Accenture Exec Says Bitcoin Immutability Is a Flaw, Not a Virtue
An article in the New York Times titled “Downside of Bitcoin: A Ledger That Can’t Be Corrected” has riled the crypto-community. The editorial, authored by Accenture’s Richard Lumb, claims Bitcoin’s immutability could “severely limit” its capabilities.
The Accenture associate believes blockchains should be able to be corrected. Lumb says Bitcoin’s permanence may have legal issues if it clashes with new privacy laws, such as the “right to be forgotten.” Funnily enough, the writer claims the impossibility to resolve human error and “mischief” is a problem.
It’s important to note there is mischief and corruption within the current banking industry, such as the recent Wells Fargo scandal. Lumb explains that Accenture’s clientele, which includes several legacy banks, wonders how the “right to be forgotten” law will apply to blockchain technology. Lumb states in his editorial:
Little wonder that Accenture clients are asking how they will defend the “right to be forgotten” rules using blockchain technology that always remembers. Blockchain’s immutability could eventually run at odds with existing regulations, too. For example, the United States Fair Credit Reporting Act, the Gramm-Leach-Bliley Act and the Securities and Exchange Commission’s Regulation S-P all require personal financial data to be easily redacted.
Lumb also praises the reversal of the DAO exploit in the Ethereum ecosystem. Ethereum’s decision to bifurcate the code was a good idea, he says, and the Foundation had shown leadership. When it comes to Blockchain “purists,” Lumb says they are often too pragmatic when it comes to immutability.
Downside of Bitcoin a Front Page Post on the Subreddit /r/Ethereum
The New York Times editorial was upvoted by many on the r/ethereum subreddit, maintaining a front page place for 24 hours. The story was also hot news on Bitcoin social media pages as well, with community members calling the writer a sophist.
Bitcoin community members felt it was the same old central banking attitude that consists of bolstering inflation, private fraudulent activities, and fractional reserve banking. The main takeaway from Lumb’s opinion is: Bitcoin’s immutability is too much for the current banking cartel to work with. The author’s centralized viewpoint can be summed up entirely with this quote:
At Accenture, we’re working with leading academics on a prototype that would enable blockchains to be amended or redacted where necessary — under responsible governance models potentially developed in cooperation with regulators.
Centralization Proponents Constantly Defend The Failures of the Past
What Lumb fails to understand is the Honey Badger and its proponents don’t really care about the age-old adages of centralized finance. The Bitcoin network is 100% voluntary and not meant to be a peer-to-peer network solely created for legacy financial institutions. If private transaction methods are necessary to an individual or entity, then Bitcoin users must use privacy techniques to conceal their operations. Otherwise, they have consented to everything being open.
Centralist ideologies within finance circles will always reveal themselves. The fact is, financial incumbents of today are threatened by the open network that is public by its very nature. In Lumb’s opinion Bitcoin’s immutability needs to be challenged in order for achievements to be accomplished rather than merely show blockchain’s potential.
Commentary from /r/Bitcoin
Unfortunately, the Accenture executive doesn’t realize Bitcoin has achieved many things, including acceptance by millions of users. This popularity is due to its immutable transparent foundations not found in any traditional financial framework found today. Yet centralization proponents will keep trying to convince the public otherwise.
What do you think about the Accenture executives opinion about immutability? Let us know in the comments below.
Images via Shutterstock, and Ethereum & Bitcoin Subreddits
There are no bigger believers in Bitcoin than the team at Bitcoin.com. That’s why this site is a one-stop-shop for everything you need to get into bitcoin life. Bitcoin store? Check. Earning bitcoin? Check. Forum discussions? Check. A casino? Yep, we have that too. Information? All here.
Original article and pictures take news.bitcoin.com site
Abra Bitcoin Wallet App Integrates American Express American Express Credit Cards Can Now Be Used to Buy Bitcoin in Abra Wallet App
The bitcoin wallet with its own network of human tellers around the world, Abra, has just integrated a new way of buying bitcoin inside its app. American Express cards have been added as a funding option in addition to cash and bank accounts.
Bitcoin wallet and payments service provider Abra announced a new feature on Tuesday to let customers fund their Abra wallet using American Express (Amex) cards. The company explained:
With this new funding option, American Express card members can now add funds to their Abra wallets immediately and send payments worldwide. This feature will be made available to a small group of Abra wallet users today and will be rolled out to our entire user base in the coming days.
Users need to already have an Amex card to use this option and they cannot sign up for one within Abra. In its announcement, the company provides information on how customers can sign up for an American Express card online.
Fees and Limits
Abra recently updated its fee schedule. The company advertises “no transfer fees. Plus, sending money using your bank account, Abra wallet balance or your Bitcoin wallet is always free.”
However, adding funds via an Amex credit card has a 4% fee. Adding or withdrawing funds via an Abra teller also has a fee starting at 1.5%, that goes directly to the teller. “When you add funds using cash at an Abra Teller, the Teller charges a small service fee. Tellers set their own fees, which are visible within the Abra app, so you always know how much you are going to pay,” the company clarifies.
American Express Credit Cards Can Now Be Used to Buy Bitcoin in Abra Wallet App
Abra has also updated its transaction limits. Amex credit card deposits have a daily limit of $200 and a $1,000 monthly limit. Bank deposits and withdrawals have a $500 daily limit, a $1,000 weekly limit and a $2,000 monthly limit. However, Abra warns that “bank regulations may supersede Abra’s limits: please check with your financial institution.” Meanwhile, bitcoin deposits and withdrawals have no limit.
Eligible cards are consumer cards issued by American Express or third-parties that are licensed to issue American Express-branded cards. American Express reloadable prepaid cards including Bluebird and American Express Serve cards are also eligible.
