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PayCoin Denver | PayCoin CryptoCurrency Coaching +

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Paycoin-Cryptocurrency Coaching & Business Development

By PayCoin

When lots of people think of cryptocurrency they might too be thinking of puzzling currency. Really few folks seem to understand what it is as well as for some reason everybody seems to be discussing it as if they do. This record will with any luck debunk all the aspects of cryptocurrency to ensure that by the time youre completed reading you will have a respectable suggestion of what it is and what its everything about.

You may discover that cryptocurrency is for you or you might not however a minimum of youll have the ability to speak with a level of surety and also understanding that wont possess.

There are lots of people that have already reached millionaire standing by dealing in cryptocurrency. Plainly theres a bunch of cash in this brand-new market.

Cryptocurrency is electronic money, brief and also easy. Nonetheless, whats not so brief and easy is specifically how it comes to have value.

Cryptocurrency is a digitized, online, decentralized money created by the application of cryptography, which, according to Merriam Webster dictionary, is the digital encoding as well as decoding of details. Cryptography is the foundation that makes debit cards, computer system banking as well as eCommerce systems possible.

Cryptocurrency isnt supported by financial institutions; its not supported by a government, but by a very challenging plan of formulas. Cryptocurrency is electrical power which is encoded right into intricate strings of formulas. What lends financial value is their intricacy and their protection from cyberpunks. The method that crypto currency is made is just as well difficult to replicate.

Cryptocurrency is in direct opposition to exactly what is called fiat cash. Fiat money is currency that gets its worth from government ruling or law. The dollar, the yen, as well as the Euro are all instances. Any kind of money that is defined as legal tender is fiat cash.

Unlike fiat cash, one more part of just what makes crypto money important is that, like an asset such as silver and also gold, theres only a finite amount of it. Just 21,000,000 of these incredibly complicated formulas were made. No more, no less. It cannot be changed by printing even more of it, like a federal government printing even more cash to pump up the system without backing. Or by a banking changing a digital journal, something the Federal Reserve will advise financial institutions to do to readjust for inflation.

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PayCoin Denver | PayCoin CryptoCurrency Coaching +

Reddit (sort of) launches its own nebulous cryptocurrency, Reddit Notes

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We've already heard that 2015 is supposed to be the year of cryptocurrency, and Microsoft recently announced that Bitcoin is an acceptable form of payment. Now Reddit is getting in on the virtual currency action. Kind of. Well, perhaps. The details are vague at the moment, but the intriguingly-named Reddit Notes have been announced.

It comes just a few months after Reddit managed to secure $50 million in funding, and at the time "the investors in this round have proposed to give 10% of their shares back to the community". The birth of Reddit Notes is the start of this payback, but it's not yet clear who will receive them or what they will be used for.

The name has the distinct feel of a cryptocurrency, and Reddit explains that there are "approximately 950,000 reddit notes to divide among active user accounts". The notes can be viewed like shares at this stage, and it's obvious that there will have to be some sort of selection process if less than 1 million shares are to be distributed between users: there are just too many users for everyone to be included.

In a blog post, Reddit explains:

There aren't as many reddit notes as there are accounts, so if you get one, lucky you! Eligible recipients of reddit notes will be determined based on activities before 9/30/14, and we plan to give them away in the fall of 2015. We're still working out details on both the technological and legal aspects of the project, especially regarding how reddit notes will work within existing government regulations.

Reddit Notes are surrounded in ambiguity at the moment -- well, you have to get the hype machine going somehow --but a basic infographic shows that Reddit Notes can be donated, given, traded, used as payment, or saved. There's no hint about when we might know more, but Fall 2015 is a way off yet, so there's plenty of time for more details to come out.

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Reddit (sort of) launches its own nebulous cryptocurrency, Reddit Notes

Clustering bitcoin accounts using heuristics

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Editors note: well explore present and future applications of cryptocurrency and blockchain technologies at our upcoming Radar Summit: Bitcoin & the Blockchain on Jan. 27, 2015, in San Francisco.

