Bitcoin Solves Runaway Inflation by Undermining Trusted Third Parties

Bankers, governments, and other trusted centralized organizations require society to be steeped in runaway inflation. These fiduciary cartels thrive when they manipulate the money supply and cause drastic shifts in prices within the market economy they lord over. They believe the money supply must be regulated and controlled for the economy to function optimally, lest society collapses as a result of too little currency injection. 

shutterstock_565449664-640x360Bitcoin Solves Runaway Inflation by Undermining Trusted Third Parties

Luckily, bitcoin solves the dilemma of needing a trusted third party to control the money supply. Before delving further into why this is the case, everyone must possess a proper and clear grasp of inflation and deflation as economic concepts.

Inflation and Deflation Explained

Inflation refers to the rise of the cost of goods and services in a market environment and the decrease of the purchasing power of the prescribed currency.

Investopedia defined inflation,

Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling. Central banks attempt to limit inflation in order to keep the economy running smoothly.

Conversely, deflation is the decline in the cost of goods and service resulting from contraction of a money supply within an economic environment. Deflation generally causes an increase of the purchasing power of a currency within circulation. According to some economists, excess deflation can cause market actors to horde money. However, inflation tends to be the more troubling and nefarious problem.

For example, if a currency is Bitcoin Solves Runaway Inflation by Undermining Trusted Third Partiesheavily inflated, and you travel to the local supermarket to buy groceries, you may notice an upswing in the price of bread. This price “inflation” could be the result of the grocer arbitrarily altering the price, but more likely it occurred as a result of an inflated currency. In other words, too much printing and distribution of the currency would have devalued its purchasing power and caused bread to appear more expensive. In reality, the bread likely has had the same value as always, but the decreased value of the circulated currency provided the illusion that the bread was more expensive.

With a basic understanding of deflation and inflation clearly in mind, it would seem obvious that central money manipulators are needed to keep the economy grounded in a state of equilibrium, where money is created with integrity and circulated for the betterment of society. However, there are several reasons why having a small trusted group of elites control society’s wealth is impractical, unneeded, and dangerous…and has only instigated economic woes.

The Problem of Central Money Manipulation by Fiduciary Cartels

In some places, governments and central authorities have caused such extreme runaway inflation that a currency has lost all of its value and become worthless.

Recent examples include Venezuela and Greece. Mass currency devaluation through inflation likely also occurred in the United States, which led to the Great Depression. The Austrian economists suggested that creation of the Federal Reserve bank and its manipulation of the currency supply directly caused the depression, among other, more recent economic catastrophes.

A Mises article on Greece captured the effects of credit expansion and money manipulation, then the subsequent runaway inflation:

When currencies collapse, price inflation usually picks up. More units of the currency must be offered to acquire goods and services. What had started with credit expansion and distortions in the real economy, then, may well end up with high price inflation rates and currency reform.

Another reason to avoid allowing a handful people control currency in a centralized manner is because it provides a subtle way for those individuals to “steal” value from everyone. Whenever central authorities inflate the currency supply, as mentioned, it causes the value or purchasing power of the currency to decline. This value is basically lost or “stolen” from the people.

In other words, one group caused another group to lose their property’s value. In most places, this activity by another name is called “destruction of property” or “theft.” However, currency devaluation is such an esoteric and ingenious form of theft or destruction that it goes unnoticed and unexamined by the majority of the population.Bitcoin Solves Runaway Inflation by Undermining Trusted Third Parties

A last major reason to reject central suppliers of money is more obvious and terrifying. When a small group of people have direct access to the wealth supply of whole economies, what prevents them from electronically keying that wealth into their own personal accounts? What stops them from making themselves richer and the rest of the world poorer? What stops them from taking that wealth and using it to start wars or harm people in the name of national defense or protection?

The short answer to these questions is nothing. Nothing stops them. These individuals can fill their coffers at a whim, and control the rise and fall of whole country’s by arbitrarily inflating and deflating a currency as they see fit…and the result of allowing this kind of trust to be placed in the hands of these elite few have been absolutely devastating. It has led to mass warfare, mass exploitation of the population, and in some cases to runaway inflation, mass starvation and death.

Thank goodness the solution to these problems is here. It is called bitcoin.

Bitcoin Solves the Problem of Runaway Inflation, while Abolishing the Need for Centralized Trust

Bitcoin is a cryptocurrency that is automated by a consensus network algorithm. This algorithm, which was predetermined by creator Satoshi Nakamoto, has a set supply of bitcoins that will be distributed over the long term. This number is currently set to 21 million units of bitcoin.

