an alternative.

According to its whitepaper, Bitcoin was a “peer-to-peer electronic cash system.” It would allow for online payments [to move] from one party to another without going through a financial institution.”

In other words, Bitcoin made digital transactions possible without a “trusted intermediary.” The technology allowed this to happen at scale, globally, with cryptography doing what institutions like commercial banks, financial regulators, and central banks used to do: verify the legitimacy of transactions and safeguard the integrity of the underlying asset.

Bitcoin is a decentralized, public ledger. There is no trusted third party controlling the ledger. Anyone with bitcoin can participate in the network, send and receive bitcoin, and even hold a copy of this ledger if they want to. In that sense, the ledger is “trustless” and transparent.

The Bitcoin ledger tracks a single asset: bitcoin (Note: “Bitcoin” capitalized refers to the Bitcoin ledger, or protocol, while “bitcoin” in lowercase refers to the currency or a unit of account on the Bitcoin ledger).

The ledger has rules encoded into it, one of which states that there will only ever be 21M bitcoin produced. Because of this cap on the number of bitcoins in circulation, which will eventually be reached, bitcoin is inherently resistant to inflation. That means that more bitcoin can’t be printed at a whim and reduce the overall value of the currency.

All participants must agree to the ledger’s rules in order to use it.

Bitcoin is politically decentralized — no single entity runs bitcoin — but centralized from a data standpoint — all participants (nodes) agree on the state of the ledger and its rules.

A bitcoin or a transaction can’t be changed, erased, copied, or forged – everybody would know.

That’s it, and it’s a big deal.

THE STORY OF ALICE AND BOB

To understand better how this peer-to-peer electronic cash system allows for online payments to move from one party to another without going through a financial institution, let’s use a simple example.

Here’s a scenario: Alice hands Bob a physical arcade token. Bob now has one token, and Alice has zero. The transaction is complete. Alice and Bob do not need an intermediary to verify the transaction. Alice can’t give Charlie the same token, because she no longer has the token to give — she gave it to Bob.

But what if the same transaction were digital? Alice sends Bob a digital arcade token — via email, for example. Bob should have the digital token, and Alice should not.

Right?

Not so fast. What if Alice made copies or “forgeries” of the digital token? What if Alice put the same digital token online for all to download? After all, a digital token is a string of ones and zeros.

If Alice and Bob “own” the same string of ones and zeros, who is the true owner of the digital token? If digital assets can be reproduced so easily, what stops Alice from trying to “spend” the same digital asset twice by also sending it to Charlie?

How can Alice and Bob establish unique ownership over the digital token?

One answer: use a database — a ledger. This ledger will track a single asset: digital arcade tokens. When Alice gives Bob the digital token, the ledger records the transaction. Bob has the token, and Alice does not.

A trusted third party, an intermediary — let’s call him Dave — will hold the ledger and make sure that it’s up-to-date. Alice can’t hold the ledger because she might erase the transaction and say that she still owns the digital token, although she gave it to Bob. It also can’t be Bob, because he could alter the transaction and lie to say that Alice gave him two tokens, doubling his arcade time.

By default, Dave — who is not involved in the transaction at all, will have to control the ledger. Dave is trusted.

This situation is fine, until it’s not.

What if Dave decides to charge a fee that neither Alice or Bob want to pay? Or, what if Alice bribes Dave to erase her transaction? Maybe Dave wants the digital token for himself, and adds a false transaction to the ledger in order to embezzle it, saying that Bob gave him the token?

In other words — what happens when Alice and Bob cannot trust the trusted third party?

Think back to the first physical transaction between Alice and Bob. Is there a way to make digital transactions look more like that?

Here’s a thought: Alice and Bob could distribute the ledger to all their trusted friends, not just Dave, and decentralize trust. Because the ledger is digital, all copies of the ledger could sync together. If a simple majority of participants agree that the transaction is valid (e.g. confirm that Alice actually owns the token she wants to send), it gets added to the ledger.

When a lot of people have a copy of the same ledger, it becomes more difficult to cheat. If Alice or Bob wanted to falsify a transaction, they would have to compromise the majority of participants, which is much harder than compromising a single participant.

Alice can’t claim that she never sent a digital token to Bob — her ledger would not agree with everyone else’s. Bob couldn’t claim that Alice gave him two tokens — his ledger would be out of sync. And even if Alice bribes Dave to change his copy of the ledger, Dave only holds a single copy of the ledger; the majority opinion would show the digital token was sent.

In sum, this distributed ledger works because everyone is holding a copy of the same digital ledger. The more trusted people that hold the ledger, the stronger it becomes.

Such a ledger allows Alice to send a digital token to Bob without going through Dave. In a sense she is transforming her digital transaction into something that looks more like a physical one in the real world, where ownership and scarcity of an asset is tangible and obvious

IS BITCOIN REALLY SECURE?

You may have noticed a key difference between the above example and Bitcoin. Specifically, Alice’s and Bob’s ledger only allows “trusted friends” to participate. In contrast, Bitcoin is entirely public, and anyone can participate.

Let’s think about this for a moment. A public ledger would allow for many more participants. The more participants, the stronger the ledger becomes. Right?

As you may have guessed, it’s not that simple.

