Table of content

  • At Last, The Secret To Bitcoin Is Revealed Read

  • A little about Bitcoin history Read

  • How Bitcoin has made many people rich Read

  • Phases in Bitcoin’s growth Read

  • The fundamentals of Bitcoin Read

  • What makes Bitcoin invaluable? Read

  • How many people use Bitcoin? Read

  • How do I get a bitcoin address? Read

  • About Powerful Crypto Currency Ether Read

  • What makes Ethereum unique? Read

  • What is Ether? Read

  • Potential downsides to Ethereum and Blockchain Read

  • Ethereum Market Presence Read

  • ICOs: How They Can Make You a Millionaire Read

At Last, The Secret To Bitcoin Is Revealed

Bitcoin Trading

Do you know that Bitcoin value has risen to $$4,584.12 per coin, at the time of writing this post? When the price of Bitcoin fell below $4,000 in the month of September 2017, a lot of pundits thought it was the end of the road for cryptocurrency holders.

But did you believe them? I didn’t myself! On 1st of September 2017, the price of Bitcoin rose to an all-time high of $4,904.9 and was about to break the $5,000 mark when some negative remarks by JP Morgan boss Janie Dimon led to a crash in value. But since then, the digital coin has dusted the sand of defeat off itself and forged ahead with an unstoppable speed. In 2011, Buterin had started working on the concept. He had been writing hundreds of articles on the Bitcoin for his Bitcoin Magazine that he founded in 2011. Shortly after, he realised a white paper where that describes the platform he wanted to invent that could do more than Bitcoin.  He called this innovative concept Ethereum.

At the same time, Wood provided a yellow paper with the hard-technical data to outline how Ethereum would work. Following shortly, Lubin, who specialises with building decentralised apps, joined and participated in development. The platform officially launched in June 2015 to mark its entrance to the market.

A little about Bitcoin history

It is possible you are relatively new to the crypto currency world and know little or nothing about bitcoin. Bitcoin is the pioneer crypto currency launched in 2009 by a software developer called Satoshi Nakamoto.

Founder of the Bitcoin?

Though there are controversies as to the actual founder, all that is irrelevant now as the digital currency has gained acceptance across boards and in different businesses. In November 2008, Satoshi Nakamoto posted a paper to a cryptography mailing list, which he titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” In the paper, he gave details on the methods of using a peer-to-peer network in generating “a system for electronic transactions without relying on trust.” The bitcoin network was eventually birthed in January 2009, with the release of the pioneer open source bitcoin client and then the first bitcoins issuance. The first block of bitcoin ever, referred to as ‘genesis block’ with reward of 50 bitcoins was mined by Satoshi Nakamoto.

First Bitcoin Transaction

all the different cryptocurrencies

The world’s first bitcoin transaction took place when Harold Thomas Finney downloaded the bitcoin software the same day it was released, and was rewarded with 10 bitcoins from Satoshi Nakamoto. Satoshi is said to have mined an estimated 1 million bitcoins in the early days before he left the stage and handed over the reins to developer Gavin Anderson, who then rose to assume the bitcoin lead developer at the Bitcoin Foundation, a foundation that was set up in September 2012 to garner support for the development of the bitcoin currency.

How Bitcoin has made many people rich

This post would not be worthwhile if there’s nothing to gain in Bitcoin. In case you are still in doubt as to what you could possibly gain or what’s in bitcoin for you, you need to really pay undivided attention to what I am about to tell you now.

Can Bitcoin Make You a Millionaire?

Bitcoin has made many millionaires and you could be the next if you take the bulls by the horns and invest in the digital coin. But don’t take my word for everything; you need to do your own investigations and confirm what I am saying. According to Forbes Magazine, Mr. Smith (Not real name) invested the sum of $3,000 on bitcoin in October 2010, at just over $0.15 per Bitcoin and got about 20,000 coins. By 2013, the price of the commodity began to rise by 10% on a daily basis. When the price of the coin got to $350 per coin (more than two thousand times the price at which he bought it), he sold 2,000 of his coins and when the price appreciated to $800 a few days later, he sold another 2,000 coins. While the first sale gave him $700,000, the second raked in $1,600,000 (a total of $2.3 million altogether). Smith then quit his job and decided to embark on a round-the-world trip the following week. He has now travelled to several countries, courtesy of the money he made from bitcoin. He has so far sold about $25M worth of bitcoin and has 1,000 coins left in his wallet, which he hopes to sell in the future.

