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Benefits of Trading with Bitcoin Live Bitcoin News

Have you ever thought of changing the way you do your transactions and switching to Bitcoin instead of cash and banks? If you have and you are still undecided as to whether you should take the next step and go full digital cryptocurrency on your transactions, looking at the benefits of trading with Bitcoin might help you decide.

A digital marketing agency, for example, will often give their clients the expertise and guidance to succeed in a competitive market and one of the things that they suggest is switching over to using Bitcoin for some of their clients transactions.

Bitcoin doesnt Require Permissions

Contrary to what government officials and media outlets want to make you believe Bitcoin will never collapse or be banned from governments. In fact, chances are that Bitcoin will still be around and going strong while other currencies go through incredible devaluations.

This is because Bitcoin doesnt require permissions from governments, financial institutions, banks, and international organizations in order to be used. The digital cryptocurrency is free to use and has absolutely no borders like other currencies do.

It Will Never Be Seized

It is a well-known fact that money that you keep on a bank account can sometimes be seized for various reasons. For example, a creditor can easily seize your money if he has a judgement against you.

With Bitcoin, this will never happen as Bitcoin can never be seized. Neither a creditor nor anyone else can confiscate your Bitcoin because you own the digital cryptocurrency. That is not the case with money that you have borrowed from a bank which one moment might be at your disposal and the next out of your bank account.

There is a Limited Supply of Bitcoin

One of the reasons why mining for Bitcoin has become more difficult is the fact that Bitcoin has a limited supply. When all bitcoins are created their number will be 21 million and not a coin more. This means that those who have Bitcoin in their possession can be absolutely certain of their value because Bitcoin is very predictable and speculators cannot influence its value. While current currencies suffer from constant devaluation due to the constant printing of new money from central banks, Bitcoin is very scarce.

Fast and Easy to Use

One of the biggest selling points of Bitcoin is the fact that the currency is very easy to use and people who use it can complete their transactions almost instantly. This is because all Bitcoin transactions are peer-to-peer transfers and as Satoshi Nakamoto wrote in his whitepaper this is one of the basic principles of Bitcoin.

Central payment networks such as Visa, PayPal and Mastercard charge their clients certain fees through their banks when they make a transaction. This is not the case with Bitcoin as it does not charge any fees most of the time and when it does they are minimal.

Anonymous Currency

Another beneficial aspect of Bitcoin is the fact that you can be completely anonymous when making a transaction with Bitcoin. If it is used properly, the currency can keep you out of sight of the government as it does not require its users to provide name, email, social security number and other sensitive information.

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Bitcoin Exchange Binance Confirms Delisting Of Bitcoin SV

Many members of the cryptocurrency community have labeled these claims as fraudulent, and Wright has retaliated by threatening legal action through his legal representatives.

The controversy has gripped the entire cryptocurrency community, including Binance’s CEO Changpeng Zhao, who mentioned the potential risk of delisting Bitcoin SV (BCHSV).

Bitcoin SV price decreased against the background of this piece of news.

In the meantime, Kraken held a Twitter poll asking their followers whether they should delist BSV or not.

Although Bitcoin Cash may directly benefit from Bitcoin SV’s tailspin, analysts still expect it to possibly see further downside in the near-term.

“$BCH This has been one of my biggest winners in the last couple months!”

Some users have suggested that OKEx’s decision to keep listing BSV may have been influenced by the recent announcement of OKEx’s partnership with Jack C. Liu, founder of crypto wallet RelayX, to launch a BSV-based exchange.

“We stand with @binance and CZ’s sentiments”.

Kraken has joined the feud between Craig Wright and the Bitcoin community and made a decision to delist Bitcoin SV.

The official reason of Binance for delisting Bitcoin SV was that it didn’t pass the review. Wright has reportedly announced a $5,000 bounty in BSV for this objective.

The latest cryptocurrency exchange to announce that they would be delisting BSV is Kraken, which recently tweeted that “the people have spoken” adding that they would be delisting Bitcoin SV, marking another significant blow to the embattled cryptocurrency.

Bitcoin SV network witnesses yet another blockchain reorganization: It was reported that Bitcoin SV’s network witnessed another blockchain reorganization on a 128 MB block, with over six blocks orphaned [#578640-578645].

“In the next thirty days, we will end even close out support for #BSV transactions”.

The people have spoken.

Image courtesy of Twitter, Shutterstock.

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How To Explain Bitcoin To Your Friends & Family …

Introduction:EVERYnew technological development throughout mankinds recorded history has been met initially with derision, protest, incarceration, torture, death, and sometimes war. From the Catholic Churchs restraint of Galileo, who insisted that Copernicus was correct in his assertion that the sun was the center of the solar system, rather than the Earth as center, as was the position of the church at the time, to the invention of the printing press, which facilitated the French Revolution due to its ability to improve communication exponentially, to the personal computer, to Bitcoin, virtual reality, artificial intelligence, driverless electric vehicles, etc., technology advancement has always intimidated mankind when first introduced. Bitcoin is no exception.

Taking it to its logical conclusion, the adoption of Bitcoin as a store of value and a means of exchange will literally destroy the existing banking and financial system as we know it. It is inevitable. Nothing can stop Bitcoin. All current assets owned by people across the globe will become worthless. This will include assets owned by all levels of government, including, social security funds, and any other type of retirement fund. It makes no difference if the asset is measured in Dollars, Euros Yen, or Renminbi, the value of all current forms of assets will disappear, literally overnight.

So there will be world anarchy, well retreat to the dark ages, everyone will be poor, and well have to subsist off the land, or die. Right? Wrong. There will exist a fairly large group of Bitcoin Billionaires and Trillionaires, so called whales, in all the currently existing advanced economies of the world. These people will control all the power because they control Bitcoin.

