Showing posts with label bitcoin. Show all posts
Showing posts with label bitcoin. Show all posts

What is ​​​​BITCOIN ?

​​​​BITCOIN is a revolutionary Technology that enables a new way to send payments over the internet.

  •  You can Think of it as an open accounting system where thousands of computers all over the world work together to track ownership of digital Tokens called Bitcoins.
  •  When you send someone Bitcoins, the transaction is broadcast to the entire network.
  • After it is verified, it is recorded in a public Ledger called Blockchain 
  • The Blockchain Contains a record of Every Bitcoin transaction that has occurred Since the system began.
  • The blockchain is shared and maintained in the network, so that everyone keeps record.
  • Most Currencies are issued by a central authority that Controls the money supply. But
  • Bitcoin is a peer to peer system , so there is no central authority. Thus, DECENTRALIZED
  • Bitcoins are issued to users who help process Transactions in the network. This is Known as BITCOIN MINING
  • Bitcoin Miners are specialized Computers that do the work required to verify and Record transactions in the Blockchain.
  • As a reward for their work, the miners earn Bitcoins and this is how new Bitcoins are released into Circulation.
  • The system is programmed so that only 21 million Bitcoins will ever exist.
  • As time goes by, the mining reward Decreases, The result is a predictable supply governed by scarcity
  • Making Bitcoins is somewhat like a digital Gold
  • It is the first currency of the internet and everyone is free to use it.
  • With Bitcoin you can send any amount of money to anyone, anywhere in the world as easily as sending an email.

Most cryptocurrencies will crash to zero, Goldman Sachs says

Most cryptocurrencies are likely to fail with their value falling to zero, Goldman Sachs said in a note, comparing the current market to the "internet bubble of the late 1990s."

Steve Strongin, head of Goldman Sachs global investment research, said in a note dated Monday, that cryptocurrencies don't have "intrinsic value" adding that it's "unlikely" whether any of today's digital currencies are likely to survive in the long run.

"People seem to be trading cryptocurrencies as though they're all going to survive, or at least maintain their value. The high correlation between the different cryptocurrencies worries me. Contrary to what one would expect in a rational market, new currencies don't seem to reduce the value of old currencies; they all seem to move as a single asset class," Strongin said.

"But if you believe this is a 'few-winners take-most' situation, then the potential for retirement depreciation should be taken into account. And because of the lack of intrinsic value, the currencies that don't survive will most likely trade to zero."

The Goldman research note comes after a violent sell-off in the cryptocurrency market over the past few days, which at its lowest point on Tuesday, saw over $550 billion of value wiped off the market. Bitcoin even dipped below $6,000 for the first time since November.

MP cyber cell catches two Mumbai-based men for buying credit card data from Dark Web

Indore: In what could send shivers down the spine of credit and debit card users, Madhya Pradesh cyber cell found that detailed information about customers of Indian banks was available for sale in the Dark Web for prices as low as Rs 500.
The fact came to fore when the cyber cell busted an international gang. During investigations posed as a customer and bought debit card details of an Indore-based woman in exchange of Bitcoins - a worldwide cryptocurrency and digital payment system that is dubbed as first decentralized digital currency.

The cyber cell has arrested two Mumbai members of the gang led by a Pakistani national operating Lahore for stealing credit card information of one Jaykishan Gupta, a banking professional and resident of Agar Malwa district. Gupta had lodged a complaint with the Ujjain wing of the cyber cell claiming that he received a message on his phone that Rs 72,401 was debited from his credit card account on August 28.

The accused had been purchasing details of credit and debit cards of Indians from the Dark Web - the encrypted part of the Web that allows anonymity and is not often accessible to search engines. They used the cards of unsuspecting individuals to make costly purchases and tickets for foreign travel.