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Satoshi Nakamoto Inspiration Gives Advice On Bitcoins Next Move – Forbes

Listening to educator, inventor and scientist Scott Stornetta on May 30th during the presentation curated by the Government Blockchain Association Of UAE provided insight into one of the least understood problems in blockchains. Stornetta was part of the team that created what can be called a proto blockchain. With three out of nine references in the bitcoin paper by Satoshi Nakomoto, Stornetta and co-inventor Stuart Habers ideas have had an outsize influence on the design of bitcoin and of subsequent blockchains.

Stornetta answered a question about what message he will have if he were to ever meet Satoshi. Stornetta said that he would ask him to fully read the second paper. Here Stornetta is referring to a way to upgrade bitcoin or any time-stamping mechanism, if the signature algorithm is in danger of being compromised.

That paper deals with two topics, one of which is familiar to us from bitcoin and other blockchains. The use of Merkle trees as a way of aggregating the commitments and referring to just the root of the tree, which if timestamped and witnessed properly, ensures immutability of all the leaf documents or transactions. This is a way to refer to lots of transactions with just a single number. This is the basis of the concept of block in blockchain.

The papers second topic is how to renew the timestamps of documents if the cryptography behind timestamping using signatures is in danger of being broken. The simple prescription is to renew the timestamp, referring to the document (the hash) and the old signature in the new one.

Stornetta and Habers concerns were to preserving immutable and unrepudiatable references to digital documents with the time they are entered into a registry. That is not about value exchange and control of assets, like most other blockchains. They also make the observation that the timestamp, if fixed in a chain at a time known to be before the break, can be assumed to be correct.

Two baby elephants, symbols of renewal, walk among a herd at the Minneriya National Park in ... [+] Minneriya on July 8, 2020.

Many of the cryptographic structures behind any blockchain network are relatively safe from quantum computing as they are based on hash functions which are quantum resistant. For bitcoin and for other blockchains, this means that, Merkle trees and the structure of the chain itself are quite safe as most of this is based on hashes.

The vulnerability of digital signatures to Shors algorithm using quantum cryptanalysis is a Damocles sword that hangs over any blockchain that is meant to last for ever. Although, it is improbable that quantum computing will be able to break the signature algorithm in the short term there is a possibility that it will in the long run. For decentralized value exchanges whose longevity should be measured in hundreds of years, this consideration is crucial.

The more quantum vulnerable parts are signatures, as value transfer is based on signatures, the unspent transactions are vulnerable. If quantum computing progresses to a point where the signature algorithm is in imminent jeopardy, the signature algorithm needs to be updated to a quantum resistant one. Moreover, all owners of unspent transactions need to transfer values to the new scheme. This action also needs to be done before the signature scheme is broken. Further, it will need actions from all owners of value to safeguard their assets. This also applies to other forms of asset ownership assertion using asymmetric or public key cryptography. Some of these considerations can be seen in the plans for Ethereum Serenity upgrades.

Once quantum computing for factorization becomes a reality, all stranded assets; for which private keys are lost due to negligence or their owners death will start moving again, into the control of people with enough quantum resources.

Facilities for upgrading systems should be part of the initial architecture of any long-lived system. There are many throw-away systems that long outlive the initial horizon, so any system has to be created as if it is going to live a long time.

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Satoshi Nakamoto Inspiration Gives Advice On Bitcoins Next Move - Forbes

There Are Over 13K Bitcoin Addresses Worth $1M – Cointelegraph

There are over 13,000 Bitcoin (BTC) addresses that are worth at least $1 million, according to data from Glassnode.

At the current prices, it takes about 107 BTC for an address to become a dollar millionaire. Since this metric is tied to the dollar price of Bitcoin, it tends to fluctuate a lot. For comparison, the number of addresses that contain at least 100 BTC has a much lower volatility.

Bitcoin addresses that hold 100 BTC v. addresses that hold $1M worth of BTC. Source: Glassnode.

We can observe that the number of addresses with balances of over $1 million hit a record high during the 2017 bull run, while the other metric remained largely unaffected by it. This remains one of the few indicators in the Bitcoin world with a very low variance through the years.

Another possible reason is that some of these addresses are controlled by large entities like exchanges and custodians, who do not like to stray from a predetermined distribution of their Bitcoin. It should also be noted that there are over 1 million of Bitcoin which were likely mined by Bitcoin creator, Satoshi Nakamoto. These coins have not moved in over 10 years.

So how many Bitcoin millionaires are there? The reality is that we do not know. In order for us to answer this question, we would have to know how many individuals or entities control those 13,290 addresses. This number could theoretically lie anywhere between 1 and 13,290.

Although it is possible to apply data analysis heuristics to Bitcoin addresses and transactions to narrow down this number somewhat, no such complete data set is currently available.

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There Are Over 13K Bitcoin Addresses Worth $1M - Cointelegraph

Bitcoin Rally or Altcoin extinction? Top Trader sees gloomy future for ETH, XRP and Co. – Born2Invest

Despite the massive losses in the wake of the corona crisis, Bitcoin has had a good year until now in 2020. The year-to-date performance until Sunday, July 5th, was over 25%, which means that BTC even beats the US S&P 500 share index in the first half of the year. However, these price gains seem almost meager compared to the gains that some old coins have made this year to date. These include Ethereum with +72% and Tezos with +65%.

However, this appearance of dwindling Bitcoin dominance can be deceptive. While some see a new Altcoin rally like in 2017, others are not so sure about this point. A well-known top trader in the crypto sector is more likely to believe that there will be an extinction of Altcoins before the next long-awaited Bitcoin Rally. What is true about his thesis?

Find out more about Bitcoin and the faith of other cryptocurrencies and read the latest finance news with The Born2Invest mobile app.

The top trader from the crypto sector is Joe007, who has made a name for himself by positioning himself at the top of the Bitfinex Leaderboard. In a new Twitter post from July 3rd, Joe007 makes a bold thesis when he writes that in his opinion an Altcoin mass extinction will come before a possible next Bitcoin Rally. Specifically he wrote: I believe the mass extinction of Shitcoins will likely precede the next Bitcoin rally. Make it whatever you want.

The statement of Joe007 can be seen as very controversial, as there is always hope among some Crypto fans for an Altcoin season like 2017. But the trader seems to have a critical attitude towards everything that is not called Bitcoin. So he also shot against the DeFi area, which is based on the second largest and therefore most promising cryptocurrency besides BTC:

DeFi is nothing but another marketing ploy by a shadow gang of snake oil sellers behind Ethereum. It is obvious that they are trying to create another ICO-like mania. With the same 0 real benefits in the real world.

The top trader Joe007 is not the only one who has radical views on Altcoins. So Adam Back, the CEO of Blockstream, who was mentioned by name by Satoshi Nakamoto in the BTC White Paper, wrote on Twitter on June 30th: There is only one cryptocurrency, Bitcoin.

The programmer told Bloomberg in early June that Bitcoin is on track to reach $300,000 within the next five years. This would mean that BTC would increase by more than 3,000% from its current level.

Max Keiser, a BTC proponent who is also well-known in the crypto sector, is a so-called Bitcoin maximalist in addition to Back. In a recently published interview, Keiser explained his preference for digital gold as follows: There is no coin out there that can do something that Bitcoin is not already doing or will soon be able to do.

As it can be seen from the examples of Joe007, Adam Back and Max Keiser, many crypto experts agree that Bitcoin is the only true cryptocurrency and that Altcoins are doomed to failure in the long run. But will they be right?

Basically, it can be said that the 11-year supremacy of Bitcoin is no coincidence, despite almost 5,600 other cryptocurrencies according to Coinmarketcap. The cryptocurrency invented by Satoshi Nakamoto was the biggest innovation in the crypto sector, so it is no wonder that BTC has the most market capitalization.

However, only the future can show whether all other cryptocurrencies are automatically doomed to failure. One thing is certain, however, that the world does not need 5,600 cryptocurrencies and 99% of them will become worthless. In this scenario, there would still be room for some other special cryptocurrencies besides Bitcoin.

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(Featured image by WorldSpectrum via Pixabay)

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This article may include forward-looking statements. These forward-looking statements generally are identified by the words believe, project, estimate, become, plan, will, and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

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Bitcoin Rally or Altcoin extinction? Top Trader sees gloomy future for ETH, XRP and Co. - Born2Invest

Latest Bitcoin price and analysis (BTC to USD) – Yahoo Finance

Bitcoin is moving into the typically low volume weekend following a 3.1% decline in the past 24-hours as it begins to re-test the $9,000 level of support.

At the time of writing the worlds largest cryptocurrency, which has a market cap of $169 billion, is at the tail end of a prolonged period of consolidation.

Following its rally from $4,000 to $10,000 between March and May, Bitcoin has endured one of the least volatile periods of price action in its 11-year history, with price being confined within a tight trading range below $10,000.

Its failure to break above $10,000 with any kind of conviction has been telling, as it demonstrates a lack of bullish momentum to the upside, which may well cause a break down in price over the coming weeks.

The recent Bitcoin halving is one event that paints a bullish picture from a macro perspective, as supply will naturally be reduced over time so when demand begins to soar so will the price of Bitcoin.

However, as seen in the two previous Bitcoin halvings, price typically lags behind by up to 12 months after the halving as hype around the event subsides.

In this case, it seem likely that Bitcoin may take a further correction as the summer winds to a close before building a platform to spring from in Q4 of this year.

