Financial Education 2.0 | Blockchain & Bitcoin & Currency

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From www.blockchain.com 

The Bitcoin Network is the first successful implementation of blockchain technology.

The term "blockchain technology" typically refers to the transparent, trustless, publicly accessible ledger that allows us to securely transfer the ownership of units of value using public key encryption and proof of work methods.

The technology uses decentralized consensus to maintain the network, which means it is not centrally controlled by a bank, corporation, or government. In fact, the larger the network grows and becomes increasingly decentralized, the more secure it becomes. 

The potential for blockchain technology is not limited to bitcoin. As such, it has gained a lot of attention in a variety of industries including: financial services, charities and nonprofits, the arts, and e-commerce.

BLOCKCHAIN (technology) is the new standard for FINANCIAL Transparency:

 https://news.coinify.com/the-blockchain-is-the-new-standard-for-financial-transparency/

What is Bitcoin?

Bitcoin can often refer to two things. First, the Bitcoin network that keeps track of our transactions and balances, and second, the currency that we use as the unit of value when we transact. We'll cover both here ..

The Bitcoin Network

Bitcoin's payment network (also called the bitcoin blockchain) is what makes it possible for us to transact with one another. The network uses distributed consensus to verify and confirm transactions, and consensus is reached via a large global network of high-performance computers (called miners) running the bitcoin software.

Whenever someone sends a transaction it is broadcast instantly to the network and verified by the miners. Miners are constantly working to confirm individual transactions and include them in the next block of transactions in the chain. Once a new block is verified, all the transactions within it are permanently recorded on the blockchain. Rewards are paid out in bitcoin to miners who confirm transactions and verify the next block as a way to incentivize productivity on the network. 

Each party who participates in the mining process has an identical up-to-date copy of the blockchain or public ledger, which is a record of all the transactions in bitcoin history. Each party's copy of the ledger is updated every time a new block is found.

The Currency

The unit of value that we send and receive on the Bitcoin network is also referred to as bitcoin, or bitcoins. Bitcoin is completely digital, meaning we can't physically hold it in our hand. It's also portable, divisible, fungible, and irreversible.

 

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

Bitchain Improves Their Wallet

Blockchain Improve their wallet

When I logged into my Blockchain wallet a couple of day ago I was prompted with a question. Would I like to buy bitcoins and I noticed for the first time a tab to purchase bitcoins on the left hand menu. Curiosity raised, I took a look and Idiscovered I could buy @ 622.69 which was within the trading range on the Kraken exchange that I normally use.

 

You can purchase using a card which adds a 3% transaction charge or via bank transfer which takes 2-3 days with no charge, but you also need to have an identity check to set up the first time. The only problem seems to be that my own bank will charge me £22 for an international transfer.

The new option is a good idea but I already have a wallet with Circle where I can purchase bitcoins with a card for no charge and if I am going to face a transaction charge of £22, I would probably get a better deal by placing a buy limit order on Kraken to get a better exchange rate.

Evidently the link between Blockchain and Coinify is starting to be rolled out across Europe, see Press Release

MyCryptoWorld will also be offering an integrated wallet when they launch next year, so I will hope they come up with a lower cost version James Wilfong DAO Admin from MyCryptoWorld mentions it in his video.

David Ogden
MyCryptoWorld.org

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.

To Learn More a about Cryptocurrency register at MyCryptoWorld

 

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
MyCryptoWorld

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