Because Bitcoin expands beyond trusted participants and gives anyone access, it runs a higher risk of bad actors and false transactions.

Sure, we also ran a risk of bad actors when it came to Alice’s and Bob’s trusted friends: Dave might turn untrustworthy. However, Bitcoin is free and open to anyone, trusted or not, like a Google document that anyone can read and write to.

How can we get all these untrusted “nodes” to agree on the state of the ledger? How can we avoid bad actors corrupting the ledger?

Bitcoin offers a solution: reward good actors and scare off bad ones, a classic carrot and stick act.

In simple terms, certain Bitcoin participants are incentivized to do the dirty work and maintain the network. These participants — called “miners” — bundle transactions into a “block,” add this newest block to the “chain” of prior blocks (hence: blockchain is used to describe Bitcoin’s unique database structure), and devote immense computational power to the network in the process. For doing this work, these miners are rewarded with bitcoin. With a single bitcoin priced at upwards of $8,000, this is a very strong incentive.

When miners devote computational power, they also use a tremendous amount of electricity. So much electricity, in fact, that a recent estimate put the Bitcoin blockchain’s total daily energy consumption at greater than Ecuador’s, a country of 17M people.

This scares away hackers and bad actors because “hacking” Bitcoin to get everyone’s coins would cost a tremendous amount of computing power, electricity, and money. Further, if the Bitcoin community became aware of the hack, it would likely cause the price of bitcoin to drop steeply. This makes such an attack economically self-defeating.

In technical terms, this mining process creates Bitcoin’s consensus mechanism, called “Proof of Work.”

This clever game-theoretic model creates a ledger that everyone trusts, but nobody controls.

WAIT… WHAT IS BITCOIN?

OK, let’s connect all the dots:

Bitcoin is a decentralized, public ledger. This ledger is known as a blockchain. There is no trusted third party controlling the Bitcoin blockchain. Instead, anyone can read it, write to it, and hold a copy.
The Bitcoin blockchain tracks a single asset: bitcoin. The blockchain has rules, one of which states that there will only ever be 21M bitcoin. All participants must agree to Bitcoin’s rules in order to use it.
Because anyone can read it and write to it, Bitcoin needs a method to establish consensus among untrusted nodes — unlike Alice’s and Bob’s distributed ledger shared among trusted friends. It solves this problem via clever economics:
Incentive: The first miner to verify transactions and devote immense computing power to secure the blockchain can append a block of transactions to the chain of previous blocks. This miner is rewarded with bitcoin, and the race starts over every ten minutes.
Disincentive: Bad actors are dissuaded from attacking the blockchain, because it’s effectively a money-losing proposition.

WHAT ARE ALTCOINS?

Since Bitcoin launched in 2008, thousands of other cryptocurrencies and altcoins (“alternative coins”) have emerged.

Because Bitcoin’s code is open-source, anyone can use Bitcoin’s code to create an altcoin. Many of them seek to improve on Bitcoin or expand its capabilities. Remember Bitcoin’s rules: it caps the number of bitcoin at 21M and uses the Proof of Work system to secure the network. Other cryptocurrencies use different rules and engage with other economic models.

IS BITCOIN A BUBBLE?

Hard to say. It’s true that the value of one bitcoin has gone from around $300 in 2015 to above $8,000 in recent weeks. If you had invested $100 in bitcoin in 2011 that bitcoin would be worth over $2.5M today.

As discussed, Bitcoin’s “blockchain” allows for the creation of a unique and scarce digital asset where everyone knows the history of each bitcoin. A single bitcoin is not just a string of ones and zeros, but the first successful (at least so far) censor-proof, portable, easily transactable, durable, and secure digital asset.

Bitcoin’s value is subject to the same supply-and-demand mechanics found in any marketplace. If investors find the above characteristics valuable and demand for bitcoin grows, bitcoin’s price rises and vice versa.

Bitcoin’s supply is limited to 21M coins (although only about 17M have been mined so far). You can do the math, but as of this writing investors value bitcoin at upwards of $120B in aggregate.

To give a sense of how the market values other cryptocurrencies, here’s some market information about some of the top ones:

A CAVEAT

There’s lots more to Bitcoin that we’re not going to get into. Hashes, public-private key encryption, segregated witness, sidechains, forks, and block size, among other elements, fall outside of the scope of this piece.

BLOCKCHAIN

WHAT IS BLOCKCHAIN?

So far, we’ve discussed two types of ledgers.

The first, Alice’s and Bob’s distributed ledger for digital arcade tokens, is private.

The second, Bitcoin’s decentralized ledger for bitcoin, is public. Anyone can participate. To ensure its public, decentralized ledger remains secure, Bitcoin uses a blockchain.

If we were to define “blockchain” as a technology separate from Bitcoin, it might look something like this:

Blockchain technology offers a way for untrusted parties to reach agreement (consensus) on a common digital history. A common digital history is important because digital assets and transactions are in theory easily faked and/or duplicated. Blockchain technology solves this problem without using a trusted intermediary.

WHERE ELSE MIGHT BLOCKCHAIN MAKE SENSE?

The short answer: in unique instances.