Jay Smith Story

Another Bitcoin trader to consider is a 29 year old Briton, Jay Smith, the number 1 cryptocurrency trader at online brokerage eToro. This high school dropout is teaching over 9,000 retail investors how to trade Bitcoin, Ethereum, and other cryptocurrencies. He has made so much money that he has just ordered for a Tesla, even though he does not know how to drive a car. Erik Finman had a bet with his parents that he would not be forced to attend college if he should become a millionaire by the time he turned 18. He started investing in bitcoin when the price per coin was $12; now he has 403 bitcoins worth over $1 million. His parents won’t have to force him to go to college because he is now a millionaire at the age of 18 years.

Kristoffer Koch

btc/usd

The Guardian newspaper also talks about a Norwegian man, Kristoffer Koch, who invested 150 kroner ($26.60) in 5,000 bitcoins in 2009 and forgot about it. But in April 2013, he remembered his investment when the price of bitcoin began to rise astronomically. He eventually realized he had his 5,000 coins intact and as at then, they were already worth about NOK5m ($886,000), just after 4 years.

You are still not satisfied with the evidences I have provided so far? No worries! You can check out this publication on Gazette Review, on the “Top 10 Richest Bitcoin Millionaires.” Bitcoin is not hoax. It is true that is has made a lot of people millionaires, especially those who saw the opportunity earlier and cashed in. It’s not late for you to become one of them. In the course of this post, you will find out how you could become one of the cryptocurrency millionaires. So, just hold on and make sure you read the post till the end.

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Phases in Bitcoin’s growth

Bitcoin did not get to where it is today overnight. A look into the digital currency’s history reveals the following milestone:   According to legend, Satoshi Nakamoto started to work on the Bitcoin concept in 2007. While record shows that he was living in Japan, it is speculated that Nakamoto may after all, not be a single individual but a collective pseudonym for more than one person. On 15 August 2008, Neal Kin, Vladimir Oksman, and Charles Bry filed an application for an encryption patent application.

The three individuals denied having a connection to Satoshi Nakamoto, the man who’s alleged to have founded the Bitcoin concept. On 18 August 2008, Bitcoin.org was officially born! The domain was registered at anonymousspeech.com, a site that gives opportunity to users to register a domain anonymously and currently accepts Bitcoins.

The Nakamoto Whitepaper

On 31 October 2008, the bitcoin white paper was published. Nakamoto published a design paper through a metzdowd.com cryptography mailing list that vividly described the Bitcoin currency concept and how it solves the problem of double spending so as to stop people from duplicating it.

On 9 November 2008, The Bitcoin project was registered on SourceForge.net, a community collaboration website that is centered on open source software development and distribution.

First Bitcoin

On 3 January 2009, the Genesis Block was mined. Block 0, the genesis block, was created at 18:15:05 GMT. On 5 October 2009, an exchange rate was established. New Liberty Standard published a Bitcoin exchange rate that pegged the value of a Bitcoin at 1,309.03 BTC= US$1. This was arrived at by using an equation that included the cost of electricity in running a computer that generated Bitcoins.

From then, people began to attach some values to bitcoin. On 12 October 2009, the #bitcoin-dev channel was registered on freenode IRC, a network for discussing free and open source development communities. On 16 December 2009, the bitcoin version 0.2 was officially released On 6 February 2010, a currency exchange was born. The world saw the first bitcoin Market established by dwdollar as a Bitcoin currency exchange. On 18 February 2010, encryption patent was published.

