tag:blogger.com,1999:blog-71778108460215443152024-03-07T04:33:52.268+01:00BTCNairaAJhttp://www.blogger.com/profile/18336523585915088494noreply@blogger.comBlogger60125tag:blogger.com,1999:blog-7177810846021544315.post-27103086071689150472018-11-08T15:38:00.000+01:002018-11-08T15:38:34.775+01:00Bitmain Powerful Antminer S15(28TH/sec) and T15(23TH/sec) now available for purchase<div class="separator" style="clear: both; text-align: center;">
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We’re pleased to announce that the newest Bitmain next-generation 7nm miners – Antminer S15 and Antminer T15, with two variations of each – are available for purchase today, November 8, 2018.<br />
The new miners utilize innovative technologies to improve the performance of the new miners’ power and power consumption, and computing performance.<br />
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The Antimer S15 and T15 provides long-term energy efficiency through its use of Bitmain’s 7nm chip that integrates over 1 billion transistors per unit. This feature significantly improves the computing performances of Antminer. The chip contains a unique circuit structure and low power technology.<br />
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The Antminer S15 high-performance mode can achieve a hash rate of 28 TH/s with a power efficiency as low as 57 J/TH; while the Antminer T15 high-performance mode sees a hash rate of 23 TH/s and a power efficiency as low as 67 J/TH.<br />
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<b>HOW TO ORDER ON BTCNAIRA</b></div>
We're letting you order Bitmain's two newest mining machines, today. Order through us, and we'll host the machines for you.<br />
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Here's your chance to be one of the first on the planet mining with the latest crypto machines. The previous generation mined profitably for almost 3 years.<br />
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Choose between the powerful S15 that will earn around 0.029 BTC a month, or the compact T15 that will earn around 0.024 BTC a month as at current difficulty.<br />
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We're placing our order today - so please visit the hosted miner page at <a href="https://www.btcnaira.com.ng/p/miner.html">https://www.btcnaira.com.ng/p/miner.html</a> to place your order before it's sold out.AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-72362967754627075082018-11-06T13:18:00.000+01:002018-11-06T13:35:04.668+01:00What you need to know about November 15th Bitcoin Cash Hardfork<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2kKRrF7hIMhFP7cbJtlDRne6WhuO3QqbEbiWbcq3ZtlkA8koUAyHR1CcJS137A5E4-LghUrsrXRz-37FN7I_Wx_3CrglBTGQ9EMWMzPYaG4yBgw1587ObKPREfduWs4n3hN8MSA8brBpJ/s1600/bitcoin-fork.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="657" data-original-width="955" height="275" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2kKRrF7hIMhFP7cbJtlDRne6WhuO3QqbEbiWbcq3ZtlkA8koUAyHR1CcJS137A5E4-LghUrsrXRz-37FN7I_Wx_3CrglBTGQ9EMWMzPYaG4yBgw1587ObKPREfduWs4n3hN8MSA8brBpJ/s400/bitcoin-fork.jpg" width="400" /></a></div>
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On November 15th, 2018 a scheduled update of the Bitcoin Cash(BCH) network (a “hard fork”) will take place. The upgrade will result in a divergence between the underlying consensus rules (“ruleset”) in the software governing Bitcoin Cash nodes. This divergence will result in creation of a new coin named <b>Bitcoin SV</b> within the same BCH network.<br />
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Example: If you have 1 BCH in your wallet before the hardfork, then after the hardfork, you will get 1 Bitcoin SV in any supporting wallet and your 1 BCH will also remain as it is.<br />
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This has been the reason behind the recent spike in BCH price as investors who wish to profit on both coin are <a href="https://www.btcnaira.com.ng/p/buy.html">buying BCH</a> in other to receive the 1:1 of the new Bitcoin SV coin in other to sell after the fork.<br /><br />
Although there have been previous forks of Bitcoin, but an event like the one poised to occur on November 15th is somewhat phenomenal. It is nearly impossible to predict precisely what the outcome will be or how long any instability will last.<br />
The safest behavior during this time is simply to hold your BCH funds in any wallet for which you control the private keys (e.g <a href="https://www.coinomi.com/downloads">Coinomi</a>, <a href="https://www.ledgerwallet.com/r/9d55">Ledger</a> or <a href="https://www.exodus.io/releases/">Exodus</a>) or an exchange that will support the fork (e.g Binance).<br />
It is also advisable to not move funds immediately after the fork, it will be safe to move when there is clarity and stability in the network.<br />
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<br /></div>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com2tag:blogger.com,1999:blog-7177810846021544315.post-54162449826623189652018-10-29T09:05:00.000+01:002018-10-29T13:16:25.584+01:00BTCNaira website v2.0 is Here, More Cryptocurrencies and New Features <div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNrt8uVyG4bXPoVlUTt3tCHqgIj_ryg06wEpWG7q0c3mKIHJuFmAp_VSLrkbIvAR3RAw_K-wU5Wn2YtGsJb2gkTThsQfMrsU-euo0Ewsl_CMOoAq5q_4gx5j31oFRx8QrlcxRdV5NKpdyT/s1600/bnew.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNrt8uVyG4bXPoVlUTt3tCHqgIj_ryg06wEpWG7q0c3mKIHJuFmAp_VSLrkbIvAR3RAw_K-wU5Wn2YtGsJb2gkTThsQfMrsU-euo0Ewsl_CMOoAq5q_4gx5j31oFRx8QrlcxRdV5NKpdyT/s1600/bnew.jpg" style="height: auto; width: 400px;" /></a></div>
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Hey guys, we are sure you all enjoyed your weekend like we did as we revamped the BTCNaira website over the weekend to bring to you a more intuitive and more cooler features which focuses more on what BTCNaira is primarily about; "Market Data".<br />
We’ve been receiving requests to introduce more cryptocurrency market data other than just Bitcoin and Ethereum. Well today, we are doing just that. <br />
The new version contains the <a href="https://www.btcnaira.com.ng/#cryptocoins"><b>top 21 cryptocurrencies</b></a> with more to be added soon, and also a new <a href="https://www.btcnaira.com.ng/#exchanges">Exchanges tab</a> that lists available exchanges that support Naira trading against different cryptocurrencies.<br />
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<b>SOME NEW FEATURES in v2.0</b><br />
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<li>You can now see the realtime market data of the <b>top 21 cryptocurrencies</b>, i.e Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), EOS, Stellar (XLM), Tether (USDT), Cardano (ADA), Monero (XMR), Tron (TRX), Iota (IOTA), Dash Coin (DASH), Binance Coin (BNB), Neo (NEO), Ethereum Classic (ETC), Nem (XEM), Tezos (XTZ), Vechain(VET), Zcash (ZEC) and Doge Coin (DOGE). </li>
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<li>You also get to use the new <a href="https://www.btcnaira.com.ng/p/converter.html">Live Crypto Converter tool</a> to switch between 3 different exchanges data as we have added Remitano to the list of data sources. </li>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFfYz8wIGpPxvkNs9fEbrkwcAyulo19J6R-ZkwIahozzc57i4akxfx8Cmsdl_lsccglvhjj5XU8laHShWQ9OQOGTkD3VSpSyhcg0Viged8tA77KCWO6g1Hd0O0eIMcNxqVwenRoTGYiXk/s1600/btcnaira-crypto-converter.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFfYz8wIGpPxvkNs9fEbrkwcAyulo19J6R-ZkwIahozzc57i4akxfx8Cmsdl_lsccglvhjj5XU8laHShWQ9OQOGTkD3VSpSyhcg0Viged8tA77KCWO6g1Hd0O0eIMcNxqVwenRoTGYiXk/s1600/btcnaira-crypto-converter.jpeg" style="height: auto; width: 400px;" /></a></div>
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<li>You can now see lists of <a href="https://www.btcnaira.com.ng/#exchanges">Exchanges</a> trading Naira against other cryptocurrencies. <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1eEaeCnzAo00sQxP_DvtoFCoBMl3xwWMgk_5QwO_NGQZItaQllePlkoaVAgN_w8qlV2NCmnKx5jVu8DotrxVMQIdmnIzyxP_WH5Xt0e7nQERmEW639fshBsrV665e7-KyKF6fmicnrEA/s1600/exchanges.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1eEaeCnzAo00sQxP_DvtoFCoBMl3xwWMgk_5QwO_NGQZItaQllePlkoaVAgN_w8qlV2NCmnKx5jVu8DotrxVMQIdmnIzyxP_WH5Xt0e7nQERmEW639fshBsrV665e7-KyKF6fmicnrEA/s1600/exchanges.jpeg" style="height: auto; width: 400px;" /></a></div>
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<li>You also get to post your unbiased reviews on your favourite <a href="https://www.btcnaira.com.ng/#exchanges">Exchange</a>. </li>
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<li><a href="https://www.btcnaira.com.ng/p/exchange-rates.html">A dedicated page</a> showing the US dollar, Pounds, Euro and Chinese Yen exchange rates is now available with more currency to be added soon.<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2wKlNwg3wWp9SPv0yW0oCgLaBcB-ISmB21y2uutrwEG8QTMBJ39jmjjEbQ-szwLx3eVUtrZwVLa1v4v84fS0-dILR-UVrWXle9vqQDBH6gNJYfDXY6kzSnboMLZzILnVRkQbzEMiZG2I/s1600/btcnaira-exchange-rates.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2wKlNwg3wWp9SPv0yW0oCgLaBcB-ISmB21y2uutrwEG8QTMBJ39jmjjEbQ-szwLx3eVUtrZwVLa1v4v84fS0-dILR-UVrWXle9vqQDBH6gNJYfDXY6kzSnboMLZzILnVRkQbzEMiZG2I/s1600/btcnaira-exchange-rates.jpeg" style="height: auto; width: 400px;" /></a></div>
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<li>There is now a Night Mode switch at the footer incase you want to use the website at night. </li>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEio4DtsQG74YEw0GV5pOw8vHEyWxmuuYnF6pZVAemItPS-eojG1wo7VOpECOMBAy76_f99swojM-BEC3FTNvuY2v5f56ggJ5LMBs9d-p6HryX8kHoCnHYxULFY1Mk2P3lQ3KrqmzjbFIuY/s1600/nightmode.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEio4DtsQG74YEw0GV5pOw8vHEyWxmuuYnF6pZVAemItPS-eojG1wo7VOpECOMBAy76_f99swojM-BEC3FTNvuY2v5f56ggJ5LMBs9d-p6HryX8kHoCnHYxULFY1Mk2P3lQ3KrqmzjbFIuY/s1600/nightmode.jpeg" style="height: auto; width: 200px;" /></a></div>
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<li>Website or Blog owners can now add our converter on their site by inserting our iframe widget code anywhere they want on their site.<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhM56Q2qoMzFX1wdlW3RRqRdMGpNUVDUJ4Q0mBykNq-CwleWD9t8GruxiBmMb1fkBXpfwX4CtT59auIrHxdT7qbVDsyFHCLascubxp9G507HYBLCoCXKDxmxUP2ee93zIrRGKnvFoYmnJMM/s1600/widget-converter.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhM56Q2qoMzFX1wdlW3RRqRdMGpNUVDUJ4Q0mBykNq-CwleWD9t8GruxiBmMb1fkBXpfwX4CtT59auIrHxdT7qbVDsyFHCLascubxp9G507HYBLCoCXKDxmxUP2ee93zIrRGKnvFoYmnJMM/s1600/widget-converter.jpeg" style="height: auto; width: 400px;" /></a></div>
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The above and many more are the new features of BTCNaira v2.0, with a bonus surprise for our Hosted Miner owners below:<br />
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<b> WE’VE REMOVED HOSTED MINER SERVICE FEE</b> </div>
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Yes! We just removed the 10% service fee we normally charge monthly on mined coins. This simply means that what you mine is what you get.<br />
i.e You get 100% of your mined coins. <br />
All you need to do is pay your monthly power bill which is static for each miner depending on their power consumption rating which you will see while placing an order on the <a href="https://www.btcnaira.com.ng/p/miner.html">hosted miner order page</a>.<br />
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That’s a wrap for BTCNaira v2.0, we hope you will all enjoy the new design/update and don’t forget to send us your take via support@btcnaira.com.ng</div>
AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-54307314738255173972018-08-14T17:05:00.005+01:002018-10-28T22:01:05.150+01:00BTCNaira Hosted Miner Service is Here, Purchase Miner to Mine Bitcoin, Zcash in Nigeria<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwR0mv3TMtPGpCU-mqz-FuqH-6XM0_USrgz6MlOd3SORYF6mssgQG53WmqkPRbL77BI2SZ_1Rm-D4pl9cq0xaJAZi74qYgD8Gsyoh62U8FQ689gXlBPryTLWit1ZLzf6njDd44kEUlbTY/s1600/hosted-miner.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="283" data-original-width="425" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwR0mv3TMtPGpCU-mqz-FuqH-6XM0_USrgz6MlOd3SORYF6mssgQG53WmqkPRbL77BI2SZ_1Rm-D4pl9cq0xaJAZi74qYgD8Gsyoh62U8FQ689gXlBPryTLWit1ZLzf6njDd44kEUlbTY/s400/hosted-miner.jpg" width="400" /></a></div>Today we are glad to announce the launch of our Hosted Miner service where we help users who wish to mine cryptocurrencies buy miner and host for them in our Russian mining farm.<br /><br />The instability of electricity has made it hard for Nigerians to join in the mining of cryptocurrencies, and made many lose out on the lucrative benefit of this.<br />Our hosted miner service makes it easy for anyone to buy a miner and run it without the need to stress or care about technicalities of running a miner.<br />We have already installed miners available that will allow you begin mining within 24hours of order.<br />And if we don't have an available miner, We help you buy miners from Bitmain, send it to our mining farm and run it for you. While you get paid directly into your own bitcoin wallet address with a monitoring link to monitor your miner 24/7.<br />Our electricity rate is by far one of the cheapest at only <b>$0.07 per Kwh</b>.<br />Shipment from Bitmain to our mining farm is also one of the fastest due to it's proximity with the Chinese border.<br />Aside this, we also offer an affiliate commission of <b>₦5,000</b> per miner purchased by a referred user using your referral link.<br />When you purchase a miner with referral link or code, you get 10% discount on power cost for first two months, meaning you get to pay only <b>$0.06</b> per Kwh for 2 months.<br /><br /><b>Want to Know How Much you can earn per month?</b> See Sample Monthly Estimated Earning on a Antminer Z9 mini miner <a href="https://www.cryptocompare.com/mining/calculator/zec?HashingPower=10&HashingUnit=KH%2Fs&PowerConsumption=350&CostPerkWh=0.0&MiningPoolFee=1" target="_blank">HERE</a><br /><br /><br /><div style="text-align: center;"><b>HOW TO BUY AN HOSTED MINER </b></div><div style="text-align: center;"><br /></div>1. Visit <a href="https://www.btcnaira.com.ng/p/miner.html">https://www.btcnaira.com.ng/p/miner.html</a><br />2. Fill all needed details and select quantity<br />3. Click on Proceed to Payment in other to make payment<br />4. If payment is successful, you should see a success message and order details sent to your email.<br /><br />All you need to do is relax while we send you your monitoring link.