There will be a meeting of these people. It will be like Bretton Woods all over again, but instead of politicians and bankers attending, it will be Bitcoin Billionaires and Trillionaires. They will declare a New World Order. Under the Bitcoin New World Order, a percentage of all Bitcoin in the world will be taxed at some agreed upon amount sufficient to replace the capital of every private individual, institution, and government around the globe with an amount equivalent to the pre-Bitcoin changeover. All countries will receive Bitcoin in an amount equivalent to local currency and people will continue to work as they do now.

I further predict this event will transpire within the next five years when the use of bitcoin by individuals and organizations becomes so widespread that local currencies will become unnecessary. The event will be similar to what is happening right now with the Petrodollar. China has declared it will begin using its currency rather than Dollars to buy its oil needs. Potentially, this could lead to China becoming the dominant world power in buying and trading of crude oil. It is currently the largest buyer of crude, which, coincidentally, is the largest traded commodity by Dollar volume.

I also predict that this event will cause all the worlds central bankers to establish their own form of bitcoin but that attempt will fail because Bitcoin by then will already be established as the gold standard, so to speak.

If one reads, listens to, or watches the news, one will hear repeatedly that Bitcoin is a scam, that it will go bust, it will be put out of business by competing banks cybercurrencies, or that governments will stop it, etc. However, I happen to believe Bitcoin will prevail over all obstacles and I therefore boldly

(or perhaps stupidly), predict its future. In a remark attributed to Mark Twain, Predictions are hard, especially about the future.

On August 18, 2008, the domain name was registered. In November that year, a link to a paper authored bySatoshi NakamototitledBitcoin: A Peer-to-Peer Electronic Cash Systemwas posted to a cryptography mailing list. Nakamoto implemented the bitcoin software asopen sourcecodeand released it in January 2009. The identity of Nakamoto remains unknown.

In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as thegenesis block, for a reward of 50 bitcoins.

The name Satoshi Nakamoto is shrouded in mystery. Its not known if it is a single person, a group of people or just a made up name. Whatever it is, its certainly prescient!

The potential, but real, threat of Bitcoin and the blockchain to the established financial order and to powerful financial elites, recently caused Jamie Dimon, CEO of J.P. Morgan, one of the worlds largest banks, to state that Bitcoinis afraud.

But the man speaks with forked tongue. Its a known fact that every bank in the world is frantically analyzing the blockchain upon which Bitcoin and over 1500 other cryptocurrencies are based because it willand is alreadychanging the fundamental workings of the global financial system. This new technology threatens the well-being and very existence of every financial powerhouse and its beneficiaries because it brings a truly distributed, democratic process to the functioning of money as a system for the storage and exchange of value. However, only those who believe in Bitcoin will come out whole on the other side.

Dimon speaks from his position at the very top of the established financial and political power base. He speaks not to the point that Bitcoin is a fraud, but rather from outright fear of the ability of this new technology to literally destroy that system he represents. Without a shadow of doubt, heFULLYcomprehends Bitcoins and the blockchains threat to the current financial system. Fifty to a hundred years from now, his statement will be seen as akin to those made during the advent of the automobile.

Bitcoin is fundamentally no different than our current global system of finance. Each country has its own form of currency which serves as a measure of value and means of exchange. Bitcoin, however, does not belong to any country. It belongs to its owners in a fully distributed manner.

All forms of money currently in existence in advanced economies are fiat, meaning they are backed by nothing. Until 1971 the U.S. dollar was backed by gold. As a result, the government could never print more money than the amount of gold stored in its vaults. This gold backing of the dollar also served to limit the amount of dollars that could be printed or coins minted. Thus the value of money could never decrease below the value of gold. Now the dollars backing exists only in the confidence and belief of people that money serves as a store of value and a means of exchange. Once people lose that confidence and belief, they will panic and there will be runs on banks as people seek to withdraw their money from their bank. This is exactly what happened in the U.S. before the Great Depression and also more recently in Cyprus.

In 1971, President Nixon removed gold as the backing behind the dollar. Since then, the price of dollars has been allowed to float freely like any other commodity on trading exchanges throughout the world. Each countrys central bank creates its money out of thin air by entering additional digital numbers in their computer ledgers. This so-called money printing has been proven time and time again throughout history to end in financial disaster. It is happening now, as we speak, in Zimbabwe and Venezuela.

Today, banks operate under what is known as the fractional reserve system. The U.S, Government requires that every bank hold in its vaults at least $50 million or $5% of its capital base. A simplified explanation of how the fractional reserve system works is that people deposit money into their bank and the bank is required to keep only 5% of that money in its vaults available for withdrawal by its owners. The bank is in the business of earning profits, so it turns around and loans 95% of its deposits to others in the form of loans or it may invest in financial instruments, such as government bonds, which pay a percentage of interest.

We must ask ourselves what the word value truly and fundamentally means. The fundamental value each individual offers in todays global society is the ability to work if one is in the working age group. For that value we are paid a wage in the currency of the country in which we reside.

Again, Bitcoin is fundamentally no different. However one key difference is in the type of work that is performed to create value. The work that will be completed by Bitcoin to create value will not be physical or mental. Instead the work that will be performed and is currently performed isdigitalandvirtual.

This digital and virtual work is made possible by a technology named the blockchain. The blockchain is a computer algorithm, akin to a mathematical puzzle, but infinitely more complex. The numbers in the algorithm (actually the ones and zeros of the program), stretch to an unimaginable length, nearing infinity. Each time an algorithm puzzle is solved, a new Bitcoin is produced

Furthermore, Bitcoin is limited in quantity to 20,000,000 Bitcoins, the maximum amount that will ever be produced. No central bank will be able to create more Bitcoin and thus inflate the currency. Bitcoins value will never be diminished because there are too many of them, the way there are too many dollars, Marks, or Zimbabwe Dollars, which ultimately leads to destructive inflation as in countries like Weimar Germany, Venezuela, and Zimbabwe.