Specifically, a blockchain is needed for Bitcoin because:

Bitcoin is a public ledger of bitcoin transactions
There are untrusted nodes recording transactions on the Bitcoin ledger
Bitcoin does not want to trust a third party to administer the ledger
Effectively, Bitcoin uses a blockchain to decentralize payments. Where else could we use this unique database architecture to get rid of the middleman? Are there other things that could be decentralized?

Let’s take this step-by-step. What’s another scenario where everyone needs a record of ownership, and where a trusted third party isn’t preferred?

A couple of immediate use cases come to mind.

Land title is one. It could be quite useful for everyone to have access to a decentralized source of record saying who owns a given parcel of land. Considering that coups and wars often redistribute land unfairly and/or incorrectly, this could not only prove useful, but also have humanitarian implications. Once a land distribution is agreed upon, it can be recorded in a distributed ledger and no longer be subject to ongoing debate. A number of companies are working on this, including velox.RE.

In the same vein, a blockchain could be used to establish ownership over any number of physical assets – cars, art, musical instruments, and so on. Let’s think about why this makes sense.

A paper record of title is prone to forgery and/or physical degradation. Centralized databases are prone to hacking, human error, and/or tampering. A blockchain means there is no single entity controlling the ledger. Therefore, recording physical assets on a blockchain is a prime example of where the technology might come in handy to track ownership with a tamper-proof, neutral, and resilient system.

Identity might also be low-hanging fruit. The recent Equifax hack exposed the social security numbers of 143M Americans. Social security numbers were never meant to be used for identification; notice how this old social security card proudly states “not for identification.”

Blockchain technology might present a better means of establishing identity. Instead of a state or government issuing it, identity could be verified on an open, global blockchain — controlled by nobody and trusted by everybody. Thus, users could control their own identity. A number of companies are working in this arena, including ID2020 and Civic.

The applications for blockchain technology extend well beyond these two examples.

WHERE DOES DISTRIBUTED LEDGER TECHNOLOGY MAKE SENSE?

Let’s back up for a moment.

We mentioned that Alice’s and Bob’s private implementation — where everyone knows and trusts everyone involved — doesn’t need a blockchain (or miners to verify and append transactions to the cryptographically-protected blockchain).

Without blockchain’s verification step, we’re left with a “distributed ledger,” basically a decentralized spreadsheet that is only accessible to a select group of trusted parties. Because this ledger is private, it doesn’t need the same security measures as Bitcoin.

It’s important to make this distinction.

The hype around Bitcoin, blockchain, and cryptocurrencies has contributed to renewed interest in distributed ledger technology. This is the idea of distributing a database among participants to ensure a common record of truth. Bitcoin uses distributed ledger technology and adds a consensus layer on top — the blockchain.

Because Alice’s and Bob’s participants are trusted and their ledger is private, Bitcoin’s blockchain isn’t needed. In fact, a blockchain might prove unwieldy, slow, and overly complex for Alice’s and Bob’s ledger, for reasons which we’ll address below. Instead, a trusted third party could be used to lightly administer a distributed ledger.

Bitcoin and Ethereum (which we’ll dive into below) are considered public, “permissionless” blockchains. This means anyone can access them.

On the other hand, if all parties are known and trusted, distributed ledger technology could provide sufficient security. One example of distributed ledger technology is R3’s Corda, which is working with major financial services organizations to improve banking processes.

While distributed ledger technology and blockchain technology each have their own pros and cons, the important thing to remember here is that blockchain is not a cure-all. For Bitcoin, a public, permissionless blockchain is the only possible solution. In many other instances, a blockchain would be a terrible idea.

WHAT ARE THE MAJOR ISSUES WITH BLOCKCHAIN TECHNOLOGY?

Blockchains are really good at a couple of things and absolutely awful at others.

We’ve addressed the distributed ledger versus blockchain debate above. Another major issue is scaling blockchains.

For a blockchain to work, lots of participants need to hold up-to-date copies. This means that the same database is held by thousands of nodes. This is fairly inefficient.

If we were to look at how technology has developed over the past fifteen years, blockchain runs counter to the logic behind cloud computing. Cloud computing trends toward a single database that multiple nodes can access. These nodes don’t have to hold their own private copy of this database.

Further, nodes holding copies of the blockchain receive constant updates. These nodes are distributed around the world. Because of this, blockchains have high latency (latency is the amount of time it takes for data to move through the network). As a result, blockchains face scaling issues. Bitcoin can process about 3-4 transactions per second. Ethereum maxes out at about 20 transactions per second. Visa can process over 1,500 transactions per second.

Scaling is just one of the issues facing blockchain technology, but it’s an important one.

ETHEREUM

WHAT IS ETHEREUM?

We asked earlier what other applications could be built with blockchain technology.

Recall that Bitcoin is, effectively, a decentralized application for payments. Ethereum adds another layer by allowing users to put code on its blockchain that executes automatically. This code is called a “smart contract.” In this way, Ethereum hopes to create a decentralized computing platform — a global supercomputer.

WHAT IS A SMART CONTRACT?

To illustrate a smart contract, let’s say Alice and Bob enter into a bet.

Alice thinks that the temperature tomorrow morning will reach 70 degrees. Bob thinks that it will stay lower. They wager 10 bitcoin on the outcome. If Alice and Bob don’t trust each other, they will have to use a trusted third party as an escrow agent. In other words, they will each have to give the agent that amount of bitcoin, and the agent will distribute the winnings and the amount staked to the winner.

