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Hi guys. I've been reading some topics of people with doubts about Submarine and atomic swaps, how Lightning works, etc.
I decided to make a small glosary of terms, I hope you like it..
Lightning Network is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants.
Payment Channel is a communication channel that allows two parties to make many secure payments between each other in exchange for making only a few transactions on the blockchain.
Lightning Node the node is a wallet with one or more open Lightning channels. Should not be confused with a Bitcoin Blockchain Full Node.
Atomic Swaps, or atomic cross-chain trading, is the exchange of one cryptocurrency to another cryptocurrency, without the need to trust a third-party into the Lightning Network. In other words, a user can send bitcoin, and the other user can receive the payment as litecoin.
Submarine swaps exchange off-chain Lightning tokens for on-chain tokens. Essentially, they let users send Lightning payments to a middleman on the Lightning Network; that middleman will send a corresponding amount of bitcoin to a regular (on-chain) Bitcoin address.
Malleability An encryption algorithm is malleable if it is possible to transform a ciphertext into another ciphertext which decrypts to a related plaintext.
Micropayments are a Bitcoin transaction involving a very small sum of money. Lightning enables one to send
funds down to 0.00000001 bitcoin without custodial risk.
Commitment transactions are a pair of asymmetrical transactions that allow multiple users to participate in a single transaction (and thus act as a single entity), using a multi-key system.
Well guys I hope you like this, I gathered info from many websites. Let me know if you want me to add any other concept to this list.
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So yeah this keynesian piece of economist calls for a Bitcoin completely destroyed...“You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system. If you open up a hole like bitcoin then all the nefarious activity will go through that hole, and no government can allow that.” “People in power will move to regulate anonymous transactions. That you can be sure of. Bitcoin could easily be worth just $100 in 10 years.” “I believe very strongly that countries like the United States could and should move to a digital currency … so that you would have the ability to trace this kind of corruption.” https://ambcrypto.com/bitcoin-btc-may-drop-100-nobel-prize-laureate/
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Hi guys, I read this entry time ago on reddit and searched if it was posted here but I didnt find it. I think its very good thought and I was impressed the first time I read it.
It was posted by u/outerspacerace on r/Monero.
As I view the current cryptocurrency landscape, I am deeply saddened by the lack of insight on the part of users, investors, developers, and commentators as to what cryptocurrency actually is and where its value comes from. The cryptocurrency community has been distracted by useless ICO's, blockchain-based applications with contrived use cases, and the promise to get rich quick.
Cryptocurrency came about to solve a single problem. It emerged from the solitary need for electronic cash. A digital money to exchange assets between individuals across the Internet.
Bitcoin was an amazing first step towards electronic cash. A distributed network that recorded transactions on an immutable public ledger. Wow!
But there are serious issues with Bitcoin that degraded its usefulness as money. The same public ledger which allowed Bitcoin transactions to be recorded also left Bitcoin users without anonymity in their financial transactions. It failed to function as "cash" and became increasingly fraught with problems due to a lack of fungibility and increasing numbers of toxic coins.
This is where Monero enters the picture. Monero maintains the privacy of its users through an immutable blockchain which is totally opaque to the outside observer. This simultaneously makes Monero fungible and private by default. This is big. Where Bitcoin failed over time, Monero was able to succeed quite remarkably in meeting our need for electronic cash.
Monero has solved the world's need for electronic cash and yet the world is nearly oblivious to its existence. There is so much talk of dapps, ICO's, bank-sponsored coins and the like, and yet the single most value-adding proposition of cryptocurrency is being ignored. I believe that there has been a failure to communicate the true value that Monero holds - both due to our inabilities as a community to drive this single point home, and by a lack of effective communication networks for allowing disruptive technologies to be presented to the broader public.
I'm coming to you all in a state of despair. What can I do, what can we all do, to show the world that the answer to one of their biggest problems has already been solved? It seems like the value of Monero is one of the world's best-kept secrets, but why should it be a secret?! Anyone can use Monero right now in a fully accessible manner to send and receive assets that maintain the characteristics of cash. Monero's usefulness was entrenched long before the developers improved accessibility of the software, aimed to reduce transaction sizes, and allowed more novel forms of transactions such as multisignature wallets.