This mathematically encoded Bitcoin Solves Runaway Inflation by Undermining Trusted Third Partiesnumber of bitcoin means that no central group or fiduciary cartel can control the currency. In other words, they cannot inflate or deflate a currency to the detriment of the population. In this sense, bitcoin is naturally deflationary or disinflationary. This denotes Bitcoin has utility in the sense that it neither inflates or deflates on a whim or caprice. No human actor can make changes to the protocol without achieving consensus.

In this regard, users of bitcoin have hedged themselves against control, against the small groups of trusted elites who can manage the flow or circulation of money across a population. When a currency like bitcoin is protected from artificial manipulation, it prevents people from using the creation and control of money to exploit and defraud others. It is the solution to the problem of runaway inflation and all forms of monetary control.

Some people think that bitcoin is naturally inflationary as a result of its algorithm. It is true the protocol specifies the minting of new coins via mining, but this is not the same as arbitrary inflation that causes ungodly increases in price of goods and services. The protocol was built to create coins in such a way that both heightens the value of bitcoin and does not allow for the market to be flooded. It is enough to keep the market humming, yet not overburdened.

Bitcoin, then, is the most obvious solution to stopping the fiduciary cartels and other central entities from lording over everyone and causing massive undue harm to millions. It prevents runaway inflation. It stops theft through that inflation. It thwarts loss of monetary value caused by unscrupulous actors. It kills the evil of greed. It is the economic panacea par excellence. Time to open a bitcoin wallet and take the power back.

Do you think bitcoin or other cryptocurrencies are a hedge against runaway inflation and the banking cartels? Let us know in the comments below. 

Japanese ATM Manufacturer Oki Gets into Bitcoin ATM Business

As the number of merchants accepting bitcoin in Japan grows, companies are incorporating the digital currency into their business models in different ways. Japan’s leading printer, info-telecom and ATM manufacturer, Oki Electric Industry Co Ltd, has entered into the Bitcoin ATM business. Their first line of Bitcoin ATMs is launching this month.

shutterstock_455636977-640x425

Leading ATM Manufacturer

Leading Japanese ATM Manufacturer Oki Gets into Bitcoin ATM BusinessFounded in 1881, the Tokyo-based Oki Electric Industry Co. Ltd (Oki) manufactures and sells products, technologies, software and solutions for telecommunications systems and information systems. Among other offerings, Oki supplies ATMs, cash-handling equipment, bank branch terminals for financial institutions, automated check-in machines as well as ticket reservation and cash-handling equipment for the retail and service industries.

The company claims to be the first to develop the world’s first cash recycling ATM in 1982. These ATMs recycle banknotes by taking deposits from customers and dispensing them to other customers who withdraw cash at a later time. They are expensive but are more efficient and save on the cost of labor.

According to London-based Retail Banking Research, there were 3.3 million active ATMs in 2016, about 30% of which were cash recycling machines. Oki’s corporate brochure says:

Oki is a leader in ATMs, with a leading share in the domestic market for financial institutions and the retail/service industries. In overseas markets, we actively sell “ATM-Recycler G7”, a cash recycling ATM that can handle banknotes in multiple currencies.

The Recycler G7 (RG7) is the company’s latest line of legacy ATMs, which is the seventh generation of its cash recycling machines.

Oki Launching Bitcoin ATMs

According to Nikkei Asian Review, the company’s next line of ATMs will be launching this month, and they will be Bitcoin ATMs (BTMs). The Recycler G8 (RG8) will allow customers to withdraw local currency from their bitcoin wallets as well as charge expenses to them. The publication describes:

It [the BTM] lets users link their online bitcoin wallets to the machine in order to withdraw funds based on the virtual currency’s market price, as well as deposit physical cash into their digital stashes.

Leading Japanese ATM Manufacturer Oki Gets into Bitcoin ATM BusinessThere will be other functionality as well, such as settling payment on invoices sent via smartphone. The features an ATM will have depend on the country where it will be located and what services local banks offer.

Initially, Oki aims to launch the new machines in China and other emerging nations. “Oki has no plans to deploy the ATM back in Japan yet, given the relatively quiet demand for bitcoin by financial institutions here,” Nikkei Asian Review wrote.

While the company has not announced where these Bitcoin ATMs will be installed, the RG7 units are installed in high foot-traffic areas such as international airports in Narita and Haneda, and other commercial facilities in Japan. In June last year, Oki installed 600 RG7 units in the State Bank of India, which is the largest bank in the country.

What do you think of Oki entering into the Bitcoin ATM business? Let us know in the comments section below.

Sidechain Juggernaut RSK Labs Launches Ginger Testnet After $3.5M in New Funding

he highly anticipated project by RSK Labs officially moves into open beta status today with the launch of their public testnet named Ginger. The company is inviting everyone to try out their smart contracts using Bitcoin with their ethereum-like sidechain. They have also secured new funding that will allow them to take the project to full production, planned for later this year.