There’s no way around the middleman in this scenario, even using bitcoin.

Ethereum, though, offers a decentralized solution. Alice and Bob could agree to use some basic code — a contract of sorts — to alert the system to what the temperature ended up being and pay out based on who was correct. If the temperature goes higher than 70 degrees, the code pays Alice, otherwise, it pays Bob. Alice and Bob could then place this code (their bet) on Ethereum’s blockchain.

This looks like a “contract,” because all participants in the Ethereum blockchain hold a copy of this agreement. Just like the Bitcoin blockchain knows that Alice sent Bob a bitcoin (in our example above), the Ethereum blockchain knows that Alice and Bob have entered into an agreement. Therefore, this contract is self-enforcing.

Smart contracts like these are what make Ethereum so compelling. Because Ethereum is a blockchain, it’s very hard to attack, change, or forge these smart contracts, just like it’s economically self-defeating to attack Bitcoin.

SO, WHAT IS ETHEREUM?

A smart contract allowed Alice and Bob to build a very small decentralized application. What if we could build larger and more complex decentralized applications?

Ethereum wants to be the platform on which these decentralized applications are built.

Recall that Bitcoin is a very simple decentralized application, for payments. Ethereum builds on Bitcoin by incorporating robust computing capabilities and smart contracts. In simple terms, this means that developers can use more complex code to build decentralized applications on top of Ethereum. These apps would be less error prone, more neutral, and more transparent. They would have lower administrative costs and greater built-in security.

Let’s unpack this:

Ethereum allows participants to execute code on its ledger, including “smart contracts.” Coupled with its ability to incorporate complex code, Ethereum hopes to be a massive decentralized computer.
In the same way that Bitcoin uses a blockchain to track bitcoin, Ethereum uses a blockchain to track a cryptocurrency called “ether.” Users spend ether to run programs on the Ethereum supercomputer.
Because Ethereum is decentralized, once a program is uploaded it can’t be shut down by any sort of centralized actor. Just like Bitcoin, there is no central point of attack.
Therefore, Ethereum is also a construction set for building decentralized applications. Instead of building their own blockchains from scratch, developers can use Ethereum’s blockchain.
Here are some decentralized applications attacking different verticals. Many of these are building on top of Ethereum:

WHY DOES ETHEREUM MATTER?

In August 2016, then-Union Square Ventures investor Joel Monegro published a blog post entitled “Fat Protocols.” In it, he examines the protocols or systems on which our modern internet has been built:

“The previous generation of shared protocols (TCP/IP, HTTP, SMTP, etc.) produced immeasurable amounts of value, but most of it got captured and re-aggregated on top at the applications layer, largely in the form of data (think Google, Facebook and so on).”

In other words, the internet as we know it works because of TCP/IP, HTTP, and SMTP — among others. These protocols are often open-source and maintained by devoted developers.

If the entire internet relies on these protocols, one would expect these protocols to extract value (read: make money). However, that hasn’t happened. Instead, the applications built on top of these protocols have made all the money. Google, Facebook and Amazon can’t exist without TCP/IP, yet, they have captured all the value, while TCP/IP has not.

By effectively creating a decentralized supercomputer, Ethereum acts as a base layer for decentralized applications. Ethereum’s built-in cryptocurrency, ether can be traded on exchanges for dollars or other government-backed currency — just like bitcoin. Therefore, the value of this supercomputer can be captured at the protocol layer.

WHY IS ETHEREUM WORTH MORE THAN $300?

Ethereum’s blockchain allows for the creation of a decentralized supercomputer. This supercomputer is the first one of its kind.

Computational power is limited, and developers pay with ether to use the Ethereum blockchain.

Ether’s dollar value is subject to the supply-and-demand mechanics found in any marketplace. If investors find the Ethereum blockchain valuable — and developers are building decentralized applications — then demand for ether might rise and its price could rise. The opposite could also happen.

WHAT ARE INITIAL COIN OFFERINGS?

We’ve now discussed Bitcoin and Ethereum. Both blockchains use a “token” that provides utility. Bitcoin uses bitcoin, while Ethereum uses ether.

Remember how we mentioned other decentralized applications? An initial coin offering is a way for these applications to raise money. Instead of going the traditional venture capital route, a team could announce that — just like bitcoin or ether — it’s issuing a token.

That token might do any number of things. Most of the time, it provides some sort of access to the decentralized application, in the same way that bitcoin provides access to the Bitcoin blockchain, e.g. if you want to use it to send a payment to someone across the planet.

If a team issued a token for a decentralized social media platform, the team could mandate that a user needs to hold a token to access the platform. If demand for the platform goes up, then the token might rise in value.

So, an ICO is simply:

The sale of tokens by a blockchain company looking to raise funds.

These tokens are often subsequently traded on cryptocurrency exchanges.
Investors in ICOs hope to turn a profit by buying early access to potentially foundational decentralized applications, just as early investors into bitcoin and ethereum did.

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WHY ARE ICOS SO CONTROVERSIAL?

Initial coin offerings could represent a big shift in how companies raise money and/or incentivize various stakeholders (developers, investors, users).