This would tie into the stock-to-flow model as well as the theory that as volatility slumps to an all-time low, it will almost certainly be followed by a major move in either direction.

Key levels of support remain at $8,830 and $8,450 while the notable level of resistance to look out for is still the psychological barrier at $10,000.

For more news, guides and cryptocurrency analysis, clickhere.

Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:

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In August 2008, the domain name bitcoin.orgwas registered. On 31st October 2008, a paper was published called Bitcoin: A Peer-to-Peer Electronic Cash System. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.

The paper outlined a method of using a P2P network for electronic transactions without relying on trust. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number 0 (or the genesis block), which had a reward of 50 Bitcoins.

If you want to find out more information about Bitcoin orcryptocurrenciesin general, then use the search box at the top of this page.Heres an article to get you started.

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.

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Latest Bitcoin price and analysis (BTC to USD) - Yahoo Finance

60% of Bitcoin supply held as digital gold by investors – Crypto News Flash

The data analysis firm Chainalysis has published a report on the whereabouts of the Bitcoin supply since the first block was mined by its creator, Satoshi Nakamoto. Specifically, the report provides an overview of the data that exists on the ownership and trade in Bitcoin.

According to the analysis firm, 18.6 million Bitcoins have been mined as of the publication date of the report. Of that amount, approximately 60% is held by institutions, individuals or businesses that have never sold more than 25%. In that sense, Chainalysis determines that these investors have maintained their BTCs for many years and consider Bitcoin a long-term investment.

Another 20% of BTCs supply has been sitting still in directions for more than 5 years, and therefore the data analysis firm considers them lost Bitcoins. The other 19% of all already mined Bitcoin moves frequently between the different exchanges and constitutes the Bitcoin trading market, as can be seen in the graph below.

Source: https://blog.chainalysis.com/reports/bitcoin-market-data-exchanges-trading

Chainalysis concludes the following:

The data shows that the majority of Bitcoin is held by those who treat it as digital gold: an asset to be held for the long term. But this digital gold is supported by an active trading market for those who prefer to buy and sell frequently. The 3.5 million Bitcoin used for trading supplies the market, and, in interaction with the level of demand, determines the price.

In addition, the firm predicts that there will be an increased need to inject more Bitcoin into the trading market. Especially after the Bitcoin halving that will make the asset even scarcer over time. Therefore, Chainalysis expects to move more Bitcoin from investors reserves to trading as a way to provide liquidity to the market. However, this will only happen if the price of Bitcoin reaches a level that long-term investors find attractive to encourage the sale of the cryptocurrency.

Chainalysis also determined that of the millions of Bitcoin holders, only 340,000 are active weekly BTC traders. The data allows Chainalysis to divide those traders into two groups: retailers and professionals, as shown in the graph below.

Source: https://blog.chainalysis.com/reports/bitcoin-market-data-exchanges-trading

According to this chart, retailers trade less than $10,000 of BTC on exchanges and constitute 96% of all transfers to these platforms on a weekly basis. At the same time, professional traders control the liquidity in the market and account for 85% of the total US dollar value in Bitcoin. Chainalysis further describes:tates:

() professional traders are the most significant contributors to large market movements, such as those seen duringBitcoins dramatic price declinein March as the Covid-19 crisis intensified in North America. However, professional traders are few in number, moving all that value in just 39,000 transfers per week on average in 2020.

At the of writing Bitcoin trades at $9,353 with a slight gain of 0.37% in the last 24 hours. Over the past week, BTC has remained relatively stable in the range of $9,300 to $9,500. Bitcoin is at a crossroads and analysts have not reached a consensus on whether its performance in the coming days will be bullish or bearish.

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60% of Bitcoin supply held as digital gold by investors - Crypto News Flash

How many Bitcoin billionaires are there? – Decrypt

Since Bitcoin kickstarted the cryptocurrency revolution in 2009, the crypto space has grown dramatically; Bitcoin alone has reached a market capitalization of over $170 billion, while more than a dozen other digital assets have achieved a market value of more than $1 billion.

As a result of this staggering growth, a number of early adopters, pioneers and builders have become billionaires, joining the ranks of the world's wealthiest individuals. However, due to the volatility of Bitcoin and other cryptocurrencies, any wealth held in crypto assets can fluctuate wildlymaking it difficult to pin down exactly who is a billionaire at any one time.

Despite strong growth in the crypto market since the start of the year, Forbes recognizes just four cryptocurrency billionaires as of April 2020less than half that listed in its 2018 Richest People In Cryptocurrency list.

There are also likely a handful of anonymous Bitcoin billionaires out there, since there are three addresses that contain more than $800 million of Bitcoin each, while just a single addressmanaged by a Singapore-based cryptocurrency exchangecontains more than $1 billion in BTC.

Of course, with recent reports that Bitcoin improves a portfolio's performance it's likely that there are other billionaires who own Bitcoin beyond the ones who got rich off itbut we're specifically looking at those who made their fortunes from the cryptocurrency.

Today, half of the four known cryptocurrency billionaires founded cryptocurrency exchange platforms, while the other two are figures behind two major crypto companies.

And no, despite the fact that they're about to be the subject of a movie titled Bitcoin Billionaires, Cameron and Tyler Winklevoss aren't on the list; as of last year their combined net worth amounted to $1.45 billion. Despite Mark Zuckerberg referring to them as the Winklevii, the Winklevoss twins are two separate individuals, not a gestalt entityand individually, they're not billionaires, so they don't go on the list. Better luck next year, guys.

37-year-old Brian Armstrong is currently the youngest known cryptocurrency billionaire. He first made his entry into the world of cryptocurrency back in 2012, after co-founding the San Francisco-based cryptocurrency exchange Coinbase.

The exchange is currently valued at up to $10 billion, making it one of the most successful crypto companies to date. Armstrong currently occupies position #1990 on Forbes Billionaires 2020 list, with an estimated net worth of $1 billion.

As the founder and CEO of Binance, currently the world's most popular cryptocurrency spot trading platform, Changpeng Zhao has managed to amass an impressive fortune since the exchange launched in 2017.

Zhao now sits on a fortune worth an estimated $1.2 billion, the majority of which is likely formed from cryptocurrencies including Bitcoin, Ethereum, and the native Binance utility coinBinance Coin (BNB).

The second wealthiest crypto pioneer is Chris Larsen, a renowned business executive credited with co-founding Ripplea blockchain-based remittance and payment settlement system that uses XRP for cross-border transactions.

Before creating Ripple, Larsen also co-founded several other multi-million dollar companies, but these only contributed to a tiny fraction of his current $2.6 billion fortune.

Despite being arguably the least-known name on this list, Micree Zhan is by far the wealthiest, having amassed a cool $3.2 billion net worth as of June 2020. Zhan is an electronics engineer and the co-founder of Bitcoin mining hardware manufacturer Bitmain.

The company has recently been the subject of a dispute between Zhan and fellow co-founder Jihan Wu, which saw Zhan hiring a squad of armed guards to forcefully seize control of the company after being ousted last October.

It should come as no surprise that the anonymous founder of Bitcoin is also one of its biggest holders. According to a 2013 analysis by RSK labs co-founder Sergio Demian Lerner, Satoshi Nakamoto could have as much as 1.1 million Bitcoin stashed away.

At the current Bitcoin price of around $9,400, that would make Satoshi worth $10.34 billionfar more than everyone else on this list combined. And so far, Satoshi hasn't moved a single cent, leading some to speculate that he (or she, or they) may have met an untimely end.

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How many Bitcoin billionaires are there? - Decrypt

Currency wars: The rise of bitcoin – Opinion – Jakarta Post

A long time ago, in a galaxy far, far away. The year was 1944 in the United States. The 44 allied countries met in Bretton Woods in order to confer on moving towards fixing and backing the US dollar, along with other currencies, with gold, thus starting an era when currencies were fixed or to gold.

For the next 26 years, this standard remained and the US dollar became the de facto reserve currency of the world. At the end of World War II, the US controlled about two thirds of the worlds gold reserve.

Countries that have the worlds reserve currencies are powerful and tended to get away with borrowing a lot. Thats because other countries were inclined to hold the debt/money as it can be used for spending around the world. All of that borrowing will have to be paid back one day.

By 1971, the US Federal Reserve had printed so much debt that they didnt have enough gold to back up the US dollar. As a result, the Bretton Woods monetary system broke down in 1971 when President Nixon, like President Roosevelt in 1933, defaulted on the USs promise of allowing holders of paper dollars to turn them in for gold.

Therefore, the dollar is no longer pegged to gold and it devalued against gold and other currencies. During this period, the US and all countries went into a free-floating currency era where the value of each currency was not backed by a particular asset but remained relative in value to other asset classes.

The move to a fiat monetary system gave the Federal Reserve and other central banks the ability to print dollar-denominated money and credit, which led to the inflationary during the 1970s. During this period, there was a flight from dollars and dollar-denominated debt to goods, services, and inflation-hedge assets such as gold which many considered to be a good store of wealth. During this period we moved from asset-backed money towards a floating fiat currency not backed by assets. And for the next 50 years, this worked fine.

In 2008, interest rates hit the lowest levels during the economic recession and the US government decided to initiate quantitative easing by printing more money and buying financial assets. Fast forward to today, their debt has ballooned to US$24 trillion dollars as of April 2020.