The making, or mining, of Bitcoin is horrendously expensive, requiring vast networks of the most powerful computer servers to work incessantly, creating a Bitcoin approximately every ten minutes. Furthermore the servers create so much heat in their operation that they must be cooled at high expense to a point they can operate at their peak efficiency. This mining will continue until the maximum amount of 20,000,000 Bitcoin is reached. Each Bitcoin miner is free to keep or sell the Bitcoin they create.

The blockchain is a virtual ledger designed to track each and every Bitcoin as well as the creation and exchange of Bitcoin. The blockchain can be used in other digital applications as well, such as globalsupply chains,and financial transactions. The blockchain bookkeeping ledger is now virtual rather than residing on a computer or in a physical book into which accounting entries are made. Under all currently known technologies, the blockchain can never be hacked or compromised in any way, but that will undoubtedly change much sooner than most expect.

The virtual ledger is, in fact, a digital chain recording each transaction. This prevents any single transaction from ever being duplicated or changed, thus it provides security along with anonymity. This latter point presents a legitimate concern held by critics due to the fact Bitcoin can be used for illicit purposes without anyone knowing the better. At this point, there is no known antidote. But one could also argue that such activity takes place under the current system of currencies and there is no means to prevent it. However, it seems well within the realm of reason to expect that a virtual solution will indeed be found

In addition to the above mentioned concerns, investors say Bitcoin is nothing but the latest speculative investment, going all the way back to the Dutch Tulip Mania. They expect that a crash in price is inevitable. That will likely happen and, in fact, has already happened. No investment goes straight up, there are always up and down cycles.

Many believe another type of cryptocurrencies will replace Bitcoin, but there are no evident advantages to other cryptocurrencies under currently envisioned scenarios,

Another valid concern has recently been expressed, that 1000 people hold 40% of existing Bitcoin, socalled whales.. This concentration of power may allow those with evil intent to corner the market and control price. This very point confirms one point made in my prediction above, except that I would hope those whales would have honorable intentions to help mankind in a massively positive way.

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Bitcoin’s Path to Retake $20,000 Could Be Slow and Painful …

Get Exclusive Analysis and Investing Ideas of Future Assets on Join the community today and get up to $400 in discount by using the code: CCN+Hacked. Sign up here. Get Exclusive Analysis and Investing Ideas of Future Assets on Join the community today and get up to $400 in discount by using the code: CCN+Hacked. Sign up here.

By CCN: John McAfee continues to trumpet a bitcoin price that will hit $1 million by the end of the decade. He isnt even afraid of betting his manhood on the same. Nonetheless, crypto bears keep coming back to spoil the party. One such doubter is UBS analyst Kevin Dennean.

According to Forbes, Dennean recently wrote:

Were struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.

Dennean went on to add that crypto-bull contingents should consider what happens after the bubblenot every bubble that bursts recovers the old highs.

The analyst believes that just like other asset classes, the BTC price faces a slow and painful path to recovery. He likened the bitcoin price bubble to the 1929 Dow Jones collapse, suggesting he thinks it might take slightly more than two decades for the cryptocurrency to reach its highs of $20,000.

Thats a bold prediction to make considering the BTC price has rallied this year and now sits at approximately $5,300.

The bitcoin price vs. other asset bubbles. | Source: Business Insider, FactSet, CoinMarketCap and UBS

John McAfee recently reminded his followers that bitcoin is not a stock.

Come on people!!! Its time to brush up your basic math skills and run some f*^#$ng numbers!!!! It is mathematically impossible for Bitcoin to be less than $1 mil by the end of 2020. Bitcoin is not an effing stock!!! You cant apply stock paradigms or formulas and expect answers!

John McAfee (@officialmcafee) April 15, 2019

Thats why it is futile to value the cryptocurrency in the same way as stocks.

Bitcoin is not a stock. At its heart, bitcoin is a digital currency independent of any centralization. Its designed to make peer-to-peer payments. So the mechanics of bitcoin prices are completely different than that of a stock, which is why Denneans throwback to the Dow Jones crash isnt an apples-to-apples comparison.

Bitcoin prices could keep soaring because both technicals and fundamentals are intact.

Bitcoins two-week moving average convergence divergence (MACD) indicates a positive trend for the cryptocurrency for the first time since May 2015. As it turns out, the bitcoin price has not tested its lows for 123 days and could be gearing up for a sustained rally.

On the fundamental side, rising demand could fuel more gains. Of course, McAfees prediction for $1 million BTC by 2020 seems like a huge stretch, but perhaps in the long run.

Wences Casares, a director at PayPal, is of the opinion that bitcoins success as a decentralized currency will be the key to its growth. The lack of developed financial systems in certain economies could lead to an increase in the number of people holding bitcoin.

Bitcoin is a big hit in African nations as it is turning out to be the preferred means of sending and receiving payments abroad in place of the U.S. dollar.

Critics sometimes miss the point that bitcoin is not a stock but rather a digital currency whose aim is to enable peer-to-peer payments independent of any central authority. Thats why analysts should never value it using the mechanics of stock valuation or else they might have to eat their words and will look foolish in the long run.

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Cryptocurrency Bear Market Waning, Going Through Accumulation …

The cryptocurrency bear market is winding down and is in its final stage, the accumulation phase, according to a report from digital assets fund Adamant Capital published on April 18.

Per the report, the accumulation phase is expected to bring bitcoin (BTC) to trade in the corridor between $3,000 and $6,500 until the new bull market gains ground. The researchers suggest that bitcoin whales are currently accumulating the leading cryptocurrency which echoes the bear market from 2014 to 2015.

