I’ve been trying to figure out how to explain Blockchain, Cryptocurrency, and ICOs in a short elevator pitch. Got a great suggestion from “Blockchain Business Consultants” ( www.bchainconsult.com) I’m sharing here. If you like it, please feel free to use it. If you have suggestions to make this better (but not longer), please let me know.
How to Explain Blockchain, Cryptocurrency, and ICOs in one short paragraph Elevator Pitch:A blockchain is a secure distributed ledger or database where past “blocks” of entries are “locked in” so securely that you cannot alter them. It is not run by a company or any trusted party—but a computer network. A network of computers reach a consensus on the current block of transactions and once a majority agree, the new block of transactions is locked onto the blockchain database. It’s a virtually unhackable, highly secure distributed ledger that can replace intermediaries like banks, or any company and authority now relied on as “trusted party” or controller of an information system. With “Smart contracts” in the blockchain system, executed by the computer network when agreed upon conditions are met, you can conduct transactions without lawyers and middlemen. Blockchain is used for virtually unhackable digital currency to pay for online transactions (cryptocurrency—like Bitcoin, Ether, others) and for a new means of raising funds: an “Initial Coin Offering” where you produce a “token” you can trade on a blockchain that, combined with Smart Contracts, provides rights to buyers to use services or buy products. It's fine, more or less, and it's short. Problem is, that 60% of the above mentioned is not clear for most of the people. And if you are in the elevator, the loudest person would be the one who won't uderstand the 2nd or 3rd sentence and will shout BS, and you won't have the chance to finish. However, this is useful if you are presenting something in connection with this subject, and someone asks you what is blockchain, in this case this can be your quick answer to that question. |
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Bitcoin price is determined by the buyers and the sellers promptly. But on the long run, the expectations are the real drivers of the price change. If most of the people expect higher price for the future the demand will grow and it will cause less people to sell so it will modify the price upwards. If people expect the bubble to burst it will move the price down. Expectations are driven by the news on the market. News are driven by the media and social media (and I don't know whom the media is driven by...)
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Bitcoin is rising right now, but it's like the wall street - tomorrow it may fall. Buying more coins at the same time is also good, but you must know when is the right time to withdraw those coins in world money. There are many sites you can invest your BTC in but you must watch out cause many sites can run off with your invested coins and you can do nothing about it. Think clever and make clever things!
A fork is coming again, so the buy and hold strategy is valid only for really long term now. Maybe before the next fork the price will drop again, we can expect a lot of FUD and bad news from various sources, and it will be hard to decide if the news are legit or not. Also, if someone start to sell heavily, a lot of others will panic sell, which is not bad for those who wants to buy in a dip. |
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Quite a lot of resistance at this point. We'll see...
People are preparing for the next fork, so despite of the lot of limit sell orders, it will be done in little time. We'll see... I'm just curious that the BTG fork has been done and nothing special has happened to bitcoin price. I was expecting a corection because everyone has sold the alts in order to buy bitcoin, so I was sure that people will buy back the alts, so that would cause a fall in bitcoin price, but it was only a minor decrease... So I'm not sure now, what to expect... |
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Just disable javascript on untrusted websites it can be a pain to navigate sometimes but it needs to be done to stop this sort of thing
Most of the people will have no clue about disabling javascript. There are more people who don't know ADBlocker (usually the old generation and those who don't know about the background of browsers and internet), so they will be easy money for the mining sites. If you disable javascript, a lot of function will be also disabled on the site too. So, if the mining site wants to sustain their income, they need to code their core functions (browsing navigation or something similar) also in javascript, in order to force the users not to block javascript... They won't care about the highly qualified technical users because they are less than the Average Joes... |
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i was thinking about the Bitcoin and it's Future in Banking . can it remplace money in transactions ?
