Korean electronics giant Samsung is the latest chip manufacturer to enter the bitcoin mining hardware market. The company’s foundry has reportedly already began producing ASIC chips for a Chinese client earlier this month. News: https://news.bitcoin.com/samsung-enters-bitcoin-mining-asic-manufacturing-business/Do you think now that there is more competition: bitcoin mining equipment will become cheaper? What impact will this have? I think that the pleasant days of Bitmain,the chinese company when it dominated the entire mining industry would come to an end soon. Just before few months,japan's internet giant GMO said that it would start manufacturing ASIC miners and now the korean electronic company has entered the mining market.More the competition,the price of ASIC miners would get cheaper which would help more mining farms to develop all over the world which would avoid centralization of bitcoin mining. |
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Price falling means that all the new investors who just want to make quick money would leave cryptos and only stable investors would remain which would reduce the fluctuations in the market.
Also these nw investors do not contribute any thing useful to crypto market and they even destabilize the whole market making it totally a game of speculation.
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Hackers are in every field and we could even see lots of news about hackers stealing information of credit card holders and getting access to their accounts I would say that bitcoin is far better than any other currencies or investment as its almost safe unless we reveal our wallet's private key publicly.
As far as safety about our crypto coins,we could save it securely in any best desktop wallet or any of hardware wallet but when the matter comes about having our coins invested in ICOs or saving our coins in any of exchanges,then we are helpless and we could do nothing in this regard.
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People who start to believe in bitcoin are getting more day by day and if some people refuse to believe in bitcoin and like to continue with the traditional fiat system, then it seems that they lack fortune to enjoy the benefits of bitcoin.
Only people who have not understood the concept of bitcoin would consider fiat to be better.People who are not educated and don't know to use internet would feel comfortable in sticking to fiat currency.
Also,as there are no services or shops accepting crypto payments and so even if the user has crypto coins,he would have to convert it in to fiat to buy anything.So,they may think that fiat could be the better choice.
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Bitcoin is just pseudo anonymous.Even if some countries force strictly to follow KYC, I still hope that there are more other options for bitcoin holders to cash out their coins behind the scenes unknown to the government authorities.
If still,any one wants to use bitcoin unknown to any one,then he could use mixer services to make their bitcoin transactions unknown to any one.
The government could not identify any bitcoin holder unless he sells his bitcoins for cash.It could still be sent to abroad P2P unknown to any one.
Monero and zcash were earlier welcomed much for their anonymity but they failed to get popular.
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Some people invest some if not all of thier asset in bitcoin. They are lured by its growing up value its equivalent to fiat currency but is bitcoin really safe and secure.? What do you think.,
Just like all the other investments are risky, bitcoin investment is also risky. But the promising fact is its ever increasing demand through out the world and bitcoin being safe as it could not be hacked unless we reveal our private key. But still its not advisable to invest all of the assets in to bitcoin and could just invest just a part of the assets in it. But after twenty years,when quantum computers come in to existence,bitcoins stored safely in wallets may get compromised. |
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USD is in its final stage to be a global reserve currency and it has to fall surely in one day.When USD falls,traditional choice of investors would be gold and now since its a crypto currency era,their ultimate choice should be crypto currencies.But we would have to wait for some more time to witness the change.
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Its no longer news that an ICO in Japan has lost over $400 million to hackers. They promised to pay back investors who invested in their ICO. Thsi is a huge loss. After I read that news, I began to wonder. How safe is Bitcoin and Other altcoins? What measures should we take to avoid being hacked ?
Its usually advised that bitcoins or any other crypto coins should never be stored in any of the exchanges as it has higher chances of getting hacked.We earlier saw the collapse of Mt.Gox exchange which was followed by the hacking of some other exchanges.Also,we should never reveal our private keys anywhere.Also,we should not store our private keys in clipboards in our desktops as clipboard hackers could easily hack them. |
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Even if some countries try to ban bitcoin,still it would exist as its now universally accepted in most of the countries.Also the ban would not have a huge impact on bitcoin as we saw previously china taking severe steps against bitcoin and when it realized that it could not stop its citizens using bitcoins,it just came down a little bit to regulate bitcoin.
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Banks consider bitcoin to be their rival but they are ready to adopt blockchain in which bitcoins works.Not only banks,even most of the government sectors have decided to use the blockchain technology.
All the banks universally have the same stand about blockchain irrespective of country where it exists.It would help banks to consume time much efficiently helping them to provide better service.