10 000 Bitcoin Pizza

Ethereum

There was a publication of the encryption patent application that was filed on 15 August 2008 by Neal Kin, Charles Bry and Vladimir Oksman. On 22 May 2010, a total amount of 10,000 BTC was spent on pizza. The first, real-world transaction that involved the use of Bitcoins took place.  A programmer from Jacksonville, Florida, Laszlo Hanyecz, proposed to pay 10,000 Bitcoins for a pizza on the Bitcoin Forum. The exchange rate at the time was put at about US$25. On 7 July 2010, version 0.3 was released On 11 July 2010, Slashdot drives surge in Bitcoin users. The mention of Bitcoin v0.3 on slashdot brought in a huge number of new users to Bitcoin. On 12 July 2010, Bitcoin value increased tenfold. Over a five day period commencing on July 12, there’s a surge in the exchange value of Bitcoin as the coin price increased ten times from US$0.008/BTC to US$0.080/BTC On 15 August 2010, vulnerability in the Bitcoin system that led to Bitcoins being improperly verified was found out and taken advantage of, ending in the generation of 184 billion Bitcoins. On 14 September 2010, jgarzik made an offer, in the name of the Bitcoin Store, to puddinpop to open source their Windows-based CUDA client.

The offer was made in 10,000 BTC which, at the time, was estimated to cost between US$600 and US$650. On 18 September 2010, CUDA becomes open-source. Puddinpop, under the MIT license, released the source of their Windows-based CUDA client, open sourced by the Bitcoin Store. That same day, Slush’s Pool first block was mined. Bitcoin Pooled Mining (operated by slush), is a way in which several users work together to mine Bitcoins and then split the benefits among themselves. On 6 November 2010, market cap went beyond $1 million USD. This sum was arrived at by multiplying the number of Bitcoins in circulation by the last trade on MtGox. The price on MtGox got to US$0.50/BTC. On 27 January 2011, the largest Bitcoin trade to date occurred on #bitcoin-otc: Three Zimdollars (Zimbabwe notes that are worth one-hundred trillion dollars each) were traded for 12 BTC. On 28 January 2011, 25% of total Bitcoins was generated. The generation of Block 105000, led to the generation of 5.25 million Bitcoins, which totaled more than 25 percent of the projected total of almost 21 million. On 9 February 2011, the value of a Bitcoin became equal with US dollar. Bitcoin reached US$1.00/BTC at MtGox, bringing it at par with the US dollar for the first time.

Source Since then, the bitcoin has continued a steady climb till it got to its current price of over $4,000 per coin. Bitcoin has since been adopted by several merchants as their means of payment. Several android apps have also been created to aid business transactions using bitcoins. Besides, bitcoin has taken a further step with several offline wallets built by developers to help coin holders secure their investments.

The fundamentals of Bitcoin

Bitcoin is a peer-to-peer crypto currency, which is created and held electronically but is not printed like fiat currency and is not under the control of any central regulatory authority or bank.

Why bitcoin is Unique

Bitcoin and Ethereum market cap

Bitcoin is accepted as a means of payment for goods and services. It is mined by making use of computing power in a distributed network. It does not require middle men for Bitcoin transaction to take place; all you need is an internet access and a bitcoin address. Your bitcoin address serves the same purpose as a bank account but unlike the traditional bank account, it is directly under your control. Bitcoin does not respect geopolitical boundary; therefore, it can be sent to anyone in any part of the world and it would be received even if the receiver is offline. However, the receiver needs to be connected to the internet to be able to collect the digital currency.

Bitcoin value

Like I rightly mentioned earlier, the Bitcoin value is currently $6,500 per coin and is likely to rise further. How do I know this? When the digital currency was created in June 2009, it was valued at 0.0001 USD. Since then, the value has been on a steady rise as more and more people, merchants and nations recognize the crypto currency as a means of transacting business. Basically, the value of bitcoin is derived from the fact that people want them. Just like any other currency, bitcoin respects the basic laws of demand and supply.

What makes Bitcoin invaluable?

