Will an approved Bitcoin-like system replace Bitcoin?

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A currency controlled by a single individual, company or government would not need to work like Bitcoin. It would be centralised - there would be no need for mining, running special clients and so forth. Those are only a key feature of some decentralised internet currencies similar to Bitcoin.

It is possible that such a currency would replace Bitcoin, but it would be done most likely by law and force, rather than because of its benefits. A currency like that might exist alongside Bitcoin, but how much it is used would depend on the appeal and use of it. Should it for example be the only currency you could pay taxes in, it might as well exist for a long time.

There is also an idea of Digital Coin, where many such currencies might exist at the same time because they would be beneficial for the companies and their customers. It has space for Bitcoin-like currency - as a measurement of standard of value, as well as last resort for trading.

All in all, Bitcoin won't...

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No matter what Bitcoin software you use, you should never buy more bitcoins than you can afford to lose. Bitcoin is still an experimental system and bitcoins remain a risky investment.

Bitcoin Core puts you in charge of your wallet, which means your bitcoins are at risk unless you complete certain tasks:

By default, you need to backup Bitcoin Core after every 100 transactions. This includes both transactions you send as well as payments you request (whether or not you actually received the payment).

For example, you need to backup after sending 33 payments and requesting 67 payments (even though you only received 60 payments).

Bitcoin Core can be configured to allow you to go more transactions between backups. See the -keypool setting.

Anyone who gets access to your wallet can steal your bitcoins. The first line of defense against this is encrypting your wallet, an option from the File menu in the graphical interface.

However,...

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Bitcoin – the virtual banking currency of the internet – has existed for several years now and many people have questions about them. Where do they come from? Are they legal? Where can you get them? We've got the answers to those questions and more.

What Are Bitcoins?

Bitcoins are electronic currency, otherwise known as 'cryptocurrency'. Bitcoins are a form of digital public money that is created by painstaking mathematical computations and policed by millions of computer users called 'miners'.

Bitcoins are, in essence, electricity converted into long strings of code that have money value.

Why Bitcoins Are So Controversial

Various reasons have converged to make Bitcoin currency a real media sensation.

From 2011-2013, criminal traders made bitcoins famous by buying them in batches of millions of dollars so they could move money outside of the eyes of law enforcement. Subsequently, the value of bitcoins skyrocketed.

Ultimately,...

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A cryptocurrency called bitcoin increasingly becomes a hot topic of conversation around the globe, on television or the Internet, and yet the very essence of this phenomenon is still far from being accepted common knowledge. So what actually is bitcoin, and what makes it a point of keen interest of several countries?

Bitcoin: An Introduction

To get a grasp of what bitcoin is all about let’s get a handle of its basics first – what is, exactly, this thing called cryptocurrency? To put it simply, what we call cryptocurrency is electronic payment means which do not involve neither physical objects of recognized monetary value nor virtual equivalents of the money gathered on accounts of actual banks. It is virtual money you can not touch or see that is distributed and operated on virtually, through the Internet.

Сharacteristics of Cryptocurrency

Cryptocurrency is decentralized; there is no single center to collect or process data on its operations,...

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There are many ways to earn free bitcoin. The most popular method is the faucet, which can give people a few Satoshis. Other methods include apps that pay users to do certain things like walking or playing a game, but none of them pay as well as Byteball does. But what is Byteball and how does it give you free bitcoin? There is a long answer and a short answer to both questions.

What is Byteball?

The short answer to the first question is that Byteball is a system that brought a new cryptocurrency – Byte – into the world of altcoins. The distribution system, as well as the principles that underpin the Byteball system are entirely different from those of other altcoins thus far. Byteball is basically a decentralized system that allows for tamper proof storage of data. For this system to work, its users pay to transfer the data they want to store with Bytes.

The Long Answer

This allows any user to store any kind of data...

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In the not-too-distant future, you could find yourself buying goods and services with this new digital currency

Dollars, euros, pounds, rubles, rupees, pesos and leks: These are all currencies issued by some of the world’s governments.

Actually, there are 182 currencies recognized by the United Nations. Nation-states have always minted currencies (usually in the form of paper banknotes and/or metal coins, although ancient Rome paid its solders in salt). Each nation’s central bank — such as the Federal Reserve of the United States — formulates and executes its country’s monetary policy. They do this by supervising and regulating banks, assisting the federal government’s financing operations, and serving as the banker for their governments.

At least that’s how it’s worked for centuries.

Today, however, new currencies are being created digitally. With no governmental backing, they exist only online, for use by anyone anywhere in the world. One...

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Former Bitcoin Core lead developer Gavin Andresen has clarified comments he made comparing growth in the Bitcoin and Ethereum networks.

Also read: Historic Day For Bitcoin As Bitcoin.com Pool Starts Mining

In a tweet on September 25, Andresen said:

Ethereum has more nodes today than Bitcoin. Prediction: it's lead will grow even as its blockchain size exceeds bitcoin's.