<br /><br /><br /><div style="text-align: center;"><b>HOW TO REFER AND EARN ₦5,000</b></div><div style="text-align: center;"><br /></div>1. Visit <a href="https://www.btcnaira.com.ng/p/refer-and-earn.html">https://www.btcnaira.com.ng/p/refer-and-earn.html</a><br />2. To generate a referral ID, Enter your phone number starting with 234 and click on Generate.<br />3. Copy your referral link and share with friends.<br /><br />When anyone buy an hosted miner from us using your referral link, you instantly earn <span style="text-align: center;">₦</span>5,000 after we allocate the miner.AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-31882531079093108922018-01-07T14:19:00.004+01:002018-10-28T22:01:04.748+01:00Critical Electrum Vulnerability, Update your Electrum Wallet NOW!<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwBH7d3c4gW6CUxa6Wh9RxLjDcQren2WuCEpMz-mO8qx7GuCfjKUyngUp1oL8kWrCdMF6ZatZSXKsUVIYUy6cfvYLKrGwlzYiQl2WxAlHpiP4NNuoHli-nzKmyFrCoNyoZMEO4OqHz-Js/s1600/new-electrum-textlogo.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="343" data-original-width="317" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwBH7d3c4gW6CUxa6Wh9RxLjDcQren2WuCEpMz-mO8qx7GuCfjKUyngUp1oL8kWrCdMF6ZatZSXKsUVIYUy6cfvYLKrGwlzYiQl2WxAlHpiP4NNuoHli-nzKmyFrCoNyoZMEO4OqHz-Js/s200/new-electrum-textlogo.png" width="183" /></a></div>A vulnerability was <a class="ul" href="https://github.com/spesmilo/electrum/issues/3374">found</a> in the Electrum wallet software which potentially allows random websites to steal your wallet via JavaScript. The bug presumably also affects altcoin derivatives of Electrum such as Electron Cash. If you don't use Electrum or a derivative, then you are not affected and you can ignore this.<br /><br />Action steps:<br /><br /> 1. If you are running Electrum, <b>shut it down right this second</b>.<br /> 2. Upgrade to <a class="ul" href="https://electrum.org/#download">3.0.4</a> (making sure to verify the PGP signature).<br /> 3. You might want to send out all BTC at this point from old wallet and create new wallet in the new version.<br /><br />You don't necessarily need to <i>rush</i> to upgrade. In fact, in cases like this it can be prudent to wait a while just to make sure that everything is settled. The important thing is to not <i>use</i> the old versions. If you have an old version sitting somewhere not being used, then it is harmless as long as you do not forget to upgrade it before using it again later.<br /><br />If at any point in the past you:<br /><br /> - Had Electrum open with no wallet passphrase set; and,<br /> - Had a webpage open<br /><br />Then it is <i>possible</i> that your wallet is already compromised. (Though probably if someone has your wallet, then they already would've stolen all of the BTC in it...)<br /><br />Electrum will presumably post more detailed info and instructions in the near future.AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-24066847019797210442018-01-03T13:16:00.005+01:002018-10-28T22:01:04.547+01:00You can now Buy and Sell Ripple on BTCNaira<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhama9DqHeCtpaWnpq0unmRn4Pba60JunHtAGi3IDWsNhX7BbrCCW-5g50CQqWkw1JXsCSKTPF57Nq4YJHx6JeIAhmDbZwOTn6B_n6EGMTHFL5YXHqOoJFAFaNO_iHpBOGyd6aZDmTrPlA/s1600/Ripple-BTCNaira.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="216" data-original-width="400" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhama9DqHeCtpaWnpq0unmRn4Pba60JunHtAGi3IDWsNhX7BbrCCW-5g50CQqWkw1JXsCSKTPF57Nq4YJHx6JeIAhmDbZwOTn6B_n6EGMTHFL5YXHqOoJFAFaNO_iHpBOGyd6aZDmTrPlA/s400/Ripple-BTCNaira.jpg" width="400" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div>Hello everyone, welcome to the year 2018, a year of more cryptocurrency heights. We hope you all had a great holiday season.<br />During the holiday season we were working on something you've been asking for, and now we are happy to tell you it's here.<br /><br />Yes! you can now buy and sell Ripple on BTCNaira with no hassle.<br /><br /><b>HOW TO:</b><br /><b><br /></b>Visit <a href="https://www.btcnaira.com.ng/p/buy.html">https://www.btcnaira.com.ng/p/buy.html</a> or Click on the Buy/Sell tab, enter the amount, fill the fields and make payment.<br />It's that easy.<br /><br />For more details about how to buy/sell, visit our FAQ page at <a href="https://www.btcnaira.com.ng/p/faq.html">https://www.btcnaira.com.ng/p/faq.html</a><br /><br /><br /><br />Follow us on Facebook: <a href="https://facebook.com/BTCNairaNG">https://facebook.com/BTCNairaNG</a><br />Follow us on Twitter: <a href="https://twitter.com/BTCNaira">https://twitter.com/BTCNaira</a><br />Follow us on Telegram: <a href="https://t.me/BTCNaira">https://t.me/BTCNaira</a>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-7014786691681931092017-12-27T18:06:00.005+01:002018-10-28T22:01:05.754+01:00You can now Buy and Sell Dash and Litecoin on BTCNaira<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHClC972sZuoN9Ck13RZ3C9RYTOj1hF6hNA00Ju8J9UbifQNiP6smFekfdsQChpuFWay46ui-H0lD10TXyfnEuxP_faS7CJ9V9FRQ1sdgrjqne_qFAEzAKHv6TuLf44DUJWuOOvU7CL6w/s1600/ltcDash-BTCNaira.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="380" data-original-width="704" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHClC972sZuoN9Ck13RZ3C9RYTOj1hF6hNA00Ju8J9UbifQNiP6smFekfdsQChpuFWay46ui-H0lD10TXyfnEuxP_faS7CJ9V9FRQ1sdgrjqne_qFAEzAKHv6TuLf44DUJWuOOvU7CL6w/s400/ltcDash-BTCNaira.jpg" width="400" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div>You asked for it and now it's here. You can now buy and sell Litecoin and Dash on BTCNaira with no hassle.<br />Visit <a href="https://www.btcnaira.com.ng/p/buy.html">https://www.btcnaira.com.ng/p/buy.html</a> or Click on the Buy/Sell tab, enter the amount, fill the fields and make payment.<br />It's that easy.<br /><br />For more details about how to buy/sell, visit our FAQ page at <a href="https://www.btcnaira.com.ng/p/faq.html">https://www.btcnaira.com.ng/p/faq.html</a><br /><br /><br /><br />Follow us on Facebook: <a href="https://facebook.com/BTCNairaNG">https://facebook.com/BTCNairaNG</a><br />Follow us on Twitter: <a href="https://twitter.com/BTCNaira">https://twitter.com/BTCNaira</a><br />Follow us on Telegram: <a href="https://t.me/BTCNaira">https://t.me/BTCNaira</a>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-71190028548395640462017-12-19T08:40:00.002+01:002018-10-28T22:01:05.824+01:00ANNOUNCEMENT: Annual Maintenance<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm4TJZM6OAUFqaFuK2kJFx0axU9NbM-P8_4N1tdI6vDhn-d8ixIzu6Cut7xJVJ3Ufjfy_uG0c_jEodRzgFT6MbcYaoPQGzW2uOksNZwOQ7SM46Rv4PzLXatycs0q6dj9FQzuycNoyBq-Y/s1600/announcement.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="545" data-original-width="900" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm4TJZM6OAUFqaFuK2kJFx0axU9NbM-P8_4N1tdI6vDhn-d8ixIzu6Cut7xJVJ3Ufjfy_uG0c_jEodRzgFT6MbcYaoPQGzW2uOksNZwOQ7SM46Rv4PzLXatycs0q6dj9FQzuycNoyBq-Y/s400/announcement.jpg" width="400" /></a></div>This is to inform everyone using our OTC service that we will be performing an annual maintenance on our Support Desk on the scheduled date; December 25th from 8:30PM to 10:30 PM GMT +1.<br />Support portal will not be accessible during this time.<br />All Orders would still be processed, however order tickets will be queued and added to your support portal shortly after the maintenance.<br /><br />Thank You<br /><br /><br />Follow us on Facebook: <a href="https://facebook.com/BTCNairaNG">https://facebook.com/BTCNairaNG</a><br />Follow us on Twitter: <a href="https://twitter.com/BTCNaira">https://twitter.com/BTCNaira</a><br />Follow us on Telegram: <a href="https://t.me/BTCNaira">https://t.me/BTCNaira</a>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-72589080513179064632017-11-27T18:15:00.001+01:002018-10-28T22:01:06.099+01:00Join BTCNaira Telegram Channel and Stay Updated<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEfL8KS4xB2xG9tEEO_hkZ0nOx-ycYPHg9shvzpBw7dfHMf2acL-SCSxHp7dh6qLGVYsFZDPD03sw1kyBFCQ7iWfJOGM5tV0avnkTo7jaBjj6tpjpq1CRcPHftTqC_j9e6T9X5sdSOeRA/s1600/BTCNaira+Telegram.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="320" data-original-width="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEfL8KS4xB2xG9tEEO_hkZ0nOx-ycYPHg9shvzpBw7dfHMf2acL-SCSxHp7dh6qLGVYsFZDPD03sw1kyBFCQ7iWfJOGM5tV0avnkTo7jaBjj6tpjpq1CRcPHftTqC_j9e6T9X5sdSOeRA/s1600/BTCNaira+Telegram.jpg" /></a></div><br />Stay updated on News, Articles, Investment updates and more by following the BTCNaira Telegram channel.<br />Visit <a href="https://t.me/BTCNaira">https://t.me/BTCNaira</a>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-6047646234224044772017-11-13T14:54:00.001+01:002018-10-28T22:01:05.351+01:00UK threatens to shut down popular Bitcoin investment site BitConnect<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyKPcWQCeiWhMQnDyQk_Yv_8Z3KGA6VQR-KuK7RgW_Wm_1qk21SgpY9C0I2tDb8QXfhgumJuiv8sGsZ9G1ZRb6SHQdwd2OkLy6ehHibUzHlyND-DbyLrAahxf-lHBHnxgNhTuJ-T4SWJ4/s1600/bitconnect-796x455.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="455" data-original-width="796" height="364" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyKPcWQCeiWhMQnDyQk_Yv_8Z3KGA6VQR-KuK7RgW_Wm_1qk21SgpY9C0I2tDb8QXfhgumJuiv8sGsZ9G1ZRb6SHQdwd2OkLy6ehHibUzHlyND-DbyLrAahxf-lHBHnxgNhTuJ-T4SWJ4/s640/bitconnect-796x455.jpeg" width="640" /></a></div>It turns out Ethereum founder Vitalik Buterin might have been right to suggest popular Bitcoin investment platform, BitConnect, has been running a Ponzi scheme after all: the UK Registrar of Companies has threatened to shut down the dodgy platform and dissolve its operation.<br />BitConnect has two months to prove “cause to the contrary” until the decision has been formally enforced, according to an <a href="https://beta.companieshouse.gov.uk/company/10278342/filing-history" rel="nofollow noopener" target="_blank">official filing</a> on the British Companies House website. Should the company fail to comply with these terms, the government agency will strike off its registration and seize its assets.<br /><div id="spotxvideo"></div>“Upon dissolution all property and rights vested in, or held in trust for, the company are deemed to be bona vacantia, and accordingly will belong to the crown,” the document reads. Many have speculated that BitConnect likely stashes its funds abroad, though there is no evidence to back this up.<br /><br />You can see the full letter of notice in the image below:<br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJnR0FeOVHGY4qRdfT6CvJieXof1xsDqqKktmHATYXue2W4aU8j7qs2dzhgv0c9fP8GXRYkhB359lQIFd-DXyCkrq-z-FqHXbtnLbXk0CwNHJC6N9YKx_SeF4-yQ63k4Rbsc_FMQV4yYE/s1600/bitconnect-filling.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1168" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJnR0FeOVHGY4qRdfT6CvJieXof1xsDqqKktmHATYXue2W4aU8j7qs2dzhgv0c9fP8GXRYkhB359lQIFd-DXyCkrq-z-FqHXbtnLbXk0CwNHJC6N9YKx_SeF4-yQ63k4Rbsc_FMQV4yYE/s640/bitconnect-filling.jpg" width="467" /></a></div><br /><br />While the notice makes no mention of the people behind the shifty Bitcoin investment platform, another filing [<a href="https://beta.companieshouse.gov.uk/company/10278342/filing-history/MzE1Mjc5NjkwNmFkaXF6a2N4/document?format=pdf&download=0">PDF</a>] reveals BitConnect was registered by a British man going by the name of Ken Fitzsimmons. According to the same filing, Fitzsimmons holds 75 percent or more of the shares in the company.<br />Curiously, the name of Fitzsimmons doesn’t appear anywhere on Bitconnect’s site – and nobody seems to know what his involvement in the investment platform is.<br />Numerous concerned cryptocurrency enthusiasts have since <a href="https://steemit.com/bitcoin/@foodnature/the-truth-or-every-bitconnect-member-has-to-see-this" rel="nofollow noopener" target="_blank">interpreted</a> <a href="https://medium.com/@DisruptionJoe/bitconnect-is-going-to-run-off-the-rails-cd15808e9ed4" rel="nofollow noopener" target="_blank">this lack of information</a> <a href="https://steemit.com/bitcoin/@foodnature/the-truth-or-every-bitconnect-member-has-to-see-this" rel="nofollow noopener" target="_blank">as suspicious</a>, with one user going as far as <a href="https://steemit.com/bitcoin/@debugger/i-just-reported-bitconnect-to-the-uk-company-investigation-service-lets-se-what-happens" rel="nofollow noopener" target="_blank">reporting</a> BitConnect for illegal activity to the British government.<br />Unfortunately, details about Fitzsimmons continue to remain scarce at this point.<br /><br />Shortly after the UK Companies House strike-off notice began circulating Reddit, the price of BitConnect Cash (BCC) took a dip from $287 to under $230 – though it has since climbed back up to $245. Here are some stats from Coin Market Cap:<br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo_6rHkAFxsJvdzbQ7ZWqecrCvQISqIHprbamhY6iJL1cDGEoiILeDjHi1qWHgggiTZTmcKRC9jzjo2yvAcd7biaIXpIPy8spGATGHrHIH9GPXP93z_RLAJ5uWoyYsjNIH8eCBwG5GxdQ/s1600/Screen-Shot-2017-11-13-at-11.56.57.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="570" data-original-width="1103" height="330" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo_6rHkAFxsJvdzbQ7ZWqecrCvQISqIHprbamhY6iJL1cDGEoiILeDjHi1qWHgggiTZTmcKRC9jzjo2yvAcd7biaIXpIPy8spGATGHrHIH9GPXP93z_RLAJ5uWoyYsjNIH8eCBwG5GxdQ/s640/Screen-Shot-2017-11-13-at-11.56.57.png" width="640" /></a></div><br /><br />Following the abrupt disappearance of suspicious Bitcoin investment platform Bitpetite two weeks ago, the cryptocommunity has grown increasingly distrustful of BitConnect, with numerous people calling respected crypto influencers to chime in on the situation with their expertise.<br />Eventually, Ethereum’s Buterin responded to the requests, suggesting the fishy Bitcoin investment site could indeed be running a Ponzi scheme.<br /><blockquote class="twitter-tweet" data-width="500"><div dir="ltr" lang="en">Yeah, if 1%/day is what they offer then that's a ponzi.</div>— Vitalik Buterin (@VitalikButerin) <a href="https://twitter.com/VitalikButerin/status/926236948238360576?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 2, 2017</a></blockquote><br />Since then, Redditors have began noticing a slew of major red flags on BitConnect’s site, including this schematic that uses a picture of a pyramid to <a href="https://bitconnect.co/system-news/87/changes-being-made-to-the-affiliate-program-the-removal-of-bitcoin-cash-and-bcc-is-added-to-hitbtc/" rel="nofollow noopener" target="_blank">explain</a> the platform’s revenue structure.<br /><br />Here is a screenshot from the post in question:<br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjW9i09E6OmV28rWUhacRcchftTDKI3QYdmX4VBd3usvQ5VitEBTNC5Q4Y4knsdWwCcK-CN-AAGjgf0rkCPqwVwvsdJxa2Exy5Dgfy8kdnuyQtyvH6FG5ZXDk3AcLg5ACdHa-3_GWzFghk/s1600/Screen-Shot-2017-11-13-at-12.34.20.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="571" data-original-width="812" height="450" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjW9i09E6OmV28rWUhacRcchftTDKI3QYdmX4VBd3usvQ5VitEBTNC5Q4Y4knsdWwCcK-CN-AAGjgf0rkCPqwVwvsdJxa2Exy5Dgfy8kdnuyQtyvH6FG5ZXDk3AcLg5ACdHa-3_GWzFghk/s640/Screen-Shot-2017-11-13-at-12.34.20.png" width="640" /></a></div><br />Say what you will, but this is not a good look for BitConnect and its investors.