Bitcoin and stocks

Bitcoin has brought in a great revolution into the financial world and has changed the way things are done. Bitcoin is an electronic form of currency or simply put, it can best be described as “digital dollar.” Unlike fiat currency, bitcoin does not require third parties to confirm or verify transaction.

Its transactions are recorded in a public ledger known as “bitcoin blockchain” and the record remains permanent for public view and can neither be edited nor deleted. Though your bitcoin wallet ID is disclosed, your name remains anonymous. Your proof of transaction is simply the transaction records. Besides, with the way bitcoin is programmed, it is unlikely for “double spending” to occur.

Bitcoin can be spent just like other fiat currencies. While some people keep them for future investments, others prefer using them in making international money transfer. The most important thing is that your portfolio is completely under your control; there is no interference from government. Its use across borders and its flawless digital transfers as well as its censorship resistance make it highly invaluable.

How many people use Bitcoin?

A survey recently carried out by the University of Cambridge revealed the number of active wallets is estimated to be between 5.8 million and 11.5 million in 2017, up from between 0.6 million and 2.6 million in 2013. In addition, the survey also estimated that the total number of wallets has increased more than four times to almost 35 million in 2016, from 8.2 million in 2013.

However, it is impossible to give the exact figure of users because of the possibility of some holders owning several wallets and the fact that some bot accounts may also be in existence. Whatever be the case, one thing is sure: the number of bitcoin transactions is on a steady increase.

How do I get a bitcoin address?

Sending or receiving bitcoins is only made possible if you have a bitcoin address. You can get a bitcoin address through an online wallet or by downloading the bitcoin client. Some of the trusted online wallet providers include Coinbase, Xapo, Trezor, Blockchain, Ledger Nano, and Keepkey. The two most popular bitcoin clients are Bitcoin-qt and Multibit.

Bitcoin QT is a desktop solution with privacy and security features. It is a stable system and it supports complete transparency. Its main downside is that it consumes a lot of memory and space on your computer. Multibit, on the other hand, is a lightweight version of the bitcoin client and as such, does not consume so much space and memory.

About Powerful Crypto Currency Ether

This Ethereum trading guide serves to provide information about Ethereum, the cryptocoin that launched in 2015. Its co-founders, Vitalik Buterin, Dr. Gavin Wood, and Joseph Lubin worked together and raised $18 million through a crowd sourcing campaigning – the largest to date.

No.2 Cryptocurrency

Future of Bitcoin

Since its birth, the cryptocurrency has grown to become the world’s number two cryptocurrency in terms of market capitalisation. At the time of this writing, the Ethereum price was hovering at $296.82. In 2011, Buterin had started working on the concept.

He had been writing hundreds of articles on the Bitcoin for his Bitcoin Magazine that he founded in 2011. Shortly after, he realised a white paper where that describes the platform he wanted to invent that could do more than Bitcoin.  He called this innovative concept Ethereum.

At the same time, Wood provided a yellow paper with the hard-technical data to outline how Ethereum would work. Following shortly, Lubin, who specialises with building decentralised apps, joined and participated in development. The platform officially launched in June 2015 to mark its entrance to the market.

What makes Ethereum unique?

Ethereum secures the transaction through using smart contracts running on a decentralised blockchain platform. These smart contracts are specific contracts that developers configure to run as they are designed.

Developers have the flexibility to configure as they feel is best. This development flexibility differswith Bitcoin which is quite limited.  For example, the contract could be configured to only execute when a certain number of people agree. Obviously, the immediate conclusion is more transactional security.

This additional layer of security provides reassurance to the sender and/or receiver that the desired amount only arrives to that person. Other smart contract possibilities include managing between parties if one would buy insurance from the other, providing some utility to another contract, or storing information about other contracts.

Endless Possibilities of Smart Contracts

Each of these possibilities are customisation examples that a developer can incorporate into the contract. As a result, the possibilities are endless and demonstrate the requirements can always be met.

Furthermore, the possibility to design anything means that stronger teams and creativity can inspire others to develop and create expertise which is sorely lacking in this environment. Another interesting way one could use smart contracts is running a decentralised autonomous organisation (DAO) or a group of smart contracts with like-minded people.

