Bitcoin and Its Bright Future in the World of Money

The Bitcoin cryptocurrency has changed the way we conduct online transactions. It is the fastest and freest way of transferring money to any place in the world.

It is easy to shrug off an idea as novel as Bitcoin. But is not easy to find out an alternate to something as robust as Bitcoin. This cryptocurrency braved many brains the past. The brainchild of Satoshi Nakamoto has now become the world’s most sort after cryptocurrency. So many people on the News and TV keep bashing this currency. However, there are some real reasons for which Bitcoin is here to stay and prosper.

No Central Control

Central Banks in almost all countries of the world regularize the flow of money. Central bank theoretically controls every single dollar coming in and out of its country. You cannot escape the wrath of central bank policies often not friendly for businesses. Bitcoin gives every business a chance to transact with anyone anywhere in the world. You do not need to pass through a long set of banking rules. Decentralization of control also makes the currency a lot more secure.

Transactions Beyond Borders

Bitcoin does not discriminate against anyone due to their background. Bitcoin will make sure that you get the money through to anything you want. Sometimes, there are laws which prevent you from buying something from a particular country. These kinds of issues come up all the time. Imagine how Bitcoin facilitates lives of rich people with loads of money.

Foolproof Cyber Security Measures

You can use the blockchain in Bitcoin to look at the most recent transactions taking place. All you need is internet access to search for the record of the Bitcoin history. The users of Bitcoin can easily choose between going public or completely hiding their privacy. This way they can choose the way they like to use this cryptocurrency. You do not need to identify yourself to the Bitcoin protocol. There are no compliance requirements to meet.

No Inflation No Heartbreaks

No matter which currency you try to store, it has that inflation impact on it. Inflation is a result of many micro and macroeconomic factors affecting a country. There are around 21 million bitcoins in the market. The demand for Bitcoins remains high despite many countries facing economic hardships.

A Truly Global Currency

Bitcoin is a truly global currency which does not consider where you live, who you are, and what you do. It is available to everyone who has a potential use for it. The peer-to-peer method ensures that you directly get the money into your account. You do not have to report to any third party or financial institution. And lastlyScience Articles, you can send as much as you would like to.

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Useful tips for Bitcoins

Bitcoins can be sent, received and managed through various independent websites, PC clients and mobile device software.
Bitcoins are sent and received through clients and websites called wallets. They send and confirm transactions to the network through Bitcoin addresses, the identifiers for users’
Bitcoin wallets within the network.

There are a variety of ways to acquire bitcoins:

Accept bitcoins as payment for goods or services.
There are several services where you can trade them for traditional currency.
Find someone to trade cash for bitcoins in-person through a local directory.
Participate in a mining pool.

Bitcoin doesn’t ask that it users trust any institution. Its security is based on the cryptography that is an integral part of its structure, and that is readily available for any
and all to see. Instead of one entity keeping track of transactions, the entire network does, so Bitcoins are astoundingly difficult to steal, or double-spend. Bitcoins are created
in a regular and predictable fashion, and by many different users, so no one can decide to make a whole lot more and lessen their value. In short, Bitcoin is designed to be inflation
-proof, double-spend-proof and completely distributed.

Bitcoins are still far from mainstream, but they can be used as a valid form of payment for all kinds of goods and services.
One advantage Bitcoin fans cite is the ability to move money instantly anywhere in the world.
By eliminating the middlemen — credit-card companies, financial institutions, PayPal — Bitcoin allows money to change hands digitally as quickly as cash does in the real world.
Buying Bitcoins from individuals with Paypal is possible, but requires the seller to have some trust that the buyer will not file a claim with PayPal to reverse the payment.

Bitcoin markets are competitive — meaning the price of a bitcoin will rise or fall depending on supply and demand at certain price levels. Only a fraction of bitcoins issued
to date are found on the exchange markets for sale. So even though technically a buyer with lots of money could buy all the bitcoins offered for sale, unless those holding the
rest of the bitcoins offer them for sale as well, even the wealthiest, most determined buyer can’t get at them.

Additionally, new currency continues to be issued daily and will continue to do so for decades though over time the rate at which they are issued declines to insignificant levels.
Those who are mining aren’t obligated to sell their bitcoins so not all bitcoins will make it to the markets even.

This situation doesn’t suggest, howeverScience Articles, that the markets aren’t vulnerable to price manipulation. It doesn’t take significant amounts of money to move the market price up or
down and thus Bitcoin remains a volatile asset.