A few data scientists are starting to play around with cryptocurrency data, and as bitcoin and related technologies start gaining traction, I expect more to wade in. As the space matures, there will be many interesting applications based on analytics over the transaction data produced by these technologies. The blockchain the distributed ledger that contains all bitcoin transactions is publicly available, and the underlying data set is of modest size. Data scientists can work with this data once its loaded into familiar data structures, but producing insights requires some domain knowledge and expertise.

I recently spoke with Sarah Meiklejohn, a lecturer at UCL, and an expert on computer security and cryptocurrencies. She was part of an academic research team that studied pseudo-anonymity (pseudonymity) in bitcoin. In particular, they used transaction data to compare potential anonymity to the actual anonymity achieved by users. A bitcoin user can use many different public keys, but careful research led to a few heuristics that allowed them to cluster addresses belonging to the same user:

In theory, a user can go by many different pseudonyms. If that user is careful and keeps the activity of those different pseudonyms separate, completely distinct from one another, then they can really maintain a level of, maybe not anonymity, but again, cryptographically its called pseudo-anonymity. So, if they are a legitimate businessman on the one hand, they can use a certain set of pseudonyms for that activity, and then if they are dealing drugs on Silk Road, they might use a completely different set of pseudonyms for that, and you wouldnt be able to tell that thats the same user.

It turns out in reality, though, the way most users and services are using bitcoin, was really not following any of the guidelines that you would need to follow in order to achieve this notion of pseudo-anonymity. So, basically, what we were able to do is develop certain heuristics for clustering together different public keys, or different pseudonyms. Im happy to get into the technical details, but Im not sure how relevant they are. The point is that, if you think these are good heuristics, then basically they provided evidence that a certain set of pseudonyms were called into the same owner. In that owner could be a single individual or it could be an entire service, like bit scams or another exchange.

In the course of their research, Sarah and her collaborators realized that addresses used to collect excess bitcoins (change addresses) provided a good clustering mechanism:

If you think about making change with physical cash, if I walk into a physical store and I hand the clerk a $20 bill, and my thing only costs $5, then Im going to get $15 back in change, right? And in bitcoin, that process of making change is actually completely transparent, so you can observe the change public key in the blockchain.

What we tried to do is distinguish change addresses, as we called them, from the legitimate recipient in the transaction. So, in my example in the store, youd see two public keys as the out in that transaction, one of them would receive $5, and the other would receive $15. What we tried to do is develop a heuristic for distinguishing that $15 part of the transaction from the legitimate $5 recipient. That turned out to be much trickier, but that really was the bulk of the work in the project, just trying to make that heuristic as safe as possible.

Once they settled on heuristics with which to cluster addresses, the research project still required a data set for testing their theories. This entailed conducting and following transactions through the bitcoin ledger:

Image courtesy of Sarah Meiklejohn.

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Clustering bitcoin accounts using heuristics

Welcome To Bitcoin, USA: St. Petersburg Merchants Embrace Cryptocurrency Before 'Bitcoin Bowl'

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At The Alligator Attraction in Madeira Beach, Florida, tourists can learn about koi fish, take photos with a tortoise, or feed huge alligators. But come Monday, visitors who stop by the attraction will be able to do something even stranger: Theyll be able to pay for those experiences using bitcoin.

The Alligator Attraction is one of 86 businesses in Madeira Beach -- a 2-mile-long town near St. Petersburg -- that are gearing up to accept bitcoin, the popular cryptocurrency. Thats because Madeira Beach is a partner of the Bitcoin St. Petersburg Bowl football game and recently became the first city in the world to officially embrace bitcoin.

Its the age of technology. Its time to move forward with payments, said Sonny Flynn, the business manager of The Alligator Attraction and two other Madeira Beach businesses that are set to begin accepting bitcoin.

Madeira Beach has always been a tourism hotspot, attracting hundreds of thousands of visitors each year who want to relax on the small towns sugar white sand beach, go deep-sea fishing off its shores, or have dinner and drinks at its boardwalk eateries. But after Madeira Beach was picked to host the Bitcoin St. Petersburg Bowls annual Beach Bash event through 2016, the citys leaders figured they could get themselves extra publicity and lure more travelers by becoming a tourism destination for bitcoin users around the globe.

