Why Use Cryptocurrencies?


Why Use Cryptocurrencies?

Cryptocurrencies are just another form of money but they are specifically designed to take advantage of the architecture of the internet. Instead of relying on a standard financial institution to guarantee and verify transactions, cryptocurrency transactions are checked, or "confirmed," by the computers of the users on the currency's network. In other words, your transaction does not go to a bank, get verified, cleared and then passed on to the receipent. The transaction is verifed and passed to the receipent directly peer to peer, no single central computer or bank is used. The computers that verify the transactions usually receive a small amount of currency as a reward. The process of receiving rewards in exchange for verifying transactions is called "mining," and it is the main way that new currency is produced. Mining works differently for different currencies.

Because cryptocurrencies are completely digital, they can be used in ways that ordinary currencies can't; primarily, they are used like the digital equivalent of cash. Unlike credit or debit cards that are issued by banks, you don't need an account or good credit to use cryptocurrencies, yet you can use them to buy goods and services from an increasingly diverse selection of retailers and individuals. For instance, Overstock.com and Newegg.com accept Bitcoin as payment. There is typically a very small fee for almost every transaction, but it's typically much lower than credit card processing fees and interest, and the fees support the network.

Another common practice is to use small amounts of cryptocurrencies to "tip" people on IRC chat, social media and blogs. For instance, independent developers have designed "tipbots" for Reddit, Twitter and other social platforms that allow you to send money to a friend or anybody you feel has made a tip-worthy comment. The amounts you can send can be very small, like fractions of a penny, or if you decide quite substantial.


Cryptocurrencies can be converted at lightning speed or used to represent things that aren't normally currencies, such as domain names or consumer goods. Depending on the currency being used, it is also possible to anonymize transactions, turning cryptocurrencies into a form of discreet online cash. Most importantly, cryptocurrencies can be sent anywhere in the world, almost instantaneously, enabling users to deal directly with each other over the internet, rather than through a third-party financial institution, paying currency conversion fees or waiting for a bank to release funds.

While they are not entirely immune from fraud or theft, they are generally safe to use and difficult for malicious hackers to steal. As with cash, you'll need to take some precautions to protect your coins. For one, you'll want to encrypt your wallet with a very strong password and take regular backups, and it's a good idea to keep the backup and a written copy of your password in a remote location. Never give your password or wallet to somebody you don't trust, and keep the wallet software up to date at all times. Just like cash, if it's lost, damaged or stolen, you can't recover the funds. It's also a good idea to keep the bulk of your money offline, either in a "paper" wallet or on a storage device that may be disconnected from the internet when it's not in use.

Source: http://www.toptenreviews.com/money/investing/best-cryptocurrencies/

You can be in on the start of the newest Cryptocurrency coming soon. The initial coin offering (IC0) is January 10, 2017. You can get in on the pre-launch now by reserving the number of coins you want at .10 USD each.

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Dennis Roeder
Skype: daroeder


David https://markethive.com/david-ogden

U.S. Central bank is very much like the bitcoin network, says Bank Vice President

Bitcoin is as computerized as whatever other cash utilized by present day banks, as indicated by a noticeable figure in the U. S. managing an account framework. 

In a late interview with Coindesk, David Andolfatto, Vice President and Research Director of the Federal Reserve Bank of St Louis, clarified why, dissimilar to a considerable lot of his partners, he is occupied with computerized cash. The Bank of St. Louis is one of the twelve that shape the U. S. Central bank System. 

"What is bitcoin?" asks Andolfatto and gives a reply: "It's a convention, it's a PC program, it's a constitution, it's a law, it's a lawful code, it's fundamentally a constitution that administers the supply of its cash and that oversees the handling of installments". It implies there is no basic distinction between the bitcoin organize and the Federal Reserve System. "The way I see the Fed, and any foundation, is it's fundamentally a PC program. Much the same as bitcoin, it's an open-source PC program". 

