Guardian ups its Vilification of Julian Assange | Dissident Voice

It is welcome that finally there has been a little pushback, including from leading journalists, to the Guardians long-running vilification of Julian Assange, the founder of Wikileaks.

Reporter Luke Hardings latest article, claiming that Donald Trumps disgraced former campaign manager Paul Manafort secretly visited Assange in Ecuadors embassy in London on three occasions, is so full of holes that even hardened opponents of Assange in the corporate media are strugglingto stand by it.

Faced with the backlash, the Guardian quickly and very quietly rowed back its initial certainty that its story was based on verified facts. Instead, it amended the text, without acknowledging it had done so, to attribute the claims to unnamed, and uncheckable, sources.

The propaganda function of the piece is patent. It is intended to provide evidence for long-standing allegations that Assange conspired with Trump, and Trumps supposed backers in the Kremlin, to damage Hillary Clinton during the 2016 presidential race.

The Guardians latest story provides a supposedly stronger foundation for an existing narrative: that Assange and Wikileaks knowingly published emails hacked by Russia from the Democratic partys servers. In truth, there is no public evidence that the emails were hacked, or that Russia was involved. Central actors have suggested instead that the emails were leaked from within the Democratic party.

Nonetheless, this unverified allegation has been aggressively exploited by the Democratic leadership because it shifts attention away both from its failure to mount an effective electoral challenge to Trump and from the damaging contents of the emails. These show that party bureaucrats sought to rig the primaries to make sure Clintons challenger for the Democratic nomination, Bernie Sanders, lost.

To underscore the intended effect of the Guardians new claims, Harding even throws in a casual and unsubstantiated reference to Russians joining Manafort in supposedly meeting Assange.

Manafort has denied the Guardians claims, while Assange has threatened to sue the Guardian for libel.

Responsible for Trump

The emotional impact of the Guardian story is to suggest that Assange is responsible for four years or more of Trump rule. But more significantly, it bolsters the otherwise risible claim that Assange is not a publisher and thereby entitled to the protections of a free press, as enjoyed by the Guardian or the New York Times but the head of an organisation engaged in espionage for a foreign power.

The intention is to deeply discredit Assange, and by extension the Wikileaks organisation, in the eyes of right-thinking liberals. That, in turn, will make it much easier to silence Assange and the vital cause he represents: the use of new media to hold to account the old, corporate media and political elites through the imposition of far greater transparency.

The Guardian story will prepare public opinion for the moment when Ecuadors right wing government under President Lenin Moreno forces Assange out of the embassy, having already withdrawn most of his rights to use digital media.

It will soften opposition when the UK moves to arrest Assange on self-serving bail violation charges and extradites him to the US. And it will pave the way for the US legal system to lock Assange up for a very long time.

For the best part of a decade, any claims by Assanges supporters that avoiding this fate was the reason Assange originally sought asylum in the embassy was ridiculed by corporate journalists, not least at the Guardian.

Even when a United Nations panel of experts in international law ruled in 2016 that Assange was being arbitrarily and unlawfully detained by the UK, Guardian writers led efforts to discredit the UN report. See here and here.

Now Assange and his supporters have been proved right once again. An administrative error this month revealed that the US justice department had secretly filed criminal chargesagainst Assange.

Heavy surveillance

The problem for the Guardian, which should have been obvious to its editors from the outset, is that any visits by Manafort would be easily verifiable without relying on unnamed sources.

Glenn Greenwald is far from alone in noting that London is possibly the most surveilled city in the world, with CCTV cameras everywhere. The environs of the Ecuadorian embassy are monitored especially heavily, with continuous filming by the UK and Ecuadorian authorities and most likely by the US and other actors with an interest in Assanges fate.

The idea that Manafort or Russians could have wandered into the embassy to meet Assange even once without their trail, entry and meeting being intimately scrutinised and recorded is simply preposterous.

According to Greenwald:

If Paul Manafort visited Assange at the Embassy, there would be ample amounts of video and other photographic proof demonstrating that this happened. The Guardian provides none of that.

Former British ambassador Craig Murray also points out the extensive security checks insisted on by the embassy to which any visitor to Assange must submit. Any visits by Manafort would have been logged.

In fact, the Guardian obtained the embassys logs in May, and has never made any mention of either Manafort or Russians being identified in them. It did not refer to the logs in its latest story.

Murray:

The problem with this latest fabrication is that [Ecuadors President] Moreno had already released the visitor logs to the Mueller inquiry. Neither Manafort nor these Russians are in the visitor logs What possible motive would the Ecuadorean government have for facilitating secret unrecorded visits by Paul Manafort? Furthermore it is impossible that the intelligence agency who were in charge of the security would not know the identity of these alleged Russians.

No fact-checking

It is worth noting it should be vitally important for a serious publication like the Guardian to ensure its claims are unassailably true both because Assanges personal fate rests on their veracity, and because, even more importantly, a fundamental right, the freedom of the press, is at stake.

Given this, one would have expected the Guardians editors to have insisted on the most stringent checks imaginable before going to press with Hardings story. At a very minimum, they should have sought out a response from Assange and Manafort before publication. Neither precaution was taken.

I worked for the Guardian for a number of years, and know well the layers of checks that any highly sensitive story has to go through before publication. In that lengthy process, a variety of commissioning editors, lawyers, backbench editors and the editor herself, Kath Viner, would normally insist on cuts to anything that could not be rigorously defended and corroborated.

And yet this piece seems to have been casually waved through, given a green light even though its profound shortcomings were evident to a range of well-placed analysts and journalists from the outset.

That at the very least hints that the Guardian thought they had insurance on this story. And the only people who could have promised that kind of insurance are the security and intelligence services presumably of Britain, the United States and / or Ecuador.

It appears the Guardian has simply taken this story, provided by spooks, at face value. Even if it later turns out that Manafort did visit Assange, the Guardian clearly had no compelling evidence for its claims when it published them. That is profoundly irresponsible journalism fake news that should be of the gravest concern to readers.

A pattern, not an aberration

Despite all this, even analysts critical of the Guardians behaviour have shown a glaring failure to understand that its latest coverage represents not an aberration by the paper but decisively fits with a pattern.

Glenn Greenwald, who once had an influential column in the Guardian until an apparent, though unacknowledged, falling out with his employer over the Edward Snowden revelations, wrote a series of baffling observations about the Guardians latest story.

First, he suggested it was simply evidence of the Guardians long-standing (and well-documented) hostility towards Assange.

The Guardian, an otherwise solid and reliable paper, has such a pervasive and unprofessionally personal hatred for Julian Assange that it has frequently dispensed with all journalistic standards in order to malign him.

