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Bitcoin forecasts for 2016

Bitcoin forecasts for 2016 http://bitcoinist.net/bitcoins-forecasts-for-2016/

Exposing the truth Behind Bitcoin

Exposing the Truth Behind Bitcoin Clones Issued by Central Banks http://www.newsbtc.com/2016/03/14/exposing-the-truth-behind-bitcoin-clones-issued-by-central-banks/

Amazing 5% - The Ultimate High Yield Asset for your Financial Portfolio!

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What is Bitcoin? Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros –they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

It’s the first example of a growing category of money known as cryptocurrency.

Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also trade digitally.

However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

First look at Bitcoin. Watch
ü   https://www.youtube.com/watch?list=PLZWrc_gWChqnaaeOQcxXG3qBF-yfS1Ayv&v=Gc2en3nHxA4

Watch it in Hindi –
ü  https://www.youtube.com/watch?v=fBt0NZZgbX0

Must Watch:  What is Bitcoin ? – A simple to the point Explanation

ü  https://www.youtube.com/watch?v=pmU28mgihB4

Quotes on Bitcoin by Famous People ( BillGates, Richard Branson )

ü  https://www.youtube.com/watch?v=bhMwo5ffOKM

Raghuram Rajan's Comments on Bitcoins in India

ü  https://www.youtube.com/watch?v=Tqmc9a12LYo

“Virtual currencies will certainly get better, much safer and over time will be the form of transaction, that’s for sure.” – Raghuram Rajan, Head of India’s Central Bank, RBI.

On the News - Will Bitcoin Craze Grip India?

ü  https://www.youtube.com/watch?v=v3bb0Utaj5A

Is Bitcoins Legal in India ?
ü  http://blog.zebpay.com/tag/nishith-desai/

Times of India - Buying with bitcoins in India
ü  http://timesofindia.indiatimes.com/tech/tech-news/Buying-with-bitcoins-in-India/articleshow/48726301.cms

Get Started with Bitcoins
Make your first Bitcoin Wallet

Create safest wallet at
ü  https://blockchain.info/wallet

ü  http://www.zebpay.com/

ü  https://www.unocoin.com/

Current live price and lifetime price index on
ü  http://www.coindesk.com/price/

Where to Buy and Sell bitcoins in India
ü  http://www.zebpay.com/

ü  https://www.unocoin.com/

ü  https://www.bitquick.in/sell

Who Accepts Bitcoins
ü  http://www.bitgazetteer.com/

ü  http://www.bitcoinvalues.net/who-accepts-bitcoins-payment-companies-stores-take-bitcoins.html

Microsoft accepts bitcoins
ü  http://blogs.microsoft.com/firehose/2014/12/11/now-you-can-exchange-bitcoins-to-buy-apps-games-and-more-for-windows-windows-phone-and-xbox/

How can you Earn Bitcoins and make money?
Bitcoins are Digital currency that are Mined unlike paper currency
that is printed by the Government or banks. Bitcoin Mining is a Process in which you own a Bitcoin Server that works 24x7 Solving complex mathematical problems and are rewarded bitcoins for their effort.

Watch this video about Bitcoin Mining
ü  https://www.youtube.com/watch?v=GmOzih6I1zs

What is The Future Prediction Of Bitcoin??
Analysist say it could be $100,000 !!

Watch this video to know more

https://www.youtube.com/watch?v=g2nXgK34HIM

Bitcoin surpassed the growth rate of both emerging market and dominant major currencies including Indonesian Rupiah, Malaysian Ringgit, US Dollars and Pound Sterling.

2010: US$0.07 to $0.29 (314% increase) 
2011: US$0.29 to US$6.18 (2031% increase) 
2012: US$6.18 to US$13.41 (117% increase) 
2013: US$13.41 to US$817 (2882% increase) 
2015: US$314 to US$431 (37% increase)

Bitcoin Price Fluctuation In 2015 And A Forecast For 2016 http://bitcoinwalaexchange.blogspot.com/2016/02/bitcoin-price-fluctuation-in-2015-and.html

Bitcoin Price Passes $420 Mark Amid Institutional Attention http://bitcoinwalaexchange.blogspot.com/2016/02/bitcoin-price-passes-420-mark-amid.html

White and Black Market Businesses Talk Bitcoin http://bitcoinwalaexchange.blogspot.com/2016/02/white-and-black-market-businesses-talk.html

Bitcoin Milestone: 15 Million Bitcoins Mined and 100 Million Transactions Reached http://bitcoinwalaexchange.blogspot.com/2016/02/bitcoin-milestone-15-million-bitcoins.html

Hemant Jass
www.bitcoinwala-india.com

 

Japan Considers Regulating Virtual Currencies as Conventional Currency Equivalents

Japanese legislators officially proposed handling virtual currencies as methods of payment on February 23, Nikkei reports. This would mean that virtual money, such as Bitcoin, would become the regulatory equivalent of conventional currency.