At the same time, ICOs are on shaky regulatory footing — if the SEC or other regulators ultimately deem these tokens securities, then many of the teams behind these ICOs could be guilty of illegal securities offerings.

Teams holding ICOs are adamant that they do not represent securities offerings and instead market their coins or tokens as part of an entirely new asset class altogether.

Again, let’s use Bitcoin to illustrate.

Bitcoin is a token that provides ownership of a unit of account on the Bitcoin ledger. It is impossible to participate in the Bitcoin ledger without owning bitcoin; bitcoin is the network’s exclusive means of exchange. In this sense, bitcoin isn’t a security, but utility within a network.

However, many of these teams have yet to build functional networks. Teams often present a white paper in lieu of an investment memorandum, product, or roadmap, and ICOs regularly raise upwards of $10M, stoking concerns of overcapitalization. Many of these companies could run the risk of mismanagement after receiving such large sums.

CLOSING REMARKS

As we’ve highlighted, blockchain is still in its nascent stages. However, blockchain technology promises to entirely reshape money, middlemen, and trust.

Ultimately, blockchain is as much a political and economic hypothesis as a technological one. Blockchain technology provides a new way to think about how we agree on things. For the first time, multiple untrusted parties can create and agree on a single source of truth, without the use of a middleman. The technology’s implications for traditional middlemen and corporate players are therefore potentially enormous.

As the landscape evolves, the future of blockchain will likely take on forms yet to be imagined.

What Is Cryptocurrency Bitcoin And Altcoins

A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

What is cryptocurrency

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This introduction explains the most important thing about cryptocurrencies. After you‘ve read it, you‘ll know more about it than most other humans.

Today cryptocurrencies have become a global phenomenon known to most people. While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance.

In 2016, you‘ll have a hard time finding a major bank, a big accounting firm, a prominent software company or a government that did not research cryptocurrencies, publish a paper about it or start a so-called blockchain-project.

What is cryptocurrency and how cryptocurrencies emerged as a side product of digital cash

Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.

In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“

His goal was to invent something; many people failed to create before digital cash.

Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It’s completely decentralized with no server or central authority. – Satoshi Nakamoto, 09 January 2009, announcing Bitcoin on SourceForge.

The single most important part of Satoshi‘s invention was that he found a way to build a decentralized digital cash system. In the nineties, there have been many attempts to create digital money, but they all failed.

After more than a decade of failed Trusted Third Party based systems (Digicash, etc), they see it as a lost cause. I hope they can make the distinction, that this is the first time I know of that we’re trying a non-trust based system. – Satoshi Nakamoto in an E-Mail to Dustin Trammell

What are cryptocurrencies really?

If you take away all the noise around cryptocurrencies and reduce it to a simple definition, you find it to be just limited entries in a database no one can change without fulfilling specific conditions. This may seem ordinary, but, believe it or not: this is exactly how you can define a currency.

Take the money on your bank account: What is it more than entries in a database that can only be changed under specific conditions? You can even take physical coins and notes: What are they else than limited entries in a public physical database that can only be changed if you match the condition than you physically own the coins and notes? Money is all about a verified entry in some kind of database of accounts, balances, and transactions.

How miners create coins and confirm transactions

Let‘s have a look at the mechanism ruling the databases of cryptocurrencies. A cryptocurrency like Bitcoin consists of a network of peers. Every peer has a record of the complete history of all transactions and thus of the balance of every account.

A transaction is a file that says, “Bob gives X Bitcoin to Alice“ and is signed by Bob‘s private key. It‘s basic public key cryptography, nothing special at all. After signed, a transaction is broadcasted in the network, sent from one peer to every other peer. This is basic p2p-technology. Nothing special at all, again.

What is the top cryptocurrencies ?

Bitcoin: Bitcoin was the first and is the most commonly traded cryptocurrency to date. The currency was developed by Satoshi Nakamoto in 2009, a mysterious figure who developed its blockchain. It has a market capitalisation of around $100 billion as of october 2017.

Ethereum: Developed in 2015, ethereum is the currency token used in the ethereum blockchain, the second most popular and valuable cryptocurrency. Ethereum has a market capitalisation of around $20bn as of october 2017. However, ethereum has had a turbulent journey. After a major hack in 2016 it split into two currencies, while its value has in recent months reached as high as $400 but crashed briefly to as low as 10 cents.

Ripple: Ripple is another distributed ledger system that was founded in 2012. Ripple can be used to track more kinds of transactions, not just of the cryptocurrency. It has been used by banks including Santander and UBS and has a market capitalisation of around $67.8 billion.

Litecoin: This currency is most similar in form to bitcoin, but has moved more quickly to develop new innovations, including faster payments and processes to allow many more transactions. The total value of all Litecoin is around $3 billion.

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What Is Electroneum Ico Cryptocurrecy Review Price Prediction

Electroneum is mobile cryptocurrency it mine on a electroneum mobile app available for android and iphone that targets the 2.2 billion smartphone users around the world via a mobile-focused blockchain solution with the explicit intention of capturing the mobile gaming and online gambling market. The initial token offering for Electroneum began on September 14, 2017, and will run through October 31, 2017.

