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Bitcoin Australia.

Started by admin, Oct 15, 2019, 06:19 pm

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Bitcoin Australia.
Bitcoin refers to both a digital currency, also known as a cryptocurrency, and the protocol and payment network the currency works on. It was invented in 2008 by an anonymous person or group named Satoshi Nakamoto. To understand Bitcoin, it's important to make the distinction between the bitcoin cryptocurrency and the Bitcoin network. As you become more familiar with the world of Bitcoin, you might come across Bitcoin with a capital 'B' compared to bitcoin with a lowercase 'b'. This isn't a typo! Bitcoin refers to the network as a whole and bitcoin to the virtual currency.
Bitcoin and Blockchain - How does it work?
Unlike fiat currencies, bitcoins are not physical objects. Instead, they exist in the virtual world as snippets of code. New bitcoins, or BTC, are created through a process called bitcoin mining, where powerful computers solve complex equations. This process creates a new block on the blockchain where transactions are recorded, verified and saved. Bitcoin miners are rewarded for this service with bitcoins and transaction fees. Part of bitcoins value is created through supply and demand, as there is a limited number of bitcoins to be mined. Once 21 million coins have been mined, we won't be able to make anymore! This is set to occur sometime in the year 2140 and it's what sets bitcoin apart from other popular cryptocurrencies such as Ethereum and Litecoin.
The blockchain is a decentralised, distributed public ledger that records transactions anonymously and securely. By recording all transactions made within the cryptocurrency network, blockchain technology removes the need for a middle-person like a central bank, payment app such as PayPal, or any other central authority. The decentralised nature of blockchain technology means that Bitcoin has no central point of control, as with most traditional currencies, and is sustained by individuals in the widespread cryptocurrency community. This creates a trustless payment system, where parties participating in bitcoin transactions can be sure of the information displayed on the blockchain.
Moreover, the Blockchain prevents any transactions being removed, modified or tampered without permission. This creates a chain of transactions, known as blocks. Without blockchain technology, it would be impossible to use bitcoin.
Simply put, Bitcoin operates for the people by the people. Instead of banks, Bitcoin users visit exchanges like Bitcoin Australia to buy or sell bitcoin.
Bitcoin Wallets.
When their coins are not being used, people keep bitcoins in virtual wallets for safety. Sometimes hacks occur when bitcoins are not stored properly. The most famous example is the Mt Gox hack of 2014, when thieves stole more than 700,000 bitcoins. This was a key moment in the crypto space, and has since gained near-mythical status, highlighting the importance of securing your bitcoins in a bitcoin wallet.
Each digital wallet has a public bitcoin address that users can use to send and receive coins between wallets and bitcoin exchanges. Each wallet also has a private key, which is similar to a password and can be used to access your wallet at any time. While the private key is a mathematical number, most users never handle this number. More commonly, the user will typically be given a seed phrase that encodes the same information as the private key.
While storing your cryptocurrency in a digital wallet is more secure than keeping it on an exchange, an even more secure form of storage is a paper wallet. A paper wallet is usually a piece of paper that is printed with both a private key and public address, usually in the form of a QR code. As this piece of paper is completely offline, it makes your wallet unhackable, and hence even more secure. Of course, it's important to consider how and where you store this paper.
Now, test your bitcoin knowledge with a quiz!
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admin

Bitcoin.
Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network.
The original Bitcoin software by Satoshi Nakamoto was released under the MIT license. Most client software, derived or "from scratch", also use open source licensing.
Bitcoin is the first successful implementation of a distributed crypto-currency , described in part in 1998 by Wei Dai on the cypherpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.
Bitcoins have all the desirable properties of a money-like good. They are portable, durable, divisible, recognizable, fungible, scarce and difficult to counterfeit.
Bitcoin can also be a store of value, some have said it is a "swiss bank account in your pocket".
Stored Bitcoins: Cannot be printed or debased. Only 21 million bitcoins will ever exist . Have no storage costs . They take up no physical space regardless of amount. Are easy to protect and hide . Can be stored encrypted on a hard disk or paper backup. Are in your direct possession with no counterparty risk. If you keep the private key of a bitcoin secret and the transaction has enough confirmations, then nobody can take them from you no matter for what reason, no matter how good the excuse, no matter what.
Topic central.
A. Bitcoin is a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.
Q. How does Bitcoin work?
A. Bitcoin uses public-key cryptography, peer-to-peer networking, and proof-of-work to process and verify payments. Bitcoins are sent (or signed over) from one address to another with each user potentially having many, many addresses. Each payment transaction is broadcast to the network and included in the blockchain so that the included bitcoins cannot be spent twice. After an hour or two, each transaction is locked in time by the massive amount of processing power that continues to extend the blockchain. Using these techniques, Bitcoin provides a fast and extremely reliable payment network that anyone can use.