Legislators of the financial services industry believe that this move could potentially strengthen consumer protection and create growth in the virtual economy. At the moment, Bitcoin is recognized as “an object,” but it is not considered equal to more established forms of currency.

The proposed changes to the definition of virtual currencies would mean that items such as Bitcoin could be used to purchase goods and services. Additionally, they would be considered exchangeable for legal tender via trade or purchase.

However, acknowledging virtual currency as an equivalent to conventional currency would require certain institutions to register with the Financial Services Agency.

This is not the first time Japan has examined Bitcoin and its global use, as seen in apress conference held in 2014. At the time, Finance Minister Taro Aso addressed how Bitcoin has been treated in Japan, as well as around the world.

“The media may regard it as such, but it is not a currency that everyone recognizes as currency, so I don’t really know whether the Ministry of Finance or the Financial Services Agency should have jurisdiction over something that is not a currency, whether the Consumer Affairs Agency should have jurisdiction because it is used by consumers, or whether the National Police Agency should have jurisdiction because a crime may have been committed,” said Aso. “In Japan, the issue is quite advanced, so for quite some time I have thought that some actions might have to be taken in Japan, though I think that this time has come much earlier than expected.”

Currently, there are more than 600 forms of virtual currencies used around the world. As of February 24, one bitcoin holds thevalue of approximately 47,000 Japanese yen.

As the prominence of virtual currencies continues to grow, Nikkei reports that monetary authorities are attempting to institute regulations to address issues, such as money laundering.

In 2015, Aso addressed the use ofBitcoin and other virtual currencies for the purpose of funding terrorism and other crimes.

“I think it was at the G7 summit that discussions addressed the need to introduce regulations in order to prevent terrorist funding, tackle money laundering, and so on,” Aso said. “We’ve gathered a lot of information, and I think that the actual ways the currencies are used need to be properly reflected, and I think that studies need to continue concerning an approach.”

 

Bitcoin Core 0.12.0 Released: What's New?

Today marks the official release ofBitcoin Core0.12.0, the twelfth generation of Bitcoin's reference client as first launched by Satoshi Nakamoto seven years ago. Developed by close to 100 contributors over seven months, the latest version of Bitcoin Core includes more than 20 improvements, particularly regarding performance, security and usability.

These are the sixth most notable changes.

Memory Pool Limiting

Memory pools are the collections of unconfirmed transactions as stored individually by all full nodes. Memory pools fill up in between blocks as new transactions are transmitted over the Bitcoin network and are depleted when these transactions are included in blocks. But if a series of subsequent blocks remain full for an extended period – either due to legitimate transactions or spam attacks – memory pools might not deplete completely, and backlogs could build up. With no maximum limit, the backlog might even grow to the point where nodes run out of memory and crash. (This is the “crash landing” scenario former Bitcoin XT lead developer Mike Hearn feared.)

Memory pool limiting, as the name suggests, enforces a hard limit on the maximum size of memory pools to prevent this scenario. If the maximum is reached, nodes reject or clear their memory pools of transactions that offer the lowest amount of fees per byte.

Full node operators can configure their limits, but the default maximum size in Bitcoin Core 0.12.0 is set on 300 megabytes.

Blockchain Pruning for Wallet Users

One of the burdens of running a full node is the requirement to store the complete blockchain. This adds up to55 gigabytes at the time of this writing, and can grow another 50 gigabytes per year under the current 1-megabyte block size limit.

To decrease this requirement, Bitcoin Core 0.12.0 allows users to prune the blockchain, which means they can get rid of older data once their node has verified it. The amount of data to keep is configurable, though Bitcoin Core 0.12.0 will still require a minimum 2 gigabytes of disk space.

Pruning the blockchain does mean these nodes will no longer be able to share all the blockchain data with peers, such as full nodes syncing with the network for the first time.

