Tag Archive : Bitcoin

Bitcoin Lightning Network ensures larger payments capability

Bitcoin Lightning Network releases a 0.10 beta version of its LND software, to improve routing efficiency and reliability of its infrastructure. 

According to the latest reports, San Francisco-based crypto firm Lightning Labs has introduced a 0.10 beta version of its LND software. It is one of the most important iterations of the Bitcoin Lightning Network. The key highlights of this latest update include – Multi-Path Payments, Partially-Signed Bitcoin Transaction (PSBT) support, on-chain fees, developer improvements, security, architectural improvements, and other bug fixes. The 0.10 beta version aims to improve the routing efficiency of lightning payments. 

What is the Lightning Network?

It is a second-layer incorporated on top of the Bitcoin blockchain that enables faster and cheaper transactions. Prior to the latest update, users could only lock a limited amount of Bitcoins in the channels. Moreover, there used to be a lot of friction in routing transactions. 

More about the latest update

The most important aspect of the latest update is regarding multi-path payments. The 0.10 beta version will allow users to quadruple the number of BTCs that can be locked in channels. This will essentially improve routing efficiency, and instill a lot more liquidity in the channels. According to the announcement, “A related change is the lifting of the maximum invoice size, which was previously 4.2 million satoshis (0.042 BTC). Starting with LND v0.10-beta, payments up to the maximum size of a channel will be allowed. (Currently, the maximum channel size is 16.7 million satoshis (0.167 BTC.)”

The update also added support for Partially-Signed Bitcoin Transaction (PSBT). It is a cryptographic method for hardware wallets to sign transactions without revealing the keys to a device. 

Another important part of this update developer improvements. Lightning Labs explained, “Finally, in and v0.10-beta, we’ve added an “Experimental Services” section to the LND gRPC API. These services are designed to allow LND developers to experiment with and give feedback on new APIs while they’re in the process of being developed. This will also give new features and APIs a place where they can be tested, stabilized, and matured before being added to the main LND API. For REST developers, we’ve also made the REST API docs more easily accessible.”

As of now, as many as 955 BTCs are locked in Lightning Network channels. This figure accounts only for public nodes. If we consider the private nodes as well, this number could be much higher. 

Bitcoin is striking back as halving inches closer

Bitcoin is well on its way to regaining its lost dominance in the crypto market while challenging major altcoins as the big halving day approaches.  

After a quiet few weeks, Bitcoin is making its way up again and challenging altcoin dominance. According to a chart published by Messari researcher Ryan Watkins, ‘Bitcoin is well on its way to achieving the same market dominance that it did during the 2017 bull run.’ This essentially means that Bitcoin’s total share in the crypto market is on the rise yet again, thus silencing all its critics. Hence, investors and enthusiasts are likely to be more interested in placing their bets on BTC as opposed to other cryptocurrencies.

This comes after the tragic 2018 price crash, which prompted traders to move into altcoins, hoping to neutralize the risks associated with a bearish BTC trend. However, even amid the existing global pandemic and a pathetic economic scenario, Bitcoin seems to be making its way back into dominance. Interestingly, a crypto analytics firm, Messari also noted that the public interest in Bitcoin is also at an all-time high, similar to when BTC was close to its maximum ever price range. Recently, Google also reported that search queries with the word ‘Bitcoin’ in the last week of March were the highest ever that it ever received. 

This uptrend comes weeks before the much-awaited Bitcoin halving scheduled on May 12th. There is no ignoring the fact that, post 12th May, BTC’s inflation rate will be reduced by 50%, as mining rewards will be cut into half, and supply will also slow down. However, what this could essentially trigger is a bull run, as the demands will try to cope up with the reduced supply. 

Whatever be it, it is fair to say that the focus has now shifted from altcoins to Bitcoin, and the crypto community is eagerly awaiting the halving event. Let’s see how the BTC market reacts. We will keep you posted. 

Learn About the Bitcoin Market

Bitcoin is the digital currency used to purchase a wide variety of goods and services worldwide. It works just like paper money, but there are important differences between the two. Bitcoin also exists in physical form but is available in a digital way. This is the main form of online trading in portfolio software or other online services. Bitcoins can be obtained by mining or exchanging different types of money or even certain goods and services.