Abra Tellers Standing by in 170+ Cities Globally
American Express Credit Cards Can Now Be Used to Buy Bitcoin in Abra Wallet App
Launched in 2015 and available worldwide earlier this year, the Abra smartphone app is a bitcoin wallet that shows the balance in the currency of the user’s choice. In addition to bitcoin, the Abra app currently supports over fifty currencies, the company detailed, adding that “even if your local currency is not supported, you can still use the Abra app for exchanges in any supported currency.”
Only users themselves have access to their own private keys in Abra, even if the wallet’s balance is denominated in a fiat currency such as dollars or yen. Using smart contracts, Abra wallets can send or receive bitcoins to and from other Abra users and the network of human tellers for loading or cashing out in whichever currency the recipient requires.
In April, Abra announced that users in the U.S. and the Philippines could start buying bitcoin via over 60 banks and credit unions in the U.S. In May, the company announced that customers can use Abra Tellers to make cash deposits and withdrawals in over 170 cities and 50 countries worldwide, including over 1,500 Tellers in the Philippines.
American Express Credit Cards Can Now Be Used to Buy Bitcoin in Abra Wallet App
What do you think of Abra integrating with American Express? Let us know in the comments section below.
Images courtesy of Shutterstock, Abra, American Express
Want to create your own secure cold storage paper wallet? Check our tools section.
Original article and pictures take news.bitcoin.com site
A popular bitcoin stock announced a 91-for-1 split that could make it more accessible to the masses Thomson Reuters
GBTC, a bitcoin investment trust, tries to track the price of bitcoin with its stock price.
The company announced a 91-for-1 stock split, which will bring down the price of a single share dramatically, making it more accessible to retail investors.
Grayscale Investment’s Bitcoin Investment Trust, a stock that seeks to mirror the price of bitcoin, announced Friday a 91-for-1 stock split that would drastically reduce the price of shares, making them more accessible to retail investors.
GBTC gained about 15% on the news, closing at $1,970 per share Friday. At current prices, the split would make the new price for a single share of the bitcoin trust $21.64.
The split won’t affect GBTC’s market value, which is worth $3.19 billion on the OTC market, but it will make shares more accessible to retail investors who may be more likely to buy the stock at the new lower prices than the old higher ones.
A GBTC spokesperson declined to comment on the announcement.
The company holds 0.0918 BTC for every share of the company, according to its website, and shares regularly move in-line with the price of bitcoin — both of which are down about 13% in the past week.
Shareholders will receive their 90 new shares on January 26, which will leave the company with 174,410,600 shares outstanding.
Shares of GBTC are up 1700% in the past year. Bitcoin is up 1659% in the same period.
Markets Insider Original article and pictures take markets.businessinsider.com site
A beginner's guide to Ethereum. via http://decentral.ca/wp-content/uploads/2016/03/infographic.jpg By _CapR_ On March 04, 2016 at 01:16AM, Also Find More Infographics at @ http://www.liveinfographic.com/ , If you got some infographics, kindly Submit them here @ http://www.liveinfographic.com/signup/
Original article and pictures take free-infographics.blogspot.ie site
7 Altcoins That Can Replace Bitcoin as Mainstream Cryptocurrency
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Bitcoin will be the gold standard of cryptocurrency for the foreseeable future. However, it is possible that Bitcoin will be found, for some reason as yet unknown, to be insufficient for the uses of t...
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Bitcoin is a fickle thing. As one U.S. Senator recently admitted, it confuses “the heck out of us.” If you still don’t quite fully “get it,” you’re far from alone.
Ok, so by now most people -- fine, maybe only a few -- understand that Bitcoin is virtual cash that’s generated (“mined”) by computers, lives on the internet and is used to purchase real and digital stuff online and in person.
But where exactly did it come from and why is it suddenly in the news so often? Is Bitcoin really the future of money? If so, what can you buy with it right now?
Bitcoin users can purchase thousands of legal items on the straight and narrow with the controversial cryptocurrency, like tickets to a Sacramento Kings Game, fresh beef in Australia or even tuition for the University of Nicosia. And before the takedown of Silk Road, people reportedly swapped bitcoins for countless shady illegal goods, including dime bags of weed, stolen guns, forged documents and possibly even hitman services. Creepy, right?
The more we know about the curious currency, the weirder it gets.
For an entertaining yet educational eyeful of just how bizarre the Bitcoin story is, from its mysterious beginnings to its rise as a kind of, almost, on the brink of mainstream currency around the globe today, take a look at the revealing infographic below from WhoIsHostingThis.com.
Original article and pictures take www.entrepreneur.com site
31st March Announcement Could Send Bitcoin Into The Stratosphere Renowned financial analyst says people who are properly positioned for this upcoming announcement could be in line for life-changing gains.
If you own Bitcoin or are thinking about owing it…
A landmark announcement – set to take place on March 31 – could have a huge impact on your personal wealth.
As you’re probably aware, Bitcoin has been rapidly gaining traction as it journeys along the path to mainstream acceptance…
The Japanese government has officially recognized Bitcoin as legal tender … Major U.S. retailers are beginning to accept it as a form of payment… and most recently, the Chicago Board Options Exchange (CBOE) announced the addition of Bitcoin as a tradable commodity .
But this new announcement – set to happen just a few weeks from today – could forever change the way the entire world views Bitcoin… and even a small group of other, lesser-known cryptocurrency investments.
One multi-millionaire expert , who’s been following this situation very closely says, “It’s been an exciting ride so far. And if you thought $10,000 or $20,000 Bitcoin was big news… you haven’t seen anything yet.”
Renowned financial analyst Louis Navellier says folks who are properly positioned for the upcoming announcement could be in line for life-changing gains. He’s urging readers to make one simple move before this historic announcement takes place…
Original article and pictures take www.profitraid.com site
Nosotros escuchamos cada día que la minería de criptomonedas ya no es rentable y ya casi no funciona. Hasta cierto punto, esto es justo. Todo depende de qué marco de tiempo se refiere diciendo la palabra “casi”. En el año 2018, este método de ganar, muy probablemente, no morirá. Pero nadie nunca puede predecir nada con una probabilidad del 100%.