In this way, there is nothing imaginative in "advanced cash". In Andolfatto's view, since all the cash in cutting edge economies is computerized. What truly matters is the blockchain that he calls a "flash of brilliance" and the hidden reasoning. While customary banks utilize a unified framework, controlled from the top, the bitcoin system is decentralized and can depend on the excitement of bitcoin fans. 

A circulated record implies that each PC has a duplicate of the considerable number of exchanges. On the off chance that the Federal Reserve banks could receive the blockchain, the framework could be more steady and more straightforward. "You could really observe which bank is sending cash to which rely upon this 'Fedcoin blockchain'". Andolfatto does not propose embracing an open record now but rather does not reject this plausibility for what's to come. 

For the Bank Vice President, every single current framework are advancing. The Federal Reserve may move towards more decentralization. Furthermore, the bitcoin system may turn out to be not financially savvy enough. Andolfatto does not avoid the likelihood of another framework that would be superior to anything bitcoin or Federal Reserve and take care of existing issues.

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David https://markethive.com/david-ogden

US Federal Reserve issues provide details regarding blockchain innovation

The exploration paper covers the utilization of the disseminated record innovation in the money related industry, its potential advantages and difficulties. 

The report "Conveyed record innovation in installments, clearing, and settlement" has been made by a group of Fed specialists in collaboration with experts from the Federal Reserve Banks of New York and Chicago. 

As indicated by the paper, the innovation can make better approaches for putting away, recording and transmission of advanced resources. Be that as it may, right now, the lion's share of money related market members are hoping to incorporate it into the current customary frameworks and monetary foundations. "Many models may change or take out a few parts of current delegates in installments, clearing, and settlement yet may not really dispose of the requirement for coordination or centralization of specific capacities by trusted middle people," it peruses. 

Among the key preferences of the innovation the examination brings up the accompanying: 

  • Decreased intricacy (particularly in multiparty, cross-outskirt exchanges) 
  • Enhanced end-to-end handling pace and accessibility of advantages and supports 
  • Diminished requirement for compromise over different recordkeeping frameworks 
  • Expanded straightforwardness and permanence in exchange recordkeeping 
  • Enhanced system flexibility through disseminated information administration 

Decreased operational and budgetary dangers 

Each monetary organization wanting to create or/and execute a blockchain arrangement needs to recognize fitting use situations where the potential cost lessening and execution change would legitimize interest in the new innovation. Furthermore, an across the board appropriation of the innovation among the money related market players is fundamental: before it triggers the system impact, working expenses of blockchain execution may surpass its potential advantages. 

Other key innovative difficulties that should be considered are adaptability, standard-based conventions ready to give interoperability, powerful administration of cryptographic keys and get to accreditations, information checking, and lawful structure (counting permitting). 

The appropriated registry innovation is still in the underlying phase of advancement, and, given different difficulties connected with it, it is too soon to anticipate what sort of changes it might convey to the customary money related market.

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David https://markethive.com/david-ogden

MyCryptoCoin, the next generation


MyCryptoCoin, the next generation of Cryptocurrencies.

MyCryptoCoin will be the next Cryptocurrency exchange unit and will be introduced by My-Crypto-World with an ICO (Initial Coin Offering). An ICO is similar to an Initial Public Offering (IPO) in the stock market. MCC (MyCryptoCoin) is now in phase 2 of global pre-ICO distribution and prepared for public exchange release on January 10, 2017.

MyCryptoCurrencies' hybrid blockchain bridges the world's most advanced digital payment systems and cryptocurrencies into one platform. MCC's advanced cryptocurrency technology and global distribution strategy have positioned MCC to be the strongest performing ICO ever released. My-Crypto-World will educate you on how to win back control of your currency. You will be in control of your money not the Banks!

Watch this video for more information:

MyCryptoCoin is designed with next generation high load blockchain protocols, utilizing a blockchain design that improves functionality with each additional user, maximizing scalability and load performance.

MCC includes your own private universal wallet that allows for immediate trading and exchange between all currencies and investment markets. The evolution blockchain is designed by the best in cryptocurrency development to create a coin and mainstream payment network usable by everyone in the world.