Late last month, the city passed a resolution to begin accepting bitcoin for certain payments. Residents can now use the cryptocurrency to pay for boat fuel and fishing tackle at the city-run marina, and come next year, theyll be able to pay for parking tickets using the code-based money. In the meantime, city officials are in a mad rush to sign up as many businesses as they can by Christmas Eve, the day of the Beach Bash.

That event is expected to draw as many as 5,000 visitors to the small town to watch the players from the University of Central Florida and North Carolina State University as they compete in silly beach events like Hoola Hoop and belly-flop contests before they face off on the gridiron. By then, Madeira Beach officials hope it will be possible for tourists to go the entire day in the city making payments using nothing but bitcoin.

"Bitcoin users are very loyal to it. Theyre into it, and if they find a city where they can go and use it, they are going to book their vacation there, said Misty Wells, a spokeswoman for Madeira Beach.

To use bitcoin in the real world, consumers have to sign up for a bitcoin wallet. They can do that through services such as Trucoin or Airbitz, which will be signing up fans at the game on Dec. 26. After that, consumers exchange dollars for bitcoin, and then go to a merchant that accepts the cryptocurrency. At the point of payment, the merchant will show the consumer a code that they scan using their smartphone. The code tells their bitcoin wallet who to send the payment to, which occurs after the consumer enters the amount owed and approves the payment.

Madeira Beach officials hope to get more than 100 merchants, or more than 80 percent of the citys businesses, signed up to accept bitcoin by game day. Helping them in that effort is BitPay, a bitcoin-processing startup based out of Atlanta and the title sponsor of the Bitcoin St. Petersburg Bowl through 2016. BitPays goal for the game is to get bitcoin further into the mainstream, said Stephanie Wargo, BitPay vice president of marketing.

"We thought that this was a nice, easy, fun introduction to the masses on what bitcoin is, Wargo said. The game needed it to be somewhere that we could make a destination place that even after the bowl game all of these businesses could still attract bitcoin consumers to their business. We wanted to make sure it was some place that you would want to come and visit. Being next to the beach, it makes it quite nice.

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Welcome To Bitcoin, USA: St. Petersburg Merchants Embrace Cryptocurrency Before 'Bitcoin Bowl'

Not an April Fools joke: Hull launches its own cryptocurrency: "Hullcoin"

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Hull City Council have launched a new Bitcoin-style cryptocurrency in the city and yes, surprisingly, this isnt an April Fools joke. After making enquiries, the council have confirmed to me that yes, it is definitely real.

Stories started appearing yesterday which is usually a sign of greater credibility when youre writing something on the internet on April 1st. According to CoinDesk, the intention is to use the currency to tackle poverty.

Apparently the way it will work is by paying local people in Hullcoins for certain activities such as volunteering, and also accepting Hullcoins at local food banks (though Hullcoin allocation will not be dependent on volunteering it will be allocated based on poverty/need).

Whilst it may sound bizarre it just might work. The virtual coins wont have any impact on benefits received in real money because the currency is currently unrecognised by the UK government. Theres also the precedent of other local currencies like the Brixton Pound. Whilst the Brixton Pound is not a cryptocurrency (it is made of a quaint material known as paper), the idea with it is that it is issued and spent locally in Brixton to support the local economy. Hullcoin could end up playing a similar role.

On a technical level, the computer used to generated Hullcoins (the mining rig) has apparently been donated by an anonymous benefactor, and the currency is apparently based on two different mining scripts: Feathercoin and and Ven the use of a mixture being designed to create greater stability in the currency.

So itll be an interesting experiment and itll be interesting to see if the first government-backed cryptocurrency will turn out to be a success.

By James O'Malley | April 1st, 2014

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Not an April Fools joke: Hull launches its own cryptocurrency: "Hullcoin"

090 New Fashion ReadYourMind Bitcoin BrainWallet Telepathy CryptoCurrency Furry Comedy Art CCBP EEV – Video

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Another Anti-ASIC Cryptocurrency Launched | NEWSBTC

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Days after Vertcoin forked its network to implement an anti-ASIC algorithm Lyra2RE, another cryptocurrency with similar objectives was launched. Named as Kryptohash, the new altcoin is promising new features against ASIC mining, one among which is a brand new POW algorithm.

