Tag: Bitcoin (BTC)

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Crypto

Bitcoin (BTC): Win 1 BTC For Solving A Puzzle On Reddit – Are You Up For It?

Reddit users were surprised a few days ago with a new puzzle that will give away 1 Bitcoin (BTC) to whoever manages to solve it. The puzzle is contained in an image that features the Bitcoin (BTC) logo surrounded by words that allude to the technology that gave life to it. According to its author, the key to finding the solution is contained in Bitcoin’s white paper, written in 2009 by Satoshi Nakamoto.

The publication was made by an Internet user nicknamed Cryptogreetings, who accompanied the image with the phrase “A bitcoin is contained in this puzzle. Good luck!”

Additionally, in an update, the author added that the image contains, in logarithmic scale, the ideas that inspired Satoshi Nakamoto to create the distributed accounting technology:

This work is composed of the words from Satoshi Nakamoto’s white paper, in logarithmic scale. The ideas that inspired Satoshi to create a solution that would revolutionize the modern economy and industry in a scattered manner. This paper reflects on the elements that gave life to this technology and challenges the underlying security model. Hidden in plain sight lies a treasure hunt. A BTC is hidden in this work.

Cryptogreetings, Reddit User

The last similar puzzle rewarded with Bitcoin (BTC) has been solved in 3 years

To verify that the reward announcement is legitimate, Cryptogreetings added a link to the address where the Bitcoin (BTC) was uploaded, which has received small transactions, as of May 19th, to make a total of 1,00152936 BTC, at this moment.

The addition of small sums to this address could be the result of testing by those interested in solving the riddle. The reward currently stands at $8,200 worth of bitcoin on the CoinMarketCap portal.

This announcement was quickly acclaimed by the community and the fact that the reward has increased some satoshis in just two days is reminiscent of the puzzle known as “The Legend of Satoshi Nakamoto”, which took three years to be deciphered and gradually increased its reward to a total of 5 BTC, to be finally solved in November last year.

A large number of comments have accompanied the Reddit thread in which the image was published, and in solidarity with the users, they have shared their findings to contribute to the construction of the solution.

If you want to give it a try, here is the 1 BTC-worth puzzle.

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Crypto

Bitcoin (BTC) Will Be The Native Currency Of The Internet, According To Jack Dorsey, Twitter CEO

Jack Dorsey, the co-founder and the CEO of the famous social networking site Twitter, as well as the Square payment platform, was a guest speaker at Consensus 2018, the event where he commented exclusively on his predictions about the use of cryptocurrencies in the financial market in the long term, stating that, in his opinion, Bitcoin (BTC) will be the native cryptocurrency of the Internet.

According to reports coming from Bloomberg and David Floyd, one of the reporters present at the Consensus 2018 gala, in New York City, USA, Jack Dorsey said that the Internet needs a native currency that facilitates transactions and payments within the web without limitations from third parties.

Although the co-founder of Twitter is not entirely sure if the cryptocurrency assets will end up taking the place of the Internet’s native currency, he does hope that Bitcoin (BTC) will be able to capitalize on the cyber market and become a currency among web users.

Jack Dorsey, the CEO of Twitter, is not at his first statements in the favor of Bitcoin (BTC)

“The Internet deserves a native currency. It’ll have a native currency. I don’t know if it’s Bitcoin (BTC) or not. I hope it is,” were the words the businessman gave to the group of enthusiasts who attended the event.

Similarly, Jack Dorsey commented that he has always been an enthusiast of the philosophy of cryptocurrencies, an assertion that is based on the constant support the co-founder of Twitter given to crypto coins, over the time.

However, at first, when Bitcoin (BTC) White Paper was launched, it did not understand the long-term impact and implications of this new blockchain technology, as he himself admitted.

In the past, however, Jack Dorsey has already expressed his deep confidence in the potential for financial transformation of blockchain technology and cryptocurrencies, tools that have emerged for him as the great technological innovations of this decade with the capacity, in the case of Bitcoin (BTC), to become the native currency of the Internet.

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Crypto

Mining Bitcoin (BTC) Will Equal Power Consumption Of Austria By The End Of 2018

The use of electricity in mining Bitcoin (BTC) data centers will reach 7.7 gigawatts by the end 2018, an amount equal to the electricity consumption of Austria, for example, a country with almost 9 million inhabitants, according to a study published today in the specialized magazine Cell Press.

This means that cryptocurrency will consume 0.5% of global electricity production, a shocking figure, according to the study’s lead author, Alex de Vries, a financial economist from the Netherlands.

“It’s an extreme difference compared to the regular financial system, and this growing demand for electricity will definitely not help us reach our climate targets,” said de Vries, a cryptocurrency expert.

Mining Bitcoin (BTC) is consuming lots of power

The Bitcoin (BTC) depends on the computers that carry out the transactions in a continuous chain to avoid duplication of coin expenditure.