— Gavin Andresen (@gavinandresen) September 25, 2016

Many interpreted this statement as a prediction Ethereum would replace Bitcoin as the world’s preeminent cryptocurrency. But that’s not the case.

Ethereum Shows Large Blockchains Can Stay Decentralized

Speaking to Bitcoin.com, Andresen clarified his comment further, saying Ethereum is an example of how a more flexible protocol can remain decentralized.

A major argument against increasing the Bitcoin transaction block size is the risk of network centralization. Larger blocks would require more...

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Akin Fernandez · April 14, 2017 · 2:00 pm

National cryptocurrencies will never be able to compete with Bitcoin because no one will trust a system that requires advance permission from and which is controlled by a government to use it.

[Note: This is an op-ed, edited by Allen Scott]

National Cryptocurrencies Will Never Be Global

News is just in that the mint of a very important, historic sovereign nation has just hired a company in a separate nation to help it launch its own “Blockchain not Bitcoin” attempt to ride the Bitcoin wave. This is extraordinary in several ways, and allows a general principle to be explored.

First off, this mint doesn’t understand how Bitcoin works. That is clear. They’ve made the common error of believing what computer illiterates in well regarded newspapers mistakenly repeat verbatim about Bitcoin; that you can...

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A new addition to Bitcoin Core called Opt-In Replace-by-Fee allows transactions to be flagged as replaceable, and actually replaced, until the transaction gets confirmed in the next block.

Opt-In RBF is a change to the memory pool and network relay code and gives wallets the option to add a signal to transactions that gives permission for full nodes to update the particular transaction. Bitcoin creator Satoshi Nakamoto introduced transaction replacement in his initial release of the Bitcoin Software, but removed it due to denial of service problems, which opt-in RBF solves by adding a higher fee for transaction replacement.

It is a slight variation of Replace-by-Fee, another feature included in Bitcoin Core. A full analysis of RBF, written by Aaron Van Wirdum can be found here.

Peter Todd, a Bitcoin Core developer who worked on the opt-in RBF project, publicly expressed concern in a blog post that opt-in RBF wallets are not yet ready to implement detection...

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Free Bitcoin 0,002 With Verification of Identity Card in Coins.id, which Have Not Have ID Card, Here's A Way.

Bitcoin is now worth IDR 48 Million, of course very tempting? Especially if Bitcoin is free, although not up to 1 BTC, but if it can only 0.002 Bitcoin free want? The only way to verify the identity card, easy is not it? For those who do not have ID, I'll tell you how. So keep in mind my writing is about How to get free Bitcoin just by verifying ID cards.

The steps to get 0,002 free Bitcoin is very easy.
For those who already have ID card.
1. Sign up on this https://coins.id/m/join/1vd15l

2. After signing up, complete your account data.

3. To be able to 0.001 more so that the total free Bitcoin to 0.002, you must prepare your ID card, clear SCAN, later it is for us to upload. Then also prepare a photo of your selfie by holding your ID.

4. The verification process takes up to 2 X 24 hours, so be patient. If...

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Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.

If you are new to Bitcoin, check out We Use Coins and Bitcoin.org. You can also explore the Bitcoin Wiki:

How to buy bitcoins worldwide
Buying Reddit Gold with bitcoin

Will I earn money by mining bitcoin?

Security guide for beginners - (WIP)

Community guidelines

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person...
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Some Bitcoin enthusiasts have announced a new project called Bitcloud. The idea is something like the old Mojo Nation P2P architecture, in which individual Internet users perform tasks for each other -- routing, storage, lookups, computation -- in exchange for very small payments.

The Bitcloud protocol uses Bitcoin-style accounting to allocate those microtransfers, along with Bitcoin-style proof-of-work (they call it "proof-of-bandwidth") and the authors suggest that the potential for profit by individual members will create enough capacity to replace a large number of centralized commercial services ("Youtube, Dropbox, Facebook, Spotify, ISPs") with "distributed autonomous corporations," that obviate the need for centralized control in order to supply anonymous, robust, free services to the public.

The idea is an interesting thought-experiment, at least. The idea of "agorics" -- using market forces to allocate resources on the Internet -- is an old one, and...

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The call to raise a bounty for the development of a code that would enable a safe User-Activated Soft Fork (UASF) has raised the issue of a likely lapse in the exchange traded fund arrangement.

Following news that Antpool mined a Bitcoin Unlimited block and several how-to-manage double Bitcoin wallets tutorials burst online, some Bitcoin users have joined the call to raise a bounty that was initiated by Samson Mow, an entrepreneur who has committed to offering one Bitcoin for the bounty.

Damage control

The call is to foster the deployment of a safe UASF to “control the damage BU will do to the Bitcoin economy.”