A developer creates code where a bunch of these contracts run simultaneously and do not require a “head of command”. The objective here is nobody gains shares rather everyone receives voting rights.Based on these voting rights, people choose what they want to do and how the contracts perform.

What is Ether?

Bitcoin, Ether, Ripple

Ether is the underlying principal and driving force for Ethereum trading. The concept is such that Ether covers the expense required to do something. For example, suppose you want to change your name.

This costs you something. That cost is the Ether. In an Ethereum context, it’s the computational costs required to perform the transaction. Thus, a certain transaction has an associated cost that may be different than the next.

Miners collect Ether through their mining operations. Of course, the mining refers to computational exercises, not going down the mine with explosives to hunt for gold! Approximately, miners mine about 12 million Ethers per year with a new one created every twelve (12) seconds.

The exact volume is unknown as there is no hard cap. Bitcoin has a hard cap at 21 million. There may be some consequences in the future if no cap is present. However, Ethereum has been working on a solution to the blockchain scaling problem. Before getting to that, let’s have a look at how Ethereum works generally.

Potential downsides to Ethereum and Blockchain

As with anything else, there are potential disadvantages to using something new and different. When using the smart contract, the user should trust the developer who designed it.

Be Aware!

The reason for that is the smart contract could be used for illegitimate reasons. Unfortunately, some may have decided that using such technology for that type of business seems to be the best way. Others may intrude and attempt to steal.Such incident of theft took place when a DAO had been hacked. A DAO had been building up a human-free venture capital firm that had received backing. Shortly after development, an unknown hacker hacked into the DAO and stole about 50 million Ether.

The resulting consequences included negative press, negative view of the company, and a split in the company. While this does not aim to deter or suggest the cryptocurrency does not work well, one needs to exercise caution when trading Ethereum.

Take into consideration that one should exercise caution when crossing the street or driving their car. The same applies to buying something like a house. Taking care and paying attention makes anything possible.

Educating oneself on the latest out there mitigates the risk. The second potential downside relates to the blockchain technology itself. It is well known that anything has its limitations and capacities.

There is no secret that nothing can continue expanding forever and ever without slowing down or reaching a cap. Ethereum reached this point where they cannot scale any more with the current blockchain. The blockchain is sluggish and experiencing delays that investors and developers alike do not want. As mentioned previously, Ethereum are aware of this issue and have been working to resolve it.

Raiden

The solution is Raiden. This technology seeks to provide the scaling solution required to achieve further expansion and growth. The underlying basis for the technology is Bitcoin’s Litening Network. Essentially, the technology creates separate peer-to-peer channels for trading.

This means the blockchain workload reduces providing it some breathing space for other transactions. This peer-to-peer channel creation acts like a scaling solution to scale up the amount of transactions proportionate to the current volume.  Recent testing proved successfuland brought the solution a step further to implementation. The solution should enter the market soon provided that further testing proves successful.

Ethereum Market Presence

As previously mentioned, the cryptocurrency comes in at a strong second place behind Bitcoin in terms of market capitalisation. The estimated market cap is about $28.4 billion. The price continued to rise since it initially had been launched in California in 2015.

Successful Ethereum ICOs have raised a total of $2 million. The additional market cap generated from ICOs may stop contributing to the growth of the currency. The recent ICO ban in China may have a lasting damaging effect on the price too. The effects associated with this ban have not yet been realised. At this point, some investors speculate that there could be lasting effects for the industry except for NEO, a Chinese based cryptocurrency.

ICOs: How They Can Make You a Millionaire

Are you one of those endlessly scanning the internet for possible places to invest your money and make huge profits? Please, stop the search! There’s no need to keep bothering yourself because I have good news for you. I have found out a place you could invest and potentially become a millionaire within a short period.

ICOs?

Have you heard about ICOs? No worries if you have not. ICOs simply stand for Initial Coins Offer. It is the latest crave in the crypto-world that is enriching a lot of investors. They are more viable and trusted than those too-good-to-be-real HYIPs (High Yield Investment Programs) that promise you heaven on earth and eventually disappear with your money.