The analysis reportedly showed that most retail traders have left the current market, while agnostic traders and long-term investors have become dominant. That reportedly fits BTC volatility lows analysis, wherein recent bitcoin 60 day volatility slumped below 5% a level not seen since late 2016. The report further explains:

During the accumulation phase, the market will trade in a range: the weak hands, who are trying to get out of the market, take profit during rallies and thus create the resistance, and the strong hands, looking to accumulate, buy at the bottom of the range which eventually creates a floor in the piece.

Millenials are also one of the key drivers of the cryptocurrency market growth, the report says, as 92% of this generation does not trust banks and the majority of bitcoin buyers are also millennials. The researchers forecast that bitcoin will see mass adoption in the coming five years, as well as become widely recognized as a portfolio hedging instrument and reserve asset.

As previously reported, research by blockchain-focused company Clovr revealed that cryptocurrency investing is most popular among millennials earning from $75,000 to $99,999 annually. Millenials are reportedly almost twice as likely as any other generation to invest in digital currencies, with 43 percent of men and 23 percent of women investing in crypto.

Another poll by crypto finance company Circle showed that 25 percent of millennials said they are interested in purchasing digital currencies over the next 12 months, which sets them apart from other generations by more than 10 percent.

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How Cryptocurrency Assets Are Becoming A New Battleground In …

Fighting over money is one thing; dealing with bitcoin and other types of cryptocurrency in a divorce is an entirely different story.

As cryptocurrency has surged in popularity, its become much more common for investors to carry shares in the largely unregulated market. For married couples looking to part ways, this means dealing with cryptocurrency as an asset could make for a difficult and lengthy divorce process.

Considering regulations and standards on digital currencies such as bitcoin are still being weighed by governments and financial regulators across the world, could the future of hiding assets during a nasty divorce be lying in its hands?

Cryptocurrency is virtual currency; it lives online and is traded on a blockchain, an encrypted ledger detailing transactions. Since each transaction is associated with a public and private key, its possible for each transaction to be traced back to a single individual.

Cryptocurrency has been around for about a decade, but it became more mainstream around 2017 when bitcoin skyrocketed to a price of $20,000 per coin and caught the public eye, before giving back much of its value in the time since.

In 2018, only 5 percent of the American population held cryptocurrency, according to a survey by the Global Blockchain Business Council. An additional 21 percent of respondents, however, said they were considering adding it to their portfolio.

As cryptocurrency grows in popularity, lawyers all over the world are beginning to face divorce cases with high-value disputes over these digital assets.

Jacqueline Newman, a New York-based matrimonial law attorney, represents all different types of clients, including those divorcing with cryptocurrency. She asks all of her clients to fill out a statement of net worth a comprehensive document detailing income, assets and debt of each party. She says her forms now ask parties to include cryptocurrency, too.

It hasnt gotten to the point where the court forms include it yet, but we have asked on ours and people list it under their general assets, Newman says.

Since bitcoin and other cryptocurrencies are largely unregulated and encrypted, some might think its a perfect place to anonymously stash away funds.

But thats not necessarily the case.

Mark DiMichael, CPA, certified Financial Forensics accountant and fraud examiner, specializes in cryptocurrency. In one recent case, a husband didnt report $100,000-plus in cryptocurrency assets on his statement of net worth. During the discovery process, DiMichael closely analyzed his bank statements and was able to trace the crypto transactions through a crypto-trading platform.

DiMichael warns, however, that cases can get more complicated. The more knowledgeable someone is in crypto, the bigger the threat they pose to successfully hiding the assets.

Although he hasnt worked on a large number of cases involving cryptocurrency so far, DiMichael gives the example of a cybersecurity expert exchanging cash for bitcoin as payment. By conducting the transaction in person, there would be no proof of the transaction occurring making the asset-hiding much more difficult to reveal to the court.

Its really hard to trace if the individual knows what theyre doing, DiMichael says. An expert is going to know not to leave any evidence on their computer, and it can be much more difficult to subpoena.

Edward Davis, a Miami-based asset-recovery attorney and founding shareholder of Sequor Law, says cases of financial infidelity involving crypto are only going to become more frequent in the coming years.

In 15 to 20 years, Davis expects people with large sums of money to turn toward cryptocurrency as a way to hide their assets.

Its a real threat, Davis says. Its not going to come up in the average divorce of Joe versus Mary where they both have regular jobs and are a middle class family. But the wealthy and uber-wealthy who have access to this are going to use it to hide their value.

Matrimonial attorneys interviewed for this story say there arent currently any specific laws regarding cryptocurrency protection during a divorce process. Davis says these laws to protect consumers from fraudulent crypto activity are likely coming, but they will be slow to implement.

The legal infrastructure and regulatory infrastructure for this stuff is way behind, Davis says. If you look at some of the people sitting in Congress some of them are in their 70s and 80s they have no idea what this is. They dont even know what Snapchat is. Youre talking about a generational change [that] is going to [have to] happen before people are confronting this kind of issue.

Another issue for getting a hand on regulating crypto, Davis says, is that theres a wide misunderstanding of how blockchain technology works.

Whenever something new comes along, everyone tends to minimize it, Davis says. Predicting technology is a very hard thing. People who are intimidated or scared or dont understand technology tend to minimize it.

As interest and commonality surrounding crypto continues to increase, experts in the legal field are having to quickly educate themselves on the asset to keep up. Some experts say there isnt enough being done to inform and train legal counsel on the inner workings of the asset.

Most of what DiMichael knows about crypto is self-taught. In 2018, DiMichael published A Forensic Guide to Finding Cryptocurrency in Divorce Litigation. He created the guide after his own research found there werent many resources available on the matter.

Ive seen some courses for it, but I think there should be more training, DiMichael says. Uncovering crypto is fairly complicated, and that can be even harder for someone not trained in crypto.