Screenshot_2

Ginger Testnet Launched

RSK Labs Launches Ginger Testnet, Receives $3.5M in New FundingRSK Labs, the company behind Rootstock, announced at Consensus 2017 on Monday the global release of their open source testnet, Ginger. Developers worldwide can now deploy an RSK node, grab some testnet coins, and try out ethereum-style smart contracts on RSK’s sidechain to the Bitcoin network.

Ginger’s source code is now available on Github. A network stats page, an RSK block explorer, and a testnet RSK coin faucet are also available to the public.

The RSK platform is a layer on top of Bitcoin, which aims to better transfer its value. Ginger “adds more functionalities to the Bitcoin network such as smart contracts, greater scalability and a new revenue stream for miners,” RSK Labs described.

RSK Labs Launches Ginger Testnet, Receives $3.5M in New FundingUsers of the network will be able to move the value of their bitcoins back and forth onto the RSK sidechain. RSK’s tokens have no value of their own, and primarily exist to speedily shuttle bitcoin around, giving it greater functionality with RSK’s varied smart contracts. Ginger allows a glimpse of this technology with some of the first smart contracts used on the system, including those that allow for merged mining, private networks, scaling benefits, and confidential transactions.

The RSK team says that over time, they will keep adding new features to Ginger. “These improvements will focus on the company’s vision of bringing the unbanked to the financial system, changing government through liquid democracies and building the Internet of Things,” they conveyed.

Second Announcement: New Funding

RSK Labs Launches Ginger Testnet, Receives $3.5M in New FundingAlong with Ginger’s release, RSK Labs also announced on Monday that it has raised $3.5 million pre-Series A funding from various investors, including Jaxx CEO Anthony Di Iorio, Bitfury and Bitmain.

This amount is on top of the $1 million raised last March by the company from Barry Silbert’s DCG, Coinsilium, and Bitmain.

RSK Labs plans to use their latest funds for R&D, strengthening network security, and deploying a “mainnet in a few months,” which would end the Ginger trial and launch RSK for real usage this year.

Scaling Benefits

RSK Labs plans to add three-tiered networks on top of Bitcoin to scale transactions to new levels. With Ginger, smart contract users can already see scaling benefits up to 20,000 transactions per second using Lumino, the company claimed.

RSK Labs Launches Ginger Testnet, Receives $3.5M in New Funding

RSK’s Gabriel Kurman (Photo\ Micheal Hudson)

Developers should be able to see the full speed improvements now, RSK Labs explained, adding that:

With Ginger, users will be able to run their smart contracts in a platform that can scale up to 2,000 tx/sec on chain and 20,000 tx/sec off chain, providing the scalability needed for global financial solutions.

Merge-Mine Bitcoin with RSK

RSK Labs Launches Ginger Testnet, Receives $3.5M in New FundingRSK Chief Scientist Sergio Demian Lerner gave a presentation on Monday at Consensus 2017. He said miners will be attracted to RSK because it is possible to mine their blockchain and Bitcoin, as well as other coins, all “at the same time and on the same hardware, and with the same power consumption.” The developer revealed that his team has “worked for over a year with mining pools” to develop “open-source plugins for merged mining that are highly efficient.”

This new form of merged mining is a cornerstone feature to RSK that incentivizes the use of their network and also of Bitcoin itself. Similarly, RSK’s smart contracts will reward people who run RSK nodes “from transaction fees,” Lerner described, and then announced that these contracts can be extended to “reward people running Bitcoin full nodes too.”

What do you think of RSK Labs’ Ginger Testnet? Let us know in the comments section below.

Ledger Holdings Generates $11.4 Million to Open U.S. Bitcoin Options Exchange

LedgerX, parent company of Ledger Holdings, generated $11.4 million in a financing campaign to open a regulated options exchange for bitcoin and other digital currencies in the U.S. The venture is led by Miami International Holdings Inc. and Huiyin Blockchain Venture Investments. 

shutterstock_136945139-640x410Ledger Holdings Generates $11.4 Million to Open U.S. Bitcoin Options Exchange

The company is in the process of being granted approval by the U.S. Commodity Futures Trading Commission (CFTC). When approval is granted, companies can leverage LedgerX’s platform to acquire bitcoin using exchange-traded and other centrally regulated distributed contracts.

“We believe a regulated bitcoin market could substantially expand the bitcoin economy. In this regard, a vibrant options market, which LedgerX plans to build, is a critical foundation to the entire ecosystem,” said James Wo, President of Huiyin Blockchain Venture Investments.