<br /><br />Some Portions Curled from: <a href="https://thenextweb.com/hardfork/2017/11/13/bitcoin-bitconnect-uk-ponzi-investment/">TNW</a>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-79859319144733361482017-11-08T21:42:00.001+01:002018-10-28T22:01:06.300+01:00Segwit 2x Called Off: Bitcoin Hard Fork Suspended for Lack of Consensus <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNY2ULboKbfsN2rRyLZczOJ4T6eNvbL0JRUi3CemJpyj_-X4FjQxF9s4Vb9Zj6tO7Pc5d-6CeDh4zEQA_NYEfqodt-uO-0PmEDv5Xi2mYLF8vb25Piww9vvN3KWzt8ancg1HeNy7pJgn4/s1600/Segwit2x-Cancelled.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="620" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNY2ULboKbfsN2rRyLZczOJ4T6eNvbL0JRUi3CemJpyj_-X4FjQxF9s4Vb9Zj6tO7Pc5d-6CeDh4zEQA_NYEfqodt-uO-0PmEDv5Xi2mYLF8vb25Piww9vvN3KWzt8ancg1HeNy7pJgn4/s400/Segwit2x-Cancelled.jpeg" width="400" /></a></div>The organizers of a controversial bitcoin scaling proposal are suspending an attempt to increase the block size by way of a software upgrade.<br />Known for its strong early support from bitcoin startups and mining pools, the plan, called Segwit2x, or simply 2x, was to trigger a block size increase at block 494784, expected to occur on or around November 16th.<br />The suspension was announced today in <a href="https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html">an email</a>, written by Mike Belshe, CEO and co-founder of bitcoin wallet software provider BitGo. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward.<br />He wrote: <br /><div id="top-id"></div><br /><blockquote><div fsad="no">"Unfortunately, it is clear that we have not built sufficient consensus for<br />a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x."</div></blockquote>"Until then, we are suspending our plans for the upcoming 2MB upgrade," he added.<br />The note is also signed by companies that originally supported the plan, forged at an in-person meeting in May, including CEO and co-founder Mike Belshe, Xapo CEO Wences Casares, mining pool Bitmain co-founder Jihan Wu, Bloq CEO and co-founder Jeff Garzik, Blockchain CEO and co-founder Peter Smith and Shapeshift CEO and founder Erik Voorhees.<br /> <br />The group still has hopes that the block size will be increased further down the line, once there is more agreement from stakeholders.<br /><br />Curled from: <a href="https://www.coindesk.com/2x-called-off-bitcoin-hard-fork-suspended-lack-consensus/">CoinDesk</a>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-61382222845898920052017-11-02T15:42:00.001+01:002018-10-28T22:01:05.485+01:00Possible Outcome of Bitcoin Segwit2x Fork and Why You Need to Buy BTC and BCH<div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="c218m-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="c218m-0-0"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuszWwboOg0JpTFyR1DjzbPviEyUelcbmUj_hnAj7Xn4hAiCH1zt2DvMJ8xNgOIY_2E33nmXBY08nzE52ErBUXsnVwAseXj1J_fmyVt5PzHf8gO7l8VoLubDD7Pu0a-wqPGy0PG_MqJTc/s1600/bitcoin-fork.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="657" data-original-width="955" height="440" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuszWwboOg0JpTFyR1DjzbPviEyUelcbmUj_hnAj7Xn4hAiCH1zt2DvMJ8xNgOIY_2E33nmXBY08nzE52ErBUXsnVwAseXj1J_fmyVt5PzHf8gO7l8VoLubDD7Pu0a-wqPGy0PG_MqJTc/s640/bitcoin-fork.jpg" width="640" /></a></div><span data-offset-key="c218m-0-0">On approximately November 16 (Block </span>494784), Bitcoin will split into two chains: Segwit1x and Segwit2x. Because these chains share the same proof-of-work function (PoW) and neither change the difficulty adjustment algorithm (DAA), it is unlikely that both will survive simultaneously.</div></div><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="3hv5r-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="3hv5r-0-0"><span data-offset-key="3hv5r-0-0">A complicating factor is the existence of Bitcoin Cash, a fork of Bitcoin which shares the same PoW but has in addition an improved DAA that ensures it can adjust downward in difficulty rapidly as needed in the event of miner evacuation, keeping its block interval at approximately 10 minutes on average. Bitcoin Cash cannot die, but Segwit1x and Segwit2x can both die.</span></div></div><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="2rma6-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="2rma6-0-0"><span data-offset-key="2rma6-0-0">These are the possible scenarios that may unfold starting November 16:</span></div></div><h2 data-block="true" data-editor="8vl6v" data-offset-key="8gl16-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="8gl16-0-0"><span data-offset-key="8gl16-0-0">Scenario 1: The Flippening</span></div></h2><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="epu2r-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="epu2r-0-0"><span data-offset-key="epu2r-0-0" style="font-weight: bold;">Bitcoin Cash becomes the dominant chain measured by total PoW, Segwit1x survives with an "emergency hard fork" to a new PoW function or DAA, and Segwit2x dies.</span></div></div><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="7medj-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="7medj-0-0"><span data-offset-key="7medj-0-0">This scenario is widely ignored or ridiculed in the Bitcoin community which is why the current price of Bitcoin is more than ten times the price of Bitcoin Cash. However, this scenario is actually the most likely due to the spectacular gains to be made by miners, speculators and businesses who game this scenario. Anyone who is in a position to cause the flippening can increase their money 10-fold in a month, followed by far higher long-term gains due to the ability of Bitcoin Cash to scale to a global audience.</span></div></div><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="fv13j-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="fv13j-0-0"><span data-offset-key="fv13j-0-0">If this scenario plays out, it will probably happen as follows:</span></div></div><ul class="public-DraftStyleDefault-ul" data-offset-key="d5j95-0-0"><li class="public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-reset public-DraftStyleDefault-depth0 public-DraftStyleDefault-listLTR" data-block="true" data-editor="8vl6v" data-offset-key="d5j95-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="d5j95-0-0"><span data-offset-key="d5j95-0-0">Whales will buy Bitcoin Cash cheap and sell Bitcoin at its all-time highs in preparation for the flippening. Then by leveraging huge amounts of capital, whales will push the price of Bitcoin Cash up and the price of Bitcoin down at approximately the same time as the split between Segwit1x and Segwit2x.</span></div></li><li class="public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-listLTR" data-block="true" data-editor="8vl6v" data-offset-key="7v247-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="7v247-0-0"><span data-offset-key="7v247-0-0">Miners will now be incentivized to switch from Segwit1x/Segwit2x to Bitcoin Cash due to improved profitability, while Segwit1x and Segwit2x both struggle on suddenly far lower mining power. Miners themselves may also be whales and will deliberately cause the incentives to shift for their own double gain.</span></div></li><li class="public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-listLTR" data-block="true" data-editor="8vl6v" data-offset-key="vjm5-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="vjm5-0-0"><span data-offset-key="vjm5-0-0">Segwit2x dies to due no ability to change the PoW or DAA (since that's not a part of the New York Agreement (NYA)).</span></div></li><li class="public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-listLTR" data-block="true" data-editor="8vl6v" data-offset-key="9ah9p-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="9ah9p-0-0"><span data-offset-key="9ah9p-0-0">Segwit1x changes its PoW and survives as an altcoin branded as "Bitcoin". Many in the Segwit1x community are already comfortable with this possibility, and more certainly will be if all of their value is threatened with destruction otherwise.</span></div></li><li class="public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-listLTR" data-block="true" data-editor="8vl6v" data-offset-key="d8knb-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="d8knb-0-0"><span data-offset-key="d8knb-0-0">Over some period of time, Bitcoin Cash achieves status as the longest chain as measured by total PoW and some exchanges and businesses now regard it as being "Bitcoin".</span></div></li></ul><h2 data-block="true" data-editor="8vl6v" data-offset-key="68ee0-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="68ee0-0-0"><span data-offset-key="68ee0-0-0">Scenario 2: Segwit2x wins</span></div></h2><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="6j6u-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="6j6u-0-0"><span data-offset-key="6j6u-0-0" style="font-weight: bold;">Segwit2x becomes the dominant chain measured by total PoW, Segwit1x changes its PoW, and Bitcoin Cash survives.</span></div></div><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="fjkca-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="fjkca-0-0"><span data-offset-key="fjkca-0-0">This is the second most likely scenario due to the fact that a vast majority of miners and a majority of businesses have committed to Segwit2x as part of the NYA. However, this scenario is strictly less likely than the above due to the lesser gains to be made. No one can multiply their value by 10-fold in a short period of time in this scenario. And the long-term future is likely to continue to have infighting, high fees, and loss of market share to altcoins - it's better for business if Bitcoin Cash wins.</span></div></div><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="45k4i-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="45k4i-0-0"><span data-offset-key="45k4i-0-0">Note that, even if Segwit1x has a higher price on exchanges at the time of the fork, that does not help Segwit1x much if miners stick to their agreement and continue to mine Segwit2x. </span><a aria-label="https://www.youtube.com/watch?v=vFvq9CzxqtE" class="md-link" href="https://www.youtube.com/watch?v=vFvq9CzxqtE" rel="noopener noreferrer" target="_blank"><span data-offset-key="45k4i-1-0">See Vinny Lingham's theory about how the minority chain cannot have a higher value</span></a><span data-offset-key="45k4i-2-0">.</span></div></div><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="darl5-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="darl5-0-0"><span data-offset-key="darl5-0-0">In this scenario, similar to the above, it is most likely Segwit1x will change its PoW and become an altcoin in order to ensure its chain survives.</span></div></div><h2 data-block="true" data-editor="8vl6v" data-offset-key="9gklj-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="9gklj-0-0"><span data-offset-key="9gklj-0-0">Scenario 3: Segwit1x wins</span></div></h2><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="ffk0e-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="ffk0e-0-0"><span data-offset-key="ffk0e-0-0" style="font-weight: bold;">Segwit1x becomes the dominant chain measured by total PoW, Segwit2x dies, and Bitcoin Cash survives.</span></div></div><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="1usee-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="1usee-0-0"><span data-offset-key="1usee-0-0">If the movement from the Segwit1x community is successful, Segwit2x will be prevented from occurring due to the community uprising. This scenario is less likely than the above two scenarios due to the lack of commitment from miners to mine the Segwit1x chain. Segwit1x will probably not survive on ~10% of mining power due to excessively long block times for several months. Trolling on social media is not a substitute for mining power.</span></div></div><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="2q7cm-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="2q7cm-0-0"><span data-offset-key="2q7cm-0-0">In this scenario, Segwit2x completely dies as no parties in the NYA agreed to change the PoW function or DAA in order to allow it to survive.</span></div></div><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="3sbn6-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="3sbn6-0-0"><span data-offset-key="3sbn6-0-0">This scenario can be encouraged by whales. If whales specifically desire to make Segwit1x the dominant chain, they can buy Segwit1x. If they are able to sustain a high price of Segwit1x due to a flood of capital that lasts beyond any insecurity, the miners are incentivized to switch back over from Segwit2x. However, this requires vastly more capital than the scenario in which Bitcoin Cash wins because the market cap of Bitcoin is more than 10 times that of Bitcoin Cash. Rational whales who actually want Bitcoin to succeed would prefer the Bitcoin Cash scenario.</span></div></div><h2 data-block="true" data-editor="8vl6v" data-offset-key="65h5p-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="65h5p-0-0"><span data-offset-key="65h5p-0-0">Other Near-Term Scenarios</span></div></h2><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="1675i-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="1675i-0-0"><span data-offset-key="1675i-0-0">There are other scenarios that are logically possible, such as the co-existence of Segwit1x and Segwit2x with no further hard forks, but they are unlikely. We believe one of the above three scenarios will almost certainly be the scenario that plays out in November.</span></div></div><h2 data-block="true" data-editor="8vl6v" data-offset-key="3b0mj-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="3b0mj-0-0"><span data-offset-key="3b0mj-0-0">Long-Term Scenarios</span></div></h2><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="3v5se-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="3v5se-0-0"><span data-offset-key="3v5se-0-0">Note that if Bitcoin Cash does not achieve majority mining power and total accumulated PoW, the situation will continue to be unstable past the November 16 fork. Over the long-term, Bitcoin Cash can both achieve a larger user-base than Segwit1x/Segwit2x and, because it has a better DAA, it can't die, and will therefore continue to be a thorn in the side of Bitcoin until it ultimately acquires majority mining support and becomes labeled "Bitcoin".