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admin

What is Bitcoin, why has the price collapsed and how can you buy the cryptocurrency?
Bitcoin is being hailed as the future of currency - but its volatile price and questionable safety is something to keep in mind.
Jon Lockett Edward Hyatt.
16 Oct 2018, 12:00 Updated: 16 Oct 2018, 12:05.
BITCOIN is currently the hottest topic in the world of amateur and professional currency investment.
Its meteoric rise in value over the last year - punctuated by some dramatic falls - has made hundreds of early investors extremely wealthy - but what is it worth today?
What is Bitcoin?
Bitcoin is a virtual currency that was created in 2009 by an unknown computer whizz using the alias Satoshi Nakamoto.
Individual Bitcoins are created by computer code and their total value is thought to exceed £185billion.
Transactions are made without middlemen, so there are no transaction fees and no need to give your real name.
More businesses are beginning to accept them and in some parts of the world you can even buy pizza with Bitcoins.
You can set up a virtual wallet websites like Blockchain to store, keep track and spend your digital money.
You are also able to purchase Bitcoin through an online exchange or Bitcoin ATM.
Bitcoins aren't printed, like pounds, dollars or euros - they're produced by people, and increasingly businesses, running computers all around the world.
To find merchants that accept Bitcoin in the UK click here.
How do Bitcoins work?
The value of Bitcoin, like all currencies, is determined by how much people are willing to exchange it for.
To process Bitcoin transactions, a procedure called 'mining' must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.
For each problem solved, one block of Bitcoin is processed.
In addition, the miner is rewarded with new Bitcoin.
To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.
There are currently about 16 million in existence.
The Bitcoin protocol - the rules that make Bitcoin work - say that only 21 million Bitcoins can ever be created by miners.
However, these coins can be divided into smaller parts with the smallest divisible amount one hundred millionth of a Bitcoin.
This is called a "Satoshi", after the founder.
To receive a Bitcoin, a user must have a Bitcoin address - a string of 27-34 letters and numbers - which acts as a kind of virtual postbox.
Since there is no register of these addresses, people can use them to protect their anonymity when making a transaction.
These addresses are in turn stored in Bitcoin wallets, which are used to manage savings.
What is mining and how does it work?
The creators of Bitcoin designed the system so there would only ever be a limited supply of bitcoins to be mined (a maximum of 21 million).
To ensure the longevity of the system, the cryptographic problems involved in the mining get progressively harder, meaning it takes longer to earn them.
Miners are turning to more powerful computers to complete these tasks and earn bitcoin.
As a result, mining (and on the flipside, bitcoin transactions) are sucking up greater and greater amounts of electricity.
Bitcoin transactions now use so much energy that the electricity used for a single trade could power a home for almost a whole month, according to Dutch bank ING.
The bulk of Bitcoin "mining" is done in China, where energy costs are comparatively cheaper than in places like the UK or US.
What will happen with Bitcoin's futures trading?
This latest development could have a huge impact on Bitcoin's ultimate success.
Futures, as they are known, allow two parties to exchange an asset at a specified price at an agreed upon date in the future.
The combined value of every bitcoin currently in existence is around $274bn - more than most major companies.
In theory, investors will now be able to bet against Bitcoin - which could help find the currency's true value.
Where can I buy Bitcoin and how much is it worth?
Several marketplaces called "Bitcoin exchanges" allow people to buy or sell Bitcoins using different currencies.
Japan-based Mt Gox is the largest Bitcoin exchange. It was launched in July 2010, and by 2013 was handling 70 per cent of all Bitcoin transactions.
People can also send Bitcoins to each other using mobile apps or their computers in the same way people send cash digitally.
The value of Bitcoin has fluctuated wildly since they were introduced and have reached a record high.
In 2013 when they first came to public attention, the value soared by 10,000 per cent before the price crashed.
In September 2016, a Bitcoin was being traded for around £469.
In October 2017, a Bitcoin was traded for more than £4,000, according to currency tracker XE.com.
According to digital currency tracker CoinDesk, on February 21 the price of Bitcoin stands at £7920.44 ($11,029.99).
This represents a reversal in fortunes since it dropped to $6,914.26 on February 5.
However, it's still a way short of its December 16, 2017 peak of $19,343.04, which just goes to highlight the digital currency's volatile nature.
Anyone thinking of investing in Bitcoin or another cryptocurrency should be very careful.
Their values are incredibly unpredictable, with the ability to plummet as quickly as they shoot up.
On January 9, 2018, Bitcoin and other major currencies hit the floor after major monitoring platform Coinmarketcap decided to leave out the trading prices from South Korea -- a major market whose absence spooked already jittery investors.
Is Bitcoin the future of online trading?
