Why Bitcoin Improvement Proposal is important?

You must have heard the term Bitcoin Improvement proposal or BIP if you are into the cryptocurrency market. If not BIP, you must have heard SegWit, BIP 141 etc. which are a type of BIP.

 

What is BIP?

BIP stands for Bitcoin Improvement Proposal which is a document for bringing features and advancement to Bitcoin. Since the Bitcoin has no formal structure, the BIP has to give technical specifications for every feature it proposes to introduce and it’s rational. The term was first coined by Amir Takki in August 2011.

As the Bitcoin is now owned by any single person, anyone in the world can suggest a BIP and the whole community of miners, developers, investors and users of the Bitcoin community vote and decide upon the acceptance and implementation of the BIP.

 

3 Different Types of BIPs

The three types of BIPs are:

  1. Informational BIPs

These types of BIP proposes to make changes in the design, guidelines and supporting information of Bitcoin. These BIPs are just for the purpose of information and can be ignored by the community.

  1. Standard Track BIPs

Standard Track BIP make changes to the block, network protocol and the transaction validation process. These BIP affects the standard version of the Bitcoin and requires community consensus. These BIPs are applied in the Bitcoin protocol and cannot be ignored by the community at any cost.

  1. Process BIPs

Process BIPs suggest a change in the process of the BIP and require community consensus before being implemented. They cannot be ignored by the community and are similar to Standard Track BIPs. But, they are applied outside the Bitcoin protocol like BIP 2.

 

Some Important BIPs in the Bitcoin community

  1. SegWit (Segregated Witness)

SegWit was suggested by Bitcoin core developers in 2015 which aims to increase the network capacity of Bitcoin. Transaction malleability was also solved by the implementation of SegWit. SegWit means segregating the signatures of the witness from the transactions.

 

  1. BIP91

BIP91 was suggested by James Hilliard in May 2017 and proposed a process to activate the existing SegWit solution with a hash power majority.

There are many other BIPs in the Bitcoin community waiting to be approved.

Bytecoin: A cryptocurrency or a scam?

 

People are usually familiar with Bitcoin and feel that all other types of cryptocurrencies are fake, but that is not the case.

Bytecoin or BNC is a cryptocurrency launched first in 2012 using the CryptoNote protocol. It is an old-generation cryptocurrency which focuses on anonymity and privacy of the users.

Bytecoin (BNC)

Bytecoin is a decentralized cryptocurrency and was launched in 2012 to fill out the gaps in Bitcoin. It uses CryptoNote which is an open-source application layer protocol. It is easily mined with the help of GPUs rather than ASICs miners.

The Bytecoin network provides instant private transactions facility and these transactions are completely untraceable.

Advantages of Bytecoin

Accessible Blockchain

Bytecoin does not have any hard-coded constraints which results in a flexible blockchain. Bytecoin can adapt to different capabilities and states of the network and generates a block in every 120 seconds as compared to the 10 minutes of the Bitcoin.

 

Deflation

As the emission of the Bytecoin is limited to 184.47 billion BNC, they are getting more and more expensive. Their emission is decreasing making them more valuable. The decrease rate of Bytecoin is slow which saves the cryptocurrency from economic shock.

Bytecoin open emission

Bytecoin emission is an open process and anyone can join the network to become a miner. The miner has to employ computing powers to process transactions.

Bytecoin protects the identity of the user so that the other users cannot assess the financial data of others but have to complete the transaction in 120 seconds (2 minutes) with cryptographic protection.

 

Undetectable Transactions

Unlike the normal blockchain where your receipts can be viewed by anyone, Bytecoin keeps all the transactions done by the participant, private. This is achieved by Bytecoin by providing its users with one-time addresses for every transaction derived from the user’s public key.

This makes the transactions unlikable and makes this currency completely private.

 

Private Payments

The ring signature is used by Bytecoin to sign a particular transaction on behalf of the group which results in an anonymous and robust payments method.

Thus, Bytecoin is an old-generation cryptocurrency which is not a scam but rather a cryptocurrency made to fill out the gaps in Bitcoin.

An Overview of the Most Common Types of Cryptocurrency Scams

 

Cryptocurrency, like any other digital asset, is susceptible to scams. The crypto space has witnessed a number of scams over the years and the trend is unlikely to cease in the years to come. Risk of fraud poses a threat to any kind of investment and cryptocurrency investment is no exception.

The modus operandi of cryptocurrency scams can broadly be categorized into 4 different types. Here’s an overview of the most common types of cryptocurrency scams that you need to beware of.

Fraudulent ICOs

Fraudulent ICOs will take the top spot in the list of cryptocurrency scams. The most common way to pull off a scam is to fabricate an ICO and generate huge amount of money before vanishing off the scene. The temptation to gain high return on investment without doing due diligence is to be blamed for such scams. Don’t be unrealistic. If an ICO is promising 100X returns within a span of weeks, it’s more likely to end up being another scam in the making.