Bitcoin market

The Bitcoin market is the market in which Bitcoins are traded. If you have bitcoins, you can use them to purchase almost anything for which this currency is accepted. There are some types of transactions for which bitcoins are the only generally accepted payment method. To buy this specific asset, bitcoins must complete the transaction.

When you enter the Bitcoin market, you must first learn how to buy Bitcoin. The first way is to buy them. In this way, it takes little effort. The second way is to take advantage of this. It is used on software that performs certain mathematical equations for which the dealer is rewarded with bitcoin. It takes time, and many retailers claim that it contains a small portion of fruit.

Bitcoin purchase process

To be part of the Bitcoin market, wallet software is required. You can also get online service. Online bitcoin-treasure.com wallet services are available in all major countries, so you can easily set up your wallet account.

In order to buy, you need to link your wallet to your bank account. Depending on the portfolio service, it may take several days.

Once your bank account is linked, a purchase of a Bitcoin link will be displayed in the software window. It will be easy. Once the transaction is complete, the bitcoins are transferred to your wallet.

The Bitcoin market operates according to the same strategies as all other types of trading markets. If the price of bitcoins is low, this is a signal to buy them. If the price goes up, you can sell them profitably.

Mining can be difficult, but all operators have yet to try it from time to time. It’s a little slow, so you have to be patient. You need Bitcoin mining software. There are even mining pools. Simply decode a block with the joint effort of a mining group. You will then receive bitcoins based on your contribution.

Note that the bitcoin value increases and decreases in seconds. If you don’t make the right choice at the right time, you can lose a significant part of your investment. The good thing is that you can make a lot of profit from this form of trading if you understand the basics perfectly.

New Bitcoin Scam Uses Fake Celebrity Endorsements

Cryptocurrencies are indeed a hot topic these days, especially with the world under complete lockdown. Millions are growing interest in the sector, and some are even investing. So much so, that certain crypto firms and researchers believe that US citizens are investing their $1200 COVID-19 stimulus package in crypto. With so much profit potential, cryptocurrency investment is actually luring. However, some scammers are taking advantage of the situation, and utilizing the credibility of celebrities to attract potential investors into fake investment opportunities. 

Bitcoin Pro: A fake trading app

One such platform is the Bitcoin Pro. Make no mistake, this is not the older Bitcoin Pro App, but a scam trading platform which is equipped with an automated trading application. It has positioned itself as a potential high-return investment platform. However, the only possible outcome of investing in it is losing the entire investment amount, let along making any profits out of it. 

The misleading trading robot in question was actually created by an unauthorized affiliate network, with an aim to scam people, by luring them of making million dollar profit returns out of their investment in the Bitcoin pro scam trading app.

Scammers using celebrity names to gain credibility

While crypto scams have been there for a long time, scammers are now using celebrity images to advertise their schemes and crate credibility among the audience. We are often lured into something that is endorsed by prominent personalities, and Bitcoin Pro, along with other scammers are taking advantage of that psyche. For example, the Bitcoin Pro registration page displays an image of CNN anchor Jake Tapper endorsing the platform. 

However, the same endorsement has been promoted in other clone sites like Bitcoin Rush and Bitcoin Trader, which is substantial evidence that such advertisement is nothing but a scam trap. Moreover, there are a number of fake reviews circulating on the web regarding the profit potential on such platforms. Well, the scammers do not stop there. Apart from reviews and fake advertisements, they have also pushed a number of fake articles, and have made them seem believable by using celebrity faces like Gordon Ramsay, Sir Richard Branson, Dragons’ Den, Eric Bana, Shark Tank, Martin Lewis, James McAvoy, Peter Lim, Daniel Radcliffe, and Jamie Oliver.

A couple of weeks ago, celebrity Eric Bana tweeted regarding the same stating, “Unfortunately even in times as harsh as now, there are no stopping scam artists. Please do not open any fake articles claiming that I am involved in any way in cryptocurrencies. My name is illegally being used for that purpose. Take care.”