(It should be noted that pruning the blockchain was first introduced in Bitcoin Core 0.11.0, but was not yet available for users running Bitcoin Core as a wallet.)

Upload Traffic Limiting

Full nodes continually transmit and relay transactions and blocks to each other over Bitcoin’s peer-to-peer network. This typically requires a modest amount of data to be downloaded, but sharing that same data with several peers at the same time can add up to significant upload costs.

Bitcoin Core 0.12.0 introduces a configurable data cap for upload traffic. If this cap comes within reach, the node will seize uploading blocks older than a week, typically requested by nodes first syncing with the network. Additionally, any light clients will be disconnected and no longer served any block data.

Opt-in Replace-by-fee

As the number of transactions on the Bitcoin network increases, not all transactions might fit into blocks. As such, miners will probably pick the transactions sent by users who included most fees. This means that some transactions – from users that paid too low a fee – could never confirm at all. And since many full nodes and miners currently reject conflicting transactions (sent from the same inputs as an earier transaction), low fee transactions can get “stuck” on the network.

To solve this, Bitcoin Core 0.12.0 introduces opt-in replace-by-fee. If a transaction is sent using opt-in replace-by-fee, users can replace their own transaction with a newer transaction by including a higher fee. (This also means that miners can increase their income, as they get to pick transactions that include higher fees.)

The “opt-in” part of opt-in replace-by-fee means these types of transactions will not be the default, and will be flagged as replace-by-fee transactions on the Bitcoin network. Anyone relying on zero-confirmation transactions should want to monitor for these replace-by-fee transactions, as these could very easily be reverted until they are confirmed. (Of course, zero-confirmation transactions were never secure.)

Whether opt-in replace-by-fee will actually be useful depends on Bitcoin miners; they ultimately decide which transactions to include in blocks, and under what policies.

Tor by Default

While Bitcoin is often claimed to provide anonymity to users, this is not entirely true. Bitcoin users can be de-anonymized, for example, through the peer-to-peer network. If it is determined from which IP-address a transaction originated, this information can be used to identify Bitcoin users.

To protect users' privacy, Bitcoin Core 0.12.0 automatically connects to the Bitcoin network through anonymizing tool Tor (The Onion Router) – ifTor is installed on the same computer. Tor encrypts data and routes it through several nodes all across the world before broadcasting it. This makes it hard – perhaps impossible – to trace where a Bitcoin transaction originated.

(It should be noted that using Tor in itself might not be sufficient to protect a Bitcoin user’s identity. SeeBitcoin Magazine'sBeginners Guide to Bitcoin Privacyfor more information.)

Faster Signature Validation

Signatures are the cryptographic trick where private keys are “combined” with any other data to calculate a unique string of numbers. Corresponding public keys can be used to verify that the signatures were created using the private keys. In Bitcoin's case, signatures are effectively used to prove ownership of bitcoin, and, as such, to validate transactions.

But there are several ways to conduct this cryptographic trick, which could result in different signatures – all valid in their own way. And if different Bitcoin nodes apply different methods for validation, some nodes might consider certain transactions valid while other nodes do not, which could split the Bitcoin network.

Following up on a soft fork to solve this problem last year, Bitcoin Core 0.12.0 now switches all validation from the “OpenSSL” cryptographic library to “libsecp256k1”, developed by Dr. Pieter Wuille, Gregory Maxwell and other Bitcoin Core developers.

As an added benefit, this new signature validation scheme requires less CPU-power, lowering the cost of running a full node and significantly decreasing block validation time.

For a full list of improvements, see Bitcoin Core 0.12.0's release notes onGitHub.

Thanks to Bitcoin Core lead developer Wladimir van der Laan, andCiphrexCEO and Bitcoin Core developer Eric Lombrozo for proofreading and added feedback.

The Legal Marijuana Industry Needs Bitcoin Badly

Legal marijuana has been having banner year after banner year since various states havelegalized the sale and consumption of the plant and its derivatives starting back in 2012 within Colorado and Washington. It should be noted that the process of marijuana’s status as a demonized drug has been slipping for much longer than the past 4 years.

The first medical marijuana dispensary in the United States was in California back in 1996. As a business model, it’s hard to beat being a legal seller of pot, whether in a medical capacity or fully legalized manner. It’s common to see business owners and consultants cross-pollinating across state lines to be first in line to get licensed into new states as they pass legislation to legalize. But the green-rush to get into a successful marijuana business can be a headache because of some of the highly restrictive financial laws associated with running such an operation.