KSHAKE320 The New POW Algorithm The new algorithm is aiming to reduce mining costs by completely eradicating ASICs from the picture. A small description of KSHAKE320 describes it as a new Proof-Of-Work algorithm (POW) based on the Keccak-F 1600 Sponge function in a mode called Extendable-Output (a.k.a. SHAKE). SHAKEs variable output makes it ideal for a Proof-Of-Work solution, as it can easily be configured to require large amount of memory which increases the computing cost to those attempting to perform large-scale ASIC attacks.

Incidentally, Vertcoin is also using the hash function Keccak in its chain algorithm, which also includes other algorithms like Skein, Groestl, Blake and Lyra2. However, the Kryptohash developers have implemented a 320-long mining hash, while Vertcoin uses the 256 one. Also, there is no mention of SHAKE in the Lyra2E whitepaper, which makes KSHAKE320 a truly unique algorithm thanks to handful of new features..

Mining Incentives The block solvers are promised to be paid a fixed 0.5% fee. The absence of ASIC mining will indeed eradicate mining monopoly, as the probability of solving one block would be same for each miner. The block difficulty will be adjusted every 100 blocks using a PID algorithm. Here is the block reward and fee structure listed on Kryptohashs official website.

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Another Anti-ASIC Cryptocurrency Launched | NEWSBTC

Unique Cryptocurrency Income Systems

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This week, Jason talks to a pioneer in the Wild West of cryptocurrency. Eight months ago Josh Mohland created DogeTipBot, a tool for tipping with dogecoin on Video Rating: 5 / 5

Ever more people are using digital currencies to pay for things though its still relatively hard to find places that will accept them. But not so in one D Video Rating: 4 / 5

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Unique Cryptocurrency Income Systems

Coin Brief Podcast #25: Cryptocurrency Bill, BitLicense Comments, USMS Bitcoin Auction, & More – Video

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Coin Brief Podcast #25: Cryptocurrency Bill, BitLicense Comments, USMS Bitcoin Auction, More
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Coin Brief Podcast #25: Cryptocurrency Bill, BitLicense Comments, USMS Bitcoin Auction, & More - Video

2015 to be the year of biometrics, wearables, cryptocurrency and streaming

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Coming to the end of 2014, it's time to start looking to what the year ahead may have to offer. After gazing into its crystal ball, Juniper Research has compiled a list of what it expects to be the biggest technology trends of 2015. Topping the list is a focus on security. Juniper Research predicts that there will be greater interest in encryption and tokenization, as cloud storage providers battle to regain customer trust.

The launch of Apple Pay will help to drive an increased interest in biometrics to help with security, but 2015 is also predicted to be the year that wearables really take off. Now that Apple has entered the arena, there should be a greater focus on aesthetics and smaller players will increase in popularity. Tied in with both security and wearables is a predicted jump in the use of NFC -- for payments, authentication, health and more.

Juniper Research's white paper suggests that 2015 will see a marked shift to the consumption of media through streaming services. This is thanks in part to mobile data bundles, and it is predicted that the digital download market "will begin its collapse". There has already been something of a movement towards streaming rather than downloading, so this prediction is not entirely surprising. The same is true of the suggestion that cryptocurrency payments -- such as Bitcoin -- will increase in popularity, again tied to wearables, security and NFC. Perhaps what 2015 is really going to be about is the interoperability of devices and services.

The much-talked about drone is likely to continue to hit the headlines. More than just a system of surveillance, these devices are likely to be widely adopted as delivery systems and used more in filming thanks to a huge drop in prices.

A prediction that will please many is one that suggests that budget smartphones, tablets and phablets will really take off in 2015. We've seen the battle at the top end of the market, and now attention turns to the other end of the scale. This is going to develop into a buyers' market, so we should see some great development in the realm of the budget device. Rounding off Juniper Research's visions for next year are predictions that indoor location awareness will increase in importance, as will web integration and deep-linking of apps.

Photo credit: Vjom / Shutterstock

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2015 to be the year of biometrics, wearables, cryptocurrency and streaming


  1. Cryptocurrency