Dubious Exchanges

Second on the list of scams is dubious exchanges. Came across a new cryptocurrency exchange that sprang out from nowhere and started claiming all things superlative? That’s a sign of something being fishy. Deposit your virtual coins with such an exchange at your own peril as you would have no way to get them back if it goes out of business all of a sudden.

Fake Wallets

Fake wallets are a relatively new inclusion to the list of scam projects. While hardware wallets and desktop wallets are comparatively safer options, the same can’t be said of mobile wallets.

Of-late there’s a steady rise in the number of app wallets for Android and iOS devices on Google Play Store. Distinguishing between a fake and a genuine one is a tough task. So don’t just pick any random wallet from Play Store as chances of it being fake is quite high – thus jeopardizing the security of your coins. Instead, opt for the one that has been in the market for quite some time and has a solid reputation for being trustworthy.

Phishing Scams

Phishing scams are another common type of fraud that you will come across in the world of cryptocurrency. In case of phishing scams, fraudsters try to get hold of your passwords and private keys by injecting malicious codes to hack the underlying systems. If you come across any suspicious links in emails/messages, don’t be tempted to click on them. It can very well be a trap to steal your confidential data.

Final Words

Being a decentralized market with no regulatory authority, cryptosphere is prone to various types of scams. Staying proactive and adhering to security guidelines can be of great help to fight against hacking attempts. Above all, doing your research right is the best way out to stay clear of fraudulent projects.

Is the Crypto Market Getting Back on its Feet?

There have been a host of positive movements this week in the crypto trading markets. The beginning of the week has seen a lot of green numbers all across the board. This is sure to give a renewed sense of optimism to many traders who had grown weary in the past months of sliding markets and negativity. New investors too should hopefully be inspired to pick up the mantle from where they left off at the back end of last year.

What does this all mean though, and is it a truly long lasting boost or a false dawn for the market.

The Importance of Viewing the Bigger Picture

From the first moment you learn about how to invest in crypto, you should be aware that it is key to look at the bigger picture. It is certainly very tempting to be influenced by the possibility of short –term gains and the upwards movement of those around you. The reality is though that these gains can be short lived and will often result in traders, especially those new to the market, actually buying in at some of the highest prices. Therefore, before you trade at all, it is important to do some background research and realize the point at which you are making a purchase.

Do Not Panic

These may well be the first positive signs of a move in the right direction for the markets, with BTC testing the upper limits of resistance, the technical analysis looks strong. That said, if things turn out to go the other way, it is vital to keep the faith in the long run. Also important though if you can is to take profits. Traders still make a lot of money even in bear markets, but it is important to realize when you should trade out of your position if you are a short-term or day trader.

Final Thoughts

There is a feeling of déjà vu around the market with thoughts going back to almost a year ago when the market showed the beginning of a bullish movement around this time. A repeat of the same movement would certainly be a welcome change.

The Best Blockchain Events You Must Attend 2018

There are a multitude of events to choose from on the Blockchain events and conferences circuit for the remainder of 2018. These events are the ideal place to network with fellow enthusiasts, search out new and exciting projects, or pitch your own ideas for investment of other opportunities.

Here is a run-down on a few of the top events which are still to come for 2018:

World Blockchain Summit, Singapore ( July 19th & 20th)

Taking place in the world famous Marina Bay Sands Hotel in Singapore, this event will see some of the most influential figures in the world of blockchain converge on the city state. Some of the Keynote speakers will include Charles Hoskinson, the founder of Cardano, and Alex Medana, the co-Founder and CEO of Hong Kong based FinFabrik.

A range of tickets are still available whether you are a delegate or exhibitor. These can be found right here. A standard delegate ticket is priced at $795 to include conference sessions, lunch, and after party.

World Crypto Con, Las Vegas (October 31st– November 2nd)

Hosted by the luxurious Aria Hotel and Casino in fabulous Las Vegas, the World Crypto Con roles up the strip with some of the most influential speakers in the industry. This is a chance to meet the who’s who of the blockchain world, and in one of the most exhilarating cities on the planet. There are scheduled to be over 5,000 attendees in the huge 200,000 sq ft. venue.

Prominent speakers include the co-founder of gaming giant EA Sports, Jeff Burton as well as the chairman of the board of Bitcoin Foundation, Brock Pierce. This is the place to come to be inspired either as an individual or rising star in the industry.

Tickets are still available with prices starting at $899 for general admission.

Malta Blockchain Summit (November 1st-2nd)

Takin place at the Intercontinental Hotel, Malta, the Malta Blockchain Summit boasts one of the most star-studded lineups. The Prime Minister of Malta, Joseph Muscat is set to deliver a keynote speech on the paradise island which has become a haven for ICO foundation.

Tickets are still available at a discounted price from 129Euros for general admission.