It was also apparently evidence of the papers clickbait tendencies:

They [Guardian editors] knew that publishing this story would cause partisan warriors to excitedly spread the story, and that cable news outlets would hyperventilate over it, and that theyd reap the rewards regardless of whether the story turned out to be true or false.

And finally, in a bizarre tweet, Greenwald opined, I hope the story [maligning Assange] turns out true apparently because maintenance of the Guardians reputation is more important than Assanges fate and the right of journalists to dig up embarrassing secrets without fear of being imprisoned.

Deeper malaise

What this misses is that the Guardians attacks on Assange are not exceptional or motivated solely by personal animosity. They are entirely predictable and systematic. Rather than being the reason for the Guardian violating basic journalistic standards and ethics, the papers hatred of Assange is a symptom of a deeper malaise in the Guardian and the wider corporate media.

Even aside from its decade-long campaign against Assange, the Guardian is far from solid and reliable, as Greenwald claims. It has been at the forefront of the relentless, and unhinged, attacks on Labour leader Jeremy Corbyn for prioritising the rights of Palestinians over Israels right to continue its belligerent occupation. Over the past three years, the Guardian has injected credibility into the Israel lobbys desperate efforts to tar Corbyn as an anti-semite. See here, hereand here.

Similarly, the Guardian worked tirelessly to promote Clinton and undermine Sanders in the 2016 Democratic nomination process another reason the paper has been so assiduous in promoting the idea that Assange, aided by Russia, was determined to promote Trump over Clinton for the presidency.

The Guardians coverage of Latin America, especially of populist left wing governments that have rebelled against traditional and oppressive US hegemony in the region, has long grated with analysts and experts. Its especial venom has been reserved for left wing figures like Venezuelas Hugo Chavez, democratically elected but official enemies of the US, rather than the regions right wing authoritarians beloved of Washington.

The Guardian has been vocal in the so-called fake news hysteria, decrying the influence of social media, the only place where left wing dissidents have managed to find a small foothold to promote their politics and counter the corporate media narrative.

The Guardian has painted social media chiefly as a platform overrun by Russian trolls, arguing that this should justify ever-tighter restrictions that have so far curbed critical voices of the dissident left more than the right.

Heroes of the neoliberal order

Equally, the Guardian has made clear who its true heroes are. Certainly not Corbyn or Assange, who threaten to disrupt the entrenched neoliberal order that is hurtling us towards climate breakdown and economic collapse.

Its pages, however, are readily available to the latest effort to prop up the status quo from Tony Blair, the man who led Britain, on false pretences, into the largest crime against humanity in living memory the attack on Iraq.

That humanitarian intervention cost the lives of many hundreds of thousands of Iraqis and created a vacuum that destabilised much of the Middle East, sucked in Islamic jihadists like al-Qaeda and ISIS, and contributed to the migrant crisis in Europe that has fuelled the resurgence of the far-right. None of that is discussed in the Guardian or considered grounds for disqualifying Blair as an arbiter of what is good for Britain and the worlds future.

The Guardian also has an especial soft spot for blogger Elliot Higgins, who,aided by the Guardian, has shot to unlikely prominence as a self-styled weapons expert. Like Luke Harding, Higgins invariably seems ready to echo whatever the British and American security services need verifying independently.

Higgins and his well-staffed website Bellingcat have taken on for themselves the role of arbiters of truth on many foreign affairs issues, taking a prominent role in advocating for narratives that promote US and NATO hegemony while demonising Russia, especially in highly contested arenas such as Syria.

That clear partisanship should be no surprise, given that Higgins now enjoys an academic position at, and funding from, the Atlantic Council, a high-level, Washington-based think-tank founded to drum up support for NATO and justify its imperialist agenda.

Improbably, the Guardian has adopted Higgins as the poster-boy for a supposed citizen journalism it has sought to undermine as fake news whenever it occurs on social media without the endorsement of state-backed organisations.

The truth is that the Guardian has not erred in this latest story attacking Assange, or in its much longer-running campaign to vilify him. With this story, it has done what it regularly does when supposedly vital western foreign policy interests are at stake it simply regurgitates an elite-serving, western narrative.

Its job is to shore up a consensus on the left for attacks on leading threats to the existing, neoliberal order: whether they are a platform like Wikileaks promoting whistle-blowing against a corrupt western elite; or a politician like Jeremy Corbyn seeking to break apart the status quo on the rapacious financial industries or Israel-Palestine; or a radical leader like Hugo Chavez who threatened to overturn a damaging and exploitative US dominance of Americas backyard; or social media dissidents who have started to chip away at the elite-friendly narratives of corporate media, including the Guardian.

The Guardian did not make a mistake in vilifying Assange without a shred of evidence. It did what it is designed to do.

UPDATE: Excellent background frominvestigative journalist Gareth Porter, published shortly before Hardings story, explains why the Guardians hit-piece is so important for those who want Assange out of the embassy and behind bars. Read Porters article here.

This article was posted on Wednesday, November 28th, 2018 at 9:33pm and is filed under Democrats, Disinformation, Jeremy Corbyn, Julian Assange, Media Bias, Media Censorship, President Hugo Chavez, Propaganda, Russia, Social media, UK Labour Party, UK Media, WikiLeaks.

Continue reading here:
Guardian ups its Vilification of Julian Assange | Dissident Voice

Next Generation Encryption – blogs.cisco.com

A transition in cryptographic technologies is underway. New algorithms for encryption, authentication, digital signatures, and key exchange are needed to meet escalating security and performance requirements. Many of the algorithms that are in extensive use today cannot scale well to meet these needs. RSA signatures and DH key exchange are increasingly inefficient as security levels rise, and CBC encryption performs poorly at high data rates. An encryption system such as an IPsec Virtual Private Network uses many different component algorithms, and the level of security that it provides is limited by the lowest security level of each of those components. What we need is a complete algorithm suite in which each component provides a consistently high level of security and can scale well to high throughput and high numbers of connections. The next generation of encryption technologies meets this need by using Elliptic Curve Cryptography (ECC) to replace RSA and DH, and using Galois/Counter Mode (GCM) of the Advanced Encryption Standard (AES) block cipher for high-speed authenticated encryption. More on these algorithms below, but first, some good news: the new ISR Integrated Services Module brings these next-generation encryption (NGE) technologies to IPsec Virtual Private Networks, providing a security level of 128 bits or more. These technologies are future proof: the use of NGE enables a system to meet the security requirements of the next decade, and to interoperate with future products that leverage NGE to meet scalability requirements. NGE is based on IETF standards, and meets the government requirements for cryptography stipulated in FIPS-140.