The president of LedgerX, Paul Chou, also commented on investments inside the bitcoin space:

In the short term, these investments will further our application to become a regulated exchange and clearing house for bitcoin options. In the long term, these strategic investors will help us enter additional marketplaces and territories.

Bitcoin Ecosystem and Company Asset Background

This new investment opportunity comes as bitcoin’s price hits $2275 on coinmarketcap.com. It appears the rising price and Japan’s recent acceptance of bitcoin has created a massive upward trend in the global ecosystem. Now, investment firms and hedge funds have taken an even more keen interest in developing strategies and expanding their regulated portfolios to include more bitcoin options.

The primary company involved Ledger Holdings Generates $11.4 Million to Open U.S. Bitcoin Options Exchangein the recent investment options, Miami International Holdings, Inc., is the parent company of Miami International Securities Exchange, LLC (MIAX Options) and MIAX PEARL, LLC.

The press release by LedgerX says that MIAX already offers trade options in 2,600 different classes. This implies bitcoin and other digital currencies will expand the company’s global monetary influence. This will put bitcoin into the U.S. securities and exchange limelight as the cryptocurrency tries to edge toward a price point of $3,000.

Do you see the creation of this centralized venture exchange for bitcoin as a net positive? Let us know in the comments below. 

Shapeshift Launches Decentralized Portfolio Platform Prism

Today at the Consensus Conference in New York City the Shapeshift founder and CEO Erik Voorhees has announced the launch of Prism, a “trustless asset portfolio platform”. The Swiss blockchain technology company says investors of all types looking to build a portfolio can do so using the decentralized digital asset holding application.

Screenshot_30

Shapeshift Launches Prism – the Decentralized Digital Asset Portfolio Without Third Party Risk

Shapeshift Launches Prism the Decentralized Portfolio PlatformLaunched today, the Prism platform provides users with the ability to secure a basket of cryptocurrencies without exposure to third party risk. The platform is built using Ethereum-based smart contracts that enable investors to construct a crypto-portfolio with a broad range of cryptocurrencies to choose from including Bitcoin, Litecoin, Monero, and Ripple.

Shapeshift says bitcoin and altcoins as an alternative investment have grown exponentially over the past two years, as the combined market cap has expanded over 200% in the past year to over $40 billion, explains the company. Prism will forward the cryptocurrency fever by offering the first live platform in a trustless environment dedicated to the users’ crypto-asset portfolio.

“Prism enables investors to gain secure, transparent exposure to digital assets in a way that has never before been possible. The days of leaving funds at an exchange ‘because it’s easier’ are over,” Erik Voorhees, CEO of ShapeShift detailed during the announcement.

Prism’s digital asset portfolios, built entirely on non-custodial smart-contracts, demonstrates a new standard in financial security.         

A Diversified Crypto-Portfolio That Competes With Other Prism Investors

The company says that it has used its proven model from the Shapeshift design to build Prism. The new platform is a “diversified crypto-portfolio that was distilled down into a simple interface: buy, rebalance, and settle, all of which the user can execute with nothing more than their Ethereum wallet,” explains the Swiss startup.

Shapeshift Launches Prism the Decentralized Portfolio Platform

Moreover once a Prism portfolio has been created it is positioned on a leaderboard competing with other Prism users based on investment performance. Furthermore, users can learn from top traders and copy their portfolio choices as well by visiting the public Prism performance leaderboards.

Prism Aims to Open a Whole New World of Borderless Finance

After creating a name for a personal Prism portfolio, users choose from a wide range of digital assets and determine how to split their investments. The investor then provides an Ethereum address that enables them to fund and track their Prism assets. The address gives Prism users proprietary control over their funds and the ability to track the investment vehicle via the Ethereum network. Shapeshift says the following ether wallets have been tested and vetted for use on the Prism platform Exodus.ioJaxx.io and Myetherwallet.

If an investor wants to close out their Prism account, they are asked to send a zero ETH transaction to a provided Ethereum address that will signal the smart contract to close the portfolio. If the Prism’s components went up 20%, the investor will receive 20% more Ether back than they put in, minus displayed fees.

“Prism takes us one step closer to a world of truly borderless finance. We suspect it will kickstart a vast horizon of financial experimentation upon smart contracts,” concluded Voorhees.

What do you think about the Shapeshift’s new portfolio platform? Let us know in the comments below.

Why Michigan’s Oldest Lawn & Power Sports Stores Goes Bitcoin

As bitcoin grows in value, more merchants every day are accepting the digital currency to stay ahead of the times. This week one of Michigan’s largest and oldest lawn equipment and power sports stores — Ball Equipment is now accepting bitcoin.