Please be careful with your money. When sending money to an exchange or seller you are trusting that the operator will not abscond with your funds and that the operator
maintains secure systems that protect against theft — internal or external. It is recommended that you obtain the real-world identity of the operator and ensure that sufficient
recourse is available. Exchanging or storing significant amounts of funds with exchanges is not recommended.

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Bitcoin $400,000 Says Investing Guru Mark Yusko

The Chicago Mercantile Exchange (CME) has announced it will add Bitcoin futures trading in the fourth quarter of 2017. Bitcoin price almost instantaneously jumped on the news, reaching all-time highs over $7,500.

However, the cancellation of SegWit2x has led to a sudden slump in the price, and would-be investors have been scared away from previous high priced predictions. However, Mark Yusko, founder and CEO of Morgan Creek Capital Management ($3.7 bln in assets under management) has not shied away from making predictions, suggesting that Bitcoin will eventually be worth $400,000.

The investing guru first bought into the cryptocurrency scene in 2011 but regrets not purchasing more. He was clear about the future, however, in spite of the lack of support among institutional bankers. He noted:

“This will change the supply and demand equation for banking. It is that big. I’m not surprised at all that bankers, financiers and Saudi Princes are coming out against it. This is a truly disruptive technology.”

Yusko compared Blockchain and Bitcoin to the Internet thirty years ago, noting that it has the same capacity to ‘change everything.’ His lofty prediction is for the long term of the cryptocurrency.

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Bitcoin is not held or controlled by a financial institution; it is completely decentralized. Unlike real-world money it cannot be devalued by governments or banks.
Instead, Bitcoin’s value lies simply in its acceptance between users as a form of payment and because its supply is finite. Its global currency values fluctuate according to supply and demand and market speculation; as more people create wallets and hold and spend bitcoins, and more businesses accept it, Bitcoin’s value will rise. Banks are now trying to value Bitcoin and some investment websites predict the price of a bitcoin will be several thousand dollars in 2017.

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Dropshipping Shocks: Will Bitcoin Be Welcomed By eBay?

Dropshipping Wholesalers on eBay have traditionally relied on PayPal to deal with payment transactions, and the program has so far worked really effectively for these involved. However the expanding reputation of Bitcoin has the potential to impact e-commerce and disrupt eBay-owned PayPal – and it appears that eBay itself is starting to do one thing about it.

 

Dropshipping Wholesalers on eBay have traditionally relied on PayPal to deal with payment transactions, and the program has so far worked really effectively for these involved. However the expanding reputation of Bitcoin has the potential to impact e-commerce and disrupt eBay-owned PayPal – and it appears that eBay itself is starting to do one thing about it.

What Is Bit-coin?

Bitcoin is basically a digital currency in a relatively young stage of development. “Bitcoin” with a capital “B” is the network operating the tech behind the digital income, as “bitcoin” with a “b” refers to the currency itself.

What Are The Main Usage Of Bit-coin?

It is expanding in reputation thanks to the convenience and potential earnings gained from prospectors looking to cash in on the volatile costs changes. One of the most essential factors for its expanding reputation is its ability to keep away from transaction costs that traditional credit card or web payment solutions heft upon the purchaser and/or seller. Exchanging foreign currencies can also be a lot simpler and cost-effective when converting bitcoins than going by way of traditional currency exchanges. This can be massively helpful for private label shipping companies that deal with clients around the world – as long as these clients have net access to utilize their bit-coins.

Where Does eBay Come In The Picture?

eBay has constantly been a haven for retail and dropshipping firms that rely on e-commerce to get by. It has traditionally relied on PayPal to deal with payments for numerous goods, from footwear and shirts to watches and digital cameras, but it is quickly realizing that the increasing reputation of bitcoins is not something to ignore. It has hence filed a patent with the US Patent and Trademark Office named “System And Method For Managing Transactions In A Digital Marketplace.” Lines in the patent is worded in such a way that it gives the company the ability to convert digital currency into traditional currency – explicitly mentioning bitcoins along with Facebook credits and other types of currency. Simply place, eBay is looking to directly convert bitcoins (or at least an equivalent digital currency) into traditional currency.

What Does This Mean For Drop-shipping?

Typically good news. Bitcoins are becoming adopted by more and more people – particularly the tech-savvy ones that are quite probably to pay for their goods employing digital currency. Wholesale enterprises can reach out to a wider purchaser base by widening the payment methods involved. The way bitcoins are used – making disposable addresses that confirm the authenticity of the bitcoins – also make the transaction procedure substantially faster and simpler for all parties involved. Obtaining eBay quickly convert bitcoins to currency can also safeguard wholesale vendors from the value fluctuations of bitcoins. This preserves the value of the acquirement and permits trusted dropshipping to accept bitcoins without having to be concerned about the value abruptly dropping down simply because of the jitter nature of Bit-coin exchange markets.