But something unexpected happened. The coronavirus triggered the economic and market downturns all over the world, which created holes in incomes and balance sheets, especially for indebted entities whose incomes have been affected by the downturn.

So, on April 9, 2020, the US central government and the US central bank or the Fed announced a massive money and credit creation program that included helicopter money (direct payments from the government to citizens) that eclipsed anything theyve done before. This was essentially the same move that Roosevelt made in 1933.

However skeptics point out that the hope for growth, created by the debt printed by the Fed, is not reflected by the productivity gains from businesses around the world. This scenario tends to lead to inflation. If we looked back historically, these periods tend to be characterized by people converting assets to those that are not inflationary in nature, such as gold or assets that have a fixed amount or a scarcity quality to it.

In 2009, Satoshi Nakamoto created Bitcoin with the idea of building an alternative currency as a response to the financial recession of 2008 and the burgeoning debt around the US dollar. The hope was to create an alternative financial system that is resilient against socio-economic changes and geopolitical fights.

The idea behind bitcoin is simple. At its core, bitcoin is an alternative currency that is among other things:

(1) Decentralized and not controlled by any person/entity being (built through a decentralized network).

(2) Scarce in nature (only 21 million bitcoins will ever be created) and therefore deflationary in nature- over time it becomes more and more difficult to produce bitcoins (thus, theoretically making its value go up).

Over the past 10 years, bitcoins growth in acceptance and value has kept rising and the currency has shown its resilience over many peaks and troughs throughout its short lifetime. In the backdrop of what is going on in the world today, many believe that bitcoin can be the next global reserve currency and become the safe have asset.

We have already seen Bitcoin being used more in countries where its national currency goes through massive inflation (such as Argentina, Brazil, Venezuela, Zimbabwe).

Bitcoin is set to go through its scheduled halving on May 11, 2020. This means that it will technically be two times as hard to mine new bitcoins, forcing miners to sell their bitcoins at a higher price in order to cover the operational cost. This will change the supply and demand dynamics with many predicting the price to continue going up.

The next few months will be an exciting time for bitcoin, as the macro-economic changes in the world set up the stage for a good testing ground for Bitcoin to prove itself. Now, its your turn to choose. May the force be with you. Always.

***

The writer is founder of Pintu, a government-registered platform to trade cryptocurrencies, and graduate of Harvard Business School, where he did research at the MIT Media Lab on cryptoasset valuations. The original article was published in Medium.com.

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.

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Currency wars: The rise of bitcoin - Opinion - Jakarta Post

The Difference Between Blockchain and Bitcoin – UKTN

Many people are making a huge amount of money through cryptocurrencies nowadays. However, there has been extensive debate regarding the use of cryptocurrencies for money making. That debate is majorly based on two essential terms, bitcoin and blockchain. The surprising part is that despite the ongoing debates and the fact that a lot of people are making money out of it, theyre still confused between the two.

It is pertinent to mention here that Blockchain is the technology while bitcoin is the first successful application of that technology, which rose to popularity in 2009. This article would categorically differentiate between the two and explain their use in the world of cryptocurrencies.

To begin, we need to understand each term with a contextual background.

Blockchain is a computerized digital payment gateway that allows record transactions between two parties constantly and correctly. To further simplify, blockchain is a distributed ledger technology, which restricts to bitcoin; in fact, any digital asset. It enables multiple parties to transact, share valuable data, and pool in their resources in a secure yet tamperproof manner.

Many in and out of the industry assume that blockchain is the latest technology. However, that is not the case, blockchain can be traced back to 1991, but it only became popular after the advent of cryptocurrencies.

Here is why blockchain may be difficult to understand or perhaps regulate. Blockchain is decentralized, made up of three important concepts, blocks, miners, and nodes.

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Each chain comprises Blocks, which is central to blockchain technology. They contain all the relevant information about a transaction. Each block has a unique nonce and hash and is stored not only linearly; in fact, chronologically, always at the end of the blockchain. As the chain increases, it is tough to go back and manipulate or disrupt the chain.

Miners are the ones that create multiple blocks, which is an incredibly complex task considering the composition of a neighborhood.

Nodes are significant in understanding the decentralization system within the blockchain. Through nodes, no one organization can own the blockchain, which helps blockchain to maintain integrity and prevent a breach of privacy through any systematic or unsystematic exchange of information.

Bitcoin is one of the earliest cryptocurrency to use blockchain technology in facilitating peer to peer payments. Through a decentralized network, bitcoin offers a reasonably low transaction fee compared to popular payment gateways.

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The first and foremost thing is to get a bitcoin wallet, software to send, receive, and securely store funds. You can download it on your phone, PC, or any equivalent digital device for that matter. The second part is to earn bitcoins through trading, to play online games like Bitcoin blackjack, or requesting bitcoin payments from a client. Bitcoin is not like any other currency governed under a central banking system.

Bitcoins are not stored physically on any platform, and it uses a mathematical algorithm to protect a string of numbers stored in public and a private key. In layman terms, the public key is equivalent to a bank account number, while a private key is equivalent to an ATM pin. A bitcoin is divisible to 8 decimal places with the smallest unit known as satoshi named after the currency`s pseudo founder Satoshi Nakamoto.

As complex as it sounds, bitcoin is not a problematic currency to understand. It is far more convenient to pay or get paid. All one has to do is to create a bitcoin wallet and put the address into any digital currency platform.

If youve recently found the world of cryptocurrencies, it is perhaps understandable to mix up bitcoin and blockchain, but there are some significant differences between the two.

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If youre someone who uses online payment gateways to send, receive, or store currency, you need to understand the relation between bitcoin and blockchain. However, blockchain has several uses other than regulating bitcoins.

Blockchain can help execute smart contracts; blockchain can automatically release agreed-upon payments. It can help you maintain a transparent system of record, audit supply chains, or provide you with proof of insurance.

Now that you are pretty clear between blockchain and bitcoin, there is one industry that has lately adopted blockchain technology: the online gambling industry. Developers use blockchain technology to develop games on a decentralized ledger. No matter what, youre playing from lotteries to online poker, slots, or perhaps sports betting. Blockchain enables a data-driven yet the secure dispensable system for gamblers to pursue trustworthy transactions through bitcoin over traditional banking payment gateways.

Now here is the thing with crypto gambling, in regular online gambling, you register, enter your bank details, the merchant verifies, and the process goes on. With bitcoin, you can start betting, and the merchant knows that your payment is not going anywhere.

Blockchain continues to dominate our internet spaces. It is perhaps essential to exercise caution when dealing with cryptocurrencies. For example, if you are pursuing crypto gambling, make sure you use trustworthy service providers. Often online casino websites use third-party service providers to convert you bitcoin deposits into local digital currency.

Bitcoin and blockchain technology remains mostly under or unregulated throughout the world due to innate complex structures. Therefore be careful while using bitcoins in any online transaction.

On a positive note, despite the intricacies, both offline and online casinos worldwide are adopting blockchain technology and accepting bitcoin payments. Soon this technology will take over traditional payment gateways such as Visa and PayPal. More importantly, it can change the way we process payments for casinos; making them safer and easier.

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The Difference Between Blockchain and Bitcoin - UKTN

BSV Dukes It Out with Binance – Live Bitcoin News

It looks like bitcoin SV (BSV) and cryptocurrency exchange Binance the largest and most popular cryptocurrency trading platform by daily volume are at each others throats.

The two companies are fighting with each other over Binances decision last year to delist the new cryptocurrency token made popular and consistently promoted by Australian tech entrepreneur Craig Wright. Jimmy Nguyen the president of bitcoin SV (Bitcoin Satoshi Vision) has said that Binance has not behaved fairly to the coin and that it has shown a biased attitude towards other assets.

Nguyens primary gripe is in the crypto exchanges decision to not list the cryptocurrency yet take part in a new mining pool that seeks to extract new units of BSV. Binance is one of the biggest members of the pool yet is refusing to present bitcoin SV to clients for the purpose of buying, trading, and selling the currency.

In a statement, Nguyen blasted the crypto exchanges decisions, claiming:

These actions speak far louder than words. Binance spoke in April of 2019 when it delisted BSV by saying that the coin did not meet its standards. The truth is that BSV does meet Binances standards for generating revenue from BSV when it so chooses.

Binance was not the only company to take heavy action against one of the crypto worlds latest coins. Others included Kraken and Shape Shift, two crypto exchanges that decided delisting BSV was in customers best interest. It appears these exchanges and others arent happy with Craig Wrights decision to consistently tout himself as Satoshi Nakamoto, the pseudonymous creator of bitcoin the world number one cryptocurrency by market cap which first emerged in a 2008 whitepaper.

BSV has a relatively controversial history behind it. Many believe it was the development of BSV that saw to the massive drops in the crypto space that occurred in late 2018. Bitcoin, for example, had spent most of the summer trading in the mid-$6,000 range. This, itself, was a major drop from the near-$20,000 figure it had reached in December of 2017.

Bitcoin SV emerged due to a hard fork of bitcoin cash, which itself was the result of a bitcoin hard fork that occurred in the late summer months of 2017. BSV has been around for only two years, making it a relatively new coin. However, following its inception, the crypto market began experiencing massive drops, with bitcoin falling into the mid-$3,000 range and losing close to 70 percent of its value over an 11-month period.

Approximately five months went by before the industry began showing signs of recuperation (bitcoin ultimately moved back up to $5,000 by the time April 2019 rolled in).

At press time, Binance accounts for approximately 20 percent of the BSV mining pools hash rate.