</span></div></div><div class="paragraph" data-block="true" data-editor="8vl6v" data-offset-key="8h0aq-0-0"><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="8h0aq-0-0"><span data-offset-key="8h0aq-0-0">However, things could easily change long-term to affect these probabilities. For instance, if Bitcoin changes its DAA to be similar to Bitcoin Cash, then Bitcoin Cash's advantage will go away and the mining dominance of Bitcoin will continue.<br /><br /><b><span style="font-size: large;">Buying Bitcoin or Bitcoin Cash</span></b></span></div><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="8h0aq-0-0">To buy Bitcoin or Bitcoin Cash, Visit <a href="https://www.btcnaira.com.ng/p/buy-sell.html">https://www.btcnaira.com.ng/p/buy-sell.html</a></div><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="8h0aq-0-0"><span data-offset-key="8h0aq-0-0"><br /></span></div><div class="public-DraftStyleDefault-block public-DraftStyleDefault-ltr" data-offset-key="8h0aq-0-0"><span data-offset-key="8h0aq-0-0"><br />Curled from </span><a class="author-name" href="https://www.yours.org/content/predicting-the-outcome-of-the-november-bitcoin-fork-89914ce0e1f5">Ryan X. Charles</a></div></div>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-71361872919251895722017-10-28T21:58:00.001+01:002018-10-28T22:01:05.961+01:00BTCNaira website now fully on HTTPS<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_whgwxpBF_m7omoyfWx7pqe85S-uTIqZvHhg76mgg2cX4tiCtDoBcEWsXVL8KSRobalSgWiEgWoirztAOTS5Bc_1EhrKaeCcVSO8wnXKtGSAzP_oZmBauEb8wfZoXMi0qgJBm8Lu_EwE/s1600/HTTP-To-HTTPS.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="366" data-original-width="626" height="233" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_whgwxpBF_m7omoyfWx7pqe85S-uTIqZvHhg76mgg2cX4tiCtDoBcEWsXVL8KSRobalSgWiEgWoirztAOTS5Bc_1EhrKaeCcVSO8wnXKtGSAzP_oZmBauEb8wfZoXMi0qgJBm8Lu_EwE/s400/HTTP-To-HTTPS.png" width="400" /></a></div><br /><br />Hello everyone,<br /><br /> Prior to this time, the BTCNaira Team didn't see much of a reason to switch to an HTTPS transport website as we literally do not pass user data over our server.<br /> However, ever since we began an OTC buying and selling service, we have gotten suggestions to switch the website to an HTTPS based website.<br /><br /> Today, we are glad to let you all know that our website is now fully on a secure transport and can be accessed at <a href="https://www.btcnaira.com.ng/">https://www.btcnaira.com.ng</a>, if you visit the http version of the website, you will be automatically redirected to the HTTPS version.<br /> Also know this has been automatically updated on the BTCNaira App, so you do not need to do anything.<br /><br /> We will keep improving on our service to serve you better, and act on suggestions when feasible.AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-68292090240358925092017-10-15T23:41:00.001+01:002018-10-28T22:01:05.685+01:00Hours to Go: How to Watch Ethereum's Fork as It Happens<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4WjsAHPElCcFZk1w4coWtohN5nNPoAjEI5OJ3kBSP-dSKX_7rL9RTvSFwS0P6aABIy4PrE1qioO2EA5nFkVGDf-JuYjnKr-Yi56L0uOR-C4fJs3PxLqnykC8WA9wOJg2FyexcoEDDTGd7/s1600/ethereum+fork.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="855" data-original-width="1600" height="342" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4WjsAHPElCcFZk1w4coWtohN5nNPoAjEI5OJ3kBSP-dSKX_7rL9RTvSFwS0P6aABIy4PrE1qioO2EA5nFkVGDf-JuYjnKr-Yi56L0uOR-C4fJs3PxLqnykC8WA9wOJg2FyexcoEDDTGd7/s640/ethereum+fork.jpeg" width="640" /></a></div><br />With $30 billion on the line, all eyes are likely to be on ethereum tomorrow as it seeks to navigate one of its biggest-ever updates.<br /><br />Will all software users upgrade to the updated blockchain? Or will a new, competing token be created? That's exactly what the market is watching and waiting to see when etheruem hits block 4,370,000, scheduled to occur tomorrow at around 6:00 UTC at press time.<br /><br />The first part of a larger, multi-part upgrade, the so-called "Byzantium" code will make the blockchain lighter and faster, paving the way for better decentralized applications (dapps), while also enhancing network privacy.<br /><br />New features aside, however, ethereum developers are mostly optimistic about the upgrade. Although developers on the most popular clients have had to iron out a pair of bugs in the days leading up to change, there's confidence that the upgrade will be smooth.<br /><br />New and seasoned investors won't likely want to take others' word for it, however. So, if you're eager to see for yourself, here's how to monitor the update in real time:<br /><br /><b><span style="font-size: large;">Fork countdown</span></b><br /><br />Adding uncertainty to hard forks is their reliance on block numbers as a way to signal upgrades. Simply put, rather than have everyone change their software at a specific time, users rely on the numbered blocks in the blockchain itself as a means of coordinating.<br /><br />Because of this, no one knows exactly when the hard fork will take place. Yet, that doesn't mean there's no way to keep an eye out.<br /><br />To track when this block number will be hit, Singapore-based smart contract company CodeTract has released a <a href="https://fork.codetract.io/">fork countdown</a>, showing how many blocks remain and roughly, how much time is left until the fork occurs.<br /><br />By current projections, the hard fork looks like it will execute on early Monday.<br /><b><br /></b><b><span style="font-size: large;">Mining hashrate</span></b><br /><br />Once the fork happens, users will want to track how much of the ethereum ecosystem moves over, and how quickly they do so.<br /><br />This is a key metric to track. As long as miners are mining on the old version of ethereum, it will remain operational (and valuable). If that persists for long enough, it could lead to a split (although ethereum developers think this is unlikely due to specifics in the code).<br /><br />Developers aren't going in blind either – already, the Byzantium code has undergone testing to give an idea of how the fork would play out. For example, earlier this week, all miners on a test version of the network made the migration, a small (but encouraging) sign of what to expect.<br /><br />The best way to watch this is on the Ethereum Foundation's website, which will show what percentage of ethereum miners that have moved over to the new blockchain when the fork happens.<br /><b><br /></b><b><span style="font-size: large;">Nodes</span></b><br /><br />But, miners are not the only stakeholders in ethereum who need to upgrade; developers, users and companies running nodes, which store a full copy of the ledger, also need to download new software or risk falling behind.<br /><br />Ether Nodes tracks how many node operators are running clients compatible with Byzantium.<br /><br />Geth, the most popular ethereum client, released fork-ready software in version 1.7.1. And Parity, the second most popular client, released 1.7.4, which is compatible and fixes some consensus bugs.<br /><br />Right now, 60 percent of Geth nodes and 27 percent of Parity nodes have upgraded to a hard fork-compatible version. With under a day left before the fork, most node operators still need to upgrade.<br /><b><br /></b><b><span style="font-size: large;">Price</span></b><br /><br />Of course, there may be more immediate reasons you're worried about a split.<br /><br />If money's on the mind, you can always be sure to monitor the price of ether. For that, you can turn to <a href="http://www.btcnaira.com.ng/">our ethereum price page</a>, which will update in real time as the fork happens.<br /><br /><br /><br />Curled from <a href="https://www.coindesk.com/watch-ethereums-hard-fork-happens/">CoinDesk</a>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-11352402168087395632017-10-12T19:01:00.001+01:002018-10-28T22:01:04.078+01:00Bitcoin Gold Fork Coming: How To Double Your Bitcoin and Get Free Bitcoins<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOdBxDnbksaMFHhv5UGX7P6YTE0NpyVKoKn18j0fsK-deBcGwBe6rJXS_68DGIfQXFoeNmjWQeaOhnUgsjIZoW4mdlbWT8am-CE5J5CfslRH1XoczHHWyFeXCGgIwIDBWiAnazKA6is48/s1600/bitcoingold.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="580" height="275" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOdBxDnbksaMFHhv5UGX7P6YTE0NpyVKoKn18j0fsK-deBcGwBe6rJXS_68DGIfQXFoeNmjWQeaOhnUgsjIZoW4mdlbWT8am-CE5J5CfslRH1XoczHHWyFeXCGgIwIDBWiAnazKA6is48/s400/bitcoingold.jpg" width="400" /></a></div>It has been only 9 weeks since the <a href="http://www.btcnaira.com.ng/2017/08/bitcoin-cash-bch-is-here-here-is-how-to.html">Bitcoin Cash</a> hard fork, and we are again discussing another Bitcoin hard fork.<br />For those of you who don’t know about the previous Bitcoin hard forks and its challenges, read our earlier guides <a href="http://www.btcnaira.com.ng/2017/07/what-is-bitcoin-cash-how-will-it-affect.html">here</a>.<br /><br />And for those of you who aren’t aware of the upcoming Bitcoin hard fork, pay attention.<br />In this article, We intend to cover everything you need to know about the upcoming Bitcoin hard fork and how to prepare and benefit from it by doubling your coin holdings and getting free Bitcoin Gold.<br /><br />Some of you may think this is a good thing as your value will also double!<br /><br /><strong>Note:</strong> Doubling of coins does not mean doubling of value, because after a hard fork, the value of both versions of coins are determined based on user sentiments and demand/supply in the market.<br /><br />So keeping that point in mind, let’s get started…<br /><h2 style="text-align: center;"><span style="font-size: x-large;">What is Bitcoin Gold (BTG)</span></h2><div>Bitcoin Gold is a new, would be cryptocurrency denoted, as of now, as BTG or “Bgold”. It will be a fork of the original Bitcoin that Satoshi Nakamoto invented in 2008.<br /><br /><strong>Who Is Doing This Fork And When Is It Happening?</strong><br /> The Bitcoin Gold project is being driven by some developers, miners, and their head Jack Liao, the CEO of the Hong Kong-based mining equipment manufacturing company, <a href="http://lightningasic.com/">LightningAsic</a>.<br />Bitcoin Gold’s lead developer is someone anonymous by the name of h4x3rotab and he/she claims that:<br /><blockquote><div style="text-align: center;">Bitcoin Gold is also a real blockchain to pilot Bitcoin upgrades.</div></blockquote>As per their official <a href="http://btgpu.org/">website</a>, the exact time is not yet known for this fork.<br />But the official date for the fork is mentioned as<strong> 25th October 2017</strong><br /><strong><em><br /></em></strong> <strong>Why Is It Happening?</strong><br /> This is a community-driven hard fork without any consensus voting. It is primarily being driven by a few who believe that the original Bitcoin mining system has become centralized and is monopolized by a handful of mining companies.<br />They believe this because of <a href="https://en.bitcoin.it/wiki/ASIC">ASIC miners</a> which provide a very strong entry barrier for an average user or miner like you and me.<br />And now, these hard fork supporters want to change that and make the process more decentralized.<br /><br /><strong>How Do BTG Supporters Want To Change This Centralization Problem?</strong><br /> BTG (i.e. Bitcoin Gold) advocates have decided to solve this problem by forking Bitcoin on 25th October by changing its original protocol.<br />Specifically, to combat the mining centralization problem, the BTG developers are implementing a different mining algorithm altogether that will be resistant to ASIC chips called <a href="https://z.cash/blog/why-equihash.html">Equihash</a>.<br />This will make ASIC miners irrelevant for mining Bitcoin Gold because, with the implementation of Equihash, Bitcoin Gold will be mineable simply by using cheap GPUs.<br /><ul><li>Note: Currently, Bitcoin uses the SHA-256 mining algorithm (read about SHA-256).</li></ul><strong>Features of Bitcoin Gold (BTG)</strong><br /> Bitcoin Gold doesn’t bring many features with it, but…<br /><ul><li>BTG will be based on Equihash so it will be GPU minable.</li><li>BTG will have inbuilt replay protection because it is a direct fork of BTC.</li><li>BTG will have a variable difficulty that will change per block. (Good thing for GPU miners.)</li><li>And looks like BTG will have a pool of pre-mined coins for <a href="https://github.com/BTCGPU/BTCGPU/pull/2">16,000 blocks</a>.</li></ul>Apart from these, there will be no changes like block size adjustment.<br /><br />And BTG will be following the suit of the original BTC core developers for the future betterment of their coin because they believe that’s the secure way.<br /><br /><h3 style="text-align: center;"><span style="font-size: x-large;">How To Get Free BTG</span></h3></div><div>After the BTG fork, you need not do much, but you need to be updated and agile about this subject.<br />If you want access to your BTG coins, you need to take some preliminary steps before 25th of October:<br /><ol><li>You should buy as much BTC you can afford before 24th of October and quickly sell them back after the fork. (You can buy or sell at BTCNaira <a href="http://www.btcnaira.com.ng/p/buy-sell.html">HERE</a>)</li><li>Avoid transactions for some days until the dust settles to avoid replay attacks</li><li>You should have your private keys, DO NOT keep your Bitcoin with any third party exchange like Coinbase or Luno during this period.</li><li>Use hardware wallets like the <a href="https://www.ledgerwallet.com/r/9d55">Ledger Nano S</a> and Trezor. Last time, during the Bitcoin Cash fork, these two hardware wallets were the first to support the forked coin.</li><li>If you don’t have a hardware wallet, use software wallets like bitWallet(iOS), AirBitz, Coinomi, and Exodus to control your private keys.</li><li>If you hold your keys in a software wallet, wait for instructions on how to access your BTG coins.</li></ol>We will try and post instructions on how to access your Bitcoin Gold as event unfolds.</div>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-57805090374885024772017-10-12T11:53:00.001+01:002018-10-28T22:01:05.217+01:00Beware of Bitcoin's possible incompatibility with some major services<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuszWwboOg0JpTFyR1DjzbPviEyUelcbmUj_hnAj7Xn4hAiCH1zt2DvMJ8xNgOIY_2E33nmXBY08nzE52ErBUXsnVwAseXj1J_fmyVt5PzHf8gO7l8VoLubDD7Pu0a-wqPGy0PG_MqJTc/s1600/bitcoin-fork.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="657" data-original-width="955" height="275" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuszWwboOg0JpTFyR1DjzbPviEyUelcbmUj_hnAj7Xn4hAiCH1zt2DvMJ8xNgOIY_2E33nmXBY08nzE52ErBUXsnVwAseXj1J_fmyVt5PzHf8gO7l8VoLubDD7Pu0a-wqPGy0PG_MqJTc/s400/bitcoin-fork.jpg" width="400" /></a></div>A subsection of the Bitcoin economy including prominent businesses such as Coinbase, Xapo, and BitPay have signed an agreement to adopt and implement a contentious hard fork of Bitcoin <a href="http://bashco.github.io/2x_Countdown/">sometime</a> in November. A hard fork is a backwards incompatible change to the Bitcoin network. This hard fork is not supported by the majority of the Bitcoin users and developers and is therefore a contentious hard fork. By adopting this hard fork, we believe the supporters of this agreement are shifting their users to an alternative currency (an altcoin) which is incompatible with Bitcoin.