A word of caution

Bitcoins may be a handy approach of payment but they are not a reliable tool for dropshipping companies to keep their wealth. If you are a dropshipper that keeps are prepared to monitor the fluctuating value points of bitcoins, then you can hold the bitcoins and convert them when they are most lucrative. If you would rather safeguard your assets and favor to conduct business defensively, then it is very best that you convert these bitcoins as quickly as you get confirmation of the payment.

All this assuming, of courseFree Reprint Articles, that eBay pushes through with its move to accept and convert bit-coins!

Article Tags: Digital Currency

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What is Bitcoin?

WHAT IS BITCOIN?

The World’s first Electronic Cryptocurrency Robot!

The best way to learn about bitcoin, is to jump in and get a few in your “pocket” to get a feel for how they work.Despite the hype about how difficult and dangerous it can be, getting bitcoins is a lot easier and safer than you might think. In a lot of ways, it is probably easier than opening an account at a traditional bank. And, given what has been happening in the banking system, it is probably safer too.

There are a few things to learn: getting and using a software wallet, learning how to send and receive money, learning how to buy bitcoin from a person or an exchange.
Preparation
Before getting started, you will need to get yourself a wallet. You can do this easily enough by registering with one of the exchanges which will host wallet for you. And, although I think you are going to want to have one or more exchange wallets eventually, you should start with one on your own computer both to get a better feel for bitcoin and because the exchanges are still experimental themselves. When we get to that stage of the discussion, I will be advising that you get in the habit of moving your money and coins off the exchanges or diversifying across exchanges to keep your money safe.
What is a wallet?
It is a way to store your bitcoins. Specifically, it is software that has been designed to store bitcoin. It can be run on your desktop computer, laptop, mobile device (except, as yet, Apple) and can also be made to store bitcoins on things like thumb drives. If you are concerned about being hacked, then that is a good option. Even the Winklevoss* twins, who have millions invested in bitcoin, put their investment on hard drives which they then put into a safety deposit box.
*The Winklevoss twins are the ones who originally had the idea for a social networking site that became Facebook. They hired Mark Zuckerberg who took their idea as his own and became immensely rich.
What do you need to know about having a bitcoin wallet on your computer?Below you can download the original bitcoin wallet, or client, in Windows or Mac format. These are not just wallets, but are in fact part of the bitcoin network. They will receive, store, and send your bitcoins. You can create one or more addresses with a click (an address is a number that looks like this: 1LyFcQatbg4BvT9gGTz6VdqqHKpPn5QBuk). You will see a field where you can copy and paste a number like this from a person you want to send money to and off it will go directly into that person’s wallet. You can even create a QR code which will let someone take a picture with an app on their phone and send you somebitcoin. It is perfectly safe to give these out – the address and QR code are both for my donations page. Feel free to donate!
NOTE: This type of wallet acts both as a wallet for you and as part of the bitcoin system. The reason bitcoin works is that every transaction is broadcast and recorded as a number across the entire system (meaning that every transaction is confirmed and made irreversible by the network itself). Any computer with the right software can be part of that system, checking and supporting the network. This wallet serves as your personal wallet and also as a support for that system. Therefore, be aware that it will take up 8-9 gigabytes of your computer’s memory. After you install the wallet, it will take as much as a day for the wallet to sync with the network. This is normal, does not harm your computer, and makes the system as a whole more secure,so it’s a good idea.
Bitcoin Qt
The original wallet.This is a full-featured wallet: create multiple addresses to receive bitcoins, send bitcoins easily, track transactions, and back up your wallet.Outside of the time it takes to sync, this is a very easy to use option.Search for Bitcoin Qt wallet download to find their site.Armory
Runs on top of Bitcoi Qt, so it has all of the same syncing requirements.Armory allows you to back up, encrypt, and the ability to store your bitcoins off line.Search for Bitcoin Armory Wallet to find their site.If you don’t want to have that much memory used or don’t want to wait for your wallet to sync, there are good wallets that do not make you sync the entire history of bitcocin:
Multibit
A lightweight wallet that syncs quickly. This is very good for new users.Search for Bitcoin Multibit Wallet to find their site.Electum
In addition to being quick and light, this wallet allows you to recover lost data using a passcode.Search for Bitcoin Electum Wallet to find their site.After you get the wallet set up, take a few minutes clicking around. Things to look for:
o There will be a page that shows you how many bitcoins are currently in your wallet. Keep in mind that bitcoins can be broken up into smaller pieces, so you may see a decimal with a lot of zeros after it. (Interesting note, 0.00000001 is one Satoshi, named after the pseudonymous creator of bitcoin).
