Category Archives: Cryptocurrency

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NealFord#28 - Cryptocurrency: How It Works and Why It Matters

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NXT Cryptocurrency Explained - By Alexander Chepurnoy Bas Wisselink at Bitcoin Wednesday Amsterdam
Alexander Chepurnoy and Bas Wisselink talk about the Nxt crypto platform. Alexander Chepurnoy is one of Nxt #39;s core developers and Bas Wisselink is Nxt Community Manager and Business Contact....

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Exchange Ukash to Litecoin cryptocurrency. Litecoin using Ukash GBP/EUR/USD online.
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Cryptocurrency may as well be called "cryptic currency," because it's nowhere near as easy to figure out as typical money. For one, while most of them (and yes, there's more than one) have names that end with "-coin," they don't usually come in physical form. Yes, they do represent money in digital form, but using them is a bit more complicated than digital payment services like, say, PayPal or Google Wallet. Also, unlike banks and online services, they're decentralized, with no single governing body overseeing and verifying transactions -- there's a reason why bitcoin was (is?) the currency of choice for black market regulars.

Bitcoin ("BTC") isn't only recognized as the first cryptocurrency; it's also the basis for every other crypto-coin that's popped up since it was formally introduced in 2009. "Satoshi Nakamoto" (the pseudonym used by the person or the group of people who created bitcoin) designed it as a peer-to-peer system that relies on users to keep working. Also, all transactions are recorded on a public ledger (called "block chain"), so even though no name or email address is associated with an account, the system's not entirely anonymous.

Similar alternative currencies follow that structure even now, though they add features of their own, as well. Litecoin, for instance, was designed for faster transactions (the average confirmation time for each bitcoin transfer is 11 minutes as of January 2015, because it has to be verified by a miner -- more on this later), while Quarkcoin promises a more secure system. Others rely on their novelty more than anything, such as Dogecoin, which likely appeals most to fans of the (in)famous doge meme and Coinye West that was seriously a thing until Kanye West went onstage to court and didn't let it finish had it shut down.

Now, if you're wondering if you should invest in any kind of cryptocurrency, the answer isn't simple: It depends, as their values fluctuate quickly and widely. Take for example, bitcoin, which reached its current all-time high of $1,242 per coin in November 2013, whereas each BTC was worth only around $200 a few months before that. As of this writing, bitcoin's value is back to $210, and who knows if it'll ever be worth more than $1K apiece ever again. Point is, if you plan on investing your life savings on bitcoin or any other alternative, you'll have to study it closely and prepare for the consequences. Instead of getting your kids' college tuition or your retirement fund when you're ready to liquidate, you might end up with but a fraction of what you originally invested.

Still want some first-hand experience with these crypto-coins anyway? We put together some basic info you should know before getting started, using bitcoin as the reference currency.

These are some of the most common ways to get bitcoins or any of its alternatives:

As we mentioned earlier, cryptocurrencies aren't regulated by any institution, so there's no bank that would print more money when the need arises. Take note, though, that the system makes it harder to mine the more blocks of transactions are processed. The rewards were also designed to be cut in half every four years to prevent inflation and to keep the total number of bitcoins in circulation to 21 million at most. At the moment, the reward for each block mined is 25 BTC, and the process has become difficult to the point that you'll now have to join a mining pool if you actually want to earn anything. A mining pool combines the resources of a group of people to mine bitcoins and divides the loot amongst the members.

Sound complicated? Well, mining isn't exactly a simple concept. Watch the video above first, then let's try to visualize the idea: Imagine that you're an actual miner with a pickaxe in your hand, and there's a big boulder in front of you with golden coins hidden in its very center. To get to the gold coins, you'll have to chip away at the boulder: The better your equipment is, the faster you can go. Unfortunately, you're not the only one trying to get to the center of the boulder, and it's a race between you and other miners with better, more high-tech pickaxes. That's why the best way is to pal up with other people to get to the very center of the boulder and divide the loot. As time goes by, though, you'll notice that boulders become harder to break and the gold coins in the center become fewer in number.

That's but an oversimplification of the process, of course, but it should give you an idea of how it works. The boulder in this case represents a block or a big bunch of transactions miners have to verify and solve. Each piece of rock a miner chips away represents a verified transaction, and the gold coins represent the bitcoins a miner can earn and introduce into the circulation.

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A brief attempt at explaining the madness of cryptocurrency

Coinbase said it raised $75 million in the single largest venture-capital fundraising by a bitcoin-related startup. Michael Casey joins MoneyBeat. Photo: Getty.

PAUL VIGNAAnd

MICHAEL J. CASEY

Jan. 20, 2015 9:00 a.m. ET

Coinbase said it raised $75 million in the single largest venture-capital fundraising by a bitcoin-related startup.

Investors included banks and the New York Stock Exchange, apparently the first time any traditional financial institutions have taken direct stakes in a bitcoin enterprise.

Coinbase, based in San Francisco, offers a number of financial services for individuals and businesses, such as processing transactions for merchants that accept bitcoin.

Bitcoin, a digital currency created six years ago that allows for peer-to-peer transactions outside the traditional banking system, has been beset by bad news, most prominently a brutal selloff in the currency. After falling 67% in 2014, it careened down another 44% in January before stabilizing.

The Series C funding round was led by the well-known Silicon Valley venture-capital firm Draper Fisher Jurvetson, which has previously invested in Coinbase. Other VC investors include Andreessen Horowitz, Union Square Ventures, and Ribbit Capital, all of which have also previously invested in the firm.