Qué criptomoneda es rentable para minar en 2018
Sin embargo, el hombre es un animal altamente inteligente. Él puede hacer pronósticos relativamente precisos y pensar de manera abstracta. Por lo tanto, podemos permitirnos hacer algunas suposiciones sobre las perspectivas de la minería. A primera vista, parece lógico que sea más rentable minar criptomonedas que son las más populares en este momento.
Pero, no todo es tan simple. Por ejemplo, el mismo Bitcoin, requiere cada día más y más potencia. Y no solo hablamos de la cantidad y calidad de los equipos (tarjetas gráficas, procesadores, etc…), sino también de la cantidad de electricidad que la granja consumirá en el proceso de trabajo. En consecuencia, BTC es mucho más rentable minar, si tienes acceso a electricidad muy barata.
Y aquí llegamos al aspecto más importante: el costo de cryptomonedas. Si la tasa de Bitcoin en el julio de 2017 fue un poco más de $ 2.200, luego en diciembre, ya tenie más de $ 18 000. Así que ahora la mineria de esta moneda se ha convertido en mucho más rentable que antes, a pesar de que la complejidad de su producción se incrementó.
Pero, ¿qué moneda es la más rentable para minar? La respuesta a esta pregunta la puede obtener utilizando una calculadora en línea especial, por ejemplo, whattomine.com. Aquí se puede introducir los datos sobre su equipo, potencia, especificar el consumo de energía de equipo, así como el costo de la electricidad en su área o país, seleccionar la moneda deseada y determinar que cantidad de ingresos se puede obtener. El cálculo es rápido y, lo más importante, gratis.
¿Qué moneda es la más popular para minar?
Si hablamos sobre las monedas más populares para la minería, entonces esto es Bitcoin y Bitcoin Gold. No se sabe si esta situación continuará en el futuro. Todo depende del precio de estas monedas – si aumentará, entonces… Obviamente, si la tasa de BTC en 2018 alcanza los 90 000 – 100 000 dólares por moneda, el beneficio de su explotación minera seguirá siendo bastante elevado. Pero muchos expertos tienen grandes dudas sobre este desarrollo. Aquí vale la pena pasar a la siguiente parte de nuestras suposiciones.
En qué moneda se debe invertir en 2018
De hecho, el mundo actualmente esta dividido en dos partes: algunos creen que el bitcoin caerá bruscamente en el año 2018, mientras que otros dan pronósticos extremadamente optimistas, llamando simplemente a cifras altísimas. La primera idea parece más plausible, porque esta moneda ya ha demostrado un gran crecimiento. Cuanto mayor sube precio, menor será la probabilidad de un gran salto en el futuro. Además, los gobiernos de varios países plantean cada vez más el problema del uso de las estructuras delictivas de BTC. A muchos no les gusta que esta moneda se utiliza activamente entre los funcionarios corruptos, traficantes de drogas y otros fanáticos de dinero extremadamente sucio.
Por un lado, esto aumenta la capitalización de Bitcoin y, por otro lado, puede conducir a su prohibición total. Además, el alto costo de la moneda cifrada aumenta los riesgos que debe asumir al invertir. Para obtener ganancias tangibles, necesita invertir miles de euros. Los ciudadanos comunes no pueden pagarlo, y los propietarios de grandes capitales aún tratan a BTC con desconfianza como una burbuja financiera. Y es poco probable, de momento, que cambien de opinión. Por lo tanto, para inversión el bitcoin cada semana es cada vez menos adecuado. Pero para la especulación, esta bastante bueno.
Entonces, ¿qué elegir, que moneda elegir para minar?
Todo depende de las tácticas que prefieras. Por un lado, puede confiar su dinero a aquellas monedas criptográficas que no son demasiado caras, pero que ya tienen un curso más o menos significativo y relativamente firme. En este sentido, puedes prestar atención a:
Waves : este token solo costó unos 4 dolares en octubre de 2017, y luego mostró un aumento agudo pero constante a 15 dolares en diciembre.
Etherium : la segunda moneda criptográfica más popular del mundo. Con 8 dólares a los principios de este año, ha crecido hasta $ 500 en diciembre y ahora en enero 2018 ha crecido hasta $1000.
Monero : en mayo costó $ 20, pero en diciembre había subido a $ 380 y en enero ya $440. Es posible que el potencial de crecimiento todavía no esta agotado.
Otra táctica de ganar en criptomonedas en 2018
Pero puede elegir otra táctica de inversión: compre lo que ahora vale un centavo, pero presumiblemente puede ser mucho más costoso. En este caso, es permisible invertir incluso una cantidad muy pequeña – 50-100 dólares o euros con la expectativa de que en un par de años se convertirán en varios miles. Sí, parece imposible, por un lado. Pero mira la lista de arriba. Si hace un año habría comprado unas diez monedas de Etherium por $ 80, hoy podría vender estas fichas por $ 10000.
Por lo tanto, para micro inversiones a largo plazo, puede elegir, por ejemplo, Ripple (XRP) . Se considera una de las monedas más prometedoras en 2018. La tecnología que esta detrás de este token, se planea implementar en todo el sistema bancario del mundo. En este momento, Ripple es el tercero más grande del mundo en términos de capitalización. Solo cuesta alrededor de 1,5 dolar y, supuestamente, puede crecer incluso hasta $ 10.
Los escépticos argumentan que su valor disminuirá artificialmente, ya que no será rentable que los bancos usen una moneda cara. De hecho, la comisión para transacciones Ripple es solo 0.00001. Por lo tanto, incluso si la moneda sube 1,000 veces, la comisión aún ascenderá a centésimas de centavo.
Además, puede invertir en otras monedas extremadamente baratas, que aparentemente no tienen dónde caer, lo que garantiza su estabilidad. Por ejemplo, DOGE. A principios de 2017 valía 0.00000029 BTC. En julio, saltó a 0.00000115. Luego cayó, durante mucho tiempo estuvo en 0.00000018. Finalmente, en diciembre, nuevamente sorprendió a todos con un aumento de casi el doble en la tasa. Sí, es una moneda criptográfica de broma (meme), pero todavía se negocia en prácticamente todos los intercambios serios.