Recently, British TV presenter and former X-Factor star, Rylan Clark-Neal issued a warning to his followers, to not believe in the fake interview, that was then going around the internet, stating that Ryan had made millions by trading Bitcoin. A couple of weeks ago, the FBI also released a statement explaining that it expects the rise of crypto scams amid the COVID-19 pandemic. 

In this scenario, we recommend you keep away from such fake promises of high-return crypto investments. While the crypto industry is undoubtedly a promising proposition, there is no way of using it as a short-term money-making machine. 

Stay safe! 

Google Receives All-time High Searches Around Bitcoin Halving

Google Trends experiences an exponential surge around searches regarding the much-anticipated Bitcoin Halving.

The bitcoin having phenomenon is just around 20 days away, and the buzz around it is at an all-time high. As per Google Trends data, searches around the phrase ‘bitcoin halving’ have exponentially surged over the last couple of weeks. This week, the phrase is hovering at a search score of around 90 out of a hundred.

In the second week of April, it toughed at an all-time high of 100, which is the highest score a search query can obtain on Google Trends. 

What is Bitcoin Halving?

It is a mechanism that was integrated into the Bitcoin Protocol by its founder, Satoshi Nakamoto. According to this, every four years or 210,000 blocks, the total circulating supply of Bitcoin in the market is supposed to be cut into half.

The next halving is scheduled to be processed on 12th May, and after that, miners will be rewarded 6.25 BTC per block found. Moreover, after Bitcoin halving, BTC’s annual inflation rate will drop from the present 3.6% to 1.8%.

Why is there a Surge in ‘Bitcoin Halving’ Searches on Google? 

Cryptocurrency experts across the world are quite excited about the upcoming Bitcoin halving event. This is something completely new for those you have forayed into the crypto space recently. Some even expect that the price of BTC will rise after the halving phenomenon. 

According to a survey conducted by Genesis Mining, more than 505 of mining participants expect Bitcoin price to increase after 12th May. Some speculate that it could rise as high as $12,500 post halving. 

With so much anticipation going around the topic, it is not surprising that Google has received an all-time high search query scale about Bitcoin Halving. 

However, it will be quite interesting to observe the major cryptocurrencies path once the much-awaited BTC halving takes place in May. We will keep you updated with further news regarding this topic. 

Hackers’ Attempt to Steal Bitcoin from Rubygems Goes in Vain

Cybersecurity firm reveals that more than 700 libraries of Rubygems programming language were infected with Bitcoin-stealing software. However, all is safe now! 

Massachusetts-based cybersecurity firm ReversingLabs has revealed that more than 700 libraries of the popular programming language Ruby are currently contaminated with Bitcoin stealing software. ReversingLabs confirmed the news through a blog post recently. A couple of months ago, it warned that hackers are placing malicious codes in a package manager called RubyGems. 

According to the blog post, hackers are compelling developers to download malware using a method called “typosquatting”. These contain contaminated packages dubbed the same as regular files – thus creating the chance for a hacker to gain access to the system. 

How does this work?

Once the malicious code is injected into a system and the hacker gets access, the script initiates an infinite loop that gets hold of a user’s clipboard data. By doing this, the hackers were aiming to redirect all crypto transactions to a predefined wallet address.  

The blog post readsIt is unclear why the RubyGems repository is being continuously barraged by this threat actor. Since the attacks are using Windows technologies, this campaign has to hit a very specific set of individuals in order to succeed. The perfect candidate to succumb to this type of “spray-and-pray” supply chain attack is a Ruby developer whose environment of choice is a Windows system that’s also periodically being used to make BitCoin transactions. A rare breed indeed.”

However, ReversingLabs confirmed that these hackers were not able to steal any Bitcoin, despite putting in the mammoth efforts. 

ReversingLabs has already reported the issue to RubyGems and they have removed all the infected files from their libraries. 

Researchers Expose Privacy Flaws in Bitcoin Lightning Network

University researchers identify privacy concerns in Bitcoin Lightning Network; propose solutions to trade off efficiency for security.