no no no, not a banking but system behind the banking i think. it help banking for any transaction, fastest sending fund, transparent transaction it's a breakthrough for payment gateway, when we talk about banking , automatically we talk about the system behind it , and all transactions with bitcoin realised by Blockchain . so the blockchain is it the future of banking system ? Blockchain is the future of the banking system, but not the bitcoin's blockchain. Banks will develop their own blockchain, and they will use it to cut their costs on transactions and to speed them up. Bitcoin (and other cryptos) has some time now to grow and develop before banks go live with their own upgraded system. They won't tell people that they have developed a new blockchain based system, but they will advertise that their new system is quicker and cheaper, and that's all what people need, they don't care about the back end. If that happens, that will be a hard time for cryptos |
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It is not possible to mine Bitcoin through a website. You can mine Bitcoin only by using ASICs. Probably you are talking about mining Monero. It was quite popular lately and some websites have implemented it. I think it's better than ads unless it doesn't use 100% of my CPU. Laptop users had a hard time when they weren't controlling it.
I disagree, it is possible to mine a really small amount of bitcoin with the mentioned code. One of the bitcoin blogs in my country has already tried it just as an experiment (and they have marked the website to let the readers know), and the effect was really little. Some of the antiviruses among the readers were also detected the code in the website and the page was not allowed to load, so it was not a profitable thing. |
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I have seen many threads in Services sections which are offering acceleration of the the Bitcoin transactions for free or for some tips. Can anyone tell me how they are doing this and is there anyway anyone can do this process himself/ Herself without being depended on anyone.
You can try the ViaBTC accelerator. I'm not 100% sure that it works, but I usually use it if I send a transaction with low fee and I usually get confirmation in 1-2 hours time after the acceleration. I'm not 100% sure that it is because of the accelerator service, but it won't harm if you give it a try. I'm not advertising them, it's just my usual way of working. https://pool.viabtc.com/tools/txaccelerator/ |
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Online wallets are really handy, it's like your leather wallet in your pocket in real life. You use it for everyday spendings, you don't put your life savings into it and you have only a little money in it. Why? Because it's not safe, you can lose it, pickpocketers would take it, etc... This is online wallet in the Bitcoin ecosystem.
In real life, you put your life savings into a safe or trezor because it's safe. It's not really convinient to use, you can't take it with you and you have to remember the pin or have the key to open it. But, it's safe and you can trust it that it will save your funds. This is offline or hardware wallet in the BTC world.
If you have just a little amount invested in bitcoin, you can use online wallet. As soon as you read enough, you'll understand the difference and will use offline / hardware wallet as well.
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The fork has happened some days ago, but I'm still not sure that it's safe to move anything from the wallets, so I'm waiting for a bit more, I'm not in a hurry. If someone has BTG from the exchange as above has been mentioned, (lack of) the replay protection is not a problem for him. But as I have moved all my coins from the exchanges to hardware wallets, I'm not 100% sure that I want to start to transact yet. I'm just following the news and if it turns out that everything is fine, I'll be happy to have a look at the possibilities of getting the BTGs for myself. If I lose some of the possbile profit on the exchange rate (selling BTG for BTC) because I'm cautious, I don't really care. Better safe than sorry
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In the last 2-3 weeks all the alts are like that. All the alts went down and bitcoin price was higher and higher, so there's no correlation this time. I know that the situation is a bit special because we were preparing for a fork but anyway.
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Really hilarious, Btc gold, Btc platinum or even Btc diamond. They should keep them all coming. This happens when there is no restrictions so I don't blame them.
There should be no restriction, and in the future, that wouldn't be necessary. This is just the second hard fork of the original bitcoin. The first was well prepared and had serious influence on the original bitcoin. This second was just a huge hype and had little effect. People will get used to the forks in the future and will not act unnecessary when a fork comes. When the third, seventh, etc. fork will come, people will not over react them in the future... |
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Yes, adopting the blockchain system is a great sign of the banks ready to transact in bitcoins. Months ago, the banks maybe didn't know about the bitcoin and they however rejected it because of the lack of knowledge about it. But now, they are doing so.
