Ex-RBI chairman said "Bitcoin is creating money out of thin air". It is biggest scam of all.   

Bitcoin has started its journey when I was governor at RBI. Since then, central banks and regulators have been keeping an eye on it. But of late, it has become hugely popular creating a debate over its regulation. But, I feel it is premature to take a decisive action on bitcoin and other cryptocurrencies,” said Subbarao. The blockchain technology behind bitcoin has even other applications also. It’s a technology innovation. We need to strike a balance between regulation and growth of cryptocurrencies. Regulators should keep a close watch on them,” further said Subbarao.

As you know, banks can lend more money than they have in deposits, however you currently cannot do that with cryptos. Do you think that it is a decisive advantage or it could be somehow countered?

What dou you mean with a freemium model? Could you give me an example?

There are important counter-trends to this — encryption and cryptocurrency — that take power from centralized systems and put it back into people's hands," Zuckerberg wrote in his 2018 mission statement, issued on Thursday. "But they come with the risk of being harder to control. I'm interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services."

Disrupting remittances

In parts of the continent - especially commercial hubs like Lagos, Nairobi and Johannesburg - a small but growing number of people are finding that cryptocurrencies offer a cheaper solution to an expensive problem - transferring funds across borders.

With traditional remittance companies like Western Union, when you transfer money initially it goes from your local currency into dollars then on the other side they receive dollars which are then converted into the local currency.
You lose a lot of money in that conversion.

It is cheaper, especially when there is a shortage of dollars in the country or restrictions on accessing dollars.
It is also quicker because you don't have to go through long complicated bank approvals.

In Nigeria, when the government placed controls on access to the US dollar during a financial crunch, Bitcoin made it much easier for businesses to transfer cash abroad, something that has increased interest in cryptocurrencies in the country.

In places like Zimbabwe, where there has been political and economic instability, Bitcoin has become a place to store value, buy goods and services from abroad and crucially a vehicle for remittances from the diaspora.

Bitcoin classes

Martin Serugga, a sharply dressed currency trader in Kampala warns people to be cautious too. He says unfamiliarity about the new financial instruments could lead to criminals duping customers out of their money.

Nevertheless, he has started weekly classes with over 50 people attending to learn about cryptocurrencies and how to trade them against traditional currencies like the US dollar or British pound.

He says high youth unemployment in Uganda is driving interest in Bitcoin and other products.

"If you don't have factory jobs and you don't have corporate jobs to serve the thousands of young people coming out of the universities this is an alternative," he says.

Blockchain magic

But it's not just the currency aspect of this technology that people think will transform the continent.

"If African developers, entrepreneurs, and governments can leverage blockchain technologies, they may have a shot at tackling some of the continent's most intractable problems of the unbanked masses, digital identities, untrusted voting systems, to name only a few applications," Mr Blazevic explains.

"With the right support for innovation, and collaboration Africa could once again leapfrog over the digital divide and become a market leader just like it did in the move from landline communications infrastructure to the mobile phone ecosystem."

how services like confirmtx.com running ?
i dont believe he has minning farm, he's a kid from hacksforum.

We push your transactions to multiple pools we are partnered with.

The New Year is coming. A little bit more than 30 days have left. Everyone has a strong desire to believe in magic and miracle! You may work wonders yourself and then it will definitely appear in your life as well.

The only difference between Bitcoin No. ABC123 and $1 Bill No. L88793293J is that at the end of the day, the $1 bill physically exists and has a face value that is worth something, i.e., Fred could take the $1 bill and buy something off the $1 menu at McDonalds. The same situation occurs with credit card transactions, whereby the credit card processing company assigns are unique value to each transaction, but the number itself has no value.

Bitcoin is an illusion, a mass hallucination, so one hears. It’s just numbers in cyberspace, a mirage, insubstantial as a soap bubble. Bitcoin is not backed by anything other than the faith of the fools who buy it and of the greater fools who buy it from these lesser fools. And you know? Fair enough. All this is true.

What may be less easy to grasp is that U.S. dollars are likewise an illusion. They too consist mainly of numbers out there in cyberspace. Sometimes they’re stored in paper or coins, but while the paper and coins are material, the dollars they represent are not. U.S. dollars are not backed by anything other than the faith of the fools who accept it as payment and of other fools who agree in turn to accept it as payment from them. The main difference is that, for the moment at least, the illusion, in the case of dollars, is more widely and more fiercely believed.

All the common arguments against cryptocurrencies such as bitcoin, and the blockchain technology that undergirds them, invariably fail to take this fact — the provisional and fragile nature of ordinary money — into account. Cryptocurrencies cannot be understood even a little bit by anyone who thinks money is real, solid, or “backed by” anything other than human trust in institutions whose stability is always uncertain. A U.S. dollar is “backed by” “the full faith and credit of the United States.” But what exactly does this mean?

It means that if you take one dollar to the U.S. Treasury and ask them to redeem it, they will: They’ll give you…one dollar. Or four quarters, if you want, probably.

The unfortunate fact is that monetary crises in unstable governments like those of Greece, Venezuela, and Spain have already precipitated a number of spikes in the crypto markets.

There are a few radical differences between cryptocurrencies and U.S. dollars. For example, the transactions conducted in the bitcoin system are recorded in an unfalsifiable ledger that relies not on the authority of banks or governments, but on the strength of a public computer network that (theoretically, at least) anyone is free to join. Also, again, the supply of bitcoins is ultimately fixed.

In general, Coinbase does not charge a fee to use our Hosted Digital Currency Wallet service. Transfers of virtual currency to an address off the Coinbase platform may incur network transaction fees, such as bitcoin miner’s fees, which Coinbase may pass through to you. Any such transfer fees will be disclosed to you at the time of the transaction.