BTCChina (now BTCC), based in Shanghai, was the world’s second largest bitcoin exchange by volume as of October 2014. Founded in June 2011, it was China’s first bitcoin exchange, and most of its customers are thought to be Chinese. In November 2013, the company had grown to 20 employees. It announced on 14 September 2017 that it was suspending trading as of 30 September 2017.
Archive | January, 2018
bitcoin mining for dummies
Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. The mining rigs are housed and maintained in a facility owned by mining company and the customer simply needs to register and purchase mining contracts or shares. Since Cloud Mining is provided as a service there is generally some cost and this can result in lower returns for the miner. There are many cloud mining scams.
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BTC Markets is a large cryptocurrency exchange based in Melbourne, Australia. BTC Markets accepts Australian dollars, Litecoin, and Bitcoin in exchange for Bitcoin, Litecoin, Ethereum, Ethereum Classic, and Ripple. BTC Markets uses various security measures, including know your customer procedures and two-factor authentication.
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Bitcoin Gold is a hard fork of the open source cryptocurrency Bitcoin. The fork occurred on 24 October 2017, at block height 491407. The stated purpose of the fork is to restore GPU mining functionality to Bitcoin, as opposed to specialized ASICs with entry prices in the thousands of dollars. This is accomplished by switching Bitcoin’s SHA-256 proof-of-work algorithm to the Equihash ASIC-resistant algorithm, originally from Zcash.
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The Bitcoin scalability debate led to the cryptocurrency split on August 1, 2017. A chain coming out of the split and setting its block size limit to eight megabytes to increase the number of transactions its ledger can process is called Bitcoin Cash (BCH). The rule change increasing the bitcoin block size limit is classified as a hard fork.
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The Bitcoin scalability debate led to the cryptocurrency split on August 1, 2017. A chain coming out of the split and setting its block size limit to eight megabytes to increase the number of transactions its ledger can process is called Bitcoin Cash (BCH). The rule change increasing the bitcoin block size limit is classified as a hard fork.
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Bitcoin is a cryptocurrency and worldwide repayment system. It’s the first decentralized digital money, as the machine works with out a central lender or one administrator. The network is peer-to-peer and deals happen between users immediately, lacking any intermediary. These ventures are confirmed by network nodes by using cryptography and registered in a general public sent out ledger called a blockchain. Bitcoin was developed by an undiscovered person or group of men and women under the name Satoshi Nakamoto and released as open-source software in ’09 2009.
Bitcoins are manufactured as an incentive for an activity known as mining. They could be exchanged for other currencies, products, and services. By Feb 2015, over 100,000 stores and sellers accepted bitcoin as repayment. Research made by the College or university of Cambridge quotes that in 2017, there are 2.9 to 5.8 million unique users by using a cryptocurrency wallet, almost all of them using bitcoin.
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The bitcoin scalability problem is a consequence of the fact that blocks in the blockchain are limited to one megabyte in size. Bitcoin miner fees for processing bitcoin transactions rose to above $25 per transaction in December 2017, making small payments uneconomical.
Bitcoin’s blocks include the transactions on the bitcoin network. In contrast to Visa’s peak of 24,000 transactions per second, the bitcoin network’s theoretical maximum capacity with the 1MB block size limit sits between 3.3 to 7 transactions per second. Various scaling proposals, some activated, are described below.
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R3 (R3CEV LLC) is a distributed database technology company. It leads a consortium of more than 70 of the world’s biggest financial institutions in research and development of blockchain database usage in the financial system. It is headquartered in New York City. It was founded in 2014 by David E Rutter. The current CTO is Richard G Brown.
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Bitcoin Core is the reference client of bitcoin. Initially, the software was published by Satoshi Nakamoto under the name Bitcoin, and later renamed to Bitcoin Core to distinguish it from the network. For this reason, it is also known as the Satoshi client. It is the reference implementation for bitcoin nodes, which form the bitcoin network. As of 2018, Bitcoin Core repositories are maintained by a team of maintainers, with Wladimir J. van der Laan leading release process.
The MIT Digital Currency Initiative funds some of the development of Bitcoin Core. The project also maintains the cryptography library libsecp256k1.