Most accountants dont understand cryptocurrency, DiMichael adds. More complicated divorce cases involving cryptocurrency can be a lengthy and complicated process and for an accountant learning everything on the fly, this can mean longer hours and a higher bill for the client. DiMichael says that he currently charges $435 per hour.

Davis hasnt worked directly on a case recovering cryptocurrency assets yet, but he has noticed an upswing in industry-related conversations in the past two years. Lawyers, who he says arent technology-savvy by nature, should pay close attention to cryptocurrency and educate themselves on how to manage it in court cases.

The main concern about crypto is how little we understand it and how dangerous it is because its an unregulated, untethered currency, Davis says. This is a real threat and one we have to think about.

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Altcoin Season 2019 Thrives: Everex (EVX) Leading Binance …

As this years altcoin season continues to flourish, yet another altcoin has marked tremendous gains in a short span of only two consecutive days.Everex (EVX) has recorded gains upwards of 275% over the last two days.

On March 24th, EVX was trading at around $0.29. At the time of this writing, the cryptocurrency sits at $1.23, marking an increase more than 300% in the last 48 hours. EVX has a market cap of a little more than $27 million, making it the 140 largest cryptocurrency in terms of total market capitalization.

Not only is this the higher price EVX has been trading at in 2019, but its also the cryptocurrencys 10-month high.

The primary source of liquidity and main market of EVX trading seems to be Binance the worlds leading cryptocurrency exchange. It reports an EVX/BTC traded volume of more than $145 million in the past 24 hours, accounting for almost 92% of the total trading volume EVX saw in this period.

Besides it being an altcoin season, which typically favors violent altcoin price movements, the primary reason for EVXs pump can be associated with recently published news.

Everex announced that their project has managed to receive approval from the state of New Jersey in the United States of America to onboard its users and to perform crypto-to-crypto domestic, as well as international transactions.

The reason for which this seems to be so significant for the price is because Everex is primarily a Singapore-based company with a main focus on Asian markets. Hence, taking its technology to the US and making sure that it is a compliant transacting technology substantially expands the projects reach.

Big news of the kind have the tendency to move price substantially, even though its important to note that an increase of more than 280 percent in 48 hours remains somewhat unorthodox.

Furthermore, a few days ago, EVX announced that it is being supported by the Ethos Universal Wallet, essentially improving its adoption further.

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The CIO’s Guide to Quantum Computing – Smarter With Gartner

It makes sense that sci-fi-level myths might surround a technology that must be stored in a container colder than interstellar space and has the potential to solve some of the worlds most challenging problems.

CIOs have been inundated with quantum computing hype: Quantum computers will operate faster than the speed of light, or Quantum computers will replace conventional systems or Quantum computing will render all security encryption algorithms obsolete.

Quantum solutions could revolutionize the entire IT industry

The truth is that quantum solutions could revolutionize the entire IT industry with major economic, industrial, academic and societal impacts. But they wont operate faster than light travels or replace current computing systems, and although theyll challenge some security encryptions, they wont render them all obsolete overnight.

Quantum computing is heavily hyped and evolving at different rates, but it should not be ignored, says Matthew Brisse, VP Analyst, Gartner. It holds great promise, especially in the areas of chemistry, optimization, machine learning and AI to name a few. Todays data scientists simply cannot address key opportunities in these areas because of the compute limitations of classic computer architectures.

Taking the Quantum Leap: Fact, Fiction or Fantasy

Align quantum computing with business needs

Some of these problems may take todays fastest supercomputers months, or even years, to run through a series of permutations, making it impractical to attempt, says Brisse. Quantum computers have the potential to run complex calculations that classical systems could literally never complete. This potential for compute acceleration, as well as the ability to address difficult and complex problems, is what is driving so much interest from CEOs in a variety of industries.

Quantum computing is a type of nonclassical computing based on the quantum state of subatomic particles. Quantum computing is fundamentally different from classic computers, which operate using binary bits. This means the bits are either 0 or 1, true or false, positive or negative. However, in quantum computing, the bit is referred to as a quantum bit, or qubit. Unlike the strictly binary bits of classic computing, qubits can, strangely, represent a range of values in one qubit. This representation is called superpositioning.

Superpositioning is what gives quantum computers speed and parallelism, as each qubit can represent a quantitative solution to a problem. Further, qubits can be linked with other qubits in a process called entanglement; each entangled qubit adds two more dimensions to the system. When combined with superposition, quantum computers can process a massive number of possible outcomes at the same time.

The number of high-quality qubits necessary to make a viable quantum computer depends on the problem.

The ability for a quantum computer to outperform a classical computer is called quantum supremacy. While it may sound like a sci-fi dream, experts believe that for a limited number of computing problems, quantum supremacy will be a reality in a matter of years.

Applications for quantum computing will be narrow and focused, as general-purpose quantum computing will most likely never be economical. However, the technology does hold the potential to revolutionize certain industries. Quantum computing could enable breakthroughs by:

Researchers have shown how quantum computing could kill, or at least significantly weaken, current cryptography systems. If true, this would jeopardize any business that relies on encryption. If a sufficiently powerful quantum computer becomes available within 10 or so years, any data that has been published or intercepted is subject to cryptanalysis by a future quantum computer. Most security professionals speculate that quantum computing will eventually render RSA cryptography and ECC useless but will not be able to effectively counter hash, code, lattice-based or multivariate-quadratic-equations cryptography. Symmetric key cryptographic systems like Advanced Encryption Standard (AES), SNOW 3G, 3GPP and Kerberos are resistant to a quantum computing attack if they use a large-enough key size. The problem is, researchers keep coming up with new key cracking algorithms. For this reason, governments are investing in a cousin to quantum computing quantum key distribution.