Monero solved the world's need for electronic cash. Let the magnitude of that statement land. Now, how can we let others in on the world's best-kept secret? How can we communicate the remarkable value embodied within Monero?
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Hi guys, I read this entry time ago on reddit and searched if it was posted here but I didnt find it. I think its very good thought and I was impressed the first time I read it.
It was posted by u/outerspacerace on r/Monero.
As I view the current cryptocurrency landscape, I am deeply saddened by the lack of insight on the part of users, investors, developers, and commentators as to what cryptocurrency actually is and where its value comes from. The cryptocurrency community has been distracted by useless ICO's, blockchain-based applications with contrived use cases, and the promise to get rich quick.
Cryptocurrency came about to solve a single problem. It emerged from the solitary need for electronic cash. A digital money to exchange assets between individuals across the Internet.
Bitcoin was an amazing first step towards electronic cash. A distributed network that recorded transactions on an immutable public ledger. Wow!
But there are serious issues with Bitcoin that degraded its usefulness as money. The same public ledger which allowed Bitcoin transactions to be recorded also left Bitcoin users without anonymity in their financial transactions. It failed to function as "cash" and became increasingly fraught with problems due to a lack of fungibility and increasing numbers of toxic coins.
This is where Monero enters the picture. Monero maintains the privacy of its users through an immutable blockchain which is totally opaque to the outside observer. This simultaneously makes Monero fungible and private by default. This is big. Where Bitcoin failed over time, Monero was able to succeed quite remarkably in meeting our need for electronic cash.
Monero has solved the world's need for electronic cash and yet the world is nearly oblivious to its existence. There is so much talk of dapps, ICO's, bank-sponsored coins and the like, and yet the single most value-adding proposition of cryptocurrency is being ignored. I believe that there has been a failure to communicate the true value that Monero holds - both due to our inabilities as a community to drive this single point home, and by a lack of effective communication networks for allowing disruptive technologies to be presented to the broader public.
I'm coming to you all in a state of despair. What can I do, what can we all do, to show the world that the answer to one of their biggest problems has already been solved? It seems like the value of Monero is one of the world's best-kept secrets, but why should it be a secret?! Anyone can use Monero right now in a fully accessible manner to send and receive assets that maintain the characteristics of cash. Monero's usefulness was entrenched long before the developers improved accessibility of the software, aimed to reduce transaction sizes, and allowed more novel forms of transactions such as multisignature wallets.
Monero solved the world's need for electronic cash. Let the magnitude of that statement land. Now, how can we let others in on the world's best-kept secret? How can we communicate the remarkable value embodied within Monero?
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I've been reading some info regarding bitcoins legality this week and today a user commented the situation on Thailand, I think we are now in a very good shape.
Japan recognized bitcoin as legal form of payment (its already legal tender there)
Thailand entered the list of the nations which have legalized crypto currency.
Germany, the ministry of Finance signed a decree recognizing BTC as legal tender equating it to traditional fiat currencies and freeing it from taxation.
Switzerland's biggest Stock Exchange SIX will launch its own digital exchange in mid-2019 which will be regulated by the swiss governement.
What do you guys think of this round up and how is Crypto going in Your country??
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Guys have you seen this news??
I'm sorry if I am posting in the wrong section or making any mistake. This is my first post in the forum therefore idk how to do things properly. But I wanted to share this with us because to me looks very impressive. Thanks guys.Stock exchange with a turnover of $ 1.5 trillion enters the market of cryptocurrencies The Swiss Stock Exchange SIX announced the launch of a fully regulated cryptocurrency exchange. SIX Digital Exchange will be regulated by the National Bank of the country and FINMA financial regulator and will become the world's first crypto-exchange, which simultaneously provides trade settlement and depositary services. The SIX Stock Exchange, which has a common trading space with Deutsche Börse AG and Eurex, is the third-largest stock conglomerate after NYSE, Euronext and NASDAQ OMX and has a turnover of $ 1.5 trillion. According to the Director General of SIX, Jos Deiselhoff, the creation of a crypto-exchange site is "the beginning of a new era for capital markets infrastructures." Trades on the SIX Digital Exchange will begin in the first half of 2019. https://bitcoinist.com/switzerlands-stock-exchange-is-launching-a-cryptocurrency-exchange/
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