Who’s Behind Electroneum?

Electroneum’s whitepaper describes the team as “an experienced team of software developers.” The team is led by Richard Ellis, who has 20+ years of experience running a digital agency called SiteWizard. In 2013, Ellis founded Retortal. As CEO of Retortal, Ellis offers social media marketing to various companies – including Fortune 500 companies like Herbalife and Avon. Retortal is valued at over $50 million USD today, and the software is used daily by hundreds of thousands of people.

The name of the currency and company, by the way, is derived from “the electron which all cryptocurrencies rely on.”

Electroneum reportedly started working on their own cryptocurrency back in August 2015. They used bitcoin’s open source code as the basis for the currency. The currency had no name for several months, but was eventually named Electron. By July, the company had officially formed under the name Electroneum Ltd. and started actively promoting their upcoming cryptocurrency.

How Does Electroneum Work?

Electroneum makes numerous mentions of it being a mobile-friendly currency. The creators of Electroneum recognize that most of the world has a mobile phone – and approximately 2 billion people own a smartphone. Electroneum is based on harnessing power from all smartphones to power the network. In addition, users can control all aspects of Electroneum from their mobile wallet.

Typically, cryptocurrencies are mined with specialist equipment – like PCs with multiple GPUs inside. Electroneum will allow users to mine the currency with the mobile app.

The company will begin by releasing their iOS and Android app on October 31, 2017, one day after the token sale concludes.

Another key feature of Electroneum is its accessibility. The whitepaper makes several mentions about how bitcoin’s numerous decimal places discourage widespread adoption. Let’s be honest: most bitcoiners are sick and tired of counting up the number of 0s when they’re asked to pay a fee like 0.0000416, or when they see a transaction fee like that. Electroneum plans to have two digits after the decimal (it has a 21 billion total supply of coins compared to bitcoin’s 21 million). That means you’ll see a price labeled as something like “21.39 Electroneum” instead of “0.089151 BTC”.

Electroneum Products

The developers of Electroneum claim to already have numerous working products and platforms in place. They plan to release all of these products immediately after the ICO crowdsale. The products will go live on October 31, one day after the crowdsale.

Products that have already been developed, finished, and tested include:

  1. The Electroneum blockchain
  2. An app-based wallet that allows someone to access Electroneum with zero technical skills or crypto experience
  3. App based mining system that allows non-technical people to gain Electroneum easily
  4. An offline wallet that allows for a completely secure, unhackable, offline wallet to be created
  5. A Windows wallet
  6. A Windows miner, where you can leave your PC mining for more coins at home or the office
  7. Mining pool software (Electroneum runs this software to make mining easier; the software is open source and allows users to develop their own pools)
  8. Blockchain explorer (used to verify payments and examine the blockchain in an open source way)
  9. Third party payment API used to allow third parties to accept Electroneum or pay in Electroneum
  10. The company claims these products give Electroneum a good foundation for launch. However, they plan to raise money through the ICO for an even more ambitious plan.

The Electroneum whitepaper outlines long-term goals for the cryptocurrency based on the amount raised. If Electroneum raises over $40 million, for example, then the company will introduce a whitelabeling system that allows other coins or ICOs to utilize the currency as a base while implementing their own branding.

The Electroneum Crowdsale

The Electroneum crowdsale begins on September 14. During the first week, you’ll be able to buy Electroneum at a 50% bonus rate. You’ll receive 150 coins for every $1 USD you contribute. By the last week of the sale (October 19 to 31, 2017), that rate will drop to $1 USD per 100 coins. Click here to participate

A total of 6.3 billion Electroneum coins will be available during the crowdsale. You can participate using Ethereum, bitcoin, or bank transfer.

You can see below total token sales statistics and people still buying it

Electroneum Conclusion

Electroneum is a cryptocurrency built on the original bitcoin blockchain. The company claims to have already developed a wide range of technical products – including a mining system that can be run from your PC or smartphone to generate currency from your unused processing power.

The Electroneum ICO is taking place throughout September and October. You may want to wait for more technical details about the project to appear online, or proof that any of the products have already been developed. However, if you don’t mind the risk, you can gain bonuses of up to 50% by participating in the Electroneum token sale early.

Electroneum Price Prediction Will Be Update Soon You can subscribe for the notification below

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What Is Affiliate Marketing?

In case you’re wondering what affiliate marketing is, it’s actually a lot like being a commission-based salesperson for a company, only that you’re basically on your own. But really, it’s not as bad as it sounds. In fact, affiliate marketing can be one of the most profitable things you can do if you do it right, and thousands of people right now are relying on affiliate marketing as their main source of income.

So, what is affiliate marketing?

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As we said before, with affiliate marketing, you sell a company’s products for a commission. While it’s easy to compare this venture with a real sales job, there are distinct differences, including:

You can promote different products in different niches.

As an affiliate marketer, you don’t have to exclusively sell one product, unless if you want to. There are many affiliate marketplaces out there. Market Health and Clickbank are just two of them. If you want to get started now, sign up with those websites as an affiliate and search for products to promote from there.

Market Health offers health products exclusively while Clickbank offers information products. If you want our advice, start with what you know. If you invest in forex, for example, find a forex-related product to promote, like a Forex robot.