NGE uses new crypto algorithms because they will scale better going forward. This is analogous to the way that jets replaced propeller planes; incremental improvements in propeller-driven aircraft are always possible, but it was necessary to adopt turbojets to achieve significant advances in speed and efficiency.

The community that needs a new technology most leads its adoption. For instance, the transition from propellers to jet engines happened for military applications before jets were adopted for commercial use. Similarly, governments are leading the transition to next generation encryption. The U.S. government selected and recommended a set of cryptographic standards, called Suite B because it provides a complete suite of algorithms that are designed to meet future security needs. Suite B has been approved for protecting classified information at both the SECRET and TOP SECRET levels. Suite B sets a good direction for the future of network security, and the Suite B algorithms have been incorporated into many standards. (Cisco supported the development of some of these standards, including GCM authenticated encryption and implementation methods for ECC.) NGE uses the Suite B algorithms for two different reasons. First, it enables government customers to conform to the Suite B requirements. Second, Suite B offers the best technologies for future-proof cryptography, and is setting the trend for the industry. These are the best standards that one can implement today if the goal is to meet the security and scalability requirements ten years hence, or to interoperate with the crypto that will be deployed in that timescale.

A network encryption system must meet the networks requirements for high throughput, high numbers of connections, and low latency, while providing protection against sophisticated attacks. Cryptographic algorithms and key sizes are designed to make it economically infeasible for an attacker to break a cryptosystem. In principle, all algorithms are vulnerable to an exhaustive key search. In practice, this vulnerability holds only if an attacker can afford enough computing power to try every possible key. Encryption systems are designed to make exhaustive search too costly for an attacker, while also keeping down the cost of encryption. The same is true for all of the cryptographic components that are used to secure communications digital signatures, key establishment, and cryptographic hashing are all engineered so that attackers cant afford the computing resources that would be needed to break the system.

Every year, advances in computing lower the cost of processing and storage. These advances in computing accrue over the years and make it imperative to periodically move to larger key sizes. Because of Moores law, and a similar empirical law for storage costs, symmetric cryptographic keys need to grow by a bit every 18 months. In order for an encryption system to have a useful shelf life, and be able to securely interoperate with other devices throughout its operational lifespan, it should provide security ten or more years into the future. The use of good cryptography is more important now than ever before, due to the threat of well-funded and knowledgeable attackers.

A complete crypto suite includes algorithms for authenticated encryption, digital signatures, key establishment, cryptographic hashing. I touch on each of these below, to explain the need for technology changes. The Rivest-Shamir-Adleman (RSA) algorithms for encryption and digital signatures are less efficient at higher security levels, as is the integer-based Diffie-Hellman (DH). In technical terms, there are sub-exponential attacks that can be used against these algorithms, and thus their key sizes must be substantially increased to compensate for this fact. In practice, this means that RSA and DH are becoming less efficient every year.

Elliptic Curve Cryptography (ECC) replaces RSA signatures with the ECDSA algorithm, and replaces the DH key exchange with ECDH. ECDSA is an elliptic curve variant of the DSA algorithm, which has been a standard since 1994. ECDH is an elliptic curve variant of the classic Diffie-Hellman key exchange. DH and DSA are both based on the mathematical group of integers modulo a large prime number. The ECC variants replace that group with a different mathematical group that is defined by an elliptic curve. The advantage of ECC is that there are no sub-exponential attacks that work against ECC, which means that ECC can provide higher security at lower computational cost. The efficiency gain is especially pronounced as one turns the security knob up.

The AES block cipher is widely used today; it is efficient and provides a good security level. However, the Cipher Block Chaining (CBC) mode of operation for AES, which is commonly used for encryption, contains serialized operations that make it impossible to pipeline. Additionally, it does not provide authentication, and thus the data encrypted by CBC must also be authenticated using a message authentication code like HMAC. NGE improves on the combination of CBC and HMAC by using AES in the Galois/Counter Mode (GCM) of operation.

Fifteen years ago, it was considered a truism that encryption could not keep up with the fastest networks. Ten years ago, it was realized that the counter mode of operation (CTR) could keep up, but that did not resolve the need for data authentication. GCM solves this problem by incorporating an efficient authentication method, based on arithmetic over finite fields. GCM is an authenticated encryption algorithm; it provides both confidentiality and authenticity. Combing both these security services into a single algorithm improves both security and performance. (For instance, it prevents subtle attacks that exploit unauthenticated encryption, such as the recent BEAST attack against the TLS/SSL protocol and similar attacks.) AES-GCM is efficient even at very high data rates, because its design enables the use of full data pipelines and parallelism. Its efficiency is showcased by its use in the IEEE MACsec protocol, where it has kept up with 802.1 data rates of 10, 40, and even 100 gigabits per second without adding significant latency.

NGE follows Suite B and uses the SHA-2 family of hash functions. These functions replace the ubiquitous SHA-1 hash with SHA-256, SHA-384, and SHA-512. SHA-1 only targets an 80-bit security level, and has been shown to not meet that goal. If you are still using SHA-1, you should transition to SHA-256, which provides a 128-bit security level.

For more information about Ciscos offering for faster next-generation encryption, see the Cisco VPN Internal Service Module for the ISR G2 page.

Share:

Read the original post:
Next Generation Encryption - blogs.cisco.com

Bitcoin Wont Last, But Crypto is Here to Stay: Edward Snowden

Exiled American whistleblower Edward Snowden has weighed in on the conversation surrounding bitcoin, stating that while the market lodestar will be eventually fade away, the use of cryptocurrencies will not end with bitcoin.

Speaking in an interview with Ben Wizner, Director of the ACLU Speech, Privacy and Technology project, Snowden said that the belief which supports bitcoin acting as a global currency will merely transfer itself to other cryptocurrencies instead of dissipating.

Responding to a question from Wizner about whether he believes bitcoin has long-term intrinsic value, Snowden compared bitcoin to paper fiat money and pointed out that the only difference between fiat and monopoly money is the belief generated by state backing, which essentially boils down to men with guns. In his view, while bitcoin and other blockchain-based crypto assets have a severely limited amount of fundamental value, two things, in particular, ensure that bitcoin remains viable in the near term.

The first he said, is scarcity, which is caused by bitcoins limited supply of 21 million BTC. This scarcity engenders competition to mine the remaining few million bitcoin, and that alone gives it a measure of value. The second and more significant factor in his view is the fact that large segments of the general population view it as a bona fide means of exchange. According to Snowden, this belief in cryptocurrency frameworks as a method of transferring real-world monetary value outside of banking networks is transferable and will survive the death of bitcoin.