Meme, pero en un salto similar del Doge en 2018 será bastante posible ganar algo. No olvide que de acuerdo con el calendario oriental, el símbolo del próximo año es el Yellow Fiery Dog (perro amarillo). De repente, varios millones de chinos decidirán comprarse un poco de DOGE, por diversión. Por cierto, DOGECOIN puede ser minado.
Finalmente, quiero decir que no debe considerar esta revisión como una instrucción paso a paso o como una guía para la acción. Siempre piense con su propia cabeza, estudie varias fuentes a la vez y siga de cerca las direcciones de las tendencias.
3 leugens die Bitcoin negatievelingen aan zichzelf vertellen.
De verbazingwekkende prijsstijging van Bitcoin in 2017 heeft ertoe geleid dat iedereen de afgelopen maanden commentaar gaf over blockchaintechnologie en cryptocurrencies, wat betekent dat er genoeg sceptici in de buurt waren die iedereen wilden vertellen hoe Bitcoin een fraude is die geen (onderliggende) waarde heeft.
Leugens en valse voorspellingen
De zogenaamde experts zijn verantwoordelijk voor veel verkeerde informatie over deze nieuwe technologie in de pers. Dit is mogelijk te wijten aan veel van de mensen die zijn geciteerd in verschillende media, die zich specialiseren in meer algemene onderzoeksgebieden dan alleen Bitcoin zelf. Hier zijn drie van de leugens die deze critici zichzelf vertellen, die aan de basis liggen van deze valse voorspellingen.
De bewering dat Bitcoin een Ponzi-schema is, is waarschijnlijk het oudste en meest voorkomende argument dat wordt gebruikt door degenen die een negatief beeld hebben van de uitvinding van Satoshi Nakamoto. Sceptici wijzen erop dat degenen die willen profiteren van hun vroege speculaties over de Bitcoin-prijs afhankelijk zijn van meer mensen, om het systeem te betreden voor hun winst. Naast het feit dat er gesproken wordt over hoe er geen praktisch gebruik van het cryptocurrency-netwerk is.
"Tenzij een Bitcoin waarde heeft als valuta, heeft deze geen enkele waarde en daalt de prijs in dollars naar nul. Een regulier Ponzi-schema stort in als mensen zich realiseren dat eerdere investeerders worden betaald uit de investeringen van latere beleggers, in plaats van uit het rendement op een onderliggende waarde. Bitcoin zal instorten wanneer mensen zich realiseren dat het niet kan overleven als een valuta vanwege de ingebouwde deflatoire functies, of vanwege de opkomst van bytecoins, of beide. Een echt Ponzi-schema neemt fraude. Bitcoin daarentegen lijkt meer op een collectieve misleiding. "
Eén van de punten die Posner gemist heeft in zijn beoordeling van Bitcoin in 2013, is dat het een censuur en resistente winkel met digitale waarde biedt. Deze eigenschap werd in 2017 verder gestold, toen het Bitcoin-netwerk resistent bleek te zijn tegen de controversiële SegWit2x en de Bitcoin-prijs bleef stijgen ondanks historisch hoge transactiekosten. Bovendien, als iemand Bitcoin als een Ponzi-schema beschouwt, dan moet dezelfde logica worden toegepast op alle andere vormen van geld. Is goud ook een Ponzi vanwege het niet-industriële gebruik van het edelmetaal? Worden de fiat-valuta's tegenwoordig op grote schaal gebruikt in de Ponzi-schema's van de wereld, sinds ze werden geboot door een koppeling naar goud? Geld is een zeepbel die nooit opduikt. Kortom, er is een reden waarom mensen hebben besloten om waarde op te slaan in Bitcoin.
Er zijn in de loop der jaren veel hacks en diefstallen geweest in Bitcoinland, maar dit betekent niet dat het systeem niet beveiligd is. Deze diefstallen hebben plaatsgevonden op de lagen boven de basis Bitcoin blockchain. Hackers stelen vaak grote hoeveelheden gegevens van gecentraliseerde servers die dit soort gegevens opslaan (kredietkaarten). Met Bitcoin wordt de beveiliging naar de eindgebruiker geduwd. Elke gebruiker beheert zijn eigen financiële gegevens in de vorm van privésleutels, dus er is geen centrale server waarop hackers zich kunnen richten. Uiteraard duiken er in Bitcoin nog steeds centralisatie punten op, voornamelijk in de vorm van uitwisselingen. Wanneer iemand zijn Bitcoin aan een gecentraliseerde entiteit geeft, moeten ze die entiteit vertrouwen om het geld veilig te stellen. Dit maakt uitwisselingen tot de grootste doelen voor hackers. In werkelijkheid illustreren de hacks op Bitcoin-uitwisselingen, de waarde van de onderliggende Bitcoin-blockchain vanuit een beveiligingsperspectief. Bitcoin zal hoogstwaarschijnlijk nog veiliger worden als gevolg van technische ontwikkelingen die zich de afgelopen jaren hebben voorgedaan. Door het Lightning Network of een gefedereerde sidechain (zoals Blockstream's Liquid) te implementeren, kan het risico van het handelen in Bitcoin-uitwisselingen drastisch worden verlaagd.,Vanzelfsprekend hebben hardwareportefeuilles en veilige enclaves ook een rol gespeeld bij het veel gemakkelijker maken om de eigen Bitcoin te beveiligen.