The MCC universal wallet/coin combo can be used to manage your entire life and assets. Inside are a Universal Dapp store, micro-services, micro-payments, smart contracts, universal exchange, universal payment system, and custom template decentralized app building, just to name a few.

Register for FREE to learn about My-Crypto-World's superior cryptocurrency technology and how the simple and effective global currency distribution strategy can generate AMAZING RETURNS with a rise in coin value. This is our opportunity as a global society to create wealth.

Dennis Roeder
Skype: daroeder


David https://markethive.com/david-ogden

MyCryptoCoin ICO

Now is the time to participate in High Return Crypto Investment. Core development team of cryptocurrencies like bitcoin and ethereum join to solve crypto deficiencies and create the everyday use of cryptocurrency designed for the entire world, , MyCryptoCoin (MCC)is scheduled for public release January 10, 2017.

MyCryptoWorld is a very special, highly advanced crypto-platform. A peer to peer open source, a decentralized hybrid blockchain technology which uses specialised programming to produce real time lightning fast transactions, including an integrated universal wallet & exchange, dAPPS, smart contracts, micro services, micro-payments, and bridge to all cash and electronic payment systems (ie. Visa, MC, paypal, bank accounts, etc)

Take part in this private pre-launch crowdsale ICO offering  at http://information.cryptocoin20.com/

David Ogden

David https://markethive.com/david-ogden

Cryptocurrency Wallets

CryptoCurrency Wallets

I am continuing my education regarding MyCryptoWorld.

Today I am looking at wallets. Previously I have learn't that Cryptocurrency transactions are protected by military level encryption and physical coins do not exist. So where is the best place to store our Bitcoins or other cryptocurrencies.

There are three types of wallets

  • User controlled wallets
  • Hosted wallets
  • Hardware wallets

Your options. probably  depends on your age and familiarity with using computers and mobile devices and how often or how many coins you have, the choice is very much up to you.

My first choice is a user controlled wallet such as Blockchain, which is web based and also can be used on mobile devices. You have full control over your money, but that comes with its own dangers: you could lose your private keys, your computer could be hacked and the keys could be stolen, or your computer could break, and if you did not keep another record of your keys, you’d be out of luck.

One reason I like Blockchain is because the wallet is built on an HD (or hierarchical deterministic) framework, which has a different method for address generation and management. Each public address your wallet generates stems from your wallet's xPub (or Extended Public Key). Once your public address receives an incoming payment, a new address will automatically be generated and display when you click on receive.

There is a danger If you use the same address every time you receive funds, it becomes easy for anyone to track your entire payment history. This method of address generation improves privacy by automatically presenting you with a new address when you’re expecting payment.

I have also looked at Circle which is a hosted wallet which is more mobile based and very user friendly wallet,which can hold currencies or Bitcoin and you can send and receive either to other people by using email or Bitcoin addresses. However, there are limits which are placed on you initial transactions (0.3329 BTC weekly limit) No need to worry about anything except the limits, Great for day to day use. No need to use Bitcoin exchanges as this is all built in, Conversions are made when you add or remove funds from your wallet. Bitcoin balances in your Circle account, are fully insured against any breach of digital or physical data storage at Circle.

Initially I thought that its security was not up to scratch as I was not required to supply ID information to purchase Bitcoin. When I wanted to send Bitcoin however, I had to supply additional information which delayed the ability to send for 3-5 working days.

Hardware wallet is a special type of Bitcoin wallet which stores the user's private keys in a secure hardware device, which might be a usb or other storage device such as a mini computer

They have major advantages over standard software wallets:

  • private keys are often stored in a protected area of a microcontroller, and cannot be transferred out of the device in plain text

  • immune to computer viruses that steal from software wallets

  • can be used securely and interactively, as opposed to a paper wallet which must be imported to software at some point

  • much of the time, the software is open source, allowing a user to validate the entire operation of the device


If you want further security you could consider using a Brain Wallet

You might ask why I am providing this information and researching Cryptocurrency, It is because I am involved with the ICO of a new Cryptocoin.

David Ogden

David https://markethive.com/david-ogden