It would just have a positive impact on bitcoin as it also functions only in blockchain technology.
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As Bitcoin's price increases, it's a good time to start thinking more about security of our coins, and today I want to discuss physical security. Physical attacks can be categorized as: 1. Stealing your phone, flash drives, hardware wallets, paper wallets, written seeds. Flash drives, phones and hardware wallets are almost always encrypted, so attacker won't be able to get access to coins quickly, which gives a chance to use secondary backups to move coins to a new wallet. Seeds and paper wallets on the other hand can grant very quick access, which means it's a pretty big security risk. This can be solved by getting a decent strongbox. Some strongboxes also offer protection against floods and fire. 2. Getting robbed at gunpoint. The threat of violence is a pretty effective method of cryptanalysis - attackers are effectively bypassing all security measures. The common defense is to either split the information between different parties - like with multisig for example, or to hide deep your real keys while having decoys at their place (in safe for example) that will be given up to attackers. I personally think that the first method can be dangerous, because attackers might severely torture you or your loved ones thinking that you know full keys. The second method works if attackers don't know what exactly they are looking for - in our case, how much coins do you have, so you can give up a smaller decoy wallet to them. This is why private transactions are very important, as well as keeping your mouth shut about how many coins do you have, even if you want to impress your friends and family. Any thoughts on how to increase physical security against some specific attacks as well as hazards? Some links: https://coinidol.com/ukrainian-security-service-robbed-from-forklog/https://www.coinbureau.com/news/robbed-gunpoint-1-8m-ethereum/https://cointelegraph.com/news/man-robbed-at-gunpoint-for-1100-worth-of-bitcoins-in-brooklynActually,the second thing has happened in britain this week.A owner of a crypto coin trading firm was asked to send all of the bitcoins from his wallet under the gunpoint.He was blackmailed that his family members would be shot dead if he refused to do so. Also,recently a bitcoin user lost his bitcoins to robbers at gunpoint.But in this case,it was his mistake to reveal his luxurious life style pictures in facebook which helped robbers to target him. So,a bitcoin holder should realize that he has valuable bitcoin with him and should not reveal about his income any time in the society. |
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Hi all I just want to canvas opinions on how Bitcoin or for that matter most crypto currencies can have a long term future as a currency with no central bank behind them?
It's a decentralized currency created mainly by satoshi against banking sectors and so it doesn't have any backing from any central banks. |
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I would say that regulation is much better than completely terming the coins as illegal and banning them.
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Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?
It depends upon the country which we live whether it would be taxed or not. |
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Just like USD, bitcoin is also used by criminals but not only criminals.Even the internet is used both for good and bad.Its true that in early days of bitcoin,mostly bitcoin was used in dark markets for buying illegal products.But now it has vast usage like trading,payments and as a valuable investment.Also since bitcoin is pseudo anonymous,it could not remain as the best choice for the criminals for a longer time.
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Are you interested in BTC for the mere fact that the price has been going up since its inception and you think it will enable to make a huge profit or you are interested because you know that the technology behind BTC (blockchain) will change the way the financial world works?
I would say that for both the reasons I'm here. Bitcoin has revolutionized the financial world and at the same time, it's the only investment in the world today which could give very high returns in a very small span of time. |
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Till now, the situation seems to be like allowing only bitcoin to be the king of cryptocurrencies.Its really hard for any other coin to gain such a huge trust as bitcoin has got from the people.People have trust in bitcoin but it could not be said that they would also trust altcoins too.Also,there are hundreds of altcoins available in the market which totally confuses the investors and most of them don't find altcoins as a safe investment.
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Definitely bitcoin has taken the place of gold now. More investors who bought gold previously now have started to buy bitcoins instead. Bitcoin is the digital gold.
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It is know that bitcoin has made a few millionaires, but many of these people don´t have any particular knowledge of the economy nor business. Do you think that is a fair situation?
If only people those have good business knowledge should have to be millionaires,then almost half of today's millionaires all over the world would not be millionaires.It depends on the amount invested and the asset in which they invest to become a millionaire and also fortune too plays an important role in giving huge profits. As far as bitcoin is considered,early birds who believed in bitcoin when every one were against it deserve to be millionaires. |
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china is one of the powerful country in this world.they are in a high position in economy.and also china is well developed country.but they still don't like bitcoin revolution.what is the main reason for that?
As we all know that China is a communist country and they would like to control people all the way and by allowing people to fully use bitcoin which provides financial freedom and pseudo anonymous transactions,it would go totally against their interests. |
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