The round included investments from several banks and individuals in financial services: USAA Bank; BBVA Ventures, the San Francisco-based investment arm of multinationalBBVA Group; and the NYSE. The banks all made investments of between $1 million and $10 million, Coinbase Chief Executive Brian Armstrong said.NTT DoCoMo, Japans biggest mobile phone operator, is also an investor.

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Las Vegas seems an appropriate place for cryptocurrency businesses to emerge, both because the coins themselves are so volatile that some gambling instinct may be required, and because Vegas is a high-tech outpost with lower taxes and lower rents than many other West Coast hot-spots, well-suited to risky startups with ambition but without huge venture backing.Jim Blasko moved there to work on low-voltage engineering for Penn & Teller, and is a qualified Crestron programmer, too (useful in a town that looks from the air like one giant light-show), but has shifted to a quite different endeavor, or rather a complex of them all related to cryptocurrency. I ran into Blasko during this month's CES, at a forum with several other cryptocoin startups, and the next day we met to talk about just how hard (or easy) it is to get into this world as an entrepreneur.

Blasko has some advice for anyone who'd like to try minting a new cryptocurrency. Making your own coin, he says, is the easy part: anyone can clone code from an existing entrant, like Bitcoin, and rename the result and that's exactly what he did. The hard work is what comes after: making worthwhile changes, building trust, and making it tradeable. Blasko's done the legwork to get his own currency, which he's bravely called "Unbreakable Coin," listed on exchanges like Cryptsy, and is working on his own auction site as well. He's also got an interesting idea for cryptocoin trading cards, and had a few prototypes on hand. (Part 1 is below; Part 2 to follow.) Alternate Video Link

Tim: So, Jim you have a couple of different Cryptocoin related businesses or enterprises that are all going on at once. But Im going to start out talking about one thing that intrigues me, which is that you have created your own coin, can you talk about how that came to be?

Jim Blasko: Creating UnbreakableCoin?

Tim: Yes.

Jim Blasko: It started off with seeing what was happening out there with other Crypto coins, seeing what was going on. This was about a year ago now. I registered the name a few months before I actually finished the coin. I knew what I wanted to call it. I am a Crestron Control Systems programmer and those are systems that we use here in large houses or casinos and it controls everything, the lights, the security, the cameras, the doors, I mean, the sound, everything is controlled by Crestron these days. So, by taking that experience I have been working with that since 1998 and by taking that experience I said, lets make our own Crypto coin, lets use bitcoins core, so lets call them bitcoin, but lets modify it a little bit, so that its faster, so that its bigger, it gives us an opportunity to give the Crypto world a second chance because not everybody got into bitcoin, a lot of people found out about it later and it was like, oh man, so we thought we can do this, I thought at least that I can do this, I always say we because we have a team now and I dont like to not include my team, my team is great, the Unbreakable team is awesome. But, I thought lets make this coin and lets not pre-mine it, lets give it to the world from day one. So, like I said we took bitcoin, we just cloned it, we made it faster and little bigger and we just said, here it is world, here it is, start mining it.

Tim: When you call it unbreakable, talk about what makes it deserve that name?

Jim Blasko: Well, SHA-256D is the same encryption algorithm that the government uses and its pretty much the best thing on the planet, it is unbreakable, even the government says its about 10 to 15 years away from being cracked itself and by then they will have improvements to it to keep it from being that, so thats what bitcoin is based on, SHA-256D, so thats why I chose that instead of what the Scrypt coin. There are too many vulnerabilities in Scrypt that I dont like and I saw that, if the government thinks SHA-256D is the best encryption, I think they are probably right, we got a pretty smart group of guys out there.

Tim: If they are telling the truth.

Jim Blasko: If they are telling the truth, but it seems to be, thats what they send all the mission data over, SHA-256D encryption. So thats pretty important stuff.

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Jim Blasko Explains BitCoin Spinoff 'Unbreakable Coin' (Video 1 of 2)

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Summary:Vogogo services are being offering for free following a year of cyberattacks against the cryptocurrency industry.

Vogogo's fraud and risk mitigation service is being released as a stand-alone system to help cryptocurrency companies protect themselves against rising rates of cyberattack.

Announced on Monday, the cryptocurrency payment processing and fraud mitigation company said that high demand prompted the release of the service for free, in both use and integration. In the current threat landscape, it is more important than ever that the enterprise invest in cybersecurity measures -- and the crypto industry is no exception.

In recent times, to name but a few, Mt. Gox, Bitfloor and Bitstamp have all been reportedly the victims of cyberattacks. Hackers are able to hijack mining pools or break into a virtual currency exchange's hot wallet system to steal funds, and unfortunately, many exchanges either close or do not have enough funds left in cold storage to compensate traders.

See also: Police suspect Mt. Gox Bitcoin theft was an inside job

Vogogo, which works with companies including CoinTrader, ANXPro, Rock Trading, QuadrigaCX and BitMEX, offers a fraud and risk mitigation service which validates large volumes of high-risk payment transactions. Each separate individual or business involved in a transaction is verified -- as well as each individual transaction itself -- before being processed.

Vogogo CEO Geoff Gordon commented:

It's also frustrating as we believe these types of sophisticated fraud events can be effectively prevented with the right systems in place. Therefore, we have elected to open up our fraud and risk mitigation services to crypto-based businesses, worldwide, free of cost."

Vogogo's chief revenue officer Rodney Thompson said that the decision to open up Vogogo's service was not only to help combat fraud, but to educate players within the fledgling industry on how to manage overall fraud levels and risk.

The offer allows any crypto-based firm free integration and use of the platform for a minimum of three months for free.

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Vogogo offers free fraud and risk service to cryptocurrency firms