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BSV Dukes It Out with Binance - Live Bitcoin News

Binance becomes the biggest miner of a coin it delisted last year – Invezz

Binance, one of the worlds largest digital currency exchanges, recently started getting into mining. The exchange decided to expand its ecosystem further still by launching Binance Pool. Now, the new data is in, and it shows that the exchange became the leading miner of Bitcoin SV.

Binance currently leads in the Bitcoin SV (BSV) mining sector by mining around 26% of all BSV that is mined. Next in line is Huobi, with 13.19%, ViaBTC (12.5%), SVPool (12.5%), TAAL (7.64%), and others.

The exchanges choice to mine Bitcoin SV comes as a bit of a surprise, considering that the exchange delisted this particular coin only a year ago. The exchange seemingly did not have a problem with the coin itself, but rather with its controversial creator and proponent, Dr. Craig Wright.

Regardless, when the exchange delisted BSV, it announced that it took several factors into consideration. One thing that is important to Binance is that the project needs to contribute to a healthy and sustainable cryptocurrency ecosystem. Another thing that it will look into is whether or not there is evidence of fraudulent or unethical conduct.

The decision to delist BSV came due to Craig Wrights actions. Wright is known in the crypto industry for his claims of being Satoshi Nakamoto Bitcoins mysterious creator.

However, Wright was never able to prove his claims, and so the crypto industry stopped taking such claims seriously a long time ago. These days, Wright is known as Faketoshi. and he managed to provoke Binances CEO, Changpeng Zhao, into removing BSV from the exchange.

Wrights claims of being Satoshi went as far as to him threatening to sue everyone who says otherwise, Zhao decided to put a stop to Wrights feud with the crypto community by threatening to delist BSV unless Wright withdraws. Since he did not do so, Zhao decided to deliver on his promise, and BSV lost Binances support. Meanwhile, Wright got involved into a legal battle with the Kleiman estate, further continuing his own troubles.

Continued here:

Binance becomes the biggest miner of a coin it delisted last year - Invezz

BTC-Tether relationship: How long can it last? – CoinGeek

The BTC block subsidy halving happened a month ago, and despite all the mainstream chatter predicting a price spike following the event, BTCs unit price is currently around the US$9,500 mark. Between May 11 and 15, it went from $8,600 to almost $9,800, and it has fluctuated since then. Other assets have had similar fortunes. In the absence of significant news, what makes those prices rise and fall? Its time to take another look at USDT, the USD-pegged stablecoin otherwise known as Tether.

Most long-term digital asset watchers (including us) never thought it was realistic to expect the BTC price to double immediately post-halving, because that has never happened before. Gains, where they came, were in the year following a halving and might have been more correlation than causation.

Longer-term, BTC transaction processors (aka miners) must rely on BTC value increases to continue making a profit. BTCs 1-4MB block size means a transaction maximum of ~4-7 per second, and theres no room for processing data other than payments and blockchain settlements. A single transaction might cost US$5 or more at times, but its still not enough to pay the miners.

This article is neither investment advice nor a prediction that BTCs price will necessarily do anything special post-halving. Its merely an observation and even a warning that BTC price moves do not represent real value.

We havent seen any news regarding new BTC features, sudden mass adoption or an increase in its utility lately. In recent years, there hasnt been a major business or other entity announcing it would use BTC. In fact, its quite the opposite as many merchants who once accepted BTC have decided it wasnt worthwhile. Yet BTC continues to rise or fall every day, based mainly on traders speculation.

Around halving time, high profile hedge fund investors like Paul Tudor Jones appeared in the mainstream media promoting BTC as an inflation hedge against the U.S. dollar. It was pertinent, given the U.S. Federal Reserves money-creation orgy since 2008 and especially following the 2020 COVID-19 pandemic. This hedging role has, in the past, been largely golds domain. Yet there hasnt been a huge rush to hold BTC or any other digital asset.

Where does BTC-buying money come from?

The Whale Alert Twitter account tracks large transfers of various digital assets between wallets, which often signal price moves. Of particular interest, though, is when the Tether Treasury mints new USDT coins and they begin moving to large exchanges like Binance and Bitfinex. Market watchers have noted that whenever millions of new USDT appear in exchange wallets, BTC is about to rise.

On May 8, 2020, the Tether Treasury minted 120 million new USDT. Read the replies to this tweet to see what speculators expected to see next:

Thats a nice bonus for price speculators. But is this really the Bitcoin economy we wanted? For those who still remember, Bitcoin was supposed to be about freeing money and building a new kind of financial system that included everyone, from micro-transactors to large businesses. Would Bitcoin have ever won the following it has if the headline to its 2008 whitepaper had read Bitcoin: a peer-to-peer electronic pump and dump scheme?

What is Tether and why is it controversial?

Tether is (in theory) USD and EUR-equivalent stablecoin managed by Tether Limited, a wholly-owned subsidiary of Tether Holdings Limited. Tether Limited and Bitfinex, one of the largest BTC exchanges by volume, both share a CEO: Jan van der Velde. Bitfinex was the first exchange to allow USDT trading and there have been several shifting personnel links between Bitfinex and Tether over the years.

The initial idea was to have a USD surrogate without needing to use (or transfer) actual USD, since the latter was proving problematic in the banking system. Tether was initially backed by equivalent reserves of U.S. dollars, and would have a stable value of approximately US$1. With a few notable exceptions where the price decoupled from USD by more than a few cents, this has mostly stayed true. This is despite Tether never verifying its USD reserves with an independent audit, and Tether Limiteds own lawyer stating in 2019 that each USDT was in reality backed by just US$0.74 real dollars.

Few businesses accept USDT as payment, and for the large part its an exchange-only asset. There are currently over 9 billion Tethers in existence demand goes up when BTC falls, and falls when BTC rises. In 2018, USDT trades reportedly made up 80% of BTC trading volume.

Both Bitfinex and Tether have been the subject of numerous lawsuits and regulatory investigations. In 2019, New York Attorney General Letitia James alleged Bitfinex had used Tethers reserves to cover a US$850 million loss after transferring similar amounts without contract to a Panamanian firm called Crypto Capital. Though unproven, many critics have claimed Tether may not be backed by anything at all, and that it is a kind of digital fiat currency used to drive BTC price up or down.

Despite the seismic legal ground on which USDT exists, and the dubious explanations for its market value/price peg, exchange speculators appear willing to trust the coin enough to use it in trades with other digital assets.

Tether drives BTC, which influences all the others

Looking at the charts, its clear there is a relationship between price movements across the top market cap digital assets. BTC, XRP, ETH, BCH, BSVeven ADA, EOS, and Tezoshave all risen and fallen on similar trendlines over the past week. Though there are occasionally exceptions to this trend, non-ideological traders dont see enough difference between digital assets to make large bets on one over another. Digital asset prices seem to reflect general sentiment towards the blockchain space, rather than careful analysis of one assets long-term feasibility.

Bitfinex also supports BSV/USD trading. Newly-minted Tethers land at exchanges whether they support or eschew BSV. So Bitcoin (and other assets) also come under Tethers price influence.

The Bitcoin SV community, however, views this as neither feasible nor desirable. Sudden rises and falls are not good for Bitcoin and theyre not healthy for any other asset. Volatility like this only attracts speculators and gamblers, raise regulators eyebrows, and prevent blockchain from being taken seriously. Its the reason digital assets arent used much for anything other than trading, and the HODL mentality that deters users from actually spending Bitcoin. Why spend now when it could be worth 50 times as much a year from now? (if only briefly).

Mainstream media articles bring in new investors as the price rises. BTC speculators sell their coins to these new investors when the price is high, and the price then falls. Exchanges like Bitfinex and Binance add to the frenzy with ridiculously high leveraged trading. All the while, there may not even be any real money entering the market.

Thats not how you build a new digital economy. Bitcoin must be useful and usable if its to play a major role in the future. BSVs value proposition is micropayments, secure/immutable data processing for enterprise and government, and high transaction volumes. Its far better for the BSV price to rise gradually, or stay the same, if this is to happen. Look at the financial successes of multi-generational business empires versus lottery winners for an example.

What would happen to BTC (and in turn, most digital assets) if the USDT rug were suddenly pulled out from underneath them? Given Tethers history, economy and precarious legal situation, its very possible. Commentators have even discussed the possibility for years, but mostly within the interest community. The mainstream media rarely if ever discusses it.

Lets have a real Bitcoin economy instead

Satoshi Nakamoto never wanted Bitcoin to be a recurring speculative souffle, and any sensible investor would observe that such assets are poor long-term bets. The BTC community has done little to promote its actual use as money, and price talk dominates the conversation.

Bitcoin BSV didnt just restore Satoshis vision by restoring and locking the original Bitcoin protocol. It also restored Bitcoins original promise to create a new economy based on micropayments and data processing; a true digital and internet-native financial network.

BSVs economy is based on real economic incentives for its transaction processors. It removed the block size limits (which were never part of the original protocol) to create a Bitcoin economy driven by real utility and small fees in large volumes. The BSV community prefers real users to fake dollars and inflated prices to pay old bagholders with the new ones money. Theres another word for that kind of scheme, and its one no serious person should want associated with Bitcoin.

New to Bitcoin? Check out CoinGeeksBitcoin for Beginnerssection, the ultimate resource guide to learn more about Bitcoinas originally envisioned by Satoshi Nakamotoand blockchain.