So, the question must be asked – is there a potential solution to this problem with Bitcoin?

Few of us could honestly complain about being too cash rich, right? Well, many of the owners of marijuana dispensaries have this exact problem. While fantasies about being surrounded by piles of green bills might seem appealing, there are several inherent problems with this.

Marijuana Is Legal within Certain States, Not the Entire United States

Marijuana had an almost revolutionary moment when people from certain states within the U.S. stood up collectively and declared that they weren’t going to be persecuted for the cultivation, sale and use of a plant that some believe to be not only not harmful, but beneficial. Regardless where these states stand on the subject of what place marijuana has in society, the fact remains that it is still very much illegal in the eyes of the Federal Government.

Sitting within the same scheduling class as heroin, ecstasy, and LSD, being caught with and prosecuted for being involved with marijuana in anyway can land you a major jail sentence and massive fines. Untold numbers of people in the U.S. have been locked away for years for being caught with small amount of marijuana on their persons. So, that’s quite a stark contrast between what’s happening within state limits and on a national level.

No Checks, No Cash Deposits and No Credit Card Transactions

For those who have never visited a marijuana dispensary, they can range from the atmosphere of a nightclub, to almost a sort of Persian tapestry showroom. The business and branding styles of dispensaries varies greatly and depends in large part on the owners and people working there. However, if you step into the back office room, you’ll notice something similar between virtually every dispensary. Besides computers which manage inventory and transactions and some videodisplays for CCTV, you’re likely to see a massive safe.

What lies behind the doors of that safe is cash – lots and lots of it. Due to the sheer illegality of marijuana under Federal law, dispensaries and any business directly associated with the production or sale of such products cannot write checks, deposit money into financial institutions and cannot accept credit card payments.

While you may have been to a dive bar, diner or food truck that was cash only, it’s likely that most businesses you use accept some form of electronic payment via Visa, MasterCard, Etc. However, you’ll never find that at any dispensaries. This causes a huge stockpile of cash in the operations of virtually every dispensary in business and causes big logistical headaches for the owners to manage that cash.

The Dangers of an All-Cash Business

In movie scenes where you see townie Boston thugs robbing a bank and somehow losing the cops in a car chase in a major U.S. city, it’s hard to imagine how actual bank robberies realistically happen anymore. It’s no secret how guarded banks are and at this point in time, it’s hardly worth the risk to anyone who isn’t completely desperate and on the run. However, cash-only businesses like marijuana dispensaries are a prime target for crime.

Many of these operations must be hyper vigilant just to keep internal employees honest and from skimming cash every chance they get. Never mind a brazen planned robbery on an unsuspecting dispensary which could lead to financial losses in the hundreds of thousands, if not millions, or even worse, injury or death of the business people.

The Time for Bitcoin Is Now

In an industry that’s slated to reach $6.7 Billionin total revenue within this year, there needs to be a solution to this cash-rich business problem being faced by dispensaries. It’s simply not safe or practical to be managing so much physical cash within a location that is a potential target for crime. Due to cash which is associated with marijuana sales not being eligible for circulation of any kind through financial institutions or through credit cards, Bitcoin is potentially a life-saving solution for the near-term and long term.

Bitcoin has no central authority, therefore there’s no immediate way for the government from a State or Federal level to intervene with dispensaries processing their transactions or cash through Bitcoin. While in theory, dispensary owners could take their mountains of cash to local Bitcoin ATM’s and after hours or even days finally deposit their cash into Bitcoins, a better solution would be for dispensary customers to purchase their products using Bitcoin. With this, as we’ve seen before in other industries, it’s going to largely be an educational challenge for dispensary owners and their customers.

Getting people on board to knowing how to securely purchase and store their Bitcoin and then use it transactionally is a challenge, but certainly a smaller one than figuring out how to safely move huge amounts of cash. While there’s always potential for the Federal Government to get involved somehow with attempted regulation and while the price of Bitcoin has potential to be volatile, the upsides to this solution seem to be too good to ignore.

As seen in cities around the world, Bitcoin supported commerce ecosystems are certainly possible, but it requires dispensaries to be bigger stewards in their communities and put efforts in that they probably didn’t need to before. Imagine a co-working space that was sponsored by a dispensary with a cafe, small restaurant, and a few Bitcoin ATM’s where people could go, congregate and help support a movement beyond their own medicinal interests into a radically different and better local economic system around Bitcoin.