Het idee dat Bitcoin niet als geld kan worden gebruikt, is één van de meer raadselachtige beweringen van sceptici. De belangrijkste kritiek die gewoonlijk wordt geuit op het nut van Bitcoin, of het ontbreken daarvan, als geld, is dat de prijs veel te vluchtig is. Een punt dat hier wordt gemist, is dat degenen die Bitcoin al gebruiken als een winkel van waarde, zich niet bekommeren om de korte-termijn prijsvolatiliteit. Er moet ook worden vermeld dat de Bitcoin-prijs in de loop van de tijd over het algemeen stabieler is geworden. Bitcoin kan digitale betaaldiensten bieden aan mensen die geen toegang hebben tot het wereldwijde financiële systeem. Het is inderdaad oneconomisch geworden om Bitcoin-transacties met een lage prijs te maken. Maar beweren dat Bitcoin op dit moment niet bruikbaar is voor dit soort betalingen, is hetzelfde als zeggen dat internet nutteloos is voor het streamen van een video in 1993. De technologie heeft tijd nodig om te rijpen. Met het Lightning Network kunnen Bitcoin betalingen direct en bijna gratis zijn, terwijl de vertrouwde eigenschappen van de onderliggende blockchain behouden blijven.
Original article and pictures take yoors-adsfairbv.netdna-ssl.com site
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Despite a persistent fight from governments and traditional banking superpowers, Bitcoin has graduated from being known as the currency of the online underworld to the new buzz word on Wall Street’s lips.
Created in 2009 by an anonymous person named Satoshi Nakamoto, the quest for Bitcoin riches and mainstream use has led to many people being imprisoned and blacklisted, but using Bitcoin on the sites we are about to list will not bring you the same fate – hopefully ��
Bitcoin is considered to be the onset of a digital currency that will help usher us into an age of non-physical cash transactions but for now, Bitcoin remains too volatile to be overly optimistic about its future.
However, this does not mean that you cannot reap the benefits of having some of the cryptocurrency in the cloud somewhere. Bitcoin can afford you many of the things you buy with regular cash as retailers adapt to the changing financial landscape.
This page aggregates the most reputable Bitcoin exchanges around today and compares them according to important buying factors. The list below is a general summary and more detailed reviews can be found at the bottom of the page.
New to buying Bitcoin? here’s what you need to know before choosing an exchange:
Coinbase Bitcoin exchange review
Summary: Coinbase is probably the most popular company today for buying Bitcoins. It was founded in late 2012 as a part of Y-Combinator and until today has raised more than $106 million in venture capital. Coinbase is considered by many the leading Bitcoin exchange available.
The are two ways you can buy Bitcoins from Coinbase. One is through the Coinbase wallet and the other is through the Coinbase exchange. When you buy Bitcoins through the Coinbase wallet you are basically buying the Bitcoins from Coinbase itself, whereas when you use the exchange you are participating in a trading with other users of the exchange.
Pros: Accept credit cards, Fast transaction time, great user interface.
Cons: Relatively high exchange rate, limited states within the US.
Summary: Coinmama is a another veteran Bitcoin broker working in the market since 2013. They offer easy ways to buy Bitcoins with credit cards or cash deposits via MoneyGram and Western Union. Coinmama uses Simplex – a credit processor which allows you to buy up to $5000 in one purchase. Coinmama also has relatively high exchange rates due to chargeback issues and the availability of credit and debit cards as payment methods.
Cons: Limited countries available, higher exchange rates
Summary: CEX.IO was established in 2013. CEX.IO is a bitcoin trading exchange which accepts credit cards and allows you to trade. On Cex.io You can buy Bitcoins for USD, EUR and RUB.
Cons: Does not accept fiat deposits, complex interface
Bitfinex is an advanced Bitcoin trading platform that is more suitable for experienced traders. The platform does not accept fiat deposits at the moment which means you’ll need to fund your account with altcoins or Bitcoin.
If you’re an experienced cryptocurrency trader, Bitfinex likely offers everything you need and more. The chief draw is probably the platform’s high Bitcoin and Ethereum liquidity, but its margin funding, leverage, and multiple order types offer a lot of flexibility.
Cons: Limited to Eurozone countries only, relatively higher exchange rates
Summary:Coinhouse is the “House of Bitcoin” in Paris. You can buy bitcoins directly online by Visa / MasterCard or cash with Neosurf prepaid card available in most European countries.
Cons: Fees are hidden inside the exchange rate, EU citiznes only
Overall rating: B
Bitpanda is an Austrian Start-Up Company that was founded in October 2014. The company allows you to buy Bitcoins or Ethereum with a credit card as well as with Wire transfers, Neteller, Skrill, SEPA and more. The company supplies its services to European countries only with a relatively low fee.
If your account is verified the limit is 2,500€ daily (75,000€ monthly) for credit card purchases. For other options, there’s a 10,000€ daily (300,000€ monthly).
Bitstamp Bitcoin exchange review
Pros: Highly respected and reliable exchange, low transaction fees.
Cons: Not suited for beginners, limited payment methods, high deposit fees on small amounts of money.
Summary: Bitstamp is the oldest Bitcoin exchange out there today. Founded on 2011 Bitstamp has managed to survive most of the Bitcoin ecosystem’s turmoil without being hacked or shut down, and that’s definitely saying something.
If it wasn’t for it’s non intuitive user interface and lack of convenient payment methods Bitstamp may have been rated #1 in our charts. But unfortunately today I can only recommend Bitstamp for larger purchases of coins where you will definitely need to use a wire transfer and the fees won’t compose such a large amount of the deposited sum.
Pros: Highly respected and reliable exchange, low transaction fees.
Cons: Not suited for beginners, limited payment methods, high deposit fees on small amounts of money.
Summary: Another Bitcoin exchange veteran, Kraken was also founded in 2011 like Bitstamp and managed to stay alive until today. Kraken is consistently rated as a top Bitcoin exchange by different news outlets and was also the first Bitcoin exchange listed on Bloomberg terminals. Kraken is also trusted by hundreds of the Tokyo government and the BaFin regulated Fidor Bank.
Kraken is pretty similar to Bitstamp in its pros and cons and are almost identical when coming to decide which on of them to use.
Cons: Limited payment options, relatively high exchange rate.