<br />The signatories of this agreement wrongly believe that the currency created by adopting this contentious hard fork will eventually become Bitcoin. Therefore storing any BTC on services such as Coinbase, Bitpay and Xapo is strongly not recommended. By storing BTC on these services, you could find that after the hard fork, your BTC has been renamed to something else or replaced entirely with the new altcoin. The best way to ensure that your BTC is protected is to download wallets that gives you access to your private keys and transfer out any BTC stored on services that are a signatory to this agreement. We have listed the businesses supporting this contentious hard fork at the bottom of this document.<br />We recommend a wallet such as <a href="https://airbitz.co/af/DJB">Airbitz</a> or <a href="https://electrum.org/">Electrum</a>. Avoid using web wallets like blockchain.info. However users should only use these wallets to store their coins and never perform transactions until well after the hard fork. Any transactions you make on the Bitcoin blockchain can also be replicated and “replayed” on the altcoin chain. If the coins on the contentious hard fork have any value, there will be methods you can use to “split” your coins and have access to them. Pay extra attention to major Bitcoin communication channels and media shortly after the fork so you stay informed.<br /><h2 class=" anchorAf" id="mobile-wallets">Mobile wallets</h2>Miners in Bitcoin are responsible for transaction ordering through putting transactions into blocks, and collectively creating a chain of these blocks. Most mobile wallets depend on blindly trusting the longest chain produced by the miners in order to safely send and receive transactions. There is considerable mining power supporting the contentious hard fork. A majority of miners have pledged to support the contentious hard fork, therefore the longest chain as seen by most mobile wallets may not be the true block chain. As a result of this, spending money from a mobile wallet during a hard fork is dangerous. You will be vulnerable to many attacks as your wallet is not aware that the miners are breaking the consensus rules on the longest chain.<br />If the contentious hard fork has failed and the majority of miners have broken their pledge to support the hard fork, it is safe to continue using mobile wallets, however you should check multiple sources of Bitcoin news such as the <a href="http://www.btcnaira.com.ng/">BTCNaira</a> website and other crypto news sites, to make sure that it’s safe to continue using your particular wallet. As a general rule, you should not perform any transactions during and shortly after the hard fork.<br /><h2 class=" anchorAf" id="after-the-fork">After the fork</h2>Blocks may be slower shortly after the hard fork and your transactions will take longer to confirm. You will have to pay a higher transaction fee if your transaction is high priority and you want it confirmed in the next block. You should try to get any important transactions done a few days before the hard fork <a href="http://bashco.github.io/2x_Countdown/">date</a>. A lot of websites and programs will likely pop up around the time of the hard fork offering to split your Bitcoin so you can have access to both your BTC and to the new altcoin created by this contentious hard fork, you should exercise caution as many of these services are likely to be scams trying to steal your bitcoin. As the hard fork has very little replay protection, most transactions you perform on the Bitcoin network will also be valid on the hard fork network. You should keep this in mind when transacting.<br />Some services may continue to present and name the altcoin created by this contentious hard fork as Bitcoin. Users should be aware that this new currency is not Bitcoin. Bitcoin can only be changed with the overwhelming consensus of the entire Bitcoin community of individuals, miners, developers and economy. Even when there is overwhelming consensus, unless in an emergency, a hard fork should have at least a year notice period to give enough time for users to upgrade. This hard fork being adopted by the signatories of this agreement achieves none of these things. It is a rushed and hasty upgrade which only has minority community support and has been thoroughly rejected by users and the technical community. As this new altcoin is not Bitcoin, Bitcoin.org will not list wallets and services that present this altcoin as “Bitcoin” or “BTC” to their users after the hard fork. These services have exited the Bitcoin system in a contentious manner and therefore are no longer useful to our visitors.<br />The following companies and services have pledged to adopt the contentious hard fork:<br /><h2 class=" anchorAf" id="wallets">Wallets</h2><ul><li>Abra (United States)</li><li>Bitcoin.com (St. Kitts & Nevis)</li><li><strong>BitPay (United States)</strong></li><li>BitPesa (Kenya)</li><li><strong>Blockchain.info (UK)</strong></li><li><strong>BTC.com (China)</strong></li><li>Circle (United States)</li><li><strong>Coinbase (United States)</strong></li><li>Coins.ph (Phillipines)</li><li>GoCoin (Isle of Man)</li><li>Jaxx (Canada)</li><li>Luno (Singapore)</li><li>Ripio (Argentina)</li><li>Unocoin (India)</li><li><strong>Xapo (United States)</strong></li></ul><h2 class=" anchorAf" id="exchanges">Exchanges</h2><ul><li>ANX (Hong Kong)</li><li>Bitex (Argentina)</li><li>bitFlyer (Japan)</li><li>Bitso (Mexico)</li><li>BTCC (China)</li><li>BTER.com (China)</li><li><strong>Coinbase (United States)</strong></li><li>Coins.ph (Phillipines)</li><li>CryptoFacilities (UK)</li><li>Korbit (South Korea)</li><li>Safello (Sweden)</li><li>SFOX (United States)</li><li><strong>ShapeShift (Switzerland)</strong></li></ul><h2 class=" anchorAf" id="miners">Miners</h2><ul><li>1Hash (China)</li><li>Bitcoin.com (St. Kitts & Nevis)</li><li>Bitfury (United States)</li><li>Bitmain (China)</li><li>Bixin.com (China)</li><li>Genesis Mining (Hong Kong)</li><li>ViaBTC (China)</li></ul><h2 class=" anchorAf" id="other">Other</h2><br /><ul><li>Bitangel.com /Chandler Guo (China)</li><li>BitClub Network (Hong Kong)</li><li>Bloq (United States)</li><li>Civic (United States)</li><li>Decentral (Canada)</li><li>Digital Currency Group (United States)</li><li>Filament (United States)</li><li>Genesis Global Trading (United States)</li><li>Grayscale Investments (United States)</li><li>MONI (Finland)</li><li>OB1 (United States)</li><li>Netki (United States)</li><li>Purse (United States)</li><li>Veem (United States)</li></ul>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-61060187263682335542017-10-03T15:12:00.005+01:002018-10-28T22:01:05.417+01:00You can now Buy BTC, Bitcoin Cash and Ethereum with Debit Card on BTCNaira<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJdHeSWZwlQtxxkfYB8Pnrb6aLMHxsowRA91fkY7eK4Kd-tJIz_Z8zcOzEgJo99Ssr0gE5kh7UcMD4AczExV7KaUVOeVbjV-bCsqF507ZOtgIWskt0xlkCQtBS_YqygbT0b5h0CK3ukjQ/s1600/Debit-Card-BTCNaira.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="500" data-original-width="500" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJdHeSWZwlQtxxkfYB8Pnrb6aLMHxsowRA91fkY7eK4Kd-tJIz_Z8zcOzEgJo99Ssr0gE5kh7UcMD4AczExV7KaUVOeVbjV-bCsqF507ZOtgIWskt0xlkCQtBS_YqygbT0b5h0CK3ukjQ/s320/Debit-Card-BTCNaira.png" width="320" /></a></div>To better serve our users, we have now added Card payment to our accepted payment list. We believe this would make it more easier to buy digital assets on our OTC(Over the Counter) service page.<br /><br /><b><span style="font-size: large;">HOW TO BUY </span></b><br /><b><br /></b>1. Visit <a href="http://www.btcnaira.com.ng/p/buy.html">http://www.btcnaira.com.ng/p/buy.html</a><br />2. Select the cryptocurrency you which to buy<br />3. Fill in your details and click the proceed button<br />4. An email will be sent to you to complete the transaction.<br /><br />Follow the instruction under Card Payment Option in the mail sent to make payment.<br /><br /><span style="color: red;">NB:</span> At the moment, card payments are limited to ₦200,000 per transaction. Which means excess should be divided into segment.<br />e.g A transaction of ₦1,000,000 would be paid in 5 segment.<br /><br /><br />AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-68120756809918284722017-09-14T20:04:00.005+01:002018-10-28T22:01:05.619+01:00You can now Buy and Sell Bitcoin, Ethereum and Bitcoin Cash on BTCNaira<div dir="ltr" style="text-align: left;" trbidi="on">We are excited to launch a simplified process cryptocurrency trading page on the BTCNaira website where you can buy and sell Bitcoin, Ethereum and Bitcoin Cash without any form of registration.<br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLms3qvFXSSk2ZeA2nxa1YZ5T0kJifRm7zII2i3l-KHUuDpGWJaj5WH8QUtg07rWxRywUcI139eUM7wXMxixjV3uXNXnEYBTXbn7c3Jt2YnQMOnxMmeVm3F4PUf3fyd1_NPTx2zsJRc9E/s1600/buy-sell-bitcoin-ethereum-bitcoin-cash-btcnaira.com.ng.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="424" data-original-width="810" height="167" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLms3qvFXSSk2ZeA2nxa1YZ5T0kJifRm7zII2i3l-KHUuDpGWJaj5WH8QUtg07rWxRywUcI139eUM7wXMxixjV3uXNXnEYBTXbn7c3Jt2YnQMOnxMmeVm3F4PUf3fyd1_NPTx2zsJRc9E/s320/buy-sell-bitcoin-ethereum-bitcoin-cash-btcnaira.com.ng.jpeg" style="border-radius: 5px; border: 1px solid #333;" width="320" /></a></div><br />This is to make it easier for users to jump on the vast ever growing list of cryptocurrencies. We shall add more based on request and interest of the service as time passes.<br />We hope you all will find this useful.<br /><br /><b>HOW TO BUY:</b><br /><b>1. </b>Visit <a href="http://www.btcnaira.com.ng/p/buy.html">http://www.btcnaira.com.ng/p/buy.html</a><br /><b>2. </b>Select the cryptocurrency you which to buy<br /><b>3. </b>Fill in your details and click the proceed button to get redirected to the payment page.<br /><b>4. </b>An email will be sent to you to complete the transaction.<br /><br /><br /><b>HOW TO SELL:</b><br /><b>1. </b>Visit <a href="http://www.btcnaira.com.ng/p/sell.html">http://www.btcnaira.com.ng/p/sell.html</a> <br /><b>2. </b>Select the cryptocurrency you which to sell<br /><b>3. </b>Fill in your details and click the proceed button to get redirected to the payment page.<br /><b>4. </b>An email will be sent to you to complete the transaction<br /><br /><b>NEED BITCOIN WALLET ADDRESS?</b><br />Visit <a href="https://www.blockchain.com/">https://www.blockchain.com</a><br /><br /><b>NEED ETHEREUM WALLET ADDRESS?</b><br />Visit <a href="https://www.myetherwallet.com/">https://www.myetherwallet.com</a><br /><br /><b>NEED BITCOIN CASH WALLET ADDRESS?</b><br />Visit <a href="https://wallet.btc.com/">https://wallet.btc.com</a><br /><br />Users can also get in touch with us by sending a mail to <a href="mailto:support@btcnaira.com.ng">support@btcnaira.com.ng</a> with suggestions and on-demand purchases.</div>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-72927542988378660372017-08-17T14:37:00.005+01:002018-10-28T22:01:06.167+01:00How to Exchange Bitcoin for Ethereum and Altcoins instantly at BTCNaira<div dir="ltr" style="text-align: left;" trbidi="on"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHlwRCe76uqja6XDCCejMSokE0IeTD2ElxIWs9YxfhODFCncM93wGxDtH3KUzDFR8EwTvgozctmfvUys3ZsubM_47vATd7T3JtODmYB6sHWglnAN8rQ3qm4xGhf0TGKmwqeZJKQ4Er4zo/s1600/convert-bitcoin-to-ethereum-btcnaira.com.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="385" data-original-width="719" height="342" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHlwRCe76uqja6XDCCejMSokE0IeTD2ElxIWs9YxfhODFCncM93wGxDtH3KUzDFR8EwTvgozctmfvUys3ZsubM_47vATd7T3JtODmYB6sHWglnAN8rQ3qm4xGhf0TGKmwqeZJKQ4Er4zo/s640/convert-bitcoin-to-ethereum-btcnaira.com.jpg" width="640" /></a></div><div class="p1"><br /></div><div class="p1"> While Bitcoin is certainly a good investment according to experts. Even Bill Gates openly endorsed Bitcoin. But you should also know that there are other cryptocurrencies.</div><div class="p2"><br /></div><div class="p1">It’s wise to also invest in other cryptocurrencies like Ethereum and Litecoin.</div><div class="p2"><br /></div><div class="p1">This feature makes is easy for users who want needs to buy Ethereum.</div><div class="p2"><br /></div><div class="p2"><br /></div><div class="p1"><b>STEPS TO Exchange Bitcoin for Ethereum ON BTCNaira.</b></div><div class="p1"><br /></div><div class="p1">1. Visit <span class="s2"><a href="https://www.btcnaira.com.ng/p/exchange.html">https://www.btcnaira.com.ng/p/exchange.html</a></span></div><div class="separator" style="clear: both; text-align: left;">2. Follow the prompt to enter how much you wish to buy and click on the Exchange button. </div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiq05AE7e6FuuN4ruCuiYgblGAGPFvLkFewcQ_IQt8Aw0BynTPfQkUa8nTfb4i1-VUzE_876-wikdHm0HQTvs3Ny4ny1B5H6i1HhCdmCXO2DePwV-hG5TfdCKJmGurXxUszBhpIPoNyNFA/s1600/ethereum-btcnaira.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="748" data-original-width="1206" height="247" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiq05AE7e6FuuN4ruCuiYgblGAGPFvLkFewcQ_IQt8Aw0BynTPfQkUa8nTfb4i1-VUzE_876-wikdHm0HQTvs3Ny4ny1B5H6i1HhCdmCXO2DePwV-hG5TfdCKJmGurXxUszBhpIPoNyNFA/s400/ethereum-btcnaira.jpeg" width="400" /></a></div><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: left;">4. Enter the ETH Address you wish to receive your funds at and email address under the Recipient Info and click on the Proceed button. </div><div class="separator" style="clear: both; text-align: left;">To create an ETH Address visit <b>https://www.myetherwallet.com</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgCAxfIVg3jjXcm0wjFoGKsz2rfTJ5FUSh3okc14ILTBkG9Lc7Fq-bILQsy_npecb0x3g4PTEpKh9BfJX3psm2G4y2hZn36-flNM6bQhqJjFRnfU5E7jJKJOwlmbjJX63anbVtIk9R0dI/s1600/recipient-btcnaira.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="996" data-original-width="1200" height="331" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgCAxfIVg3jjXcm0wjFoGKsz2rfTJ5FUSh3okc14ILTBkG9Lc7Fq-bILQsy_npecb0x3g4PTEpKh9BfJX3psm2G4y2hZn36-flNM6bQhqJjFRnfU5E7jJKJOwlmbjJX63anbVtIk9R0dI/s400/recipient-btcnaira.jpeg" width="400" /></a></div><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: left;">5. A Bitcoin address will be generated for you to pay into. Once payment is sent and few confirmations, your ETH will be deposited to your ETH Address.