Screenshot_29

73 Year Old Business Thinks Outside the Box

Michigan's Oldest Lawn & Power Sports Store Goes BitcoinThe fourth generation family owned superstore, Ball Equipment, is one of Eastern Michigan’s largest and oldest outdoor power equipment dealerships operating for over 73 years. The store has two locations that sell heavy duty lawn equipment and power sports gear from brands like Polaris, Honda, Can-Am, Cub Cadet, and Husqvarna. This week the business decided to accept bitcoin allowing any of their customers to purchase rideable lawnmowers, ATVs, snowmobiles, dirt bikes and more.

Bitcoin.com talked to Chris Ball, one of the owners of the Michigan state superstores to see why the business decided to start accepting bitcoin. Mr. Ball says that even though they are an old and well-established company the team has always had the corporate philosophy of “getting ourselves outside the ‘we have always done it this way’ box.”

“The quickly evolving world of cryptocurrencies and the media attention it has received is something that attracted our interest. Even before fully understanding it, we knew it was something we should work towards adopting immediately,” explains Mr. Ball.

Bitcoin: ‘Very Appealing from a Profitability Standpoint’

Mr. Ball tells us there are other reasons why the company decided to accept the digital currency.

“For instance, many of the larger ticket items Ball Equipment sells like the ATV’s, and Motorcycles, are typically very low margin products to retail to consumers,” the Ball Equipment executive details.

The transaction fees and potential fraud that exists with traditional payment methods when compared to the ease of secure low-cost payments on high-value transactions made bitcoin very appealing from a profitability standpoint.

“In addition, becoming an early adopter in our very ’old school’ industry gives us the potential to do business on a local and even national level that we would otherwise not have the opportunity. Considering we have found very few of our competitors anywhere accepting bitcoin currently, we do not see much if any downside other than accepting the risk of short term bitcoin value fluctuations.”

A New Customer Base, and Being Prepared for the Future

Michigan's Oldest Lawn & Power Sports Store Goes BitcoinAs of today, Mr. Ball says customers can stop in one of the Ball Equipment showrooms or visit the website, browse the selection of vehicles and products, and then fill out a request quote form to let the company know you are interested in a purchase with bitcoin as a payment method.

“A member of our sales team will follow up to provide a quote and once a final decision is made an invoice will be provided with a QR code from our wallet to send coins for payment,” Mr. Ball explains.

As Bitcoin.com explained last week, as the digital currency continues to see more popularity the trend also follows with people purchasing luxury goods, real estate, and high ticket items. Merchants like Ball Equipment are starting to see the value in opening up sales to a new customer base, a currency that appeals to profitability and allowing their business model to stay on course with the future of payments.

Do you think merchant acceptance is growing as bitcoin becomes more valuable? Let us know your thoughts in the comments below. 

Bitcoin Pizza Day: Reliving the Memories and Forging New Ones

Today cryptocurrency enthusiasts around the world are celebrating the notorious “Bitcoin Pizza Day” where two Papa John’s pizzas were purchased for 10,000 BTC. Not only is the transaction deemed the first bitcoin exchange for real-world value, the trade is now appraised at US$20 million at today’s exchange rates.

Screenshot_28

‘I Like Having Leftover Pizza to Nibble On Later’

Bitcoin Pizza Day: Reliving the Memories and Forging New Ones The Bitcoin network had been in operation for a little more than a year on May 22nd, 2010 when a developer named Laszlo Hanyecz purchased two pizzas using the forum Bitcointalk.org. The trade Hanyecz made that day is widely celebrated every year by bitcoiners as it is considered the first real-world transaction using bitcoin as a medium of exchange.

“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe two large ones, so I have some leftover for the next day — I like having leftover pizza to nibble on later,” explained Hanyecz.

You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!

It Took Two Days for Someone to Accept the 10,000 BTC for Pizza Offer

After Hanyecz had published his post, a few bitcoin enthusiasts talked about making the trade with him. A couple of people contemplated a few ways they could get the pizza to Hanyecz who was living in Florida at the time. A whole day passed, and Hanyecz writes “So nobody wants to buy me a pizza? — Is the bitcoin amount I’m offering too low?”

I just think it would be interesting if I could say that I paid for a pizza in bitcoins   

Another 24 hours later Hanyecz announces that a successful transaction was made thanks to a user named “Jercos.” “I just want to report that I successfully traded 10,000 bitcoins for pizza,” the developer tells people on the thread. A few commenters thought it was great the exchange happened and congratulated Hanyecz that day. The 73-page thread discussion has been kept alive for years, with people commenting on how expensive the pizzas became as time had passed.