To perform this function, it is necessary to maintain a large number of computers connected almost uninterruptedly, which requires a high power consumption. Its economy-driven estimates put the current minimum current use of the bitcoin network at 2.55 gigawatts, which means it uses almost as much electricity as Ireland.

In fact, during a single transaction of a cryptocurrency uses as much electricity as an average household in the Netherlands in a month.

“If the price of bitcoin continues to rise in the way some experts have predicted, the grid could one day consume 5% of the world’s electricity,” the Dutch researcher said.

The technology that supports cryptocurrency works through nodes that form the decentralized network

In any traditional monetary system, governments print more money when they need it, but in the case of mining Bitcoin (BTC), it is not created but discovered.

Hundreds of thousands of computers from all over the world compete with each other in mining Bitcoin (BTC), that is, to generate this cryptocurrency.

Unlike other currencies, the BTC is a currency whose value does not depend on the interest rate fixed by a Central Bank or on its reserves in commercial banks. It is a currency that is subject to the laws of supply and demand through the net, increasing or decreasing its value on the basis of whether or not it is available on the market.

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Crypto

Bitbond To Use Bitcoin (BTC) Blockchain For International Cryptocurrency Loans

The German digital bank Bitbond, whose services offers cryptocurrency loans to medium-sized companies and self-employed people, has recently announced that it will now support international loans via the Bitcoin (BTC) blockchain network. This project is implemented to avoid the use of the regular international financial communications network SWIFT.

Bitbond thought to use the market’s biggest cryptocurrency, the BTC, only to transfer credit funds faster because BTC will not be the crypto in which the loans will be offered not to alter the fiat currency value of the loan due to the volatility of the BTC.

Bitbond is still a medium-sized financial institution which managed only about 100 clients, who are mainly small firms and self-employed workers, which, typically, do not exceed revenues of $50,000 per year.

Bitbond’s idea not only includes cryptocurrency but also artificial intelligence to qualify borrowers. The “patented automatic learning algorithm” uses “alternative data” to give an eligibility score to the applicant, which may be based on his/her online transactions and/or sales on eBay, Amazon, money received/sent on Paypal, and further on.

Bitbond decided to offer international loans via the Bitcoin (BTC) blockchain

Cryptocurrency loans services are developing their space within the digital coin ecosystem. In fact, they are not only found in the Bitcoin (BTC) market, as initiatives such as ETHLend have emerged, dedicated to lending ETH, as well as fiat currency, through the Ethereum blockchain platform.

However, this method of financing for microentrepreneurs is still not well known, mainly because of the state of adoption of cryptocurrencies, along with the lack of clarity about the tax conditions for the lender involved in making loans in digital currencies.

Processing and receiving credit at a traditional banking institution is a process that can take weeks, a process that Radoslav Albrecht, the CEO and the founder of Bitbond, decided to leave behind by creating, a couple of years ago, a banking platform that would allow small and medium-size companies to receive cryptocurrency loans quickly and at low cost. Now, Bitbond is betting on carrying it out with international loans via the Bitcoin (BTC) blockchain network.

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Crypto News

Bitcoin (BTC) And Bitcoin Cash (BCH) Cryptocurrency Payments Accepted By A Tax Office In A Florida County

The Seminole County tax collection office in the state of Florida announced that it will begin accepting Bitcoin (BTC) and Bitcoin Cash (BCH) as payment methods through the BitPay platform, making it the first US government tax office to allow citizens to pay in cryptocurrency.

In a statement released by the government agency, Joel M. Greenberg, the county’s tax collector, noted that blockchain technology could provide all county residents with more optimal and modern payment services, increasing transparency as well as the accuracy of settlements, and lowering the high costs of credit or debit card fees.

As a result, the office partnered with the international payment platform and cryptocurrency exchange, BitPay, to accept settlements in Bitcoin (BTC) and Bitcoin Cash (BCH) for the payment of driver’s licenses, identification cards, title, and property taxes.

Alan Byrd, the spokesman of Seminole’s office, confirmed that the cryptocurrency payment will be available next June. In this way, the government agency will receive payments directly from BitPay.

Florida implements Bitcoin (BTC) and Bitcoin Cash (BCH) cryptocurrency payments via BitPay for taxes

Furthermore, the authorities do not believe that there is any risk of price volatility since users only have to send the exact amount of money in Bitcoin (BTC) or Bitcoin Cash (BCH) to pay the bills, for example, a transaction that in turn only costs a fee of 1%, considerably less than the fees required by banks.

In this regard, Byrd also confirmed that the tax collection office is not interested in the cryptocurrencies market but in offering more varied and convenient payment services to the citizens.

“We are not speculating in the market but we are excited to see more payment options being offered to our customers,” he said.

While Seminole County, Florida, is the first US government agency to open up to Bitcoin (BTC) and Bitcoin Cash (BCH) cryptocurrency payment, other government offices have been evaluating the possibility of making digital assets an effective method of payment.

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