</div><br />It's that simple!<br /><div class="separator" style="clear: both; text-align: left;"><br /></div>Same method applies for our mobile app by going to the "Crypto-Crypto Exchange" left tab.<br /><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: left;">Enjoy</div></div>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com1tag:blogger.com,1999:blog-7177810846021544315.post-25822946979580614362017-08-02T11:28:00.001+01:002018-10-28T22:01:04.613+01:00Bitcoin Cash 'BCH' Is Here – Here is How To Get Your Bitcoin Cash Coins<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhT-hfM9oJj0uRtv5kX_g0OoXfrAS92inBxyaWcnTzKnBmK_-ZcfsVGAVXm7oQaguIPDln70tgv46S6WNHz49NuxwPvmSiujNcyBPKKqT5vufghw6obq24rvGJc-dK-AzffE789BRYZnls/s1600/What-is-Bitcoin-Cash-and-Its-Advantages.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="817" data-original-width="1600" height="326" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhT-hfM9oJj0uRtv5kX_g0OoXfrAS92inBxyaWcnTzKnBmK_-ZcfsVGAVXm7oQaguIPDln70tgv46S6WNHz49NuxwPvmSiujNcyBPKKqT5vufghw6obq24rvGJc-dK-AzffE789BRYZnls/s640/What-is-Bitcoin-Cash-and-Its-Advantages.jpeg" width="640" /></a></div>So, it’s happened.<br />We have two bitcoins: Legacy bitcoin (BTC) and bitcoin cash (BCH).<br />The 1st of August 2017 will forever be remembered as the day when bitcoin hardforked into two separate blockchains.<br />If you read our previous <a href="http://www.btcnaira.com.ng/2017/07/what-is-bitcoin-cash-how-will-it-affect.html">article on BCH and how to take advantage of the split</a>, I’m sure you want to get some free money now.<br />But how do you do it? How do you take out BCH securely? You’re in the right place as we guide you step by step on how to do it and what exchange platforms accept bitcoin cash.<br />If you didn’t take advantage of the split, you can also use this guide to find out where to buy the new coin.<br /><h2><strong><span style="font-size: small;">Why Did You End Up With Bitcoin and Bitcoin Cash?</span></strong></h2>Before we dive into how you withdraw the new bitcoin, let’s make it less confusing for those who don’t understand how it’s possible.<br />The easiest way to think of it is this: when a blockchain splinters into two, the new chain is identical.<br />Because you have coins on the original blockchain, you will end up with the same amount on the new one.<br />Now, the new chain is bitcoin cash so you’re getting the same amount of BCH (or BCC).<br />Since the new blockchain is a “duplicate” of the original one, this means the private key is also the same. You use the same private key on the new chain to access your new BCH.<br /><strong>Why are there two symbols for bitcoin cash? </strong><br />There are two reasons for this.<br /><strong>Reason 1</strong>: bitcoin cash exists under BCH on the largest exchange Bitfinex. It also trades under BCC on some other exchanges. But..<br /><strong>Reason 2</strong>: BCC already exists and it’s reserved for BitConnectCoin.<br />At this moment in time, I’m unsure which version of bitcoin cash will be preferred, but it looks like BCH will be the one to stick.<br /><h2><strong><span style="font-size: small;">How To Get Your Bitcoin Cash?</span></strong></h2>Before you do anything to obtain your bitcoin cash, make sure you do your due diligence and research as your funds might be at risk. Also, give it some time before the blocks are actually mined.<br /><br /><strong>Step 1:</strong> Get your private key ready<br />First, make sure that you have a private key to access your bitcoin wallet. You can forget about accessing BCH if you don’t have it.<br /><br /><strong>Step 2:</strong> Don’t trust anyone<br />Scammers are everywhere. Last week, I received a message on Reddit offering to split my coins for me. Under any circumstances should you trust similar messages.<br /><br /><strong>Step 3:</strong> Create a BCH wallet<br />You will need to create a wallet that accepts bitcoin cash. That’s where you use your private key to access your new coins.<br />Find the full list of places where you can do so below.<br /><br /><strong>Now, a few words of caution. </strong><br />It’s probably best not to retrieve your bitcoin cash right after the 1st of August. Wait until full integration takes place and you’re notified about it.<br />Why?<br />Most third-party services suspended crypto-trading during the fork. These are various exchange platforms such as Coinbase and the majority of crypto-wallets. This is to ensure that everything runs according to plan.<br />You also want to make sure that you get the best price for your BCH. It might be the case that BCH will be on the raise and you don’t want to sell-off too soon.<br />The rumor has it that the bigger chunk of the community will dump BCH ASAP and convert it into BTC or fiat. This, in return, will cause a significant price drop.<br />There’s always a trade-off, but I’ll hold on to it for a few days to see how the market reacts to the newcomer.<br />Also, make sure that under any circumstances you do not install the bitcoin cash wallet on your desktop whilst having the bitcoin core wallet already installed. These two wallets are extremely similar and might overwrite the registry and files that could lead to loss of both of your coins.<br /><br /><strong>Get Educated</strong><br />If you’re keeping your bitcoins on a wallet that does accept BCH, wait until you’re told how to do it.<br />Perhaps there’s a software update that’s going to come out shortly that will allow you to do it with a click of a button.<br />Even though the theory is explained to you in 3 simple steps above, you don’t want to take unnecessary risks. Especially if you store a large amount of coins.<br /><h2><strong><span style="font-size: small;">How To Get BCH via Hardware Wallet</span></strong></h2>There’s some good news.<br />Hardware wallets are not only the easiest and most secure way of storing your coins, but also altcoin friendly.<br />All three major crypto hardware wallets accept the forked version of bitcoin.<br /><a class="thirstylink" href="https://www.ledgerwallet.com/r/9d55" title="Ledger Nano S">Ledger Nano S</a> and <a class="thirstylink" href="http://trezor.io/" rel="nofollow" title="Trezor ">Trezor </a>allow to add BCH to your hardware wallet by selecting it before adding your key.<br /><h2><strong><span style="font-size: small;">List of Popular Exchanges & Wallets That Do Accept BCH</span></strong></h2>Here’s a full list of popular exchange platforms & wallets that have recently announced that they in fact support the new bitcoin. You can use them to get your bitcoin cash or to purchase BCH through them:<br /><ul><li>Bitfinex</li><li>Bitflyer</li><li>Bithumb</li><li>Bittrex</li><li>Blockchain.info</li><li>BTC.com</li><li>BTCC</li><li>CoinFloor</li><li>Cryptopia</li><li>HitBTC</li><li>Huobi</li><li>Jaxx</li><li>Korbit</li><li>Kraken</li><li>OKCoin</li><li>OKEx</li><li>Quoinex</li><li>ViaBTC</li><li>Yobit</li></ul><h2><strong><span style="font-size: small;">Why Don’t Everyone Accept Bitcoin Cash?</span></strong></h2>That’s a good question. But I do have an answer for you that seems to be the most accurate one: <strong>greed</strong>.<br />There is no other reason why an exchange platform or a wallet service didn’t accept BCH. There could be some political beliefs involved in the fork, but it’s a rather convenient excuse.<br />Here’s what up.<br />Any third-party that doesn’t accept bitcoin cash will still get bitcoin cash.<br />Let’s have a look at Coinbase exchange which doesn’t support BCH.<br />Their website has been often down for the past 2 months due to rapidly-increasing amount of new users.<br />Coinbase receives about 7,000 new support tickets every day and their ticket backlog is approximately 2 months long.<br />Just to compare, Kraken is being stuffed with 4,000 tickets every single day. They’re also clearing out their ticket backlog as we speak.<br />That’s to illustrate to you how many people signed-up with Coinbase.<br />Now, let’s assume that half of them purchased some bitcoins and that half of half didn’t bother transferring it out before the 1st of August.<br />We’re going to end up with double digits of users who gave away their free bitcoin cash. Roughly speaking, that’s about 15,000-25,000 users.<br />Let’s go deeper with our estimation.<br />Presume that an average paying Coinbase user holds $100 worth of bitcoins.<br />Now, let’s take the mean from 15-25k users which is 20,000 users with at least $100 worth of BTC in their Coinbase account.<br />That’s $2 million worth of free BCH.<br />All these people will get big fat zero in bitcoin cash and Coinbase gets to enjoy BCH for them.<br /><h2><strong><span style="font-size: small;">Conclusion</span></strong></h2>So we’ve ended up with two bitcoins.<br />Remember to be cautious when you’re splitting your bitcoins into two and read every possible manual related to your wallet.<br />I hope you took advantage of the split and you’re now enjoying your free coins. Let us know how it turned out for you below!AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com3tag:blogger.com,1999:blog-7177810846021544315.post-29211053405389343732017-08-02T10:43:00.001+01:002018-10-28T22:01:04.681+01:00Bitcoin has split, and there are now two versions namely 'Bitcoin Cash' and 'Bitcoin'<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRUO4vI-LmS9yfWjefJr__eUJ3vIlbLLbHITdoYM5YpLYsJdIvpElZL5r2jauF6ejGdVcC7BIFPgDvM9YgbdllynvWzPBoBylfBFn7GnT6n8AX_4-MxDuV9cAwKtRF6mMUmxMk5Wd0k1Y/s1600/bitcoin-cash.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="399" data-original-width="1600" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRUO4vI-LmS9yfWjefJr__eUJ3vIlbLLbHITdoYM5YpLYsJdIvpElZL5r2jauF6ejGdVcC7BIFPgDvM9YgbdllynvWzPBoBylfBFn7GnT6n8AX_4-MxDuV9cAwKtRF6mMUmxMk5Wd0k1Y/s640/bitcoin-cash.jpeg" width="640" /></a></div><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif;">Bitcoin has just undergone a contentious “hard fork” that cleaved it into two separate entities for the first time in the cryptocurrency’s nearly nine-year history.</span><br /><span style="font-family: "arial" , "helvetica" , sans-serif;">In addition to the first version of Bitcoin, there is now a new cryptocurrency called “Bitcoin Cash (BCH)” that offers an eight-fold(8MB) increase in transaction capacity.</span><br /><span style="font-family: "arial" , "helvetica" , sans-serif;">For the last several years, the bitcoin infrastructure has been struggling to handle a growing number of transactions, and technical experts have said a new implementation of the currency will solve its back-logging issues.</span><br /><span style="font-family: "arial" , "helvetica" , sans-serif;">That is what bitcoin cash promises. Like the original bitcoin, it uses the currency’s principal innovation: the blockchain, an immutable ledger of all the transactions ever performed with the cryptocurrency. Now that there are two versions of the ledger, however, there could be some practical problems, like <a href="https://www.coindesk.com/rise-replay-attacks-ethereum-divide/">vanishing coins</a>, and philosophical ones, like a communal agreement on which blockchain represents the one, true, bitcoin.</span><br /><br /><span style="font-family: "arial" , "helvetica" , sans-serif;">The first bitcoin cash block on its own blockchain was successfully <a href="http://blockdozer.com/insight/block/000000000000000000651ef99cb9fcbe0dadde1d424bd9f15ff20136191a5eec">created</a> at exactly 2:12 p.m. ET, and the new currency is already trading at <a href="https://coinmarketcap.com/currencies/bitcoin-cash/#markets">$461 USD per coin</a>.</span>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-71337846978261486962017-07-26T11:08:00.001+01:002018-10-28T22:01:05.892+01:00What is Bitcoin Cash, How Will It Affect Everyone and How you can take Advantage<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqDJqtswSQEJ1uf8fYm2gsaT2Dx82JJJXZLQEzD33wbWND1udVEgvf8uG2xt7QNCaNJmRipHV2r-5hRQjXEvcqoy2hYvYRZl_d5Dvuva6wxixo22VE6OLezJ8oEANwOoZOMbbSZtyECug/s1600/What-is-Bitcoin-Cash-and-Its-Advantages.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="817" data-original-width="1600" height="324" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqDJqtswSQEJ1uf8fYm2gsaT2Dx82JJJXZLQEzD33wbWND1udVEgvf8uG2xt7QNCaNJmRipHV2r-5hRQjXEvcqoy2hYvYRZl_d5Dvuva6wxixo22VE6OLezJ8oEANwOoZOMbbSZtyECug/s640/What-is-Bitcoin-Cash-and-Its-Advantages.jpeg" width="640" /></a></div>Two days.<br />That’s how long I had been happy for BIP91 until Bitcoin Cash (BCC) was announced on Saturday the 22nd of July. Is this good news? Let’s find out.<br /><br />More than 90% of the Bitcoin miners expressed their happiness toward SegWit as well. That, unfortunately, wasn’t enough for the “other camp” to come up with their own stuff.<br />Folks, who opposed the SegWit technology, had announced that Bitcoin would be hard forking anyway. And it will be happening quite soon.<br /><h2><span style="font-size: small;">When is Bitcoin Splitting Up?</span></h2>Well, do you remember getting excited for the 1st of August? That’s right, it’s the same date.<br />In under a week, we will have two separate Bitcoins: the original Bitcoin as you know it today (BTC) and Bitcoin Cash (BCH).<br /><h2><span style="font-size: small;">What is Bitcoin Cash and What’s New?</span></h2>Bitcoin Cash is a peer-to-peer electronic cash. In short, anyways.<br />Its sole purpose is to focus on transaction capacity due to its 8MB block size.<br />BCC comes with replay and wipeout protection. This ensures two Bitcoin chains won’t get into each other’s way to disrupt user experience.<br />It also eliminates the quadratic hashing problem as well as improves hardware wallet security.<br />In addition to that, the Cash version allows for adjusting the PoW difficulty (proof-of-work) in a more efficient manner. This means that the 2016 block difficulty could be adjusted as required.<br /><h2><span style="font-size: small;">Why is Bitcoin Splitting Into Two (again)?</span></h2>As mentioned above, some people weren’t happy with the SegWit way.<br />But that’s understandable. There are a lot of different wants, needs, beliefs and wishes. It’s hard to please everyone.<br />It’s not developers’ fault either. Okay, they’ve been extremely vocal and political for the past three years (and very ineffective at finding the middle ground) . But the fact is, they just write code and it’s up to people (and miners) whether to run it or not.<br /><strong>Which brings us to this very difference:</strong><br />If a chain is updated with a soft fork, the software is backward compatible. However, its users are left with no choice but to automatically accept new rules. Whether they like it or not.