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BTC-Tether relationship: How long can it last? - CoinGeek

Satoshi Nakamoto – Coindesk

Satoshi Nakamoto is inventor of the Bitcoin protocol, publishing a paper outlining it via the Cryptography Mailing List on November, 1 2008.

He then released the first version of the Bitcoin software client in 2009 and participated with others on the project via mailing lists until he finally began to fade from the community toward the end of 2010.

Nakamoto worked with people on the open source Bitcoin team but took care never to reveal anything personal about himself. The last anyone heard from him was in the spring of 2011, when he said that he had moved on to other things.

But he was Japanese, right?

Satoshi means clear thinking, quick witted, wise. Naka can mean medium, inside or relationship. Moto can mean origin or foundation.

Those things would all apply to the person who founded a movement by designing a clever algorithm. The problem, of course, is that each word has multiple possible meanings.

It is not known for sure whether Satoshi Nakamoto was Japanese or not. In fact, its rather presumptuous to assume that he was actually a he. Allowing for the fact that this could have been a pseudonym, he could have been a she, or even a they.

Does anyone know whoNakamoto was?

No, but the detective techniques that people use when guessing are sometimes even more intriguing than the answer. The New Yorkers Joshua Davis believed that Satoshi Nakamotowas Michael Clear, a graduate cryptography student at Dublins Trinity College.

He arrived at this conclusion by analyzing 80,000 words of Nakamotos online writings and searching for linguistic clues. He also suspected Finnish economic sociologist and former games developer Vili Lehdonvirta. Both have denied being Bitcoins inventor.Michael Clear publicly denied being Satoshi at the 2013 Web Summit.

Adam Penenberg at FastCompany argued instead that Nakamoto may actually have been three people: Neal King, Vladimir Oksman and Charles Bry. He figured this out by typing unique phrases from Nakamotos Bitcoin paper into Google to see if they were used anywhere else. One of them, computationally impractical to reverse, turned up in a patent application made by these three for updating and distributing encryption keys. The bitcoin.org domain name originally used by Satoshi to publish the paper had been registered three days after the patent application was filed. It was registered in Finland, and one of the patent authors had traveled there six months before the domain was registered. All of them deny it.

In any case, when bitcoin.org was registered on August 18th 2008, the registrant actually used a Japanese anonymous registration service and hosted it using a Japan-based ISP. The registration for the site was only transferred to Finland on May 18th 2011, which weakens the Finland theory somewhat. Others think that it was Martii Malmi, a developer living in Finland who has been involved with bitcoin since the beginning and developed its user interface.

A finger has also been pointed at Jed McCaleb, lover of Japanese culture and fomer resident of Japan. McCaleb created troubled bitcoin exchange Mt. Gox. He also co-founded industry startups Ripple and Stellar.

Another theory suggests that computer scientists Donal OMahony and Michael Peirce are Satoshi based on a paper they authored concerning digital payments along with Hitesh Tewari, based on a book that they published together. OMahony and Tewari also studied at Trinity College, where Michael Clear was a student.

Israeli scholarsDorit Ron and Adi Shamir of the Weizmann Institute retracted allegations made in a paper suggesting a link between Satoshi and Silk Road, the black market web site that was taken down by the FBI in October 2013. They had suggested a link between an address allegedly owned by Satoshi and the site. Security researcherDustin D. Trammell owned the address, and disputed claims that he was Satoshi Nakamoto.

In May 2013, Internet pioneer TedNelson threw another hat into the ring: Japanese mathematicianProfessor Shinichi Mochizuki, although he admits that the evidence is circumstantial at best.

In February 2014, Newsweeks Leah McGrath Goodman claimed to have tracked downthe real Satoshi Nakamoto. Dorian S. Nakamoto has since denied he knows anything about bitcoin, eventually hiring a lawyer and releasing an official statement to that effect.

Hal Finney, Michael Weber, Wei Dai and several other developers were among those who are periodically named in media reports and online discussions as potential Satoshi Nakamoto candidates.A group of forensic linguistics experts from Aston Universitybelieve the real creator of bitcoin is Nick Szabo, based upon analysis of the Bitcoin whitepaper.

Dominic Frisby, a comedian and writer, also suggests that bit gold creatorSzabo was the most likely candidate to be Satoshi in hisbook, Bitcoin: The Future of Money. His detailed analysis involved thelinguistics of Satoshis writing, judging the level of technical skill in C++and evenSatoshis likely birthday.

In Nathaniel Poppers book, Digitial Gold, released in May 2015, Popper reveals that in a rare encounter at an event Szabo denied that he was Satoshi.

In early December 2015,reports by Wired and Gizmodotentativelyclaimed to have identified Nakamoto as Australian entrepreneur Craig S Wright.WIREDcited an anonymous source close to Wright who provided a cache of emails, transcripts and other documents that point to Wrights role in the creation of bitcoin.Gizmodocited documents sourced from someone claiming to have hacked Wrights business email account as well as efforts to interview individuals close to him.The idea that the Wright-Satoshi connection is nothing but a hoax has been floated byobservers, though.

What is known?

One thing that is known, based on interviews with people that were involved at an early stage in the development of bitcoin, is that Satoshi Nakamoto thought Bitcoin out very thoroughly. His coding wasnt conventional, according to core developer Jeff Garzik, in that he didnt apply the same rigorous testing expected from a classic software engineer.

How rich is he?

An analysis by Sergio Lerner, an authority on Bitcoin and cryptography, suggests that Satoshi mined many of the early blocks in the network, and that he had around 1 million BTC.

What is he doing now?

No one knows what Satoshi is up to, but one of the last emails he sent to a software developer, dated April 23 2011, said Ive moved on to other things. Its in good hands with Gavin and everyone.

Did he work for the government?

There are rumors, of course. The obvious question would be why one of the three-letter agencies would be interested in creating a cryptocurrency that would subsequently be used as an anonymous trading mechanism, causing senators and the FBI alike to wring their hands about potential terrorism and other criminal endeavors.

Perhaps it doesnt matter. Core developer Jeff Garzik puts it succinctly. Satoshi published an open-source system for the purpose that you didnt have to know who he was, and trust who he was, or care about his knowledge, he said. Open source code makes it impossible to hide secrets. The source code spoke for itself, Garzik added. Moreover, it was smart to use a pseudonym, he argues, because it forced people to focus on the technology itself rather than on the personality behind it. At the end of the day, bitcoin is now far bigger than Satoshi Nakamoto.

Having said that, if the real Satoshi Nakamoto is out there get in touch!

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Satoshi Nakamoto - Coindesk

Cryptoassets and Litigation – Lexology

Syedur Rahman of Rahman Ravelli considers the issues that have been established regarding cryptoassets in litigation and those that still need to be addressed.

The shape of fraud is ever changing due to the digital age, as shown by the use of cryptoassets.

Bitcoin was invented in 2008 by an unknown person (or group of people) using the name Satoshi Nakamoto. In 2009, the first Bitcoin was mined. A system was created recording the transactions made in Bitcoin across computers linked in a peer-to-peer network, better known as the blockchain. Now global institutions and banks raise billions of dollars selling blockchain-related instruments and there are over 5,000 different cryptocurrencies being traded with a total market capitalisation of approximately $201 billion.

In November 2019, the UK Jurisdiction Taskforce (UKJT) published its legal statement, identifying key questions that needed to be answered about English laws approach to cryptoassets and smart contracts. The report was described by Sir Geoffrey Vos, the Chancellor of the High Court, as something that no other jurisdiction had attempted. While the document is not a legal precedent, the aim of the legal statement was to afford a degree of legal certainty.

In December 2019, the landmark cryptocurrency case of AA v Persons Unknown & Ors [2019] EWHC endorsed and approved the UKJTs analysis of cryptoassets and recognised it as property. As such a proprietary injunction was granted over the cryptoassets. In this case, I acted for one of the defendants. This was a multijurisdictional matter including - but not limited to - regions such as Canada, BVI and the UK. This case led to include proprietary claims in restitution and/or constructive trustees or for the tort of intimidation and/or fraud and/or conversion.

In January 2020, new regulatory powers were introduced by the Financial Conduct Authority (FCA) for financial crime prevention. The regulatory powers allowed the FCA to supervise how cryptoasset businesses conduct their business with consumers. The FCA highlighted the risks involved in cryptoassets and, in particular, how the marketplace is a target for fraud.

Fraud and Cryptoassets

With the rapid expansion of the cryptocurrency markets and its largely - until recent times - unregulated growth, this new asset class has inevitably attracted fraudulent activity.

In the case of AA v Persons Unknown, Justice Bryan delivered an interim ruling for a propriety freezing injunction to stop Bitcoin from being dissipated. While this is a giant leap, the case raises more questions in the legal sector for future cases rather than providing clarity.

At the time of writing, the only other case in the High Court is Robertson v Person Unknown. This related to Mr Liam Robertson, a cryptocurrency trader and CEO of a digital asset management advisory business, who was a victim of spear phishing attack. Mr Robertsons email was hacked and the investment of 100 Bitcoin was misdirected to fraudsters. Legal action was taken against these unknown persons as the first defendant.

The Judge, Mrs Justice Moulder, had concerns about granting a freezing order given that the claimants did not know anything about the person who committed the fraud including his identity or his known assets. This proved to be an obstacle. Having said that, she did find that an Asset Preservation Order was an option. The court needed to be satisfied that there is a serious issue to be tried concerning a proprietary claim.