Summary: iGot was founded in 2013 in Australia, it provides a trading platform and also merchant payment services for Bitcoin. It has super low fees but also supplies on a limited range of payment methods.
The exchange was also behind the relief campaign for Nepal earthquake victims earlier this year. Having said that, iGot has yet to gain enough reputation as a major player in the Bitcoin exchange market.
Cons: High exchange rate, brand not reputable enough.
Summary: I’ve reviewed HitBTC last year and was pretty pleased with their product. The company seems to have a solid user interface making it pretty easy to buy Bitcoins. Also the platform seems to be very “newbie oriented” and puts an emphasis on security.
Although HitBTC gained considerable traction over the past year since it’s launch, much like iGot it still hasn’t managed to reach the “big leagues” of Bitcoin exchange (i.e. Coinbase, Circle, Bitstamp etc.)
Pros: A wide variety of payment methods including Paypal and credit cards, no verification required
Cons: Shady reputation, very high fees when buying with Paypal or a credit cards (due to multiple conversions).
Summary: Virwox is not a Bitcoin exchange per se. It’s actually a Second Life reseller which allow you to exchange SLL (Second Life Linden’s) in to Bitcoins. So why is it listed here? Because currently it’s the only known exchange in which you can buy Bitcoins with PayPal.
The issue with Virwox is that even though it supplies various payment methods many users have complained about their services. Some have even reported that their money was taken with no return. However most of the reviews tend to show that either the purchase of Bitcoins was successful or that the money was refunded.
Pros: Easy user interface, works worldwide and multilingual.
Cons: Buying process is too long (mainly due to verification), the service takes a premium in order to be able to deal with chargeback issues.
Summary: 247Exchange is a veteran player in the Bitcoin ecosystem which allows you to buy Bitcoins with a credit card in a simple and secure manner. Unfortunately their buying process still has a few glitches and the verification process can take quite some time. I recently reviewed the service hands on, you can read about it here.
Pros: Smooth, easy to understand interface, top-notch security, 250+ altcoins
Cons: Slightly high fees, poor customer service, odd account suspensions
Bittrex provides a growing cryptocurrency exchange that suits investors looking for a large altcoin selection. The US company launched in 2014 and is now one of the leading trading platforms.
Its reputation is built upon a smooth user experience combined with unparalleled security. The interface is simple to understand allowing users to easily expand their portfolios with access to over 250 coins. Bittrex has a crack squad of security experts keeping funds safe. The team currently maintain a clean record in fighting off hacks and attacks.
Pros: Good reputation, happy reviews, well-run platform.
Cons: bitcoin only, fluctuating fees, small market cap
Luno enjoys a marvelous reputation with an array of happy users. It doesn’t have a huge trading cap but it performs its duties admirably against the big boys. Despite being in operation since 2013 the Luno team still struggle to secure serious market dominance.
Solely a bitcoin exchange the platform is aiming to become the “most trusted, secure and reliable exchange”. Users can buy, sell and store bitcoin with service including the use of wallet and mobile features. The one downside is the fees, which can be a little tricky to work out for new buyers. Overall, it is a solid well run service.
Indacoin has been around since 2014 target customers looking for fast easy bitcoin buys. It functions as a way for you to buy bitcoins with a credit or debit card. Simply fill out a payment form then confirm via a telephone message and voila, you’ll have bitcoin funds.
There are some downsides to transacting in this manner. Fees are astronomical anywhere you make a credit card transaction and none more so than Indacoin. Users really do pay a price for convenience. There are buy limits to be aware of with a maximum of $750. That being said, the service does do what it says in a legitimate manner.
Pros: Decent currency support, Less known to hackers, acceptable fees
Cons: Small market cap, Unknow quantity, still building a reputation.
Bitbay is another interesting cryptocurrency exchange competitor. The Polish outfit services users both domestically and worldwide. The feature-rich trading platform is still fighting to become a well-known name in the industry. But many are not put out by the smaller reputation.
Bitbay provides a nice selection of coins with bitcoin, litecoin, ether, and lisk all available to trade. Fees are acceptable too, although slightly higher than some bigger exchanges. The pros, particularly for Polish users far outweigh the cons. Domestic customers can even get a bitcoin credit card to start transacting regularly.
Pros: Simplistic crypto exchange, no trading expertise needed, sleek interface
Cons: Fee higher when trading fiat, not completely anonymous
Changelly is a real neat solution to a very real problem. Satoshi gave birth to bitcoin, one global currency. Bitcoin then reproduced and again. Now it has evolved. There are hundreds of global digital currencies which need to be exchanged. Changelly makes it easy and convenient to exchange cryptocurrencies without the need for trading platforms.
For a fee, you can send them a coin and receive another back. Of course, it is effectively making trades for you so you don’t need to understand charts and market trading. The slick interface coupled with a 0.5% fee on all transactions does make it an appealing prospect. However if you trade fiat currencies it seems like that exchange rate is a lot higher. So it is advised only to trade altcoins on Changelly.
Pros: Transaction flexibility, no buy fee, worldwide user base, public rating system
Cons: 1% sell fee, some suspicious users
Local Bitcoins a clever operation that adds incredible flexibility to buying bitcoins. It brings buyers and sellers together in a marketplace. It is unique in that you can transact in almost any method thinkable including Paypal, wire transfer, Western Union, Webmoney or cash.
You can find some pretty good rates to buy bitcoin through the service with sellers all over the world looking to offload funds. Fees are dependent on which side of the transaction you sit. There is only 1% sell fee and funds are transacted directly to and from a Local Bitcoins wallet.
Pros: Coinbase extension, cheap fees, ether and litecoin support
Cons: no altcoins, ether market crash
GDAX is the sister trading exchange to the world famous Coinbase. It benefits hugely from this close working relationship. Coinbase’s millions of users can use the same account detail to log in directly on GDAX. Once funds are transferred across trading can begin.