o There will be an area showing what your recent transactions are.
o There will be an area where you can create an address and a QR code (like the one I have above). You don’t need the QR code if you don’t want it, but if you run a business and you want to accept bitcoin, then all you’ll need to do to accept payment is to show someone the QR code, let them take a picture of it, and they will be able to send you some money. You will also be able to create as many addresses as you like, so if you want to track where the money is coming from, you could have a separately labeled address from each one of your payees.
o There will be an area with a box for you to paste a code when you want to send money to someone or to yourself on an exchange or different wallet. There will be other options and features, but to start out with, these are the items that you should know about.
Getting Your First Bitcoins
Now that you have a wallet, you will, of course, want to test them out.The very first place to go is http://faucet.bitcoin.st/.This is a website that gives out small amounts of bitcoin for the purpose of getting people used to using them. The original version of this was run by the lead developer of bitcoin, Gavin Andreson. That site has since closed and this site operates by sending out one or two advertisements a month. You agree to receive those messages by requesting the bitcoins. Copy and paste your new bitcoin address and enter a phone number to which you can receive an SMS. They send out an SMS to be sure that people are not continuously coming back for more since it costs nothing to create a bitcoin address. They will also send out once or twice a month advertisement to support their operation. The amount they send it trivial: 0.0015 BTC (or 1.5 mBTC). However, they process almost immediately and you can check to see that your address and wallet are working. It is also quite a feeling to get that portion of a bitcoin. (Non-disclaimer: I have no connection with this site and receive nothing if you use them. I simply think they are a good way to get your feet wet).
Congratulations! You have just entered the bitcoin economy.
To get your feet a little wetter, you can go panning for gold. There are a number of services and websites out there that will pay you in bitcoin to do things like go to certain websites, fill out online surveys, or watch sponsored videos. These are harmless, and you can earn a few extra bitcoins this way, but it is important to remember that these are businesses that get paid when people click on the links on their sites. They are essentially kicking back a portion of what they get paid to you. There is nothing illegal, or even immoral about this (you might like what you see and make a purchase!), but they are frequently flashy and may not be completely straightforward. All the ones that I have tried (particularly bitvisitor.com) have paid out as advertised. It is interesting to experiment with these, but even with the likely rise in the value of bitcoin, you won’t become a millionaire doing this. So, unless you are an advertisement junkie, I would recommend you move on. If you would like to try, simply Google “free bitcoins” or something along those lines and you will find numerous sites.
Buying Bitcoin Hand-to-Hand
Finally, this is going to be the real test of bitcoin. Can people easily trade them back and forth? If this can’t happen, then there can’t really be a bitcoin economy because retailers won’t be able to use it. If retailers can’t use it, what earthly good is it? Fortunately, this is not really a problem. iPhone is a bit of a hold out, but many smartphones have apps (mobile wallets) that will read QR codes and allow you to send bitcoin to whomever you want. You can also display a QR code of your address, or even carry a card in your wallet with your QR code to let people send bitcoin to you. Depending on what kind of wallet you have, you can then check to see if the bitcoins have been received.
A couple of things to note:
When you set up your wallet, if you click around a bit, you will see an option to pay a fee to speed transactions. This money becomes available to a bitcoin miner as he/she/they process bitcoin information. The miners doing the work of creating blocks of information keeps the system up to date and secure. The fee is an incentive to the miner to be sure to include your information in the next information block and therefore “verify” it. In the short term, miners are making most of their money by mining new coins (check the section on What Are Bitcoins for more information about this). In the long term, as it gets harder to find new coins, and as the economy increases, the fees will be an incentive for miners to keep creating more blocks and keep the economy going. Your wallet should be set to pay 0 fees as a default, but if you want, you can add a fee to prioritize your transactions. You are under no obligation to pay a fee, and many organizations that process many small transactions (like the ones that pan for gold described above) produce enough fees to keep the miners happy. In clicking around your wallet, on the transactions page or linked to specific transactions, you will see a note about confirmations. When you make a transaction, that information is sent out into the network and the network will send back a confirmation that there is no double entry for that bitcoin. It is smart to wait until you get several confirmations before walking away from someone who has paid you. It is actually not very easy to scam someone hand-to-hand like this, and it is not very cost-effective for the criminal, but it can be done.