Researchers from the Norwegian University and the University of Luxembourg have expressed concern over the privacy safety in Bitcoin Lightning Network. They have detailed the possibility of a ‘probing attack with moderate capital commitment and no expenditures on the network at a rate of under a minute per channel’ in their recently published research paper. As per their theory, this could expose anonymous transactions stored across the network. The researchers said that, by using a technique called transfer routing, they could find out the sum of Bitcoins held in balances. 

About the Lightning Network

The Lightning Network is basically a solution that enables near-instant, low-cost Bitcoin transactions. Advocates of the concept claim that it offers enhanced privacy via the Segregated Witness method. In the lightning network, users can either transfer funds directly between two parties, or they can route the transactions via a mutually-agreed-upon third party. 

In the case of the latter, the researchers could use a range of routed transactions on the Bitcoin testnet, thus being able to reveal individual channel balances. 

As of now, the Lightning Network houses 11,000 nodes, 36,000 payment channels, and about 900 BTC.

Proposed Solutions

The group of researchers has proposed several potential solutions to this problem, but at the same time, they acknowledged the fact that in order to implement those solutions and enhance privacy, the network will have to lose some of its efficiency. They suggested a few changes to the network’s protocol but warned that those changes will reduce transaction efficiency at the cost of better privacy. 

However, they vouched for the fact that this is the most viable solution in order to maintain a balance between privacy and efficiency. 

How the Bitcoin is Different than Real Money

Bitcoin is virtual cash. It doesn’t exist in the physical type of cash and coins in which we exist. This restraining infrastructure doesn’t exist in a physical structure like cash. It’s an electron – not an atom. Be that as it may, consider how much money you by and by a handle. You get a check that you count on – or it is naturally posted without you seeing the paper on which it isn’t printed. You at that point utilize a charge card to get to these assets. Best case scenario, you see 10% of it in your pocket or money in your pocket. In this manner, for reasons unknown, 90% of the assets you oversee are virtual – electrons in a spreadsheet or database. Indeed, not in the least. Your money related foundation should hold just 10% of its store. Now and again, this is less. It loans the remainder of your cash to others for a long time. It takes them to pay for the advance and to enable you to loan. Now the Bitcoin Banker is an evolutionary invention for people to make their investments safe and successful.

How is Cash Made? 

Your bank plans cash by making a credit. Let’s assume you store $ 1000 in your bank. At that point, the loan 900,000 of them. Out of nowhere, you have $ 1000 and another person has $ 900. Mysteriously, coasting around 1900 where there was just a single amazing. Presently state your banks’ loan $ 900 to your other bank. Therefore, the bank gives an advance of $ 810 to another bank, which at that point loans a $ 720 advance to a client. 

The making of bitcoin is not the same as the making of bank assets as money electrons. It isn’t constrained by the national bank of the administration, however by the accord of its clients and hubs. It isn’t appropriated in a structure by a constrained mint, yet by open source programming and registering. Also, that requires an assortment of unique work to make. More on this soon.

Who Screens this? 

When the Beginning square was made, Bitcoin was made as a sort of open record for Bitcoin by monitoring all exchanges. Figuring hubs/PCs are remunerated for doing as such. As the stock of BTC increments, and as the quantity of exchanges expands, the assignment required to refresh an open record gets troublesome and complex. Subsequently, the quantity of new BTCs in the framework is created worldwide for around 50 BTC (one square) at regular intervals. 

In spite of the fact that the figuring force (and refreshing the open palm) for bitcoin mining is presently developing quickly, so does the unpredictability of the math issue. In this way, it might be said, everybody knows about it – that is, all the hubs in the system monitor the historical backdrop of each piece coin. 

What amount is there and where? 

There is a most extreme number of bitcoins that can ever be made, and that number is 21 million. As per Khan Foundation, this number is relied upon to be number one in the year 2140. As of at the beginning of today, the course was 12.1 million BTC. Your own BitCoin is put away in your own stockpiling record (your BitCoin Wallet). The document itself is evidence of the quantity of BTCs you have and can run with you on a cell phone.