The backing of such a huge player makes GDAX one of the most trusted exchanges. Historically, funds have gone missing at least once but the customer support team were able to refund any losses. The exchange supports the big 3, bitcoin, ethereum and litecoin.
Cons: Limited currency support, not yet a market leader.
Gemini is seen as one of the most trustworthy legitimate bitcoin exchanges. Publicly developed by Tyler and Cameron Winklevoss, it is building an encouraging mark of public support since 2015.
The ‘Winklvii’ are working with regulators to make their product a leader in conforming to banking and legal legislation. Primarily a US-based exchange, it still does not retain the same market cap as the top echelons but worldwide expansion looks set to change this through 2018. Fees are in line with market averages the only downside is minimal currency flexibility. Just bitcoin and ether on offer here.
A collection of some impressive success stories of the year, as well as the profiles of people who probably wish they’d never touched Bitcoin at all.
The year of 2017 was a fantastic year for some Bitcoin users, but others were not so lucky with the cryptocurrency.
Below, we’ll look at some of the most impressive success stories of the year, as well as the profiles of people who probably wish they’d never touched Bitcoin at all.
It’s a highly erratic currency, but people who invested in it before its recent prominence often found their foresight was lucrative in ways they never imagined at first.
This Anonymous Person Who Became a Bitcoin Millionaire
One anonymous person who posted a detailed story on Steemit said that in 2010, the price of each Bitcoin was so low that it was not even valuable enough to buy a pizza. Still, by the end of that year, the person reportedly had 12,000 Bitcoins and collecting the large number of them paid off.
That’s because by April 2013, the worth of each Bitcoin had ballooned to over $100. Due to some issues in the individual’s personal life and a few other non-Bitcoin-related factors, the person took a couple of breaks from Bitcoin but was never completely out of the loop with them. Eventually, this anonymous Bitcoin user heard that the 12,000 Bitcoins were now worth over $10 mln.
Despite that fortunate turn of events, the person only began selling them in small quantities so as to not attract attention. The individual also planned for the future by choosing investment strategies and did not let the rapid wealth impact their employment. As words of advice, the person suggests exercising patience and not getting greedy, while also keeping up on newsworthy events.
Erik Fineman
Erik Fineman began investing in Bitcoins in 2011 when he was only 11 after his grandmother gave him $1,000 and his brother offered him a tip about what to do with the money. In those early days, Bitcoins were only worth $12 each. However, when Fineman sold his first Bitcoins at the end of 2013, each one had a value of $1,200.
By then, Fineman had turned the $1,000 from his grandma into $100,000 and used it to start an online education company in 2014. He hadn’t had a pleasant experience in high school and thought that his new business venture could connect frustrated students and willing teachers over video chat. Fineman also moved to Silicon Valley, traveled the world and made a bet with his parents that if he were a millionaire by age 18, he’d not have to go to college.
In January 2015, Fineman sold his education company and was given the choice of accepting $100,000 or 300 Bitcoins. He took the Bitcoins. Fineman also achieved his goal of becoming an 18-year-old millionaire and won’t be going to college. He says he’s happy learning from real-world experiences. However, Fineman stays busy with numerous projects, including involvement with NASA. Those activities — and savvy business sense — feasibly helped him get where he is today.
Jeremy Gardner
Jeremy Gardner is another person who boldly began investing in Bitcoin during the early days — notice a pattern here? — and received a substantial payoff. In 2013, one of Gardner’s friends got him some Bitcoins in exchange for cash and Gardener began feeling fascinated about how he could work with the currency with nothing more than an Internet connection. He also loved how there was no centralized regulatory body for Bitcoin.
As Gardener became immersed in the Bitcoin world, he became a strong and emphatic voice in the cryptocurrency world, often using social media as a platform. He also wisely invested money into starting and supporting companies associated with Bitcoins and Blockchain technology.
Gardner stops short of disclosing how much money he’s made by investing in Bitcoin technologies, but is referred to as a “self-made millionaire.” Plus, he keeps a realistic perspective and understands that whenever the value of Bitcoins goes up rapidly, it’ll likely also go in the other direction soon. However, Gardener has a broad network of investments. Those interests are arguably helping protect his worth and allow him to get financial benefits from numerous sources.
Mr. Smith (not his real name)
Traveling the world is something many people dream of doing, but Mr. Smith has turned that aspiration into reality, all due to Bitcoin investments starting in 2010. A man with a college education and former Silicon Valley employee, Mr. Smith, heard about Bitcoins in July of 2010 and began investing in them a few months later.
Knowing he was in it for the long haul, Smith put his Bitcoin investments on the backburner until 2013, a time when the cryptocurrency’s value started rising rapidly. Eventually, the price per coin went up to more than 2,000 times what Smith originally paid for it. He now claims to have made $25 million from an initial $3,000 investment and uses the money to go on lavish, round-the-world travels that involve only staying in five-star hotels and flying first-class.
Smith still owns 1,000 Bitcoins, but only wants to sell those once the per-coin value reaches $150,000. He has no regrets about selling the rest and says he has everything he ever wanted, thanks to Bitcoins.
Enneking was skeptical of digital currencies, although he started running the world’s first digital currency fund. During his work, Enneking decided to rigorously research Bitcoins. After realizing he didn’t find any red flags, he concluded perhaps there was more to the cryptocurrency than he’d originally thought and started looking for ways to become more heavily involved in funds management.
Enneking now has experience overseeing funds within the US and abroad. He advocates being cautious while investing and taking time to understand market trends. Furthermore, Enneking reminds potential investors that due to the rapid fluctuations of digital currencies, it may take time to see investments become fruitful.
Olaf-Carlson Wee
You might not have heard of 26-year-old Olaf-Carlson Wee before, but he’s another person who recognized the potential of Bitcoins before many other people and got rich as a result. In February 2013, at a time when a single Bitcoin’s worth was between $20-30, Carson Wee began working for a Bitcoin startup called Coinbase.