<br />However, if a hard fork is implemented on a blockchain, there’s not going back. Although, it’s not as dreadful as many portray it to be. The code can be buggy and hacky but hard forks give you a choice: you can accept it or stick with the old software.<br />Since the whole cryptocurrency concept is based on a decentralized network and you’re put in total control of your personal/financial affairs, it seems obvious that you would also want to make a decision whether to accept a new proposal or not.<br />And that is why Bitcoin is splitting into two – too many people want too many outcomes from one coin that can’t accommodate everyone’s needs and hence the split.<br />As you can see, there’s a merit to both. Which side are you on?<br /><h2><span style="font-size: small;">Prepare Yourself for Bitcoin (extra) Cash</span></h2>There’s good news also. You can’t double up, but you can seize this opportunity to make a quick buck.<br />How?<br /><strong>Get control of your private keys.</strong><br />When Bitcoin splits into two, you will end up with both versions of the coin.<br />If you store your Bitcoins on an exchange, move them off of it as soon as you can before it’s too late. Otherwise, you won’t be able to benefit.<br />Do you keep your coins on a hot wallet or any other third-party client?<br />Transfer it out to a hardware or paper wallet asap.<br />The crucial thing to do is to control your wallet private key. That’s the only way you can end up with two versions.<br /><strong>Want more good news? </strong><br />Bitcoin Cash (BCH) futures is currently trading at $450 a piece on ViaBTC as of today (26th of July 2017). As you can see, it’s worth a good deal so you should definitely consider getting your hands on them private keys!<br /><h2><span style="font-size: small;">How Will Bitcoin Cash Affect The Original Bitcoin?</span></h2>Good question.<br />As of today, nobody knows and that’s the honest answer.<br />It might take off or it might destroy both. One thing is certain, though. Whatever happens, somebody had gone into great lengths to pull this off.<br /><strong>There may be several issues with this approach: </strong><br />– who’s gonna mine what<br />– at what hash rate<br />– and how will this affect<br />– the price of both coins<br /><br />We should get a glimpse into the new reality soon after the 1st of August. What is your prediction?AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-15532437434843902562017-07-21T12:08:00.001+01:002018-10-28T22:01:04.213+01:00Bitcoin Chain Split & Hard Fork Not Likely, Miners Agree on Segwit<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuszWwboOg0JpTFyR1DjzbPviEyUelcbmUj_hnAj7Xn4hAiCH1zt2DvMJ8xNgOIY_2E33nmXBY08nzE52ErBUXsnVwAseXj1J_fmyVt5PzHf8gO7l8VoLubDD7Pu0a-wqPGy0PG_MqJTc/s1600/bitcoin-fork.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="657" data-original-width="955" height="220" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuszWwboOg0JpTFyR1DjzbPviEyUelcbmUj_hnAj7Xn4hAiCH1zt2DvMJ8xNgOIY_2E33nmXBY08nzE52ErBUXsnVwAseXj1J_fmyVt5PzHf8gO7l8VoLubDD7Pu0a-wqPGy0PG_MqJTc/s320/bitcoin-fork.jpg" width="320" /></a></div><span style="font-family: "times" , "times new roman" , serif;">BIP 91 has officially locked in.</span><br /><span style="font-family: "times" , "times new roman" , serif;"><br /></span><span style="font-family: "times" , "times new roman" , serif;">At press time, bitcoin's miners, the network of computer operators that secure the blockchain, have now been signaling that they will upgrade the code for 269 blocks in the same signaling period, a move that takes the software one step closer to changing its structure to accommodate more transactions.</span><br /><span style="font-family: "times" , "times new roman" , serif;">Stepping back, the move finds miners agreeing to cement the first part of a larger effort to upgrade bitcoin, called Segwit2x.</span><br /><span style="font-family: "times" , "times new roman" , serif;">The controversial proposal seeks to change the transaction structure of the network via Segregated Witness, and increase a cap on the amount of data that can be stored in transaction blocks, a move tentatively scheduled for later this fall.</span><br /><span style="font-family: "times" , "times new roman" , serif;">With the signaling, mining pools nearly unanimously rallied behind the proposal, and BIP 91, designed partly to avoid a potential bitcoin split in the network, emerged as the first major step in following the roadmap.</span><br /><span style="font-family: "times" , "times new roman" , serif;">In response, bitcoin saw a sharp price increase on Thursday due to the perceived forward progress, with some calling the BIP 91 lock-in a victory marking a "<a href="https://twitter.com/francispouliot_/status/888084324981104640">new dawn</a>" for bitcoin.</span><br /><span style="font-family: "times" , "times new roman" , serif;">But, the lock-in is just the first step to activating SegWit on the network, and other steps come with a bit more complexity.</span><br /><span style="font-family: "times" , "times new roman" , serif;">Specifically, the following things need to happen for it to activate:</span><br /><ul><li><span style="font-family: "times" , "times new roman" , serif;">There will be a 336-block "grace period," taking about two and a half days, during which miners have time to prepare for activation.</span></li><li><span style="font-family: "times" , "times new roman" , serif;">BIP 91 will activate at block 477,120. Theoretically, mining pools will start rejecting blocks that do not signal support for SegWit (BIP 141). In this way, BIP 91 is a "coordination mechanism" that gets other mining pools to follow along or lose out on mining rewards.</span></li><li><span style="font-family: "times" , "times new roman" , serif;">SegWit could lock-in during the next difficulty adjustment period of 2016 blocks, which takes about two weeks.</span></li></ul><span style="font-family: "times" , "times new roman" , serif;">The latter is when Segwit activation is "all in the clear," as BIP 91 creator James Hilliard put it.</span><br /><span style="font-family: "times" , "times new roman" , serif;">That's when bitcoin's SegWit upgrade will be official, and an upcoming user-activated soft fork (UASF) proposal, BIP 148, superseded.</span><br /><h2><span style="font-family: "times" , "times new roman" , serif; font-size: small;">Possible hiccups</span></h2><span style="font-family: "times" , "times new roman" , serif;">But some community members, including <a href="https://twitter.com/oleganza/status/887641680882610177">respected bitcoin developers</a> and <a href="https://twitter.com/slushcz/status/887918389166866432">mining pool operators</a> are raising concerns about possible missteps between the time BIP 91 is activated and SegWit locks in.</span><br /><span style="font-family: "times" , "times new roman" , serif;">These concerns boil down to:</span><br /><ul><li><span style="font-family: "times" , "times new roman" , serif;">Thinking miners might not be running the software they signal. If enough mining pools – over 50% – are not running the software, it could impact whether SegWit goes through or not.</span></li><li><span style="font-family: "times" , "times new roman" , serif;">Speculating that mining pools might run the correct software for a while, then stop before SegWit locks in.</span></li></ul><span style="font-family: "times" , "times new roman" , serif;">In simpler terms, some bitcoin users don’t trust others to keep their word.</span><br /><br /><span style="font-family: "times" , "times new roman" , serif;">Bitcoin Core contributor Bryan Bishop seems like one of those, suggesting <a href="https://twitter.com/kanzure/status/887643408612958209">via Twitter</a> that one potential outcome is SegWit not activating at all this time around, even though a few scaling proposals are coming to a head soon.</span><br /><span style="font-family: "times" , "times new roman" , serif;"><br /></span><span style="font-family: "times" , "times new roman" , serif;"><br /></span><span style="font-family: "times" , "times new roman" , serif;">Source: CoinDesk</span>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-79905499748617319512017-07-12T20:21:00.001+01:002018-10-28T22:01:06.367+01:00Potential Bitcoin Schism and How it might Affect You (1st August)<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTS-mIit6Eg7NuwjTuY5xm8bhR0ZQJ3Bbk9cftYLTJR8HqqNf52RsbUthe2Ek-SLzxh4ysmAkXl5iPryaY99FowVPfhhO8dD1nugLUIrm-R7F5GzMUHPH-nxvMgjnI7Dj17uM98IIQp94/s1600/bitcoin-fork.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="657" data-original-width="955" height="275" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTS-mIit6Eg7NuwjTuY5xm8bhR0ZQJ3Bbk9cftYLTJR8HqqNf52RsbUthe2Ek-SLzxh4ysmAkXl5iPryaY99FowVPfhhO8dD1nugLUIrm-R7F5GzMUHPH-nxvMgjnI7Dj17uM98IIQp94/s400/bitcoin-fork.jpg" width="400" /></a></div><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">Many of you have already enjoyed the benefits of working with Bitcoin. It's a decentralized, automated, easy and secure way to transfer funds around the world. However, alas, like all advanced technology, its foundations are not firmly fixed as its fluid nature begins to take on a life of its own. </span><br /><span style="font-family: Arial, Helvetica, sans-serif;">In the Bitcoin community, change is in the air, and we believe it is our duty to give you the proper advanced warning.<br /><br />We are of course talking about the potential schism of Bitcoin due to the activation of Protocol BIP148 (about which you can read more here <a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://myfxchoice.us13.list-manage1.com/track/click?u%3Dd2594e6fb6bb86065dc2ebb22%26id%3D4b04feea61%26e%3D6121f87fd4&source=gmail&ust=1499971243923000&usg=AFQjCNE2tLF3yw3aJXC5o9VCe5cZirJD9w" href="http://www.uasf.co/?utm_source=BTCnaira.com.ng" target="_blank">http://www.uasf.co</a>). </span><br /><span style="font-family: Arial, Helvetica, sans-serif;">According to this Protocol, on 1<sup>st</sup> August, the Bitcoin network will split into two; the consequences of which are impossible to predict.</span><br /><span style="font-family: Arial, Helvetica, sans-serif; line-height: 100%;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif; line-height: 100%;"><b>What should I do?</b></span><br /><span style="font-family: Arial, Helvetica, sans-serif; line-height: 150%;">The only way to avoid the potential negative consequences of a Bitcoin fork is to not hold bitcoin.</span><br /><span style="font-family: Arial, Helvetica, sans-serif; line-height: 150%;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif; line-height: 100%;"><b>What if I want to keep holding Bitcoin?</b></span><br /><span style="font-family: Arial, Helvetica, sans-serif; line-height: 150%;">Your best option is to send your bitcoin to an exchange or wallet that will support multiple forks of Bitcoin. You can do this by generating a Bitcoin address on such exchange or wallet.</span><br /><span style="font-family: Arial, Helvetica, sans-serif; line-height: 150%;"><br /></span>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0tag:blogger.com,1999:blog-7177810846021544315.post-20568997400927923182017-06-10T15:21:00.001+01:002018-10-28T22:01:04.346+01:00Proof of Work vs Proof of Stake: Basic Mining Guide<br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyf7zcQCnGUDZEEgmbG1FVtBwkPMPDjgrvxdk_4czMe5U-J4W4eC0tMgrg1cshKtx1lUoB6DdgSPhsb-J9vAPHVLIRESKM8YVOmQ9px-S3RzYy5WDFnGyGJn7xbQyIsRfb7K1jA64OjcI/s1600/infographics2017-01.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="1600" data-original-width="1425" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyf7zcQCnGUDZEEgmbG1FVtBwkPMPDjgrvxdk_4czMe5U-J4W4eC0tMgrg1cshKtx1lUoB6DdgSPhsb-J9vAPHVLIRESKM8YVOmQ9px-S3RzYy5WDFnGyGJn7xbQyIsRfb7K1jA64OjcI/s640/infographics2017-01.png" width="569" /></span></a></div><span style="font-family: "arial" , "helvetica" , sans-serif;">Recently you might have heard about the idea to move from an Ethereum consensus based on the Proof of Work (PoW) system to one based on the so-called Proof of Stake.</span><br /><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">In this article, I will explain to you the main differences between Proof of Work vs Proof of Stake and I will provide you a definition of mining, or the process new digital currencies are released through the network.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Also, what will change regarding mining techniques if the Ethereum community decides to do the transition from “work” to “stake”?</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">This article wants to be a basic guide to understanding the problem above.</span></div><div align="JUSTIFY"></div><div class="sw-pinit alignnone size-full wp-image-20629"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div><div class="sw-pinit alignnone size-full wp-image-20629"><b><span style="font-family: "arial" , "helvetica" , sans-serif;">What is the Proof of work?</span></b></div><div class="sw-pinit alignnone size-full wp-image-20629"><b><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></b></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">First of all, let’s start with basic definitions.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Proof of work is a protocol that has the main goal of deterring cyber-attacks such as a distributed denial-of-service attack (DDoS) which has the purpose of exhausting the resources of a computer system by sending multiple fake requests.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">The Proof of work concept existed even before bitcoin, but Satoshi Nakamoto applied this technique to his/her (we still don’t know who Nakamoto really is) digital currency revolutionizing the way traditional transactions are set.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">In fact, PoW idea was originally published by Cynthia Dwork and Moni Naor back in 1993, but the term “proof of work” was coined by Markus Jakobsson and Ari Juels in a document published in 1999.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">But, returning to date, Proof of work is maybe the biggest idea behind the Nakamoto’s bitcoin white paper – published back in 2008 – because it allows trustless and distributed consensus.</span></div><h2 align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">What’s trustless and distributed consensus?</span></h2><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">A trustless and distributed consensus system means that if you want to send and/or receive money from someone you don’t need to trust in third-party services.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">When you use traditional methods of payment, you need to trust in a third party to set your transaction (e.g. Visa, Mastercard, PayPal, banks). They keep their own private register which stores transactions history and balances of each account.