Almost all marketing is done online.

Although you can promote affiliate products through the traditional route of meeting prospects, most affiliate marketers promote their products through different channels online: Facebook ads, setting up a website and doing information marketing, advertising on the different advertising networks, etc.

You’re not bound to any quota

Unlike a regular sales job, you’re not weighed down by any sales quota. There won’t be any sales managers yelling at you or breathing down your neck to make a sale. It’s really up to you how much money you want to make.

If you’ve ever seen online advertisements on making money online, all of them are promoting systems that will help you market different products on the Internet.

As we said earlier, there are many ways that you can do affiliate marketing. However, in order for you to truly succeed, pick only one method and don’t stop doing it until you’re earning money. Don’t switch from one method to another because that will only guarantee your failure.

That was the mistake I made. One day I studied how to market things on Squidoo and the next studied how to market things on Facebook. All of that hopping from one method to another only made me tired and frustrated with no consistent sales to show for it.

Now I know better and I’m learning to patiently build 100 websites in different niches, hoping to earn money from Google search information marketing. It’s not easy considering that I have a full-time job but there are two things to be learned here:

Having my own online properties or websites is crucial to long-term success. Knowing why people buy certain things is what brings sales and money to my bank account.

10 Ways To Get High Quality Website Traffic For Free

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Do you want to try this free traffic method ? if you want free traffic the you have to spend 1 30 minutes daily working on this to get free traffic on your website

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10 Ways to get High Quality Traffic On Your Website Free

  1. Answer Questions on Social Media Websites: When you see people asking questions on the internet, provide whatever helpful information you can. Doing so will bring in both website traffic and customers for life.
  2. Spread Press Releases Stating Your Actual Accomplishments: While you must not abuse PR release distribution sites to promote the accomplishments that are insignificant, take advantage of the traffic flow whenever you take something remarkable to talk about.
  3. Use Search Engine Optimization Responsibly: Do not over -optimize your website, but make use of present SEO guidelines (which put the focus on looking “natural”) to allow the major search engines to know exactly where they should list your website within the organic search results. Higher positions will bring about lots of new people to your website.
  4. Invest In a Good Blog: By posting high -value posts consistently, you’ll build up a relationship with your readers, resulting in visitors who return frequently to catch your latest posts.
  5. Share Slides: Posting informative materials to websites like Slideshare as well as Scribd can help you to increase both brand knowledge and website traffic through contact with new markets as well as new potential clients.
  6. Make a YouTube Channel: YouTube is among the internet’s largest websites, making it a terrific medium to expose your brand to new customers. As an added bonus, your videos may be indexed by Google’s combined search results, leading to a lot more traffic!
  7. Request Visitors to Share Your Website with Others: Simply asking visitors to promote your posts to others is actually a wonderful way to quickly boost your page views.
  8. Submit Guest Posts To Authority Sites in Your Niche: Request good websites in your niche if you can write some guest posts for their blogs. Having your articles featured there is not just great for traffic — this is a great way to build your authority also.
  9. Pay Attention to New Social Networks: Newer social networking sites like Pinterest are growing constantly. Because there might be a major “first adopter” edge to the folks that establish a presence on these sites early on, watch out for these future options.
  10. Commenting On Other Websites: Leaving valuable remarks on other websites and blogs can be a powerful way to build traffic back to your own website. Just make sure to say more in your comment than, “Great post!” or “Thanks for sharing!”

5 Great Real Make Money Online Ideas

The internet has given countless opportunities to individuals to express, educate and promote themselves, due to the naturally universal nature of the platform. Now, however, the internet can also be a source of income, and can be used the make a living. Here are 5 examples of real make money online Ideas that people have taken up and excelled in:

The Blogger

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The blogger is perhaps the oldest, most original internet personality, and who has been the first to monetize ideas online as real online jobs. A blogger typically has a single niche, be it business, education, gaming, fiction or others, and will generally talk about any topics that fall under that umbrella through blog posts that are public, for users to enjoy.

Blogging is a great job, not only because you can pretty much do it from home, but because you have an amazing platform for expression and you have limitless possibilities. With the billions of people in this world, no matter how niche your topic is, you will most likely not run out of readers. Even a small percentage of the total population of internet users will still be completely staggering.

The blogger will make money either through ads, backlinks, selling merchandise or through other ways that are no doubt being developed as time goes by.

One of the biggest problems that bloggers have to face on a daily basis is competition, as there are literally tons of blogs online that might just be bigger, better and have a larger following- though, everything in life eventually comes down to competition, whether that is a good thing or not.

The YouTuber

Being a YouTuber is very similar to being a blogger, wherein you have a platform to express your thoughts and ideas to an international audience. The big and obvious difference, however, is that you are able to do so through videos, instead of writing.

YouTube is no longer a young type of media, as it has already been around for quite a few years already. It started as a place for a couple of people to share some content online, which have been funny videos and how-to instructional videos for the most part. Now, however, it has become a platform to express social awareness, it is being used for educational purposes, and can help advertise different products and services. Tyler Oakley, a famous YouTuber, has managed to raise half a million dollars for a suicide hotline organization.