No one knows what will become of Bitcoin as it is mostly unregulated, but that could change as governments are concerned about taxation and their lack of control over it.
So its' USP - the anonymity - could eventually prove its downfall.
While it keeps Bitcoin users' transactions private, it also lets them buy or sell anything without easily tracing it back to them.
That's why it has become the currency of choice for people online buying drugs or other illicit activities.
And not many governments will put up with that for long.
However, it is increasingly used in shops and restaurants - with a fraction of a bitcoin used to buy a pizza, for instance.
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admin

How Much Is Bitcoin Really Worth?
PARIS, FRANCE - DECEMBER 05: In this photo illustration a man holds a visual representation of the digital Cryptocurrency Bitcoin. (Photo by Chesnot/Getty Images)
It's here that I'm reminded of something Warren Buffett's often said. Price is what you pay, value is what you get.
So what value does a Bitcoin buyer get in exchange for $10,790.58 of his or her hard earned U.S. dollars? That's what I'm going to attempt to answer in this article.
Before we can attempt to value Bitcoin, we first must agree on what it is. That turns out not to be so easy.
Is Bitcoin a currency?
Describing Bitcoin as a currency seems like a natural place to begin. After all, I'm told some retailers accept Bitcoin as a method of payment. On closer inspection, however, comparing Bitcoin to a currency is like comparing lightening to a lightening bug (apologies to Mr. Clemens).
As the WSJ has noted, Bitcoin is the hottest currency that nobody is using. As Jeffrey Dorfman here at Forbes pointed out, there are two problems with Bitcoin as a currency.
First, it's too unstable. Who wants to accept something for payment that could drop in value by 25% before you have time to pour a cup of coffee? Put another way, would you accept Bitcoin as payment for a car you were selling if you had to wait 60 days to convert it to dollars? I doubt it.
Second, it's too slow. It can take days to complete a single transaction. By then, the cup of coffee you're trying to purchase is stone cold.
Bitcoin is not a currency in any meaningful sense of the word.
Is Bitcoin a store of value?
Gold apologists love to describe the precious metal as a store of value. It somehow gives the "investment" an air of sophistication. Some Bitcoin acolytes have borrowed from the same playbook to call Bitcoin a store of value.
The idea is appealing at first. They note that the U.S. dollar and other currencies are "fiat" money. In other words, there's nothing backing the value of currencies today, like gold once did. While that's also true of digital currencies, they are limited in number. The number of Bitcoin is capped at 21 million. A government can't step in and start "printing" more Bitcoin.
It reminds me of the argument people made to justify the meteoric rise in real estate values ten years ago. After all, they aren't making more land. That argument didn't turn out so well.
All of that said, one can certainly see a use for digital currencies in some parts of the world. In the U.S. we have a stable currency and banking system. That's not the case in many parts of the world, where a digital currency free from government intervention and corrupt bankers could prove very useful.
The problem, however, is that Bitcoin and other digital currencies are still not widely accepted as a medium of exchange. That they may be useful in limited circumstances and geographies doesn't, at present, make them a store of value.
So what is Bitcoin?
Bitcoin and other cryptocurrencies can best be described as potential currencies. As noted above, they are not widely accepted today as a medium of exchange. And they have significant limitations holding them back from developing into full-fledged currencies. But it's possible, though I think unlikely, that they could become more widely used in the future as a medium of exchange.
Bitcoin fanatics will take issue with all of the above. They will point to the devaluation of fiat currencies. They will hype the blockchain. They will argue that cryptocurrencies are the future. They may even try to sell you an online course, for four easy payments of $199 (U.S. dollars, not Bitcoin, thank you very much) on how to make millions in digital currency.
It still doesn't change the fact that Bitcoin has not been adopted as a useful, stable currency.
How do you value a potential currency?
The short answer is that you can't. It's impossible to assess the value of Bitcoin with any degree of reasonableness. And this is a critical limitation to understand.
It's not uncommon to pass on a potential investment because you can't determine its value. I love Amazon as a company. I have no idea what its intrinsic value is. Same goes for Tesla. So I've passed on both potential investments.
Bitcoin is far more difficult to value. It has no intrinsic value. It has a short history with wild price swings. And as of yet, it has limited usefulness.
Is Bitcoin a bubble?
The meteoric rise in its price shouldn't be confused with its true value.
In this sense Bitcoin is experiencing a classic bubble. The rise in price has motivated more buying, which in turn raises the price. The rise in price motivates more buying, and this cycle continues for a time.
Eventually the process will reverse. The price will eventually reach a peak that motivates Bitcoin owners to sell. When enough sell, the price will start to drop. The drop in price will motivate more selling, which will lower the price further.
Pain and anguish for many will be the result.
It's now 4:59 a.m. on December 7, 2017. The price of Bitcoin stands at $ 14,980.00. It's risen nearly 40% in the week since I started this article.