Build the AI Business Case

A CIO’s guide to implementing AI in the enterprise

The physics, materials and control systems of quantum computers remain uncertain, but the potential for disruption is driving large organizations like IBM, Google, Intel and Microsoft to heavily invest in quantum hardware and software. Startups in multiple industries are emerging, alongside new skill sets from quantum algorithm experts and designers to quantum circuit engineers and applied physicists.

CIOs should view quantum computing as a competitive advantage, as new quantum-inspired algorithms could bring innovative solutions and approaches to product development. It could also reduce time to market and optimize customer delivery.

Additionally, waiting or ignoring quantum computing might place intellectual property (IP) and patent portfolios at risk. Early organizations will have the competitive advantage by patenting quantum algorithms within their specific domain. For example, a rival company could develop a quantum algorithm patent that improves Monte Carlo simulations by 1,000% or a pharmaceutical company could shorten the time to market for new drugs.

As with any new technological innovation, there is a risk that the hype outpaces product development, which could negatively impact perceptions and investments. In the case of quantum computing, this is called quantum winter. Hype in the media is creating awareness and advancement, but also setting unrealistic expectations for timing and capabilities. This level of hype inevitably leads to disillusionment, which is dangerous, as quantum computing requires sustained, focused investment for the long term.

The hype around quantum computing makes it interesting as an investment. However, the fundamental physics are still in development, and consistent results wont appear for at least 5 to 10 years and possibly much longer. Therefore, any investments made in pursuit of quantum computing opportunities must pay off in monetizable discoveries.

By 2023, 95% of organizations researching quantum computing strategies will utilize QCaaS

Logistically, quantum computers are difficult to maintain and require specialized environments cooled to .015 Kelvin. The quantum processor must be placed in a dilution refrigerator shielded to 50,000 times less than the earths magnetic field and placed in a high vacuum to 10 billion times lower than atmospheric pressure. It will also need calibration several times per day. For most organizations, this is not feasible. Gartner recommends that organizations interested in quantum computing leverage quantum computing as a service (QCaaS) to minimize risk and contain costs. By 2023, 95% of organizations researching quantum computing strategies will utilize QCaaS.

Overall, it remains safer to underinvest in the technology or to invest in skilled personnel who can be fully productive as product managers in revenue-bearing areas. As quantum computing opportunities arise, these product managers will have the skills to address them. Gartner has found surprising numbers of degreed quantum physicists in product management roles.

Gartner projections should be used to manage expectations inside the organization. Take this time to identify opportunities to provide support to clients or customers, or leverage industry breakthroughs. Consider looking to the R&D group for support and ensure you have access to a resource who can help you translate quantum technology into opportunities in your business.

By 2023, 90% of enterprise quantum computing investments will engage quantum consulting organizations to help shape problems that can leverage quantum algorithms. Knowing how to identify and extract business value from a quantum computing initiative is a key skill to develop. IBM, Microsoft and others have customer engagement services for organizations interested in identifying potential business opportunities that quantum computing could someday address.

Gartner predicts that by 2023, 20% of organizations will be budgeting for quantum computing projects, compared to less than 1% today. CIOs should look for potential opportunities from quantum computing and be ready to help the business leverage them.

By 2023, 20% of organizations will be budgeting for quantum computing projects

These opportunities will need to be fully integrated with traditional IT, and will require new cross-collaboration from research scientists, computational data scientists and quantum data scientists. This new development paradigm is critical to the success of any quantum program.

It is time to learn more about quantum computing.

This article has been updated from the original, published on November 29, 2017, to reflect new events, conditions or research.

The CIO’s Guide to Quantum Computing – Smarter With Gartner

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What is Bitcoin? The Complete WIRED Guide | WIRED

Bitcoin is a digital currency. Like other currencies, you can use it to buy things from merchants that accept it, such as, or, as is more often the case, hold on to it in hopes that it will increase in value. Unlike traditional currencies, which rely on governments and central banks, no single entity controls bitcoin. Rather, it is supervised by a worldwide network of volunteers who maintain computers running specialized software. As long as people run bitcoin software, the currency will keep working, because everything needed to keep it working is stored in a distributed ledger called the blockchain. And even though it’s all digital, bitcoin is scarce.

Its most wild-eyed proponents believe bitcoin’s decentralized, cryptographic approach to currency can yield a host of benefits: limiting central bankers ability to damage economies by printing too much money; eliminating credit-card fraud; bringing the unbanked masses into the modern economy; giving people in unstable economies a safe place to park their money; and making it cheap and easy to transfer funds. But bitcoin has yet to realize these goals, and critics argue it may never live up to the hype.

When you send or receive bitcoin, your bitcoin software, referred to as a wallet, records the transaction in the blockchain. The blockchain is maintained by, and distributed across, the roughly 200,000 computers running bitcoin software. If someone tries to alter the ledger to make it look like they have more bitcoin than theyre supposed to, the tampering will be apparent because it won’t match the other copies of the blockchain.

People who commit the computing resources to processing bitcoin transactions are paid in bitcoin, but only if the computers they operate are first to complete complex cryptographic puzzles in a process called “mining. New bitcoins are created automatically by the software and awarded to the winners of the race to solve these puzzles. As of February 2018, that award is 12.5 bitcoins. By design, only 21 million bitcoins will ever be created. Those who process transactions can also collect fees; the fees are optional and set by the person who initiates a transaction. The larger the fee, the faster the transaction will likely be completed. This system keeps bitcoin scarce while rewarding people for investing in the infrastructure required to keep a global payment-processing system running. But the mining process comes with a big catch: It uses an enormous amount of electricity.

Bitcoin is attracting more and more investors. In 2018, Goldman Sachs revealed that it plans to open a bitcoin trading unit, and the New York Stock Exchange is reportedly considering a bitcoin trading platform as well. But adoption of the cryptocurrency has been hobbled by a series of scandals, high-tech heists, and disputes over the software’s design, all of which illustrate why financial regulations were created in the first place. The bitcoin community has solved some mind-boggling technological problems. But making bitcoin a true replacement for, or even adjunct to, the global financial system requires more than just great tech.