It really blew up the past few years, which is great. The best thing about YouTube, similar to blogging, is that you mostly have the utmost freedom to talk about what you want, want is important to you and what you are passionate about. Also, just like blogging, you are most likely to have an audience, no matter how niche your topic is.

Similar to blogging, YouTubers make money through advertisements, merchandise and incentives from the website itself.

The Gamer

Ever since Counter Strike, StarCraft and even Ragnarok Online, online gaming has become highly competitive. These games played in real tournaments and competitions all across the globe, with real prize money of up to thousands of dollars. You can now literally make a living from playing games, which, for a truly passionate gamer, is as fun as it sounds.

Aside from tournaments, some people, illegally, charge other players real money to assist in growing their characters by leveling up or selling them virtual items. Both are generally frowned upon, but that has not diminished the market. Many gamers can also be found to be YouTubers and bloggers, where they post guides, tips and tricks that fellow players subscribe to.

The Freelancer

Freelancing, like blogging, is generally one of the first real online jobs. Freelancing does not have to be conducted online, though now, through the internet, such work has become a lot more accessible.

The typical freelancer is usually a writer, an artist, a musician or a programmer, who will be able to send their pieces of work easily through the internet. Just like most online jobs, freelancing does not require a long term contractual commitment to any organization through a lot of freelancers choose to stay with certain employers or companies for prolonged periods of time.

The beauty of freelancing is that as long as you have a skill that people can use, you will most likely be able to find work. However, not everyone is cut out for it because the freelancing world has become a cut-throat business due to competition.

The Site Owner

One of the decently common, yet least thought about real online jobs is the site owner. Unlike the blogger, a site owner hardly writes about the topics that his website is known for. Instead, he hires freelancers or outsources to different people in order to create content for him, for which he gives compensation.

A site owner creates, owns and maintains a web space as a sort of administrator and typically has a team of content creators to keep the traffic going. Most site owners start out as bloggers or freelancers themselves.
Hope one or more of the above real online jobs are suitable for you to make money online. Good luck!

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An online survey is a platform wherein different large companies and organizations attempt to collect information about the market and the average customer by creating surveys that are to be answered by the public. From the answers, they are able to discern the direction of the economy and make adjustments to their strategies accordingly.
Surveys can have a wide variety of topics, and you can pick and choose which you would like to answer. Of course, certain demographics will only be locked to certain surveys, though generally, most have access to any type.

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Surveys can have a wide variety of topics, and you can pick and choose which you would like to answer. Of course, certain demographics will only be locked to certain surveys, though generally, most have access to any type.
Now, we see how the companies will benefit from these online surveys, though what’s in it for those who actually answer them? Can you really make survey money? Is it actually worth taking the time to answer surveys?
The answer is both yes and no. Depending on where you go and what you answer, you do have the potential to make real survey money, or you might just waste your time.

Here are a couple of tips to avoid the latter:

  1. Do your research beforehand
    It might be a little bit contradicting to have to spend time on something that is advertised as a quick way to make easy money. However, just like with anything else concerning money in real life, you have to be extra careful. Try to do your research and check which websites are legitimate and which are fraud. Read up on long, detailed reviews, as well as short reviews from different people. Most of the time, a simple Google search will give you ample information about a certain website that you typed in a search bar, though do try to scroll down and see if anything negative has been said about it.
  2. If you think a website looks suspicious, don’t try your luck
    You can make real survey money with the right websites. However, you can just as easily lose money with the wrong websites. There are some sites that will ask you for payment information, as well as personal details. Some may request access to your bank accounts or PayPal accounts. Realize beforehand the repercussions of giving such access and information and how much it can harm you.
  3. Read the fine print
    This is a step that is often skipped by most people, regardless of what it is about. Make sure you know the details of the survey and website you are taking beforehand. See how long the turnaround time is for payment so you have a basis of when you will get your money and if the effort will be worth it. See if you will be paid in your own local currency. Check if you are guaranteed to be paid no matter which survey you choose to complete, and what demographic you are.
  4. .If it looks too good to be true, it probably is
    This saying should be a lot more popular, seeing as how much it rings true. If you are told that you will be paid a radical amount of survey money for answering a couple of questions, the chances are that you are going to be scammed out of your time and effort. Have realistic expectations when it comes to how much you will earn. Even if you are paid in small amounts, it is still considered easy money simply because you can answer it no matter where you are, and it will only take you a couple of minutes. You are basically being paid to answer questions. Do not expect to make hundreds of dollars in the first ten minutes of answering surveys.
  5. Do not pay much upfront, and make sure that you will be paid in real currency
    Some websites will ask you to pay much fee in order to begin surveys. This is already a red flag, and should be grounds for you conduct re-investigation. Check their website, their terms and conditions, check reviews and try to get into contact with them if possible if you really want to go through with it despite the sign-up fee.
    Finally, make sure that you will be paid in genuine, real life currency. Your subsequent survey money should be cash that you can withdraw after an amount of time. Too often, people ignore this and end up with thousands of survey “points” that end up being nothing but an empty, virtual number. Online surveys can be a great way to make extra money online, especially when you spend a lot of time at home and you have a lot of free time on your hands. It has the potential to be a decent second source of income. However, like all things in life, do be careful when it comes to what websites you will be visiting and what information you will be giving. Survey money is best when it is legitimate.