In his words:

That belief is how cryptocurrencies move enormous amounts of money across the world electronically, without the involvement of banks, every single day. One day capital-B Bitcoin will be gone, but as long as there are people out there who want to be able to move money without banks, cryptocurrencies are likely to be valued.

Snowden, who lives in Russia after claiming asylum there in 2013 also revealed that despite his prediction of its impending demise, he likes bitcoin because of the opportunities and possibilities it has created around the world. Using himself as an example he said:

Lets say Bank of America doesnt want to process a payment for someone like me. In the old financial system, theyve got an enormous amount of clout, as do their peers, and can make that happen. If a teenager in Venezuela wants to get paid in a hard currency for a web development gig they did for someone in Paris, something prohibited by local currency controls, cryptocurrencies can make it possible. Bitcoin may not yet really be private money, but it is the first free money.

Going further, however, he criticised the existing blockchain hashing paradigm, stating that neither of the two main hashing methods are great and new ones should be developed. Without mincing words, he described Proof of Work as an environmentally destructive activity slanted in favour of the rich, and Proof of Stake as a direct handout to the rich in the hope that their greed will keep the system running.

Featured image from Youtube.

The post Bitcoin Wont Last, But Crypto is Here to Stay: Edward Snowden appeared first on CCN.

Here is the original post:
Bitcoin Wont Last, But Crypto is Here to Stay: Edward Snowden

Edward Snowden: Blockchain Is All About Trust Live …

Whistleblower Edward Snowden has some interesting thoughts regarding Bitcoin and the blockchain.

In a recent interview, Snowden gave a brief description of the blockchain and says that the main reason for implementing it into governments and businesses is trust. He comments:

Imagine an old database where any entry can be changed just by typing over it and clicking save. Now imagine that entry holds your bank balance. If somebody can just arbitrarily change your balance to zero, that kind of sucks, right? Unless youve got student loans. The point is that any time a system lets somebody change the history with a keystroke, you have no choice but to trust a huge number of people to be both perfectly good and competent, and humanity doesnt have a great track record for that. Blockchains are an effort to create a history that cant be manipulated.

Blockchain technology is widely regarded for its ability to create irrefutable evidence of an occurrence between two distinct parties. For example, if party A sends party B some form of currency, that transaction is recorded in real-time, and is forever implemented on the blockchain to show that it occurred should the data ever be needed. Snowden states:

The reality is that blockchains can theoretically be applied in many ways, but its important to understand that mechanically, were discussing a very, very simple concept, and therefore the applications are all variations on a single theme: verifiable accounting. Hot.

While he doesnt foresee blockchain overtaking large tech companies like Facebook or Google in the immediate future, hes confident the technology will one day be so powerful and widespread that it can disrupt trade. In addition, hes particularly fond of bitcoin transactions, describing them as impartial which, in turn, adds greatly to the trust factor of the cryptocurrency arena. He explains:

[Bitcoin transactions] cant really be stopped or reversed without the explicit, voluntary participation of the people involved. Lets say Bank of America doesnt want to process a payment for someone like me. In the old financial system, theyve got an enormous amount of clout, as do their peers, and can make that happen. If a teenager in Venezuela wants to get paid in a hard currency for a web development gig they did for someone in Paris, something prohibited by local currency controls, cryptocurrencies can make it possible. Bitcoin may not yet really be private money, but it is the first free money.

Do you agree with Snowdens thoughts about blockchain? Why or why not? Post your comments below.

Image courtesy of ShutterStock and Youtube/Blockstack

See the original post:
Edward Snowden: Blockchain Is All About Trust Live ...

Bitcoin extends falls as selloff in crypto currencies …

NEW YORK (Reuters) - Bitcoin plunged more than 12 percent on Monday, extending falls in recent weeks in a broad-based selloff in digital currencies as sentiment sours.

FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/File Photo

Several factors have accelerated the downturn, analysts said, including increased U.S. regulatory scrutiny and a delay to January 2019 of the widely-anticipated launch of bitcoin futures by Bakkt, Intercontinental Exchanges crypto platform.

These factors coupled with lukewarm network fundamentals and reports of falling adoption of crypto as a tool for services such as payments, have led to strong selling pressure against a lack of buying resistance to a point of apparent capitulation, said Aditya Das, analyst at Brave New Coin, a crypto asset market data company.

Bitcoin fell to as low as $3,519.94 on the Bitstamp platform, after earlier falling to a 14-month trough of $3,462,57, and was last down 12.6 percent. It has lost 74 percent of its value so far this year, after hitting nearly $20,000 in December last year.

Other digital currencies also fell sharply, with Ethereums ether down 7 percent at $106.69 and Ripples XRP falling 5.6 percent to 34 U.S. cents.

Cryptocurrency market capitalization plummeted to $122.3 billion on Monday, down 85 percent from its peak of nearly $800 billion hit in early January this year.

Mainstream investors have stayed clear of bitcoin, with concerns over scant regulatory oversight and undeveloped market infrastructure compounded by frequent swings in price.

Analysts said the U.S. Securities and Exchange Commission was partly to blame for the recent sell-off, with the delay in its approval of new bitcoin instruments, as well as for its investigations of initial coin offerings and crypto exchanges.

The SEC has ordered civil penalties against Airfox and Paragon Coin that sold digital tokens deemed as securities in initial coin offerings. Those companies have agreed to return funds to harmed investors, register the tokens as securities, file periodic reports with the Commission, and pay penalties.

Bloomberg reported this month that the U.S. Department of Justice had initiated an investigation of cryptocurrency Tether over possible manipulation of bitcoin prices at the end of last year.

At the same time, the sharp price falls are seen by some as an opportunity to get into viable cryptocurrency projects at a discounted price.

It is important to highlight that none of the unpleasant headlines are directly related to the underlying fundamentals of legitimate cryptocurrency projects, said Donald Bullers, North American representative of web3 infrastructure platform Elastos.

Whether its market manipulation accusations, a controversial fork, or short-term speculators deciding not to play the long game, this dip will cull the wheat from the chaff and the most important decentralization projects will continue to survive, he added.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Susan Thomas

Original post:

Bitcoin extends falls as selloff in crypto currencies ...

What Is Bitcoin? The Ultimate Beginners Guide To Bitcoin

Cryptocurrency has taken the world by storm...but just what is Bitcoin?

In this guide, you'll discover everything you need to know about Bitcoin.

Read on or skip to the section you're interested in...

1. What Is Bitcoin?

Launched in 2009, Bitcoin was the worlds first cryptocurrency...