‘It Wasn’t Like Bitcoins Had Value Back Then’

Bitcoin Pizza Day: Reliving the Memories and Forging New Ones Years later the transaction is considered one of the greatest moments in Bitcoin history and the two pizzas purchased for $25 USD is now worth over $20 million. Hanyecz did an interview with the New York Times a few years later reminiscing about the infamous day.

“It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool,” Hanyecz told the publication.

Today as bitcoiners celebrate Bitcoin Pizza Day they’ll always wonder how those pizza’s tasted and whether or not Hanyecz really doesn’t regret eating the most expensive pizzas sold on the planet. As long as the pizza didn’t have weird toppings like fish, Hanyecz was pleased with his decision to offer 10,000 BTC for two pies.

“I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc.. just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire,” Hanyecz said at the time.

Celebrating This Year’s Festivities

There will be a lot of people enjoying Bitcoin Pizza Day in 2017 as the decentralized currency is more popular than ever before. There are businesses such as the Bitcoin Store featuring specialty pizza-themed goods, and some merchants are offering discounts like the artist Satoshi Gallery.

Additionally, the German-based bitcoin banking startup Bitwala recently started a campaign so the cryptocurrency community can donate pizza slices using bitcoin to refugee kids in Berlin. All the proceeds will go to Champions Ohne Grenzen, a Berlin-based NGO that works with children. Every week they hold football training sessions with qualified coaches to empower kids and help them overcome trauma. People from all around the world sent in their donations and the money received will help provide more than 100 slices to the refugee children.

“The fact that someone halfway around the world can have pizza delivered to war fleeing refugees without having to enter credit card info is a great and humane way to explain the power of bitcoin,” explained Bitwala’s CEO Jörg von Minckwitz.

What do you think about the two pizzas sold for 10,000 BTC? Would you have regretted this decision now? Let us know what you think in the comments below.

Three Services That Aim to Create Bitcoin Professionals and Experts

Bitcoin can be a very technical subject, and oftentimes people have to find various resources online to educate themselves. However, there are a few organizations that instruct cryptocurrency enthusiasts through training and curriculum in order to edify the growing field of bitcoin professionals.

Screenshot_27

Education and Professional Expertise Helps the Growing Bitcoin Economy Flourish

As the bitcoin economy grows, there are many people looking to learn about the bitcoin protocol and the growing cryptocurrency ecosystem. A leading-edge network of professionals that understand the technology is needed to bolster the innovative technology into the future. In 2017, there are few ways an individual can become a certified bitcoin professional to advance their knowledge and careers.

Three Online Academic Bitcoin Courses

The Cryptocurrency Certification Consortium

Three Services That Aim to Create Bitcoin Professionals and ExpertsOne educational program called the Cryptocurrency Certification Consortium (C4) teaches students how to be certified bitcoin specialists. C4 has three types of courses that enable people to become either a Certified Bitcoin Professional (CBP), a Certified Bitcoin Expert, and a Certified Ethereum Developer.

A graduating CBP claims to give an individual a significant grasp at understanding the bitcoin protocol, transactions, and network operation. “CBPs are able to apply Bitcoin technology to their professional area of expertise and understand privacy aspects, double-spending, and other issues that relate to the currency,” explains the educational consortium. The cost to become a CBP involves two years of study at the cost of $95 for the course and a $30 renewal fee.

A CBX gives an individual “expert-level knowledge” about bitcoin, says the consortium. C4 also claims the certification gives a person the ability to develop blockchain applications as well. “CBXes understand how peers communicate on the Bitcoin network, how transactions are crafted at the byte level and how Bitcoin scripts can be written to customize the behavior of transactions,” C4 details. This course is three years long but is not yet available to students.

The consortium is backed by a board of directors which include Andreas M. Antonopoulos, Vitalik Buterin, and Michael Perklin. Furthermore, C4 has well-known advisers such as Ethereum co-founder Charles Hoskinson, Director of the Bitcoin Education Project, Peter Todd, Bitcoin Core Developer, and Steve Dakh, author of Kryptokit and Rushwallet.

Digital Currency Council

Three Services That Aim to Create Bitcoin Professionals and ExpertsThe Digital Currency Council (DCC) was created in 2014 in New York by David Berger, the school’s founder and CEO. DCC claims to have over 1500 members from 90 countries worldwide utilizing the organization’s digital currency training, and certification. The group calls itself an “association of professionals in the digital currency economy.”

The DCC Professional Certification Training Program is shorter than the two-year consortium course with only a seven-hour online program. However, the course is far more expensive costing $299 for students taking the final exam. The DCC advisory faculty covers the six sections called “core competencies” which include cryptocurrency technical underpinnings, monetary implications, practical use, bitcoin’s ecosystem, accounting, and legal subjects. DCC also offers a self-assessment test to see if you qualify for the certification training program. The school is also backed by Barry Silbert’s Digital Currency Group and the Silicon Valley accelerator 500 Startups.

