361
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Other / Beginners & Help / Re: Full Member.When?
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on: February 01, 2018, 05:10:51 PM
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Unfortunately, you'll need 90 more merit to move up in the ranks. Other users grant merit if they think a post is good quality or useful to their question. You'll get there
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367
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Other / Beginners & Help / Re: What is Smart contracts?
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on: January 29, 2018, 08:02:06 AM
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Hi, it's a computer program that controls the transfer of digital currencies and/or assets between parties under certain conditions. Think of a traditional contract: there are one or more parties involved, multiple rounds of negotiating and constant drafting and re-drafting of stipulations. The end goal is an agreement where the parties commit to performing some sort of act in exchange for something of value. However, many times we see contracts being the source of legal disputes due to a variety of reasons--mainly some sort of miscommunication. Therein lies the emergence of smart contracts! They are "smart," you could say, because they automatically enforce the agreed upon action between parties (through code), and more importantly facilitate these business arrangements without the formality and the tedious practices associated with the traditional route. Check out the link below if you want a much better explanation. They juxtapose the technology behind smart contracts with that of a vending machine transaction https://blockgeeks.com/guides/smart-contracts/Hope this helps!
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368
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Other / Beginners & Help / Re: Wallets?
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on: January 29, 2018, 03:52:44 AM
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Hi, if you are looking for easy-to-use wallets, Copay and Jaxx are great beginner options--they both offer good privacy and security as well as user-friendly interfaces. However, there are many wallets out there and they all cater to different needs so I suggest first thinking about how you intend to use it (multiple-platform, multi-sig capability, multi-currency options, etc.). Feel free to check out the link below which lays out the pros and cons for 10 different wallets. https://blockgeeks.com/guides/cryptocurrency-wallet-guide/ Hope this helps, good luck!
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370
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Other / Beginners & Help / Re: What is Smart contracts?
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on: January 29, 2018, 12:03:54 AM
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While there are obvious benefits to smart contracts, the downside is all changes are permanent, which makes them tamper-resistant but also means that they can’t be reversed if something goes awry. And unfortunately, there have been some large cases of people lose money in unanticipated ways.
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372
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Other / Beginners & Help / Re: what is escrows?
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on: January 27, 2018, 07:27:00 PM
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Escrow services are a good idea when transacting with an untrusted party. Bit can protect sellers from fraudulent buyers by requiring the Bitcoin be deposited up front. Likewise, buyers are protected if the seller turns out to be a scammer and doesn't deliver the goods. If there's a dispute, the escrow service will act as the arbitrator and determine who should ultimately receive the Bitcoin funds.
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373
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Economy / Exchanges / Re: What exchanges are trustworthy?
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on: January 27, 2018, 06:38:22 PM
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Bitstamp has a good reputation as being secure...the platform has great security, high transparency, and probably the best privacy policy in the industry.
Cryptonit also has an excellent reputation. They work with the FCA which establishes Cryptonit as a reputable and trustworthy BTC exchange, especially in Europe.
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376
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Other / Beginners & Help / Re: What is the difference between coins and tokens?
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on: January 27, 2018, 06:19:37 PM
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Ethereum is a platform, with it’s own blockchain and Ethereum’s “coin” or better put currency is Ether. Ethereum is similar to Bitcoin in that Bitcoin also uses a blockchain data structure but has it’s own currency called Bitcoin. A “token” by definition is a representation any fungible tradible good such as currency, loyalty points, gold certificates, in game items and more.
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378
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Alternate cryptocurrencies / Altcoin Discussion / Re: What is an ICO..?
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on: January 27, 2018, 06:15:50 PM
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An ICO, is a fundraising mechanism where new projects sell their underlying crypto tokens in exchange for bitcoin and ether. It's similar to an ( IPO ) where investors purchase shares of a company. Since developers bring in a new currency system, they give out tokens which become new cryptocurrencies in exchange of the older more established coins such as Bitcoin and Ethereum. It's the reason why people are drawn to these ICOs because they are good investment opportunities.
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