Now, no-one really knows the true identity of it's creator, Satoshi Nakamoto. In fact, that remains a mystery to this day!

But how does it work?

Well, Bitcoin actually uses advanced encryption techniques to secure and verify transactions. And unlike other currencies, Bitcoin and other cryptocurrencies can function without the need for any central authority...

This basically means it's completely decentralized, thanks to blockchain technology.

2. How does Bitcoin work?

2.1. The Blockchain.

To understand how Bitcoin works, you first need to understand the blockchain...

When you use traditional payment methods, such as credit cards, your transactions go through a bank.

The bank has to clear the transaction before it is verified and added to your accounts transaction history (account statement). Normally, this history is kept by your bank and only viewable by the bank and yourself.

The blockchain is a revolutionary technology because the transaction history paradigm weve been using for all these years is being flipped on its head.

Credit card transactions are stored in one location (with your bank) and usually viewable by only your bank and yourself. On the other hand, Bitcoin transactions are stored on nodes (computers or servers) across the world and viewable by the entire world!

With this new paradigm (the blockchain), transaction history is free from any foul play, such as changing records.

If you modify your copy of the blockchain (the record book of all Bitcoin transactions), everyone would know since your copy wouldnt match the thousands of other copies of the blockchain.

To protect your privacy as well as that of others, users are identified by just two things:

Wallet addresses (a string of random letters and numbers where people can send you Bitcoin). No one knows your address unless you give it to them

Transaction amounts

2.2. How Do Transactions work?

So if theres no central authority like a bank to process your transactions, how do Bitcoin transactions work?

As Bitcoin transactions happen throughout the course of a day, these transactions are grouped into what are called blocks.

These blocks are processed then added to the blockchain, or chain of blocks (the public ledger of all transactions).

2.3. Mining Bitcoin

While credit cards have payment processors like Visa to process transactions, Bitcoin has what are known as miners.

Since Bitcoin doesnt physically exist, the name miner can be misleading.

Bitcoin miners are actually people or groups of people that run Bitcoin mining software on specialized Bitcoin mining devices known as application-specific integrated circuits (ASICs).

(Bitcoin mining used to be possible with personal computers but is now too resource-intensive).

When users of Bitcoin transact with the digital currency, their transactions are sent to the Bitcoin network, where miners pick them up and group them into blocks. These blocks are then added to the blockchain.

However, for each new Bitcoin block to be added to the blockchain, something called proof-of-work has to be performed to ensure that transactions are real and that the network remains secure.

Each new block has whats called a nonce or a string of numbers, that, when found, allows for the block to be added to the block before it.

An easy way to think about this is comparing mining to finding the correctly shaped Lego piece (nonce) in order to attach it to the previous Lego piece (previous block in the blockchain).

Miners are the ones responsible for this proof-of-work, or finding nonces

And thus confirming transactions and securing the Bitcoin network.

Proof-of-work mining is very resource-intensive in terms of computing power and energy. These days, finding the correct nonce is extremely difficult.

Most Bitcoin mining operations are now extremely professional and large in scale. Your everyday person simply doesnt have the resources necessary to make Bitcoin mining profitable.

Miners have to invest in a ton of computing power (one or more ASICs) as the more computing power you have, the more times per second youre able to try and guess the correct nonce.

(If you can guess more times per second than others, you have a higher chance of finding the nonce before them).

For their efforts, Bitcoin miners are rewarded with transaction fees, which users pay to miners to process their transactions quicker. They also get newly minted Bitcoins if guess the right nonce and add a block to the blockchain.

Along with eliminating the need for centralized authorities like banks (vs. a network of miners), this proof-of-work mining system also makes it very difficult to modify the Bitcoin blockchain.

Modifying any one block requires modifying all blocks before it (since all blocks are tied to each other via nonces).

Considering that as of April 2, 2018, there are over 500,000 blocks (each of which contains hundreds or thousands of transactions), the computing power necessary to change the blockchain makes such an attack infeasible.

Note: Even though the blockchain is secure, the storage of Bitcoin is still prone to hacks...

We'll come on to that later.

2.4. Is Bitcoin Infinite?

As mentioned, every time that a block is added to the blockchain, Bitcoin is minted or created then released to the miner who found the blocks nonce.

However, this creation of Bitcoin is not endless, as when Bitcoin was created, the code was written so that the supply of Bitcoin would max out at 21 million.

This is significant and a huge factor that gives Bitcoin its immense value as fiat currencies, such as the United States dollar, are more or less printed at will. This leads to inflation and devaluation of currency.

In other words, every dollar or dollar-denominated asset you own, such as a house, decreases in value over time, as more and more dollars come into circulation. More dollars in existence means that each dollar is worth less due to dollars not being as scarce.

2.5. What Happens When Bitcoin Runs Out?

Many wonder what will happen when Bitcoin supply maxes out and no more Bitcoin are created. While no one can see into the future, there are a couple of predictions that have been thrown out there.

Of course, if no more Bitcoin is created, that means mining will cease to exist. As such, many think miners will be heavily affected since they will have no more incentive to mine and gain rewards from adding new blocks to the blockchain.

This may lead to miners backing out of Bitcoin mining, which may lead to centralization of Bitcoin as less people will store copies of the Bitcoin blockchain and confirm its validity.

Yet, others believe that miners will still be able to be part of the Bitcoin ecosystem as they will still be paid in transaction fees and ASICs may become more efficient in terms of energy usage (lower energy costs to run Bitcoin mining hardware).

Another prediction that people make is that if the supply of Bitcoin runs out, the price of Bitcoin will increase even further! Why?

People would scramble to get their hands on some of the remaining Bitcoin (assuming that Bitcoin continues to retain its value).

3. How Is Bitcoin Stored?

Cryptocurrency exchanges like Coinbase and Kraken, where you can buy and sell Bitcoin, offer wallets on their websites where you can store Bitcoin.

Another option you have is a paper wallet, often thought of as the most secure Bitcoin storage method.

Paper wallets are piece of papers with your Bitcoin private key and public key.

Your private key can be used to access and send your funds from an online wallet. Your public key is your wallet address or where people can send you funds.

Yet another popular storage option for Bitcoin is hardware wallets, such as the Ledger Nano S.

As with paper wallets, hardware wallets store your Bitcoin offline but this time in a device (the hardware wallet).

The hardware wallet is connected to your computer (usually via USB connection) when you want to make transactions.

Your private keys are kept on the device, which greatly reduces the risk of someone stealing your Bitcoin through online infiltration (such as an exchange getting hacked).