Adapting blockchain technology and getting involved in bitcoin is totally different story. Banks won't accept bitcoins nor sell you bitcoins in the near future. What I can imagine that banks can help people in connection with bitcoin is: 1. Safe boxes to store your seed (written on a piece of paper) safely 2. Later on, a secure and digital storage where you can hold your private key safely Average Joes would be happy to store their private key at banks' because they're not confident enought that they can store their private key safely at home... But I just can't imagine yet that banks will be directly involved in bitcoin in the near future. |
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Do you have any information if the BTG will be included in the fork.lol website in the charts? Or they don't take bitcoin gold seriour enough to include it? The fork.lol website was really useful to determine if the transactions in the mempool are on the way to be processed or they will wait in the mempool for days (if they include lower fee compared to the average)
Or, because of BTG's algorithm is different from BTC (and BCH), they won't include it.
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Köszönöm szépen a linkeket. A facabook-os csoport az elég jó, viszont a fórumot azt kihagyom szerintem. Legbelül azért reménykedtem, hogy sokkal nagyobb magyar bitcoinos fórumok lesznek. Szívesen. Talán 1-2 év múlva nagyobb lesz a közösség. 1-2 évvel ezelőtt ugyanezt hittem  |
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In a situation if a real war starts in a country, if someone is really lucky (and have a decent amount of bitcoin) and have time to buy an airplane ticket to a country which is not affected by the war, bitcoin could be really helpful. If people are aware of this, they will generate huge demand for bitcoin, that could affect the bitcoin price. This is only valid if the people have internet access to buy bitcoins. Or, if there's a possibility of war, people can start to accumulate some bitcoins, just for the case of urgent departure. Also, they need to have some fiat currencies too (EUR, USD, etc..) But I hope we will never experience the real effect of the war.
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don't confuse other coins with bitcoin. they are very different. and not even as big! the size of bitcoin market is HUGE compared to other altcoins. the numbers they report can sometimes be deceiving like the market capitalization but in reality it will come down to how spread the market is around the world and among different exchanges and how much volume comes from each and in total. with that said, bitcoin always has corrections. it is a natural movement to have a correction. it also has dumps which are bigger and it even has crashes. we had one big one last month when price dropped back to $3000. After dropping below $3,000 where a lot of limit buy positions were opened it started to skyrocket again to all time highs. That was the time when that banker guy at JP Morgan told a lot of FUD about bitcoin, just to create a good price for their investments... This is easy for them to buy low and sell high if they can move the price like this... Correction is always possible, but as long as the demand is growing, the price will be in an uptrend, but no guarantee that the uptrend will continue tomorrow/next week/next year/etc ... |
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Bitcoin is already mainstream. Big media platforms are writing articles about it. Also when you look the unconfirmed transactions, the amount increases every second. It passed PayPal's marketcap a couple of weeks ago. PayPal is quite mainstream, even my mother knows it.
Comparing the market cap in connection with Paypal is not the best method to decide if bitcoin is mainstream already or not. Maybe the market cap is already similar, but the number of processed transaction per second... Bitcoin is far away from Paypal's processing power, and really far away from VISA and MasterCard's processing power. We need some technical solution to increase the processed transactions, but the solution is on it's way years ago. Sooner or later we are going to have a solution, that will enable bitcoin to be mainstream. |
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Nice article.Now that everyone will know about this scam forks.
Thank you. I just wanted for people to be aware what are they trying to get. Sad thing that most of the new bitcoin holders don't read the specific threads (if they join bitcointalk.org). Some people just click on a banner, download a mobile wallet from the stores and buy bitcoin with credit card (or debit card). After that, they read some new from some fancy bitcoin related news sites and if those sites say that they need to buy more bitcoins to receive a new coin after, they will. They will have no clue about the lack of replay protection and similar risky things... I'm expecting a lot of new threads about lost BTCs because of cashing out BTG... |
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