In both cases, the court was prepared to proceed on the basis that Bitcoin could constitute legal property and made proprietary injunctions and asset preservation orders.

Key Questions for Future Litigation

The cases mentioned earlier have considered some matters regarding litigation and cryptoassets. But other issues need to be addressed.

These include:

But with the right expertise and strategies, the above hurdles can undoubtedly be overcome. Cryptoasset litigation is a growth area in which legal practitioners are tailoring frameworks to recover losses for clients and courts are finding suitable remedies for victims.

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Cryptoassets and Litigation - Lexology

5 Crypto Executive Predictions On Where The Economy Is Headed – Yahoo Sport UK

In 2020, the world has embraced uncertainty as the new norm. Market volatility has reached record levels, leading to a surge in trading volume and opportunities for value investors. Industries such as airlines, cruise lines, and rental cars have taken a massive hit as air travel remains down 90% and lockdown orders prevent travel.

Stocks such as Norweigan Cruise Lines (NYSE: NCLH), Spirit Airlines (NYSE: SAVE), and Carnival Corporation (NYSE: CCL) have all experienced recent upward swings as coronavirus concerns are easing as more companies, such as Moderna, Inc. (NASDAQ: MRNA), come closer to developing a vaccine.

For the cryptocurrency industry, these events have supported the old theory that cryptocurrencies will become the de-facto currency as the dollar decouples, inflation increases, and people become more concerned with financial privacy.

In recent months, the cryptocurrency industry has seen positive developments with higher retail trading activity and institutional interest increasing. For example, Grayscale Investments has been very aggressive in accumulating Bitcoin, at the rate of 150% of all new Bitcoin mined since May 11. Ironic, given the fact that Goldman Sachs (NYSE: GS) announced on a recent investor call that cryptocurrencies are not an asset class.

What is clear is that some institutional investors are more optimistic about the role of cryptocurrencies in the global economy. For the cryptocurrency executives working tirelessly to educate investors and the public about the benefits of crypto, criticism is something that they have become accustomed to. As with any emerging technology, new can often be scary and intimidating until more solid foundations are set.

To learn more about where the economy is headed, we reached out to a handful of cryptocurrency executives that have recently been in the news.

Crypto Executive Predictions are Vastly Optimistic

1. J.D. Salbego, the CEO of Singapore-based exchange BitTok, has experienced the ups and downs of the crypto industry since 2017. In the midst of mass economic and socio-economic turmoil, he sees this as an opportunity for crypto to shine:

What is interesting and what we might see is with Beijing taking over Hong Kong, there could be an increase in Bitcoins price and usage. We've seen in the past when there is political turmoil and instability in a countrys economic future, like with Venezuela, the public has had increased Bitcoin and crypto usage because of the lack of faith in their own central banks and national currency. What we are seeing again is a completely broken banking and financial system globally. With blockchain and crypto, we will hopefully see a higher rate of usage and adoption within banking, forcing centralized institutions to become more transparent.

2. Patrick Collet, Founder and CEO of MOOVIN, a blockchain protocol that democratizes and tokenizes successfully access to data, is optimistic that the US and global economy will not see a recession based on current signs:

The present economy is facing uncertainty as confidence towards the Federal Reserve is getting thinner. I dont believe we will see a crash per say because signs arent pointing at a recession just yet. Even though the US annual GDP is looking to come 40% short, there is a strong boom in the technology and e-commerce platform sector. I believe we will see a lot of market volatility in the coming months and even though DEFI and Fintech are becoming more commonplace, adoption for blockchain tech is clearly not a conquered territory. However, these sectors will eventually be mainstream.

3. For Quincy Dagelet, CEO of Boostchain, a company that is disrupting advertising with blockchain technology, mainstream adoption could be closer than we expect:

The world we are living in with COVID-19 is really unfortunate but it opened peoples eyes and led to more digitalization. Also, people tend to have less faith in banks, the monetary system and politics. This creates the perfect gateway towards more crypto adoption.

4. Stefan Hostettler, Co-founder and CEO of Tycoon69 International, a blockchain firm based in the UAE, agrees that we should see massive disruption in the near future:

Economically, I believe that we will see stagnant and outdated industries experience a massive wave of innovation and disruption over the next few years. This happened during the last crisis and was the leading factor that drove Satoshi Nakamoto to create Bitcoin following the 2007 crash. We are dedicating our time to building out an ecosystem to modernize billion-dollar industries, such as the gift card industry.

Story continues

5. Gabriella Davis, CEO of Centric, the world's first dual-cryptocurrency payment network, agrees with the legacy cryptocurrency community that sees these events as a perfect storm that will propel cryptocurrencies:

More than ever in modern economic history we are witnessing the end of an era. Fiat currency and central banking methodology are not capable of managing highly complex marketplaces. It is time to usher in new economic and monetary innovation, the launch of Bitcoin in the wake of 2009 was the start of a wave of innovation. Moving forward, in order to drive full global adoption a vision of currencies utilizing trust-less, censorship resistant ecosystems, that help offer a reliable store of value and an incentive to join the network while simultaneously limiting industry volatility will look to be implemented.

Conclusion

One thing is certain, the world will be watching as the rest of 2020 plays out and increasingly more curious to learn more about emerging technology that can help them better control risk and their finances. When it comes to transparency, security, and access, blockchain technology provides benefits never before seen.

Disclaimer: the writer of this article is an advisor to Moovin Protocol and Boostchain, both of which have provided commentary on this article. The writer does not hold any stock in the equities mentioned.

Photo byAbsolutVisiononUnsplash

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2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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5 Crypto Executive Predictions On Where The Economy Is Headed - Yahoo Sport UK

Craig Wright’s appeal over Norway’s jurisdiction dismissed in the defamation suit against Hodlonaut – CoinJournal

The court further orders Wright to pay for costs incurred by Hodlonaut both at the District Court and the Norwegian Court of Appeals

Craig Wrights appeal against Norways jurisdiction for his case has been dismissed by the Norwegian Court of Appeals yesterday. The defamation suit against Twitter Bitcoin analyst Hodlonaut was filed by the self-proclaimed Satoshi Nakamoto last year after the former called him a fraud. This is yet another setback for the Australian entrepreneur as his attempts to push the case to be tried in the United Kingdom have failed.

Wright originally sued Hodlonaut in the UK but the case was dismissed due to lack of jurisdiction in January. The UK High Court further ruled that Norway had jurisdiction because of Hodlonaut being a Norwegian citizen. The decision by the Norwegian Court of Appeals has confirmed Norways jurisdiction over the defamation suit and the case will now move to trial.

The Norwegian Court of Appeals also directed Wright to pay all costs incurred by Hodlonaut both at the District Court and the Norwegian Court of Appeals. However, this is only the beginning of the case and both parties have a long way to go.

Hodlonaut took to Twitter to announce the courts decision. He stated that the Norwegian Court of Appeals today handed down judgment on CSWs appeal of the December jurisdiction decision. Appeal denied. Norway has jurisdiction. Welcome to law.

The cryptocurrency analyst further stated that this was only a small win and a long trial stood in front of him. This stuff is only jurisdiction. Both Norway and UK courts have decided Norway has jurisdiction Only after that the real case starts, he said.

Hodlonaut told his followers that he believes Wright will be willing to appeal this decision even further and might as well take it to the Supreme Court. He will likely try to appeal this to the supreme court, he said in reply to one of the users asking if the battle was over.

Wright is expected to continue to push for the case to be heard in the UK. Many believe that the UKs loose laws on what constitutes defamation are the reason for Wrights insistence.

This is one of at least dozed libel and defamation suits involving Craig Wright that has been filed in the past two years. Other than Wrights infamous suit with his former partners brother, Dave Kleiman, Wright has dragged several high-profile members of the crypto community into court for publicly refuting his claims of being Satoshi Nakamoto, the creator of Bitcoin. However, despite filing multiple lawsuits, Wright is yet to register a victory on a single one of them.

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Craig Wright's appeal over Norway's jurisdiction dismissed in the defamation suit against Hodlonaut - CoinJournal

Bitcoin Lies Continue as Craig Wright Testifies Using His iPhone Before It Was Released In 2007 – CryptoPotato

Recently released court documents from the ongoing Ira Kleiman vs. Craig Wright trial reveal the self-proclaimed inventor of Bitcoin may also have invented an early prototype of the iPhone.

In Craig Wrights legal deposition from March 16, 2020 released June 2 the self-titled Satoshi Nakamoto told the opposition counsel he had used an iPhone as early as 2006. The trouble is, the first iPhone wasnt released until June 2007.

The line of questioning related to email correspondence between Wright, Kleiman, and others in the period since Bitcoins creation. The plaintiffs, representing the estate of deceased computer scientist Dave Kleiman, seek 1.1 million Bitcoin from Craig Wright based on Wrights own claims that Kleiman helped to create Bitcoin.

During Wrights deposition, opposition counsel Vel Freedman presented Wright with a cache of emails that Wrights counsel had submitted to the courts. Wright claimed that many of them had been faked, forged, or otherwise fabricated by Ira Kleiman who represents the estate of his deceased brother.

When shown a selection of those emails, Wright explained that many of them could not have been sent by him due to his preferences in mobile technology. Wright told Freedman:

Some of these that are tacked together like that include sending from my HTC, I use a Samsung, I have used a Samsung phone since 2011, I have all the receipts for every phone I have bought, they are on the Samsung account.