4. The History Of Bitcoin.

Though Bitcoin is just over 9 years old, a lot has happened since its inception...

Founder(s) Satoshi Nakamoto first released a whitepaper detailing the vision for the cryptocurrency in November 2008. On January 3, 2009, Nakamoto mined the first Bitcoin block, thus starting the Bitcoin blockchain.

Nevertheless, this growth hasnt come without its growing pains. Bitcoin has had splits (called forks) where Bitcoin has split into Bitcoin and other forms of Bitcoin, such as Bitcoin Cash and Bitcoin Gold.

These forks mostly came about due to community infighting over how to progress Bitcoins development.

The biggest development issue in recent times is how to address increased usage of Bitcoin as it grows more and more popular (otherwise known as improving Bitcoins scalability).

Forks like Bitcoin Cash advocate scalability options like increasing blocksize.

For example, the current Bitcoin blocksize is 1 megabyte while Bitcoin Cashs blocksize is 8 megabytes.

A larger blocksize means more transactions can fit in each block. In short, this means more transactions can be processed at once.

The original Bitcoin community (referred to as core) advocates other initiatives, such as the development of The Lightning Network.

This proposal advocates handling transactions between two parties off the blockchain (on the Lightning Network).

After transacting on the Lightning Network, the parties would send their ending balances to the original blockchain, greatly reducing the load on the original blockchain.

However, Bitcoin eventually bounced back and in recent times, has seen tremendous growth in terms of factors, such as price and number of daily transactions.

While Bitcoin remains the king of cryptocurrency for now, other cryptocurrencies (known as altcoins short for alternative coins) have emerged.

Some altcoins like Ethereum and Litecoin are immensely popular themselves.

Over time, Bitcoin continued to gain in popularity, with services, such as the massive Mt. Gox Bitcoin exchange, arising as a result.

5. The Benefits Of Bitcoin

So why would anyone use Bitcoin over traditional currencies?

Though some would argue that Bitcoins high price isnt justified, theres no doubt that it has a list of benefits that give it value, such as scarcity, decentralization, anonymity, immutability, and divisibility.

Let's run through them...

As mentioned, Bitcoin is scarce.

If people continue to see it as valuable in the future, its price will further increase similar to other scarce assets like gold as new Bitcoin creation continues to decrease.

Decentralization is another benefit of Bitcoin since thousands of copies of its blockchain are stored across the globe.

This means that no one malicious actor (or group of malicious actors) is able to manipulate Bitcoin without a near-impossible amount of computing power.

With the Internet and moving of transaction history online, anonymity has largely fallen by the wayside.

Nowadays, if youre not using cash, banks and others can see how you spend your money, for better or worse.

Bitcoin restores some privacy back to the people by making transactions anonymous (aside from the addresses that Bitcoin is sent to and from as well as transaction amounts).

As mentioned, Bitcoin transactions are immutable or cant be changed since that would entail changing copies of the blockchain across the world.

This prevents problems with other digital currencies like double spending.

Also, while Bitcoin supply is fixed at 21 million, since Bitcoin doesnt physically exist, it is infinitely divisible.

For example, you can have .1 Bitcoin, .01 Bitcoin, and so on and not just whole number amounts of Bitcoin. Thanks to its divisibility, Bitcoin is easier to obtain and move around than assets like gold.

6. The Disadvantages Of Bitcoin.

7. Threats To The Future Of Bitcoin.

Read the original here:

What Is Bitcoin? The Ultimate Beginners Guide To Bitcoin

XBT – Bitcoin rates, news, and tools – xe.com

Bitcoin informationBitcoin is a decentralized virtual currency. This currency is exchanged digitally and managed by a peer-to-peer network, rather than a central bank or authority. The supply of Bitcoins is automated and released to mining servers; with a limit of 21 million Bitcoins being reached by 2140. Each Bitcoin is a piece of code that has its own transaction log with timestamps. The coins are stored in an owner's virtual wallet and can be transferred and exchanged for goods and services. Transactions are public and although they are relatively anonymous, it is possible trace identities back to real-life individuals. There is debate as to whether or not Bitcoin should be considered a currency, a commodity, or a hybrid of both.

Risks in Using BitcoinsBitcoins are associated with a high level of risk, as they are volatile, not time-tested, and currently under no regulation or legislation. There have been incidents of online Bitcoin wallets being compromised by hackers leading to theft of Bitcoins.

Bitcoin Currency CodeBitcoin is not recognized by the ISO and therefore does not have an official ISO 4217 code. A currency code is generally built from the two-digit ISO 3316 country code and a third letter for the currency. Although "BTC" is often used in the Bitcoin community, BT is the country code of Bhutan. An X-code reflects currencies that are used internationally and so, XE has chosen to use XBT to represent Bitcoin.

Bitcoin HistoryIntroduced in 2009, Bitcoin was created by a developer or group of developers going by the pseudonym Satoshi Nakamoto. Initially the value of the currency was set by users on forums until the first exchange outlet was established. It is known as a "crypto-currency"; meaning that the money and transactions are secured and controlled through encrypted passwords. Since its introduction, Bitcoins have been gaining momentum worldwide, with over 1,000 merchants accepting the currency.

Relevant LinksFor more information on Bitcoin, we encourage you to visit the links below.

View original post here:

XBT - Bitcoin rates, news, and tools - xe.com

Pay with Bitcoin Online | Use Bitcoin to Pay for Gold and …

Do you accept Bitcoin or Bitcoin Cash?

Yes, we do accept Bitcoin or Bitcoin Cash for payment. Bitcoin or Bitcoin Cash orders exceeding $250,000 (USD) are not accepted at this time.

If you wish to pay for your order with Bitcoin or Bitcoin Cash, simply select Bitcoin/Bitcoin Cash as your payment method in checkout and submit your order. You will be presented with an embedded BitPay invoice. At this time, you will have 15 minutes to submit your payment. You can scan the QR code on the page to pay via your mobile wallet or submit payment from your desktop wallet.

If your Bitcoin or Bitcoin Cash order is underpaid, you will be contacted by APMEX customer service with the option of selecting a different payment method. If we do not hear back from you within 48 business hours, your order will be canceled.

The exchange rate for orders paid by Bitcoin or Bitcoin Cash will be provided by BitPay. Find the current exchange rate here.

The price of Bitcoin and Bitcoin Cash is always changing. To prevent those price changes from hurting our customers, we require transactions to be sent within 15 minutes.

Most Bitcoin exchanges cannot send a payment that quickly. As a result, the payment can arrive late and need to be refunded. This will cost you time and money.