On Halloween 2008, someone using the name Satoshi Nakamoto sent an email to a crytography mailing list with a link to an academic paper about peer-to-peer currency. It didn’t make much of a splash. Nakamoto was unknown in cryptography circles, and other cryptographers had proposed similar schemes before. Two months later, however, Nakamoto announced the first release of bitcoin software, proving it was more than just an idea. Anyone could download the software and start using it. And people did.

In the early days, bitcoin was used almost exclusively by cryptography geeks. A bitcoin sold for less than a penny. But the idea slowly caught on. Bitcoin emerged in the aftermath of the 2008 financial crisis when some peopleespecially free-market libertariansworried the Federal Reserve’s attempts to increase the money supply would lead to runaway inflation.

Nakamoto disappeared from the internet before bitcoin attracted much mainstream attention. He handed control of the project to an early contributor named Gavin Andresen in December 2010 and quit posting to the public bitcoin forum. To this day, Nakamotos identity remains a mystery.

Before Satoshi disappeared, he handed control of bitcoin’s source code to one of the project’s earliest contributors, a Princeton alum and former 3D-graphics-software programmer based in Massachusetts named Gavin Andresen. Many have speculated that Andresen was Satoshi all along, but Andresen has repeatedly denied it.

One of the first attempts at identifying Satoshi was published in the New Yorker in 2011, In 2011when journalist Joshua Davis suggested that an Irish cryptographer named Michael Clear had the right mathematical and programming chops to build bitcoin. Clear denied being Satoshi and no other evidence has emerged to support the theory.

The most high-profile attempt at unmasking Satoshi came in March 2014, when a Newsweek cover story identified retired engineer Dorian Satoshi Nakamoto. Reporters swarmed Nakamoto’s Temple City, California, home, but he soon explained that the article was based on a misunderstanding. Nakamoto, whose writing style is completely different from that of bitcoin’s creator, had apparently confirmed to the magazine that hed been involved in bitcoin. But he later said he was unfamiliar with bitcoin and thought Newsweek was asking him about work he’d done for the US government decades prior.

Hal Finney, who died in August 2014, was the second bitcoin user after Satoshi himself, having received the first test transmission of the currency. He also happened to live just a few blocks from Dorian Nakamoto. But Finney convinced then-Forbes reporter and current WIRED reporter Andy Greenberg that he wasn’t Satoshiand that Finney’s proximity to Dorian Nakamoto was just a bizarre coincidenceby sharing a series of email exchanges he had with bitcoin’s creator in 2009.

Another common theory is that Satoshi is Nick Szabo, a cryptographer who created a bitcoin predecessor called Bit Gold, thanks in part to a widely cited linguistic analysis conducted by researchers at Aston University in Birmingham, England. Like all but one other person on this list, Szabo denies that he is Satoshi.

In December 2015, WIRED reported that Australian academic Craig Steven Wright either created Bitcoin, or he is a brilliant hoaxer who desperately wanted the world to believe that he had. At one point, Wright even persuaded Andresen, who wrote that he was “convinced beyond a reasonable doubt” that Wright was Satoshi. But as skepticism mounted, Wright eventually gave up trying to prove that he was in fact the inventor of bitcoin.

The value of a bitcoin first hit $1 shortly after this transition, in February 2011. Then the price jumped to $29.60 in June 2011 after a Gawker story about the now-defunct black-market site Silk Road, where users could use bitcoin to pay for illegal drugs. But the price fell again after Mt. Gox, the most popular site at the time for buying bitcoin with traditional currency and storing them online, was hacked and temporarily went offline.

The price fluctuated over the next few years, soaring after a financial crisis in Cyprus in 2013, and sinking after Mt. Gox went bankrupt in 2014. But the overall trajectory was up. By January 2017, bitcoin was trading at nearly $1,000. The price soared in 2017, reaching an all-time high of nearly $20,000 in December. The reasons for this rally are unclear, but it seems to have been driven by a mixture of wild speculation and regulatory changes (the US approved trading bitcoin futures on major exchanges in December). Prices dropped back below $10,000 in early 2018, but remain well above the early-2017 prices.

Bitcoins price surged last year despite discord among its adherents over the currency’s future. Many prominent members of the bitcoin community, including Andresen, who handed control of the software to Dutch coder Wladimir van der Laan in 2014, believe bitcoin transactions are too slow and too expensive. Although transaction fees are optional, failing to include a high enough fee could mean your transaction wont be processed for hours or days. In December 2017, transaction fees averaged $20 to $30, according to the site BitInfoCharts. That makes bitcoin impractical for many daily transactions, such as buying lunch.

Developers have proposed technical solutions for this problem. But the plan favored by Andresen and company would require bitcoin users to switch to a new version of the software, and so far miners have been reluctant to do so. That’s led to the creation of several alternate versions of the bitcoin software, known as “hard forks,” each competing to lure both miners and users away from official version. Some, like Bitcoin Cash, have attracted miners and investors, but none is close to displacing the original. Meanwhile, many other “cryptocurrencies” have emerged, borrowing heavily from the core ideas behind bitcoin but with many differences (see The WIRED Guide to Blockchain).

The future of bitcoin depends on three major questions. First, whether any of the hard forks or the hundreds of competing cryptocurrencies will supplant it, and, if so, when. Second, whether the sky-high valuations can last. And third, whether bitcoins will ever be used as currency for day-to-day transactions. The answer to the third question hinges in large part on the first two.

One thing holding bitcoin back as a currency is the expense and time lag involved in processing transactions. Emin Gun Sirer, a professor and cryptography researcher at Cornell University, estimates that the bitcoin network typically processes a little more than three transactions per second. By comparison, the Visa credit-card network processes around 3,674 transactions per second. Worse, bitcoin transaction confirmations can take hours or even days.