Several others have since joined the call with the offer to commit financially. So far on Mow’s page, about six Bitcoins have been raised as at the time of this writing. This amount is still below the amount a known voice in the Bitcoin Unlimited camp stated his team would offer to “control the damage” UASF will do to exchanges.

Earlier,...

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Bitcoin is a new kind of digital currency that, unlike other forms of payment, is designed for a world in which we are all digitally connected. Other forms of payment, like cash and credit cards, have their place, and probably won’t be going anywhere soon, but they aren’t really suited to the way we are going to be living in five or fifty years. Bitcoin is.

In fact, if you have a bank account, and especially if you use credit cards or PayPal, then you’re already using digital currency. If you own or trade stocks, you are using digital money. No one is walking around with bags of cash to settle up at the end of the day; most of the movement of money between these banks and businesses is nothing more than numbers on balance sheets.

The difference is that unless you are using cold, hard cash, anything you do with your money has to go through the banks, the brokers, or the credit card companies. And, as you know, they all charge their fees and have all sorts of conditions...

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You are then directed to “Create Your Wallet” account page. Enter your Email and create an extremely secure password. IMPORTANT! This password will be for your account on bitgo.com, which shouldn’t match your e-mail password and should be a minimum of 10 characters long. Don't Forget Your Password, Write it down and keep it in a secure place or use a password manager (for example, free KeePass software or free LastPass)! Re-enter the password, read Terms of Service and check the box you agree to them. Press “CREATE BITCOIN WALLET”.

You will be sent an Email confirming your registration.

Open the Email message and click “Click Here to Verify” button.

A new tab will be open, informing about successful verification of your Email.

Enter the password (created in step 2) and press “Log In”

You will be offered to choose the option of 2-Step verification for the better protection of your account. As per recommendation of bitgo.com website it should be...

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Video transcript

Voiceover: Bitcoin is a new virtual currency system that's been gathering a lot of attention recently, and I thought I would do a series of videos where I really dive into the innards of bitcoin and explain how it works in detail, and my plan for this first video in this series is to describe some of those mechanics at a high level. And then what I'll do in subsequent videos is dive a bit deeper into all of the underlying aspects that I have touched upon within this first video. And my hope is that by the end of this video series, you'll know not only what a bitcoin is, but you'll also understand the mechanics of how transactions are initiated. You'll see how verification occurs for those transactions, and you'll also learn what it means for someone to really engage in a process known as "bitcoin mining", and that may be a term that you've heard if you've had any interest in bitcoin recently. I do want to point out, also, that the bitcoin scheme is fairly...

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Bitcoin is a currency like no other. In short it's digital money that solves many of the problems our current currencies suffer from and introduces many other uncertainties we never had to deal with before.

Benefits

Low inflation risk. One of the biggest problems with our current dollars and other currencies used around the world is inflation. Over time all currencies lose purchasing power at a rate of few percents per year mainly because governments keep printing more money. This process is basically a small tax on your accumulated wealth. With Bitcoin you don't have this problem because the system is designed to make Bitcoins to be finite. Only about 21 milion Bitcoins will ever be released (mined). The release of new Bitcoins is slowing down and it will stop completely within a few decades. We have a slowing population growth which is projected to stop at around 10 billion by approximately 2050 which roughly coincides with the last Bitcoin to be mined. There will be...
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Are you looking to invest your bitcoins and earn interest? Do you need to borrow some bitcoin money? We list places that offer lending bitcoins or getting a bitcoin loan. A loan in bitcoin could be made and then repaid without the need for a third party. Since the system works exclusively with the digital currency bitcoin, neither the borrower nor the lender needs a bank account to participate in a global loan market.

The most common and safe place to get a bitcoin loan or to earn interest with bitcoin lending is an online website that matches bitcoin lenders and borrowers. There are quite a few bitcoin lending platforms online. We only list the most popular and reliable p2p networks. Another option is to find someone to do the loan deal on one of the popular bitcoin related forums or by meeting someone personally.

Bitcoin lending platforms

These peer-to-peer platforms bring together bitcoin lenders and borrowers. They operate worldwide and are a safe and...

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Dan Elitzer is the blockchain and digital identity lead at IDEO CoLab (a collaborative R&D network) and the founder of the MIT Bitcoin Club; Jeremy Rubin is a Bitcoin Core developer and the co-founder of the MIT Digital Currency Initiative, the school's in-house research effort aimed at the technology.

In this "Bitcoin Milestones" entry, Elitzer and Rubin recall their efforts as MIT students to boost bitcoin, using a mock interview with CoinDesk to tell the story of how they once distributed $500,000 in BTC to MIT's entire undergraduate population.

CoinDesk: Where did the idea for the MIT Bitcoin Project come from?

Jeremy: I started following bitcoin in late 2011. My sophomore fall, I did a hackathon project called Tidbit with some friends. Tidbit aimed to use browser-based bitcoin mining to replace online ad monetization, but that's a different story.

About six weeks into the spring term, laying in bed one night, I was brainstorming...

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