Fraud ICOs?

It is true that just like the HYIPs, there are some ICOs that are marred with fraud, the rate of fraud in ICOS is minimal when compared with what obtains in HYIPs. The main thing here is getting the reputable ICOs to invest in. If you do your due diligence, you will easily see the ones that will change your financial status forever. If you are really keen on making the best out of ICOs, be sure you read this post to the end.

What are ICOs?

ICO is an unregulated way through which new cryptocurrency venture raises fund. ICO also known as Initial Coin Offering or Initial Public Coin Offering (IPCO) is used by startups to avoid the painstaking and regulated ways of raising capital, which are required by banks or venture capitalists.

How ICOs Work?

In the early periods of ICO campaigns, the early backers of the project are given a particular percentage of the cryptocurrency in exchange for other cryptocurrencies or fiat currencies. A lot of the ICOs now accept Bitcoin, Ethereum or USD for payment for their coins.

You still do not understand it? Okay, don’t worry; I will make it simpler for you.

New Way of Raising Funds

When a cryptocurrency startup firm is considering raising some money through an ICO, it has to generate a plan on a whitepaper. That will usually contain things like the purpose of the project, the needs it intends to take care of upon completion, the amount of money that is required, the length of time the campaign will run for, and the number of tokens reserved for the pioneers of the project.

While the offer lasts, supporters of the initiative and other enthusiasts are given access to purchase the distributed cryptocoins (Tokens) with virtual currency or fiat. The tokens you purchase are just like the shares you buy in a company when they do their Initial Public Offering (IPO).

The ICO is considered unsuccessful if the money raised is insufficient to meet the minimum fund the firm needs. In that case, the money is refunded to the backers. But if the needed fund is successfully raised within the specified period, it is used in initiating a new scheme or in completing it.

What is the income potential in ICOs?

ICOs have truly made a lot of people stinking rich and you could be the next. Everyday several of them are launched. But what is in there for me? You ask! Don’t worry. You will understand after reading the following:

Investors who invest early enough in cryptocoins do so with the hope that the project becomes successful after it is launched thereby resulting in higher value for the cryptocoin.

Case Bitcoin

A good example of what you stand to earn with ICO is the case of Bitcoin. When bitcoin was launched in 2009 it was sold at about $0.008/BTC but now it has risen to over $5,000/BTC, which is over a million percentage appreciation in just about 9 years. Do you know of any other investment in the world that can yield that kind of profit? That’s one good reason why investing in ICOs has the potential to make you a millionaire in a short period of time.

In recent time, a number of startups have resorted to raising funds for their projects through ICOs. Though so many of these ICOs now flood the internet and have been subject to abuses, a lot of them are still reliable and are yielding several thousand percentage profits for those who take the bold step to invest in them.

How is an ICO able to make you rich within a short time? The process is quite simple. Take for instance, a company that sells a token at $0.00005/token in an ICO and raised some millions of dollars in the process. The cryptocoins are then listed on exchanges after the successful launch. If it becomes popular, the value begins to rise fast. It can even rise from that $0.00005 to as much as $2 in one or two years. What would that translate to? If you buy $100 worth, it would simply give you 2 million coins and by the time the price rises to $2 per coin in a year r two, you will simply have 2 million coins x $2 and that gives you $4 million.

Case Ethereum

Let’s look at Ethereum for example. It is the second most popular cryptocoin after bitcoin. In 2014, when Ethereum launched its project, it sold its coin Ethers in Bitcoins or $0.40 when it was raising the sum of $18 million in an ICO. The project went live in 2015 but by 2016, the value of an ether skyrocketed to $14 per coin. If you spent $100 then, it would have given you 250 ethers and by the end of 2 years (in 2016), that would have been worth $3,500. Currently, Ethereum is worth over $300/Ether and so if you bought 250 Ethers in its ICO in 2014, the value would be over $75,000 by now.

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