There were few places to spend bitcoin during its early years, before the black markets that made the currency famous emerged. The first time someone actually used bitcoin to buy something is widely considered to have been May 22, 2010. Programmer Laszlo Hanyecz paid 10,000 bitcoin (worth around $41 at the time) to have two pizzas delivered to his house. Those 10,000 bitcoin are worth millions now. I dont feel bad about it, Hanyecz told WIRED in 2011, when the coins would have sold for $272,329. The pizza was really good.

In addition to the hard forks of bitcoin, there are now countless alternative cryptocurrencies, sometimes called alt-coins, that aim to solve some of bitcoins shortcomings. Litecoin, for example, is designed to process transactions more quickly than bitcoin, while Monero focuses on creating a more private alternative. None trade for as much as bitcoin, but several sell for hundreds of dollars.

If one of the bitcoin variants or alternatives can solve its main problems, and win over users and miners, that currency would become much more suitable for day-to-day use. It’s also possible that the developers behind the official version of bitcoin will find a way to make the network cheaper and faster while maintaining compatibility with old versions of the software. The maintainers of the original bitcoin software platform are working on a solution called the Lightning Network that would shift many transactions to private channels, to boost speed and reduce costs. Bitcoin wallets and exchanges are starting to adopt the system, but it’s still too early to judge its success.

And then there’s the environmental impact. Critics argue that mining bitcoin is an enormous waste of electricity because they don’t have any intrinsic value.

Even if the technical issues of cost and performance are solved, there’s still the question of volatility. Businesses and consumers can exchange dollars for goods and services with the confidence that those dollars will be worth the same amount in three weeks when the rent is due. But bitcoin has proven far more volatile than most other assets, according to a study conducted by the bitcoin wallet company Coinbase. For example, On November 29, bitcoin surged from just under $10,000 to well over $11,000 before sinking back to about where it started the day.

The founders of Coinbase have argued that derivative markets could help users cope with the volatility by allowing participants to essentially buy insurance that pays out if the price of bitcoin drops. That might not reduce the volatility, but it might reduce the risk of accepting bitcoin as payment. In 2017, US regulators cleared the Chicago Mercantile Exchange and the Chicago Board Options Futures Exchange, the worlds largest derivatives exchanges, to offer bitcoin futures. Yet again, it’s too early to tell if it will make bitcoin more acceptable to retailers.

Bitcoin has come an enormous way since its origins as a paper by a pseudonymous author. But it still has a long way to go to fulfill its creators dream.

-How To Be a Bitcoin Thought LeaderStill confused? Just want to fake your way through a bitcoin conversation at a cocktail party? Our guide will have you dropping buzzwords with the best of ’em in no time.

-Where Could Bitcoin Succeed as a Currency? In a Failed StateVenezuela launched its own controversial digital currency called the “petro” in 2018. But its citizens are starting to adopt bitcoin instead. That makes sense because high inflation and widespread distrust in the government make Venezuela an ideal place for cryptocurrencies.

The Rise and Fall of Silk Road, part 1 and part 2Bitcoin isnt always, or even primarily, used for shady purposes. But the online, illegal drug marketplace Silk Road is what put it on the map.

The Inside Story of Mt. Gox, Bitcoin’s $460 Million DisasterMt. Goxs bankruptcy caused the first major bitcoin crash and served as a hard reminder that banks are regulated and insured for a reason. This is the Mt. Gox story, from its beginnings as a planned Magic: The Gathering card-trading site to its emergence as the biggest bitcoin trading platform to its downfall.

I Forgot My PIN: An Epic Tale of Losing $30,000 in BitcoinMark Frauenfelder forgot the PIN for his digital bitcoin wallet. The story of recovering his $30,000 worth of cryptocurrency illustrates both the perils of a decentralized network where no one can reset your passwords.

This guide was last updated on May 8, 2018.

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What is Bitcoin? The Complete WIRED Guide | WIRED

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What is cloud hosting? | IBM Cloud

From an IT perspective, the flexibility of rapid solution deployment for an evolving business need is critical both to the client and the service provider. In an established environment with a long history of IT implementations, it is not easy to deploy a new solution within weeks without affecting the existing infrastructure or the available funding in a big way. Cloud hosting provides the options and advantages of quicker solution deployment and lower cost of implementation and operations.

Organizations today have enough experience with cloud hosting to prefer it to traditionally deploying their applications. It is not only quicker to deploy on cloud, but it also ensures the scalability, availability and performance needs of the deployment.

Cloud service providers (and there are many) have also matured their services and service delivery models and are able to deliver service-level agreements (SLAs) with much more certainty and success. Cloud hosting systems have evolved to provide simplified and centralized IT services and management capabilities.

This approach to centralized administration aids both the service provider and users in defining, delivering, and tracking SLAs automatically on the web. Most cloud hosting services are provided through an easy-to-use, web-based user interface for software, hardware, and service requests, which are instantaneously delivered. Even the software and hardware updates can happen automatically. It is as easy as online shopping!

In both in-house and cloud hosting approaches, the non-functional requirements of scalability, reliability and high availability remain the same, but cloud hosting provides a much broader pool of IT resources to deliver the scalability, reliability and availability, and with a higher degree of confidence.

These requirements can also be automatically tuned to ones solution requirements. This is known as application-aware service provisioning, which is implemented through software-defined environments (SDE). SDE automatically and dynamically provisions the compute, network, and storage resources to your application needs. It helps with maximizing efficiencies and optimizing services, a win-win for both users and the service provider.

Cloud hosting thus remains to be a prominent deployment option for clients of all industries. If you are not already there, now is a perfect time to consider it a strategic option and get on board with cloud hosting.

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What is cloud hosting? | IBM Cloud

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