Many Bitcoin or Bitcoin Cash wallets do not fully support payment protocol. These non-payment protocol wallets make it too easy to send the incorrect amount or send your Bitcoin or Bitcoin Cash to the wrong place.

BitPay recommends using a Bitcoin wallet that you can trust to successfully use for Bitcoin payments. Compatible wallets can be found here.

At this time we only accept Bitcoin and Bitcoin Cash. Please check back regularly as this is subject to change.

No. Please see the chart below for acceptable payment types and order amounts.

Yes. Bitcoin and Bitcoin Cash payments qualify for a 3.0% cash discount.

Changing to Bitcoin or Bitcoin Cash is not permitted as this payment option is only available when your order is placed on our website. Similarly, at this time, we cannot change an existing order from Bitcoin or Bitcoin Cash to another payment method.

Once your payment has cleared through BitPay, we will begin packaging and shipping your order. Many Bitcoin and Bitcoin Cash orders qualify for our QuickShip Program, providing next-day processing for domestic orders, with some exceptions based on the order contents. Once your order has shipped, you will receive an email confirmation that includes the tracking number. This information can also be found on your account page.

APMEX generally packages and ships your order the following way (applies to domestic orders only):

All these timelines exclude weekends and holidays. * APMEX will provide our QuickShip Program with next-day processing of domestic orders not including Pre-33 Gold or Jewelry paid by credit card, PayPal, Bitcoin, Bitcoin Cash or bank wires. Restrictions apply. Orders containing product(s) not designated with the QuickShip logo may be subject to fulfillment delays.

Once we have issued a confirmation number, all prices are locked-in, whether buying from us or selling to us. It is not our intention to enter into buying and/or selling transactions, accepting the risks involved only to have them canceled. However, we realize rare situations happen where orders need to be canceled. Should you elect to cancel and/or offset your order, you must do so during normal business hours of 8 a.m. to 8 p.m. (ET) Monday Thursday or 8 a.m. to 6 p.m. (ET) Friday. All cancellations are subject to our Market Loss Policy plus a $35.00 (USD) cancellation fee. Cancellations may only be approved over the telephone. At that time, if any market loss to APMEX has occurred, it will be calculated and added to the $35.00 (USD) cancellation fee. If applicable, any cancellation fee and/or market loss will be charged to your credit card for the full amount due, as per User Agreement. No future orders may be permitted until any market loss is paid in full. Any market gain on cancellations shall remain the property of APMEX. Additionally, APMEX is not responsible for any change in the Bitcoin exchange rate at the time of your order cancellation.

The Bitcoin or Bitcoin Cash payment option is not available for the payment of market loss. These fees can be paid by credit card, personal check or bank wire.

We guarantee your satisfaction at APMEX. We provide all our customers with a refund, return and/or exchange policy on everything we sell including all bullion and certified coins. This right is limited to seven (7) days from the date on which the customer receives their items. The refund, return and/or exchange policy only applies to customers who notify our Customer Service Department by telephone at (800) 375-9006 during normal business hours within seven (7) days from the date on which the customer receives their item and keeps the item in its original packaging. The Customer Service Department will give you instructions on how to return your items and, at that time, you will be given a Return Authorization Number. All Bitcoin or Bitcoin Cash refunds are issued through BitPay at the USD rate at the time the refund is processed. APMEX is not responsible for any change in the Bitcoin or Bitcoin Cash exchange rate at the time of refund. Refunds for returns are not processed until after the returned item(s) has been received and verified.

All Bitcoin or Bitcoin Cash refunds are issued through BitPay at the USD rate at the time the refund is processed. Refunds for returns are not processed until after the returned item(s) has been received and verified by APMEX.

Read more:

Pay with Bitcoin Online | Use Bitcoin to Pay for Gold and ...

Bitcoin (BTC) for beginners – Coin Rivet guide to BTC

The Bitcoin protocol is an open source software project that was started by the anonymous founder Satoshi Nakamoto who published the idea in a cryptography mailing list back in late 2009.

By the start of 2010 Satoshi and other volunteers helped start running the network by becoming miners (Back then mining was done on normal computers) and writing the software for the wallets to conduct transactions. It must be said that even though Satoshi started the project he/she or no one else had any special control over this open source protocol.

Bitcoin is a decentralised digital protocol to transfer value directly between participants without the need to for thirdparties or central intermediaries to come between or govern transactions. Bitcoins are also the name of the token on the network and each bitcoin can be divided by up 8 decimal places So you can send 0.00000001 BTC

In total, there will only ever be 21 million bitcoins ever created. So far just under 18 million have already entered circulation with the remaining three million to be mined between now and the year 2140 with an ever-decreasing rate of supply. Currently the supply increases by 12.5 Bitcoins every 10 minutes.

Anyone in the world can become a miner, all you need to do is buy some specialist hardware and connect it up to the Bitcoin network. As a miner your hardware will consume electricity to solve a difficult maths problem by using a trial and error approach. As a miner you will partially share in the new Bitcoins created every 10 minutes proportional to your share contributed to solving the problem. Currently there is about $1.3 billion of mining hardware deployed on the network that is competing for the reward of new coins.

Just like trying to by other currency like euros or dollars you can buy Bitcoins through an exchange? There are various types of exchanges that you can use like online exchanges on websites or apps, physical exchanges like shops or ATMs or maybe even P2P exchanges where you meet someone to trade Bitcoins at the local coffee shop in person.

The price like all other markets is determined through supply and demand of buyers and sellers. Every day around $4 billion worth of Bitcoin is traded and these traders help find an equilibrium price for the day. One thing to note is that depending on where you may buy there may be a premium or discount. For example, if you only want to buy from an ATM the price may be higher than online exchanges quote due to the cost of initially buying and maintain a physical terminal versus a website.

Bitcoins are stored in wallets. Different types of wallet exist like mobile wallets, website wallet, paper wallets and hardware wallets. All these wallets can store and send Bitcoins to each other but they each offer different level of security, functionality and ease of use.

Bitcoins can be sent via your wallet to anyone else who also has a wallet. Today there are over 100,000 merchants accepting Bitcoin as a form of payment and there are many websites that track and compare merchants spendbitcoins.com or coinmap.org

Private keys are secret passworda that are required to make Bitcoin transactions from a wallet holding funds. These are stored inside your wallet but some wallets allow you to export them and see the keys. They look like this: 5JiPnCbT3ywe9WNJdNvhFq4P2U6rC3pr6yJ83ooDLLuk2o76Vf9 (Or can also be shown pictorially as a QR code). If someone gains access to your private keys then they can steel your Bitcoins without any way to reverse the transaction. If you lose your private keys then you will also lose the ability to ever send the Bitcoins you have in your wallet.