I hope you're not betting the rent money on Bitcoin.
And if you are still bullish on Bitcoin, here are 5 ways to invest in the digital currency.
I'm sitting at my kitchen table at 6:31 p.m. ET on Friday, December 1, 2017. The price of Bitcoin is $ 10,790.58.
PARIS, FRANCE - DECEMBER 05: In this photo illustration a man holds a visual representation of the digital Cryptocurrency Bitcoin. (Photo by Chesnot/Getty Images)
It's here that I'm reminded of something Warren Buffett's often said. Price is what you pay, value is what you get.
So what value does a Bitcoin buyer get in exchange for $10,790.58 of his or her hard earned U.S. dollars? That's what I'm going to attempt to answer in this article.
Before we can attempt to value Bitcoin, we first must agree on what it is. That turns out not to be so easy.
Is Bitcoin a currency?
Describing Bitcoin as a currency seems like a natural place to begin. After all, I'm told some retailers accept Bitcoin as a method of payment. On closer inspection, however, comparing Bitcoin to a currency is like comparing lightening to a lightening bug (apologies to Mr. Clemens).
As the WSJ has noted, Bitcoin is the hottest currency that nobody is using. As Jeffrey Dorfman here at Forbes pointed out, there are two problems with Bitcoin as a currency.
First, it's too unstable. Who wants to accept something for payment that could drop in value by 25% before you have time to pour a cup of coffee? Put another way, would you accept Bitcoin as payment for a car you were selling if you had to wait 60 days to convert it to dollars? I doubt it.
Second, it's too slow. It can take days to complete a single transaction. By then, the cup of coffee you're trying to purchase is stone cold.
Bitcoin is not a currency in any meaningful sense of the word.
Is Bitcoin a store of value?
Gold apologists love to describe the precious metal as a store of value. It somehow gives the "investment" an air of sophistication. Some Bitcoin acolytes have borrowed from the same playbook to call Bitcoin a store of value.
The idea is appealing at first. They note that the U.S. dollar and other currencies are "fiat" money. In other words, there's nothing backing the value of currencies today, like gold once did. While that's also true of digital currencies, they are limited in number. The number of Bitcoin is capped at 21 million. A government can't step in and start "printing" more Bitcoin.
It reminds me of the argument people made to justify the meteoric rise in real estate values ten years ago. After all, they aren't making more land. That argument didn't turn out so well.
All of that said, one can certainly see a use for digital currencies in some parts of the world. In the U.S. we have a stable currency and banking system. That's not the case in many parts of the world, where a digital currency free from government intervention and corrupt bankers could prove very useful.
The problem, however, is that Bitcoin and other digital currencies are still not widely accepted as a medium of exchange. That they may be useful in limited circumstances and geographies doesn't, at present, make them a store of value.
So what is Bitcoin?
Bitcoin and other cryptocurrencies can best be described as potential currencies. As noted above, they are not widely accepted today as a medium of exchange. And they have significant limitations holding them back from developing into full-fledged currencies. But it's possible, though I think unlikely, that they could become more widely used in the future as a medium of exchange.
Bitcoin fanatics will take issue with all of the above. They will point to the devaluation of fiat currencies. They will hype the blockchain. They will argue that cryptocurrencies are the future. They may even try to sell you an online course, for four easy payments of $199 (U.S. dollars, not Bitcoin, thank you very much) on how to make millions in digital currency.
It still doesn't change the fact that Bitcoin has not been adopted as a useful, stable currency.
How do you value a potential currency?
The short answer is that you can't. It's impossible to assess the value of Bitcoin with any degree of reasonableness. And this is a critical limitation to understand.
It's not uncommon to pass on a potential investment because you can't determine its value. I love Amazon as a company. I have no idea what its intrinsic value is. Same goes for Tesla. So I've passed on both potential investments.
Bitcoin is far more difficult to value. It has no intrinsic value. It has a short history with wild price swings. And as of yet, it has limited usefulness.
Is Bitcoin a bubble?
The meteoric rise in its price shouldn't be confused with its true value.
In this sense Bitcoin is experiencing a classic bubble. The rise in price has motivated more buying, which in turn raises the price. The rise in price motivates more buying, and this cycle continues for a time.
Eventually the process will reverse. The price will eventually reach a peak that motivates Bitcoin owners to sell. When enough sell, the price will start to drop. The drop in price will motivate more selling, which will lower the price further.
Pain and anguish for many will be the result.
It's now 4:59 a.m. on December 7, 2017. The price of Bitcoin stands at $ 14,980.00. It's risen nearly 40% in the week since I started this article.
I hope you're not betting the rent money on Bitcoin.
And if you are still bullish on Bitcoin, here are 5 ways to invest in the digital currency.
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