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">The common example to better explain this behavior is the following: if Alice sent Bob $100, the trusted third-party service would debit Alice’s account and credit Bob’s one, so they both have to trust this third-party is to going do the right thing.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoWADKrudJZ39Wimc09c9NcLIRhKItrcwuJM5mFIaFTCMDoR7nJm78AKbb3UqosFrx0zY9-a4c_e_94chSbjQ4f1h83AIs1YtFvbaGdxHa01WY_hOHF7lilt0BSP3MFrZmi-DM-jnboF8/s1600/home.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="977" data-original-width="1600" height="388" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoWADKrudJZ39Wimc09c9NcLIRhKItrcwuJM5mFIaFTCMDoR7nJm78AKbb3UqosFrx0zY9-a4c_e_94chSbjQ4f1h83AIs1YtFvbaGdxHa01WY_hOHF7lilt0BSP3MFrZmi-DM-jnboF8/s640/home.jpg" width="640" /></a></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">With bitcoin and a few other digital currencies, everyone has a copy of the ledger (blockchain), so no one has to trust in third parties, because anyone can directly verify the information written.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>Proof of work and mining</b></span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b><br /></b></span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Going deeper, proof of work is a requirement to define an expensive computer calculation, also called mining, that needs to be performed in order to create a new group of trustless transactions (the so-called block) on a distributed ledger called blockchain.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Mining serves as two purposes:</span></div><ol><li><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">To verify the legitimacy of a transaction, or avoiding the so-called double-spending;</span></div></li><li><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">To create new digital currencies by rewarding miners for performing the previous task.</span></div></li></ol><div align="JUSTIFY"><strong><span style="font-family: "arial" , "helvetica" , sans-serif;">When you want to set a transaction this is what happens behind the scenes:</span></strong></div><ul><li><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Transactions are bundled together into what we call a block;</span></div></li><li><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Miners verify that transactions within each block are legitimate;</span></div></li><li><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">To do so, miners should solve a mathematical puzzle known as proof-of-work problem;</span></div></li><li><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">A reward is given to the first miner who solves each blocks problem;</span></div></li><li><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Verified transactions are stored in the public blockchain</span></div></li></ul><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">This “mathematical puzzle” has a key feature: asymmetry. The work, in fact, must be moderately hard on the requester side but easy to check for the network. This idea is also known as a CPU cost function, client puzzle, computational puzzle or CPU pricing function.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">All the network miners compete to be the first to find a solution for the mathematical problem that concerns the candidate block, a problem that cannot be solved in other ways than through brute force so that essentially requires a huge number of attempts.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">When a miner finally finds the right solution, he/she announces it to the whole network at the same time, receiving a cryptocurrency prize (the reward) provided by the protocol.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">From a technical point of view, mining process is an operation of inverse hashing: it determines a number (nonce), so the cryptographic hash algorithm of block data results in less than a given threshold.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">This threshold, called difficulty, is what determines the competitive nature of mining: more computing power is added to the network, the higher this parameter increases, increasing also the average number of calculations needed to create a new block. This method also increases the cost of the block creation, pushing miners to improve the efficiency of their mining systems to maintain a positive economic balance. This parameter update should occur approximately every 14 days, and a new block is generated every 10 minutes.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Proof of work is not only used by the bitcoin blockchain but also by ethereum and many other blockchains.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Some functions of the proof of work system are different because created specifically for each blockchain, but now I don’t want to confuse your ideas with too technical data.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">The important thing you need to understand is that now Ethereum developers want to turn the tables, using a new consensus system called proof of stake.</span></div><h2 align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">What is a proof of stake?</span></h2><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Proof of stake is a different way to validate transactions based and achieve the distributed consensus.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">It is still an algorithm, and the purpose is the same of the proof of work, but the process to reach the goal is quite different.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Proof of stake first idea was suggested on the bitcointalk forum back in 2011, but the first digital currency to use this method was Peercoin in 2012, together with ShadowCash, Nxt, BlackCoin, NuShares/NuBits, Qora and Nav Coin.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Unlike the proof-of-Work, where the algorithm rewards miners who solve mathematical problems with the goal of validating transactions and creating new blocks, with the proof of stake, the creator of a new block is chosen in a deterministic way, depending on its wealth, also defined as stake.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">No block reward</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Also, all the digital currencies are previously created in the beginning, and their number never changes.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">This means that in the PoS system there is no block reward, so, the miners take the transaction fees.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">This is why, in fact, in this PoS system miners are called forgers, instead.</span></div><h2 align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Why Ethereum wants to use PoS?</span></h2><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">The Ethereum community and its creator, Vitalik Buterin, are planning to do a hard fork to make a transition from proof of work to proof of stake.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">But why they want to switch from one to the other?</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">In a distributed consensus-based on the proof of Work, miners need a lot of energy. One Bitcoin transaction required the same amount of electricity as powering 1.57 American households for one day (data from 2015).</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">And these energy costs are paid with fiat currencies, leading to a constant downward pressure on the digital currency value.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">In a recent research, experts argued that bitcoin transactions may consume as much electricity as Denmark by 2020.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Developers are pretty worried about this problem, and the Ethereum community wants to exploit the proof of stake method for a more greener and cheaper distributed form of consensus.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Also, rewards for the creation of a new block are different: with Proof-of-Work, the miner may potentially own none of the digital currency he/she is mining.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">In Proof-of-Stake, forgers are always those who own the coins minted.</span></div><h2 align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">How are forgers selected?</span></h2><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">If Casper (the new proof of stake consensus protocol) will be implemented, there will exist a validator pool. Users can join this pool to be selected as the forger. This process will be available through a function of calling the Casper contract and sending Ether – or the coin who powers the Ethereum network – together with it.</span></div><hr /><blockquote><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhs_dUyHVqr6uovxzHhAWLUPzz5qVQIXstPEcB4_TS1gEWO5ysY3T_XSXHG3wDQQDeUwZhL_MzEiV6-uLX9f8n8WQUj8zM0K5xyN-iJaoSpN0vwQyHEVcTt-boOZ56veSVGRkpGpyh8vK8/s1600/Vitalik-Buterin.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="300" data-original-width="300" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhs_dUyHVqr6uovxzHhAWLUPzz5qVQIXstPEcB4_TS1gEWO5ysY3T_XSXHG3wDQQDeUwZhL_MzEiV6-uLX9f8n8WQUj8zM0K5xyN-iJaoSpN0vwQyHEVcTt-boOZ56veSVGRkpGpyh8vK8/s200/Vitalik-Buterin.png" width="200" /></a></div><div align="JUSTIFY"><strong><span style="font-family: "arial" , "helvetica" , sans-serif;"></span></strong></div><div align="JUSTIFY"><strong><span style="font-family: "arial" , "helvetica" , sans-serif;">“You automatically get inducted after some time,” explained Vitalik Buterin himself on a post shared on Reddit.</span></strong></div></blockquote><div align="JUSTIFY"></div><div align="JUSTIFY"></div><div align="JUSTIFY"></div><hr /><div align="JUSTIFY"></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">“There is no priority scheme for getting inducted into the validator pool itself; anyone can join in any round they want, irrespective of the number of other joiners,” he continued.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">The reward of each validator will be “somewhere around 2-15%, ” but he is not sure yet.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Also, Buterin argued that there will be no imposed limit on the number of active validators (or forgers), but it will be regulated economically by cutting the interest rate if there are too many validators and increasing the reward if there are too few.</span></div><h2 align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">A safer system?</span></h2><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Any computer system wants to be free from the possibility of hacker attacks, especially if the service is related to money.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">So, the main problem is: proof of stake is safer than proof of work?</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Experts are worried about it, and there are several skeptics in the community.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Using a Proof-of-Work system, bad actors are cut out thanks to technological and economic disincentives.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">In fact, programming an attack to a PoW network is very expensive, and you would need more money than you can be able to steal.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Instead, the underlying PoS algorithm must be as bulletproof as possible because, without specially penalties, a proof of stake-based network could be cheaper to attack.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">To solve this issue, Buterin created the Casper protocol, designing an algorithm that can use the set some circumstances under which a bad validator might lose their deposit.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">He explained: “Economic finality is accomplished in Casper by requiring validators to submit deposits to participate, and taking away their deposits if the protocol determines that they acted in some way that violates some set of rules (‘slashing conditions’).”</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Slashing conditions refer to the circumstances above, or laws that a user is not supposed to break.</span></div><h2 align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;">Conclusion</span></h2><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Thanks to a PoS system validators do not have to use their computing power because the only factors that influence their chances are the total number of their own coins and current complexity of the network.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">So this possible future switch from PoW to PoS may provide the following benefits:</span></div><ol><li><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Energy savings;</span></div></li><li><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">A safer network as attacks become more expensive: if a hacker would like to buy 51% of the total number of coins, the market reacts by fast price appreciation.</span></div></li></ol><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">This way, CASPER will be a security deposit protocol that relies on an economic consensus system. Nodes (or the validators) must pay a security deposit in order to be part of the consensus thanks to the new blocks creation. Casper protocol will determine the specific amount of rewards received by the validators thanks to its control over security deposits.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">If one validator creates an “invalid” block, his security deposit will be deleted, as well as his privilege to be part of the network consensus.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">In other words, the Casper security system is based on something like bets. In a PoS-based system, bets are the transactions that, according to the consensus rules, will reward their validator with a money prize together with each chain that the validator has bet on.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">So, Casper is based on the idea that validators will bet according to the others’ bets and leave positive feedbacks that are able accelerates consensus.</span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div><div align="JUSTIFY"><span style="font-family: "arial" , "helvetica" , sans-serif;">Source: <a href="https://blockgeeks.com/guides/proof-of-work-vs-proof-of-stake/">BlockGeeks</a></span></div>AppFrichttp://www.blogger.com/profile/13436811650319821248noreply@blogger.com0