First you must understand that decentralisation for any project fits on a scale between high and low. Today Bitcoin is far moredecentralised than any other open blockchain out there, meaning it is more resistance to forms of attacks on its key attributes (like being secure, reliable and censorship-resistant). This highly decentralised property has emerged from a complex game theory incentive structure that is in place between five key network participants (developers, miners, node operators, exchanges and users). Without going into too much detail, each participant is heavily incentivised to play by the rules of the network and stay in consensus with each other. If they try and cheat, its going to cost them financially.

View original post here:

Bitcoin (BTC) for beginners - Coin Rivet guide to BTC

The Beginner’s Guide To Bitcoin – Everything You Need To Know

Bitcoin is one of those things that in the past several years has created alot of buzz around the globe. Be it Brexit, or Donald Trump as the new US president, or India demonetizing their currency, dramatic economic events can be viewed in terms of Bitcoin.

In this beginners guide to Bitcoin, you will learnall of the basic, yet essential stuff related to Bitcoin.

There are many ways by which you can understand what Bitcoin is.Let me explain it to you with the help of an example.

Today, lets say you need to send money from India to the U.S.A. You use your bank wire transfer service or services like PayPal orPayoneer to send money.

For such money transfers (remittances), you end up paying a lot of fees:

Technically, you are paying money to thebank for securing & transferring the money on your behalf. In reality, everything is monitored on a ledger (bank records) & money is just transferred digitally from one account to another.

This is not like the physical delivery of goods; money is not moved physically. However, even though its digital, we pay a large chunk of the transfer amount (2% to 10%) as service fees. Lets say you transfer $100 from one country to another, anything between $2-$10 is given up because of these fees.

Even though everything is done digitally, why are you losing so much money? Well, this is how banks & remittance services like PayPalandPayoneerhave been mining hard earned money from users like us.

But theres a solution to this problem of cross-border transactions (aka remittances):

Bitcoin.

Unlike fiat money (INR, US Dollar,Euro & other paper currencies), Bitcoin is not regulated by any country. Its kind of like theofficial currency of theinternet & anyone with an internet connection can own it. This makes it independent of any corporate monopoly because everything about Bitcoin is governed by the huge community of users like me, you, and all of the others who are using it.

The best thing about Bitcoin is how easy it is to transfer all over the world with very low fees.

For example, transferring any amount of bitcoin from the United States to India or Europe will cost only $2-3 or less.

Your transaction also remains anonymous. Only the sender and the receiver know who is involved with the transaction.

As theworld is slowly adopting & accepting Bitcoin, individuals & businesses are saving a lot of money while doing business globally.

In a minute, Ill tell you about the history of Bitcoin, and many interesting facts, but for now, heres anofficial explanation of Bitcoin.

Bitcoin is a digital currency (cryptocurrency) which is independent of any country or geographical entity & can be used by anyone who is connected to the internet.

Like the way you store your money in your wallet or a bank, bitcoins are stored in Bitcoin wallets. Everything is done electronically & no fiat money (like the US Dollar, INR, YEN, or any other paper currency) is involved.

To spend or receive bitcoin, you use your Bitcoin wallet. Every Bitcoin wallet can have one or more wallet address. This is a unique internet address to ensure the anonymity of transactions which helps keep you safe. You can use a unique wallet address for every transaction you make.

You can install a Bitcoin wallet on your computer or mobile phone. Upon installation, it will generate a Bitcoin wallet address & you can use that address for receiving bitcoin from anyone and anywhere in the world.

I know it may be hard to understand what Bitcoin is in one go, but dont worry becauseCoinSutra will help you understand everything there is to know about Bitcoin technology & help you get started by purchasing your first bitcoin.

Bitcoin works on blockchain technology. The blockchain is a shared public ledger on which the entire Bitcoin network relies. Any confirmed transactions (including newly added bitcoins) are added into blockchains.

When any user initiates a new transaction (send or receive bitcoins), the transaction is verified using blockchains. Here is a video that explains how Blockchain technology works. This is a must watch video as think of Blockchain as internet & Bitcoin as email service that operates on the Internet.

Think of this like the physical ledger that is maintained by banks. The only difference is, in this case, its maintained by the public & anyone can use the ledger to match a transaction.

Bitcoin uses Public-key cryptography. This system uses two pieces of information to authenticate messages.

When you set up your Bitcoin wallet for the first time, you are asked to set up a private key (also known as a seed). This is the most important part of Bitcoin security. The ideal thing to do is to write down your seed keyword on a piece of paper & keep it somewhere safe.

Important: Never write down your private key (seed) online & dont share it with anyone!

We will look into the security of Bitcoin in an upcoming section & we have a dedicated section for understanding how Bitcoin wallets work.

Well for starters, no individual or bank is maintaining our transaction ledger. The ledger is available to everyone & transactions are linked to our Bitcoin address.

Unlike normal transactions where we have to enter our personal details, the only thing anyone will see is your Bitcoin wallet address. This ensures anonymity & safe online transactions.

When you make a Bitcoin transaction, your Bitcoin software signs the transaction with your private key. This cryptographic signature is themathematical mechanism that allows someone to prove ownership.

Who founded Bitcoin is still a mystery. In the month of October 2008, a paper was published on The Cryptography mailing list. This paper was published under the pseudonymSatoshi Nakamoto. Until today, the real identity of Satoshi Nakamoto is unknown.

In January 2009, when the first open source Bitcoin software was released, the first ever bitcoin was issued. The mining of the first block of Bitcoin (named genesis block) gave a reward of 50 bitcoins.

Here are some common words that you will hear when dealing with Bitcoin:

I will be covering all of the above terms in detail in the upcoming days. For now, you can refer to this page to learn about the most commonly used words around Bitcoin.

Note: Bitcoin transactions are not 100% anonymous. However, you can ensure 100% anonymityusing a few tricks that I will share with you in the coming days.

I have collected some of the best videos on the web that explainwhat Bitcoin is & how it works:

Here are some of the best & official resources for Bitcoin enthusiasts:

You should subscribe to our email updates for learning everything there is to know about Bitcoin & other Altcoins.

For now, let me know if you find anything about Bitcoin hard to understand. In upcoming sections, you will learn important aspects of Bitcoin, such as securing your Bitcoin wallet & how to make your bitcoin transaction anonymous.

Here are a few hand-picked articles that you should read next:

If you found this beginners guide to Bitcoin useful, do share it with your friends & family!

View original post here:

The Beginner's Guide To Bitcoin - Everything You Need To Know