How Bitcoin Works – complete guide

Bitcoins are a decentralized form of cryptocurrency. This means that a financial institution or government does not regulate them. Therefore, unlike a traditional bank account, a long list of documents, such as IDs, is not required to create a so-called Bitcoin wallet. With a bitcoin wallet, you can access your bitcoins and send bitcoins to others.

How to create an account

You can buy a bitcoin wallet from a bitcoin broker such as Coinbase. When you open a wallet through a certified broker, you get a bitcoin address consisting of a series of numbers and letters, similar to a bank account number and a secret key, which also includes a number of numbers and letters of the password.

How Bitcoin Works As An Anonymous Payment Processor

You can do 3 things with bitcoins, shop, anonymously send money to someone, or use it as an investment. More and more retailers are accepting bitcoins as a form of payment. If you use Bitcoin instead of cash, you make this purchase anonymously. The same applies to send money since there is no need to spend a lot of payments for anonymous Bitcoin settings. In practice, you can send money anonymously to another person.

How Bitcoin Works as an Investment

Bitcoin’s price changes from time to time. For comparison: at the beginning of 2013, the average price of Bitcoin was about 400 US dollars, and at the end of 2013, the price of bitcoin optimizer to more than 1000 US dollars. Therefore, if I launched two bitcoins worth $ 800 and saved them as an investment at the end of 2013, these two bitcoins would cost more than $ 2,000 instead of $ 800. Many people save bitcoins because of their value fluctuate.

Bitcoin casinos and poker sites

Due to the anonymity of Bitcoin, the gaming industry has used Bitcoin as a form of payment. Bitcoin casinos and bitcoin poker sites come to life and offer their players the opportunity to make deposits, play bitcoins at tables, and withdraw money directly to their Bitcoin wallet. This means that there are no taxes or options for state control. Like in a regular Nevada casino, where you don’t need to register anywhere and all transactions are anonymous.

How do you send bitcoins?

To pay for goods and services or send bitcoins, a person needs 3 things: your bitcoin address, your private key, and the person’s bitcoin address. From now on, enter 3 information about your Bitcoin wallet: entry, exit. The entry refers to your address, the rest refers to the number of bitcoins you sent, and the output refers to the address of the recipient.

Here we will explain in more detail how to use this currency and how everything works with the wallet and where you can get your wallet. We also explain in more detail the use of online casinos and other areas. This is a very interesting currency with many possible applications.

Toronto Stock Exchange Lists the First Public Bitcoin Fund

According to the recent reports, Canadian asset management firm 3iQ has launched a public Bitcoin fund on the Toronto Stock Exchange (TSX). As many as 1.5 million Class A ‘QBTC.U’ shares have been listed on TSX. and as of now, those are trading for $11 each. This is the first public bitcoin fund to be hosted on a major stock exchange like TSX which processes $97 billion in monthly trade. Moreover, this Bitcoin fund will be backed by the Gemini Crypto Exchange as its custodian. 

3iQ confirmed the news through a blog post on its official website yesterday mentioning, “3iQ Corp. is pleased to announce that The Bitcoin Fund (the “Fund”) has completed both its initial public offering of units and its merger with 3iQ Bitcoin Trust, as a result of which the Fund now has 1,491,800 Class A Units outstanding representing at closing total assets of approximately US$14 million. The Class A Units will commence trading today on the Toronto Stock Exchange under the symbol QBTC.U.”

It is being speculated that the public Bitcoin fund will act as a catalyst for mainstream investors to dive into the crypto space without being worried about crypto security or custody. 

3iQ originally proposed the Bitcoin Fund back in 2017. However, it was not until recently that the fund was granted by the Ontario Securities Commission (OSC). 

Apart from 3iQ, TSX also hosts shares of Bitcoin mining company Hut8 and crypto bank Galaxy Digital. Moreover, Horizon’s ETFs are also listed on TSX. 

3iQ’s Stablecoin

3iQ has developed its own stablecoin named QCAD in collaboration with Mavennet. QCAD is an ERC-20 token that is pegged to the Canadian dollar and will be regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) from June.