“The DCC Certification, like other professional certifications, allows us to hold professionals who are advising clients to a higher standard, and provide a benchmark for evaluating skill and professional value,” Barry Silbert, CEO of the Digital Currency Group explains on the DCC website.

Coursera: Bitcoin and Cryptocurrency Technologies

Three Services That Aim to Create Bitcoin Professionals and ExpertsPrinceton’s Coursera computer science class called “Bitcoin and Cryptocurrency Technologies” is a free course from Princeton University. Assistant Professor Arvind Narayanan instructs the class on a variety of lessons that cover the innovative technology at a “technical level.” The next class begins on May 15 and begins to discuss cryptographic building blocks and introduces the concept of cryptocurrency.

“After this course, you’ll know everything you need to be able to separate fact from fiction when reading claims about Bitcoin and other cryptocurrencies,” explains the Princeton Coursera website. “You’ll have the conceptual foundations you need to engineer secure software that interacts with the Bitcoin network. And you’ll be able to integrate ideas from Bitcoin in your own projects.”

The Coursera class is eleven weeks long discussing subjects like decentralization, the mechanics of bitcoin, regulation, mining, altcoins, and more. Every week the course offers an interactive textbook, pre-recorded videos, quizzes, and projects. Furthermore, students can connect with other peers and converse about course material.

Furthering Bitcoin Careers and Creating Crypto-Professionals

There are other ‘certification style’ digital currency education programs online but do some research on the course and organization before registering. Teaching a broader audience of professionals is a good idea to continue progressing the new digital economy.

These types of certificate programs may even further an individual’s career, and it’s also possible to learn at home for free. Besides Coursera’s free course, there is a boatload of information on bitcoin and its technical aspects. However, people often enjoy a class setting and a certificate from an organization from accredited luminaries in the bitcoin space could go a long way.

What do you think about these certification programs and courses covering the cryptocurrency environment? Let us know in the comments below.

Screenshot_26

Bitcoin Mining Manufacturer Canaan Acquires Proof of Existence

The first document timestamping service for the Bitcoin blockchain, Proof of Existence, has been acquired by Bitcoin ASIC mining hardware manufacturer Canaan. The company has also retained the founder of Proof of Existence, Manuel Aráoz, as an advisor on future product development.

shutterstock_521164807-640x449

The Acquisition by Canaan

Bitcoin Mining Manufacturer Canaan Acquires Proof of ExistenceFounded in 2013 and headquartered in Beijing, Canaan Creative Co. Ltd (Canaan) produces Bitcoin mining rigs, designs ASIC microprocessors and operates data centers.

On Sunday, May 21, the company’s Hong Kong-based subsidiary, Canaan.io, announced that it had acquired Proof of Existence from founder Manuel Aráoz. “The blockchain space offers us opportunities on the hardware side and on the services side,” said Xiangfu Liu, Canaan co-founder, adding that:

We make the hardware that secures the blockchain; and now with the acquisition of Proof of Existence, we will also build services on top of the tamper proof features of the blockchain.

Bitcoin Mining Manufacturer Canaan Acquires Proof of ExistenceEarly this month, the company also announced that it had raised RMB300 million (approximately US$43 million) in a series A funding round. Its investors include Chinese hotel operator Jin Jiang International Group Co. Ltd, Chinese investment firms Baopu Asset Management Co. Ltd., and Tunlan Investment.

The funding will support Canaan’s “upcoming 7nm designs and to enter the AI [Artificial Intelligence] market with its first Knowledge Processing Unit (KPU),” the company revealed on Sunday. Its products can be applied in AI fields including smart home appliance, autonomous driving, voice interaction and image recognition.

Avalon Mining Family

Bitcoin Mining Manufacturer Canaan Acquires Proof of Existence
Avalonminer 741

Canaan is the company behind the Avalon mining family of hardware which produces ASIC mining chips and rigs. The line of hardware was launched in late 2012 and was the first to successfully pre-sell commercially available ASICs. Avalon mining rigs were sold and delivered before any other brands of ASIC bitcoin miners, even pre-dating the infamous Butterfly Labs brand, making it the oldest brand of Bitcoin mining equipment still in production today.

When Avalon first debuted their then-powerful, 65 gigahash mining rigs on Ebay for $1,500, the response was so overwhelming that the last unit sold for over $20,000. Today, their 7.3 TH/s Avalonminer 741 sells for $715, as shown on Canaan’s website.