Where can you buy bitcoin like this?
You may have a bitcoin Meetup in your area.You can check out localbitcoins.com to find people near you who are interested in buying or selling.Some are trying to start up local street exchanges across the world. These are called Buttonwoods after the first street exchange established on Wall Street in 1792 under a buttonwood tree. See if there is one, or start one, in your area. See if you have any friends who would like to try bitcoins out. Actually, the more people who start using bitcoin, the larger and more successful it will be come. So please tell two friends!Some people ask if it is possible to buy physical bitcoins. The answer to this is both a yes and a no. Bitcoin, by its very nature, is a digital currency and has no physical form. However, there are a couple of ways that you can practically hold a bitcoin in your hands:
Cascascius Coins: These are the brainchild of Mike Caldwell. He mints physical coins and then embeds the private keys for the bitcoins inside them. You can get the private key by peeling a hologram from the coin which will then clearly show that the coin has been tampered with. Mike has gone out of his way to ensure that he can be trusted. These are a good investment strategy as in the years to come it may be that these coins are huge collector’s items. Paper Wallets: A paper wallet just means that rather than keeping the information for your bitcoin stored in a digital wallet, you print the key information off along with a private key and keep it safe in a safe, in a drawer, or in your mattress (if you like). This is highly recommended and cost effective system for keeping your bitcoin safe. Keep in mind, though, that someone could steal them or if your house burns, they will go with the house and there will be no way to get them back. Really, no different thancash. Also, as with Casascius Coins, they will not really be good for spending until you put them back into the computer.* There is software to make printing your paper wallets easier. bitcoinpaperwallet.com is one of the best and includes a good tutorial about how to use them.* The bitcoins are not actually in the wallet, they are still on the web. In fact, the outside of the wallet will have a QR code that will allow you ship coins to the wallet any time you like.* The sealed part of the wallet will have the private key without which you cannot access the coins. Therefore, only put as many coins on the wallet as you want to be inaccessible. You will not be able to whip this thing out and take out a few coins to buy a cup of coffee. Rather, think of it as a piggy bank. To get the money, you have to smash it. It is possible to take out smaller amounts, but at this point the security of the wallet is compromised and it would be easier for someone to steal the coins. Better to have them all in or out. * People who use paper wallets are usually security conscious, and there are a number of ways for the nefarious in the world to hack your computer. Bitcoinpaperwallet.com gives a lot of good advice about how to print your wallets securely. Some people have also asked about buying bitcoins on eBay. Yes, it is possible, but they will be far overpriced. So, selling on eBay might seem to be a better option given the extreme markup over market value you might see. But, as with anything that is too good to be true, this is too good to be true. As I will explain in the next section, selling bitcoin this way is just way too risky.
How Not to Buy Bitcoin
In the next section, I am going to explain a couple of key points about buying from Bitcoin Exchanges. Before I do, let me give you a warning. A short history lesson: When people first started setting up actual business based on bitcoin, they used all of the tools available to any merchant. They sold by credit card and PayPal. The problem with this business model was quickly spotted: bitcoin transactions are not reversible by anyone except the recipient of the money. Credit cards and PayPal have strong buyer protection policies that make it relatively easy for people to request a chargeback. So, nefarious individuals realized this and began making purchases of bitcoin and then sooner or later requesting a chargeback. And, since bitcoin is a non-physicalproduct, sent by new and poorly understood technological means, the sellers were not able to contest this. Because of this, sellers stopped accepting credit cards and PayPal.
This was a big problem for the currency: How to move money between buyers and seller? Some business emerged that would credit you with bitcoin if you wired them money. Very often these businesses would give addresses in Albania, Poland, or Russia. The fact is that many of these did work and there are a lot of stories on the forums of people who bought bitcoins this way. But it took a lot of time and in the meantime the buyer just had to bite his or her fingernails wondering if they would get their bitcoins or kiss their investment goodbye. I expect that as bitcoin becomes more acceptable and valuable, we are going to see a version of the Nigerian Prince scam. So the warning is this: we now have exchanges and other businesses that allow for moving money easily onto and off of exchanges. Never wire money for bitcoin. It was a short-lived, and well-forgotten, moment in the history of bitcoin. Next, I will be talking about how to buy from a bitcoin exchange and give a review of the some of the best known exchanges.

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