Wrights preference for Samsung tech aside, the self-proclaimed Satoshi Nakamoto, also claimed to have once used an iPhone for a week in 2006. He told the counsel for the plaintiffs:

I also have one saying that I used an iPhone. I used an iPhone once in my life, I survived it one week, then I played golf. This was 2006. I beat the iPhone to death literally. So, if you ever see emails from HTC they are not mine, from iPhone they are not mine.

Arthur van Pelt of Dragon Industries, who has been watching the case unfold, tweeted in response to Wrights timeline gaffe:

Not really a surprise though, Craig Wright has his channels to use things like Microsoft patches, email programs like Bitmessage, etc days, weeks or months before release.

As referenced by van Pelt, this isnt the first time Craig Wright has been at odds with official technology release dates. In 2019 a Microsoft Word document presented by Wright was revealed to be fake after sharp-eyed observers noticed it had used a version of the Calibra typeface, which didnt exist at the time Wright alleged the document was created.

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Bitcoin Lies Continue as Craig Wright Testifies Using His iPhone Before It Was Released In 2007 - CryptoPotato

5 Crypto Executive Predictions On Where The Economy Is Headed – Yahoo Finance

In 2020, the world has embraced uncertainty as the new norm. Market volatility has reached record levels, leading to a surge in trading volume and opportunities for value investors. Industries such as airlines, cruise lines, and rental cars have taken a massive hit as air travel remains down 90% and lockdown orders prevent travel.

Stocks such as Norweigan Cruise Lines (NYSE: NCLH), Spirit Airlines (NYSE: SAVE), and Carnival Corporation (NYSE: CCL) have all experienced recent upward swings as coronavirus concerns are easing as more companies, such as Moderna, Inc. (NASDAQ: MRNA), come closer to developing a vaccine.

For the cryptocurrency industry, these events have supported the old theory that cryptocurrencies will become the de-facto currency as the dollar decouples, inflation increases, and people become more concerned with financial privacy.

In recent months, the cryptocurrency industry has seen positive developments with higher retail trading activity and institutional interest increasing. For example, Grayscale Investments has been very aggressive in accumulating Bitcoin, at the rate of 150% of all new Bitcoin mined since May 11. Ironic, given the fact that Goldman Sachs (NYSE: GS) announced on a recent investor call that cryptocurrencies are not an asset class.

What is clear is that some institutional investors are more optimistic about the role of cryptocurrencies in the global economy. For the cryptocurrency executives working tirelessly to educate investors and the public about the benefits of crypto, criticism is something that they have become accustomed to. As with any emerging technology, new can often be scary and intimidating until more solid foundations are set.

To learn more about where the economy is headed, we reached out to a handful of cryptocurrency executives that have recently been in the news.

Crypto Executive Predictions are Vastly Optimistic

1. J.D. Salbego, the CEO of Singapore-based exchange BitTok, has experienced the ups and downs of the crypto industry since 2017. In the midst of mass economic and socio-economic turmoil, he sees this as an opportunity for crypto to shine:

What is interesting and what we might see is with Beijing taking over Hong Kong, there could be an increase in Bitcoins price and usage. We've seen in the past when there is political turmoil and instability in a countrys economic future, like with Venezuela, the public has had increased Bitcoin and crypto usage because of the lack of faith in their own central banks and national currency. What we are seeing again is a completely broken banking and financial system globally. With blockchain and crypto, we will hopefully see a higher rate of usage and adoption within banking, forcing centralized institutions to become more transparent.

2. Patrick Collet, Founder and CEO of MOOVIN, a blockchain protocol that democratizes and tokenizes successfully access to data, is optimistic that the US and global economy will not see a recession based on current signs:

The present economy is facing uncertainty as confidence towards the Federal Reserve is getting thinner. I dont believe we will see a crash per say because signs arent pointing at a recession just yet. Even though the US annual GDP is looking to come 40% short, there is a strong boom in the technology and e-commerce platform sector. I believe we will see a lot of market volatility in the coming months and even though DEFI and Fintech are becoming more commonplace, adoption for blockchain tech is clearly not a conquered territory. However, these sectors will eventually be mainstream.

3. For Quincy Dagelet, CEO of Boostchain, a company that is disrupting advertising with blockchain technology, mainstream adoption could be closer than we expect:

The world we are living in with COVID-19 is really unfortunate but it opened peoples eyes and led to more digitalization. Also, people tend to have less faith in banks, the monetary system and politics. This creates the perfect gateway towards more crypto adoption.

4. Stefan Hostettler, Co-founder and CEO of Tycoon69 International, a blockchain firm based in the UAE, agrees that we should see massive disruption in the near future:

Economically, I believe that we will see stagnant and outdated industries experience a massive wave of innovation and disruption over the next few years. This happened during the last crisis and was the leading factor that drove Satoshi Nakamoto to create Bitcoin following the 2007 crash. We are dedicating our time to building out an ecosystem to modernize billion-dollar industries, such as the gift card industry.

Story continues

5. Gabriella Davis, CEO of Centric, the world's first dual-cryptocurrency payment network, agrees with the legacy cryptocurrency community that sees these events as a perfect storm that will propel cryptocurrencies:

More than ever in modern economic history we are witnessing the end of an era. Fiat currency and central banking methodology are not capable of managing highly complex marketplaces. It is time to usher in new economic and monetary innovation, the launch of Bitcoin in the wake of 2009 was the start of a wave of innovation. Moving forward, in order to drive full global adoption a vision of currencies utilizing trust-less, censorship resistant ecosystems, that help offer a reliable store of value and an incentive to join the network while simultaneously limiting industry volatility will look to be implemented.

Conclusion

One thing is certain, the world will be watching as the rest of 2020 plays out and increasingly more curious to learn more about emerging technology that can help them better control risk and their finances. When it comes to transparency, security, and access, blockchain technology provides benefits never before seen.

Disclaimer: the writer of this article is an advisor to Moovin Protocol and Boostchain, both of which have provided commentary on this article. The writer does not hold any stock in the equities mentioned.

Photo byAbsolutVisiononUnsplash

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5 Crypto Executive Predictions On Where The Economy Is Headed - Yahoo Finance

Nuts and bolts: What is blockchain and how does it work? – The New Times

Among the latest trends in technology that are fast changing the world as we knew it is Blockchain. While blockchain has multiple technologies and uses stemming from it, global digital currency cryptocurrency is probably the most common.

To date, there are over 5,000 cryptocurrencies. Bitcoin is the oldest and most known digital asset and everything else has been typically referred to as an altcoin. Bitcoin was invented in 2009 by a pseudonymous programmer dubbed Satoshi Nakamoto.

Rwanda has also embarked on the new technology and started unveiling blockchain-based platforms and a blockchain training school is expected to open this year.

Blockchain is a decentralized ledger of all transactions across a network. With this technology, participants can confirm transactions without any central clearing authority. Potential applications can include fund transfers, settling trades, voting, among others.

How does blockchain work?

To break the programmers language down, lets say 10 people came together in one room to make money. They all have to follow the flow of funds, and one person lets call him Mwasa decided to keep a ledger.

Mwasas colleague lets call him Jackson decided to steal Mwasas money. To hide this, he changed the entries in the ledger. Mwasa noticed that someone had interfered with his recordings. He decided to do something about it. He found a program called a Hash function that turns text in the ledger into numbers and letters.

A hash is a set of numbers and letters, produced by hash functions. Even a small change in a string creates a completely new hash.

After each entry, Mwasa inserted a hash but Jackson decided to change entries again. At night, he got to the diary, changed the record and generated a new hash.

The next day, Mwasa noticed that somebody had interfered with his entries again. He decided to complicate the record of each transaction. After each record, he inserted a hash generated from the last recorded hash. So each entry depends on the previous.

If Jackson tries to change the record, he will have to change the hash in all previous entries. But Jackson really wanted more money, and he spent the whole night counting all the hashes.

But Mwasa did not give up. He decided to add a number after each record. This number is called Nonce. A nonce is an abbreviation for number only used once. It is a number added to a hashedor encryptedledger that, when rehashed, reach the difficult level of restrictions. Nonce should be made in a way so that the generated hash ends in two zeros.

To forge records, Jackson would have to spend hours and hours choosing Nonce for each line. Not only people, not even computers can easily figure out the Nonce. Apparently Jackson failed this time and apologized to Mwasa.

Later, Mwasa realized that during the process. He had created too many records and that he couldnt keep the encrypted diary forever. So when he reached 5,000 transactions, he converted them to a one page spreadsheet and spread it to over 5,000 computers all over the world. These computers are called nodes.

Every time a transaction occurs it has to be approved by the nodes, each of whom checks its validity. Once every node has checked a transaction there is an electronic vote, some nodes may think the transaction is valid and others think it is a fraud.

Now, if Jackson change one entry, all the other computers will have the original hash. They would not allow the change to occur. This makes blockchain almost impossible to forge.

Mwasas shared spreadsheet is called a block and if more people like him shared same spreadsheets, a blockchain is born.