Proof of Existence

Proof of Existence was another historic debut for Bitcoin. Launched on May 21, 2013, it was the first blockchain-based service to allow users “to publicly prove that you have certain information without revealing the data or yourself, with a decentralized certification based on the bitcoin network,” its website describes. According to Sunday’s announcement:

It [Proof of Existence] has processed thousands of documents supplying customers with immutable proof of existence for their assets.

The service offers document proofs that are stored on Bitcoin’s blockchain, without storing the document itself. The first of many similar services and protocols to do the task, Aráoz’s website uses a special bitcoin transaction that contains the hash in Bitcoin’s OP_RETURN script, embedding it into the bitcoin blockchain. It also lets users come back and verify their documents later.

Manuel Aráoz’s Other Projects

As part of the acquisition agreement, Canaan has retained Aráoz as an advisor on future product development and other blockchain related services. “Aráoz has agreed to continue on and advise the company on improvements to the product as well as other software services,” the company wrote. “The agreement ensures that there will be no interruptions in services and no changes in the API.” Commenting on the acquisition, Aráoz said:

I’m really happy to close this deal with Canaan.[…] I’m looking forward to enhancing the product, and exploring other blockchain services.

Bitcoin Mining Manufacturer Canaan Acquires Proof of ExistenceAráoz, who lives in Buenos Aires, has been involved in many projects surrounding and supporting the Bitcoin ecosystem. Proof of Existence was his first, which led to him working for Bitpay in 2014, where he helped develop the popular Javascript Bitcoin library, Bitcore.

That project led to the creation of Multipaper, the first multi-signature address paper wallet, which uses Bitcore. Then in May 2015, he created Streamium, a video livestreaming application like Periscope or Meerkat. Streamium was the very first application to use Nakamoto payment channels for micropayments while streaming live P2P video. Today Aráoz is working on Decentraland, a blockchain-based virtual reality project.

What do you think of Canaan acquiring Proof of Existence? Let us know in the comments section below.

Bitcoin’s Meteoric Price Rise to the Moon Going toward $3000

On May 20, 2017, the price of bitcoin reached the US$2000 line at the bitcoin exchange Bitstamp. The decentralized currency’s meteoric rise in value has captured a phenomenal $32 billion dollar market capitalization after eight tremendous years of growth.

Screenshot_26

Bitcoin Has Broken So Many Records in 2017 It’s Hard to Keep Track

2017 has been an unbelievable year for cryptocurrency enthusiasts as they’ve watched bitcoin cross milestone after milestone. The digital asset is becoming widely known as a strong hedge against the turbulent global economy that continues to sink further every day. Many citizens from all around the world are clearly choosing bitcoin to hedge their wealth from deteriorating and to move their money however they see fit. This can be seen in countries like China, Japan, India, Venezuela, Russia, and more.

Bitcoin Meteoric Price Rise to the Moon Breaks Past $2K
Bitcoin breaks $2000 on May 20, 2017.

Some of the momentous feats Bitcoin has reached this year include global trade volume topping over $1 billion USD worth of trades daily. Bitcoin’s hashrate has reached a whopping 4.2 exahash per second encouraged by the mining revenue that has also crossed an all-time high. The decentralized currency’s daily transaction rate is higher than ever before with over 326,000 transactions per day. Bitcoin has crushed nearly all of its records over the past four months and doesn’t seem to be slowing up.

Mainstream Media Loves Bitcoin

Mainstream media has been awfully kind to bitcoin as friendly headlines from publications like the New York Times, Bloomberg, Fortune, Time Magazine, and many others have shown bitcoin in a positive light. The articles are very different from the editorials in the past calling bitcoin doomed, dead, worthless, tulip mania, and yes even beanie babies. Now mainstream media is calling bitcoin worthy of an investor’s portfolio, a “safe haven,” “store of value,” “digital gold,” and many other kind words.

Eight Years of Great Memories Without Asking Permission

The $2000 price is just shy of two days before the infamous pizza day where a pie from Papa Johns was sold for 10,000 bitcoins ($20M USD). Furthermore many bitcoiners can still remember the days when bitcoin reached parity with the U.S. dollar, silver, and this year surpassing 1oz of solid gold. Bitcoin has been in the movies, in songs, books, television shows, and even on the Simpsons.

Bitcoin Meteoric Price Rise to the Moon Breaks Past $2K
Think bigger. $2000 bitcoin is not Moon.

Overall bitcoin has had a very memorable life over the course of its short existence of only eight years. Many people, businesses, corporations, governments and think tanks mocked bitcoin and said it would never last, but now the digital currency is stronger than ever. Bitcoin has accomplished all of this without any rulers and has allowed people the ability to do what they want with their money without asking permission.

What do you think about bitcoin’s price reaching $2000? Let us know in the comments below.