At that time, Bitcoins were not part of the cultural consciousness yet, and the mere mention of them caused raised eyebrows if people were aware of them at all. However, Carlson Wee viewed Bitcoins as a promising currency. He made an arrangement with his employer to only get paid with them instead of physical money and started making transactions with Bitcoins whenever possible. Those decisions were ultimately profitable because they made Carlson Wee a millionaire.
The success stories you just read might be enough to make you want to start investing in Bitcoins immediately. But, if there’s a consistent thread in all those outstanding stories, it’s that the Bitcoin value changes without warning. However, some people have unfortunate circumstances related to Bitcoins that aren’t always about their falling value. You’ll see some examples below.
James Howells
James Howells, a 32-year-old man from Wales, started working with Bitcoins from a computer in 2009. A year later, he disassembled the device and stored the parts in a drawer, then eventually threw them away.
Because several years’ worth of trash now lie on top of the valuable but discarded hard drive, retrieving it is an expensive process, and the condition of the hard drive is unknown. However, the reason why the ramifications of this failure became especially evident this year is that estimates suggest the hard drive and the Bitcoins it contains are worth more than $100 mln at today’s prices.
Howells keeps an upbeat attitude about his lost fortune and knows there’s no point in getting too upset about it. If he ever does recover it, however, he’ll buy a Lamborghini.
Despite how things turned out for Howells, he hasn’t given up on cryptocurrencies. He’s still active with them today and puts his energies into one called Bitcoin Cash.
Mark Frauenfelder
Most people have gone through the frustration of forgetting passwords and PINs, but they probably don’t have to deal with the aftermath of losing the equivalent of $30,000 because of the blunder. However, Mark Frauenfelder invested $3,000 in Bitcoins last year and had numerous profitable ventures afterward. He talked to Bitcoin experts who told him that using a hardware wallet was the best way to protect his Bitcoin cache, so Frauenfelder bought one in November 2016 for $100.
While setting up the hardware wallet, he had to set up a PIN, along with a 24-word list used to recover access if needed. Frauenfelder wrote down the words on a piece of paper. Unfortunately, a cleaning company employee threw the document away. Frauenfelder didn’t think that was a big deal at first until he discovered he’d forgotten his PIN.
Desperate to regain access, he went online and posted on forums, plus contacted customer service representatives associated with the hardware wallet manufacturer. Frauenfelder even visited a hypnotist this spring, but the session did not bring about successful results.
At long last, he got help from someone who helped him hack into the hardware wallet and get the PIN and 24-word list. But, not without substantial heartache, stress and paying money for retrieval methods.
This woman who used Bitcoin to hire a hitman
The anonymous nature of Bitcoin may compel people to use the currency for illegal things. However, as a 58-year-old Italian woman who lives in Denmark learned, doing that can cause trouble. She hired a hitman to carry out a failed murder plot related to her boyfriend and used Bitcoin to pay for it.
A court ruling resulted in a six-year jail term. It also caused her to lose residence privileges in Denmark, where she’s lived for 30 years.
Cody Brown
Cody Brown, a startup executive, saw first hand how bad things could get during a Bitcoin theft. He lost $8,000 worth of Bitcoins in 15 minutes after a hacker got into his Verizon account, which was connected with Coinbase. Brown believed he got targeted because of a tweet he’d RT’d from a friend who’d also been hacked earlier. Brown is not hopeful of ever getting the stolen cryptocurrency back.
However, he’s also not giving up on Bitcoins. Brown believes that the companies involved in it will eventually figure out how to lock their systems down tighter and potentially add more fraud protection resources for customers.
Simon
Simon first used the TOR network in 2011. He stumbled upon one of those shady online marketplaces that offered all kinds of illegal things, — guns, drugs, counterfeit documents, you name it.
As a teenager, Simon decided that getting a brand new passport for a certain European country would be a neat thing to do. The price tag was 10,000 BTC. If he threw in an extra 6,000 BTC, the seller promised to get Simon a press ID from an esteemed newspaper, too. He couldn’t resist.
Simon transferred his funds to a crypto-exchange platform but, when it came time for the merchant to deliver, the merchant disappeared. ‘Maybe he got arrested?’ Simon wondered to himself. He was confused, but he still had his money safely tucked away in the exchange account since the seller had vanished. All was okay as far as he was concerned.
Two years later, newspapers began reporting the arrest of a Russian man accused of money laundering. The name of the laundering service he had controlled was Liberty Finance, which Simon instantly recognized as the crypto-exchange platform he had used to keep his 20,000 BTC.
In light of the scandal, the FBI seized control of the exchange platform and all money associated with it. Simon kissed that money goodbye long ago, but it doesn’t make it easier for him to see how Bitcoin has appreciated over time.
If Liberty Finance hadn’t been a money laundering scam, Simon would have acquired some $400 mln dollars.
BTC-e
Despite the lack of regulation in the Bitcoin world, entities that are breaking the law still get caught. Case in point? BTC-e, a long-running Bitcoin exchange.
Another recent incidence of alleged questionable behavior from Russia comes from Anatoly Kaplan, the owner of ForkLog, a Russian cryptocurrency news outlet. According to reports, the Ukrainian Secret Service is investigating Kaplan in connection with alleged associations with Americans involved in unlawful activities.
The Ukrainian authorities searched Kaplan’s apartment and confiscated his laptop. Also, this is not the first time ForkLog has come to the attention of law enforcement officials. Kaplan maintains his innocence and asserts his site does not have technology capable of the things the Ukrainian police accuse him of doing.
Kaplan also says during the search and seizure related to the investigation, one of the Ukrainians tried to transfer some of Kaplan’s Bitcoins. Kaplan and his attorney plan to take legal action and are confident about a positive outcome, but even so, this event has already caused stress and unfavorable publicity for Kaplan and his ForkLog site.
These tales of wonder and woe prove that Bitcoin investments are not for the faint of heart.
The people who engage in them must be ready for ruin, but they might become amazingly prosperous instead.
Original article and pictures take www.btcethereum.com site