Once a block reaches a certain number of approved transactions then a new block is formed. The Blockchain updates itself every ten minutes. It does so automatically. No master or central computer instructs the computers to do this.

editor@newtimesrwanda.com

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Nuts and bolts: What is blockchain and how does it work? - The New Times

The Many Facts Pointing to Adam Back Being Satoshi | Featured Bitcoin News – Bitcoin News

During the last year, news.Bitcoin.com created a series that shows the many facts that point to certain individuals who might just be Satoshi Nakamoto and its been a popular run so far. Our series has covered nearly everyone, but there are still a few individuals that havent been covered. On May 11, 2020, the popular Youtube channel Barely Social published a video called Unmasking Satoshi Nakamoto, which claims that Blockstream CEO Adam Back could be Bitcoins mysterious inventor.

In mid-May, the Youtube channel Barely Social, a popular creator of analysis videos for odd corners of the internet, published a new video called Unmasking Satoshi Nakamoto. The video creator has 391,000 subscribers and the Unmasking Satoshi video has been watched over 290,000 times to-date. The video was also posted to the top three crypto-related Reddit forums r/cryptocurrency, r/bitcoin, and r/btc. Barely Socials film was immediately removed from the r/bitcoin forum, it was discussed in r/cryptocurrency but downvoted heavily, and it was flagged for vote-brigading on the forum r/btc. The video explains the massive disconnect between two large factions of big block supporters and small block supporters, and how they went certain bitcoin community members separate ways. It also leverages circumstantial evidence that illustrates how Adam Back, the Blockstream CEO could possibly be Satoshi Nakamoto.

It all started well before the Bitcoin white paper was published on Halloween 2008, as Adam Back described the technology on various occasions and as early as 1998. However, prior to the release of the cryptocurrency and white paper, Back seemingly removed himself from the public eye during the Satoshis development period between 2009 and 2010. Coincidently after Satoshi left, Back appeared on the bitcointalk.org forum acting as though hes been around for quite some time, explains the Barely Social video.

Barely Socials film also had a number of other forms of circumstantial evidence that point to Back possibly being the creator of cryptocurrency. For years, during the early days, many people assumed that Back ignored Bitcoin for a while, and then joined the community with great fervor toward the technology. Backs first posts and replies to other bitcoiners on the bitcointalk.org forum shows his technical understanding of the blockchain was more advanced than most. Barely Social also highlights that when Back joined the community after Satoshi left, he was bossing people around like he had always been around.

Additionally, the video compares Satoshis writing style with Backs style, as they both double space and spell their words in a British fashion. Barely Social also mentions the 2015 email that allegedly stemmed from Satoshi, which has also never been disputed. Further, the videos narrator talks about how Adam Back has told people that Satoshi has written to him, but unlike Mike Hearn, Back has never shared these corresponding emails.

Barley Socials film also delves deep into the 2015-2017 manipulation and propaganda that stemmed from the block size debate. Within this section of the video, it shows how the r/bitcoin owner, Theymos, censored thousands of people and thousands of posts and still does to this day. Theymos operates r/bitcoin, bitcointalk.org, the bitcoin wiki page, and also he also has some control over bitcoin.org too with an anonymous individual called Cobra Bitcoin. Barley Socials video shows evidence that Back and other members of the company Blockstream were complicit with Theymos and his censorship techniques.

The video further discusses Gavin Andresens role when Satoshi handed the project over to the former lead developer. Barley Socials video details how Andresen fought against the control specific Bitcoin Core developers had over the project and Blockstreams influence. The video showed little bias and explained that both sides of the argument sought control. Barely Social also published a debate between Andresen and core developers, and Adam Back joined in during the discussion. Other prominent members of the discussion included Rusty Russell, Greg Maxwell, Theymos, and many other Bitcoin Core developers.

When Back appeared in the discussion, he was anti-hard fork from the beginning, and said the Bitcoin community needs to foster collaboration and consensus to reduce the risks. Barley Social assumes that a lot of developers know that Back is Satoshi, and that its possible a number of people have signed a non-disclosure agreement (NDA). The video also says that even though Andresen named Craig Wright as Satoshi Nakamoto in May 2016, it was done to be purposely misleading.

The film shows that Backs company Blockstream purposely stopped onchain scaling, so the company could provide relief to the community with the Liquid sidechain project. Essentially, the belief is the firm suppressed onchain scaling and hard forks, in order to claim revenue from transaction fees. This is probably why the Bitcoin Cash community and r/btc forum disliked Barely Socials theory, because they consider Back and Blockstream enemies of Bitcoin.

The r/bitcoin censorship probably stemmed from the fact that the video does expose the mass censorship thats been plaguing that subreddit for years. Adam Back also denies being Satoshi Nakamoto and has recently rejected the theory publicly. Back told the publication Decrypt that he wasnt Satoshi and said: Just that people speculate, but Im not Satoshi. To cut short Google searches and digging. Back also spoke up on Twitter and stated:

Some claim to be Satoshi, days google research blogging stories, and in court, to widespread non-belief. Seems I need the opposite: I am not Satoshi despite [the] recent video / Reddit claiming so. Some factors & timing may look suspicious in hindsight; coincidence & facts are untidy.

Of course, Barely Social says during the beginning of the film that Back can always leverage plausible deniability. There was also a recent Youtube video, which has the crypto pundit, Tone Vays, doing a rebuttal against Barely Socials video. Even though Barely Social was there in the live stream chat, he wasnt allowed to debate Vays criticism, which was filled with insults, and common logical fallacies.

The Blockstream CEO and Barely Social have also debated the subject on Twitter at great length. Following the video and coincidentally, theres also been a number of spends and messages on the BTC blockchain that stem from early addresses from 2009 and 2010. One 50 BTC block from February 2009, one month after the Bitcoin network was launched, was just spent and sent to another address.

What do you think about Barely Socials video which claims Adam Back may be Satoshi Nakamoto? Let us know in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Youtube, Twitter, Reddit

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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The Many Facts Pointing to Adam Back Being Satoshi | Featured Bitcoin News - Bitcoin News

Is It Possible To Patent Bitcoin? – Intellectual Property – Poland – Mondaq News Alerts

28 May 2020

JWP Patent & Trademark Attorneys

To print this article, all you need is to be registered or login on Mondaq.com.

Bitcoin is a cryptocurrency described for the first time in 2009article by Satoshi Nakamoto. Even now, it is not entirely clear whoSatoshi Nakamoto is. Possibly, it is a group of people cooperatingunder this alias. It is certain, however, that the entire conceptof Bitcoin as an innovative currency revolutionized the globalfinancial market. Bitcoin is one of the so-called FinTechtechnologies.

Bitcoin is one of the examples of utilizing blockchaintechnology. More precisely, blockchain is a decentralized anddistributed database created using cryptographic algorithms withpublic and open registers. In practical terms, it is assumed thatBlockchain makes it possible to obtain a data register that isfully transparent, reliable and safe despite the lack of a centralgoverning body that manages this data. As a result, it was possibleto create, e.g., the Bitcoin cryptocurrency used fortrading online without the supervision of transactions bybanks.

Many people wonder whether such solutions could be patented atall. Firstly, it is necessary to analyze the nature of FinTechsolutions which, as the name suggests, combine finances andtechnology.

Each country and patent office has its own set of acts and lawsregulating in detail patent law in a given territory. However, somegeneral concepts can be found in all legislations and theyconstitute the basic concept of a patent. One of them is therequirement of a technical nature of the solution. It can be wordedin a variety of ways, e.g., the invention is required to have"a technical effect", solve "a technicalproblem", the invention is "a creation based on atechnical idea, in which natural law is applied", etc. Theirmeaning is similar - we cannot monopolize purely abstract conceptsthrough patenting. Similarly, it is not allowed to monopolize insuch a way scientific discoveries, laws of nature or mathematicallaws and operations. Additionally, schemes, rules and methods ofmental processes, playing games or running a business, as well ascomputer programs are usually treated as intangible, and thereforeabstract, solutions that cannot be patented.

That is why in the case of FinTech, the financial aspect perse is very hard to patent. Financial transactions, especiallyonline, are a fairly abstract concept and it is hard to treat themas inventions of technical nature. The essence of the innovativecharacter of those solutions is utilizing modern technologies infinances, which is also problematic. Making a distinction betweentechnical and abstract characteristics, in the traditional sense asstipulated by patent law, is very complicated especially in moderntechnologies based on artificial intelligence, machine learning orblockchain.

Patent offices around the world are currently facing the need toadapt patent law, with its basic principles created in the late19th century, to the requirements of modern industry,described as Industry 4.0. In practice, each office has its owndistinctive approach to patenting computer-aided inventions, namelythose making use of software. It is a result of a change inperception and legal interpretation. For example, patent law in theUS has changed rapidly over the years, moving from a very liberalapproach to a very restrictive one. It is believed that the moststable and predictable approach, as well as quite liberal, is theone of the European Patent Office.

More and more patent offices maintain that although software assuch is obviously not patentable, its application in order to solvea particular technical problem can be patented. Therefore, it ismore likely to patent solutions enhancing the FinTech development,such as making operations more secure by using cryptography orother technical considerations on the function of the innercomputer. Examples of patents granted for inventions regardingcryptocurrencies can be found primarily (but not only) in the C06Qclass of the International Patent Classification concerning systemsand methods of processing data for financial purposes amongothers:

The answer to the titular question is, unsurprisingly given thecontext, that it all depends on circumstances. Preparingdescriptions of FinTech solutions and other new technologies is acomplex and sensitive task. The solution needs to be properlydescribed, supported by necessary figures and embodiments. It isvital to focus on its technical characteristic, as understood interms of patent law. That is why in such a complicated process, theguidance of an experienced patent attorney is indispensable.

Originally published 27 March 2020

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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