Cryptocurrency Blog

  • Want To Mine But No Hardware? No Problem For Bitcoinereum

    Mining bitcoin could lead to a global warming increase, unless some notes are taken from Bitcoinereum, a cryptocurrency on the Ethereum blockchain, that allows for cryptocurrency mining, without altcoin mining equipment. An ERC-20 token created in 2017, it’s called by devs the ” 1st minable ERC-20 token on the Ethereum Blockchain “.  Instead of using mining equipment, you can use a token, to call one function of the token’s smart contract.  The only thing that is needed is a few Ethereum to pay for the transaction fees.

    Smart Mining Contracts Act As CryptoCollectables

    Moving physical means to digital, now the aspect of mining Bitcoinereum, can be given away as if it was a asset, allowing for many other applications of this technology, that will no doubt help spur further innovation and exploitation. Bitcoinereum isn’t the 1st to do this, Artemine coin, was the origin of the concept and can be mined two ways, by calling the smart contract function by owning a Genesis address,  this is more like a digital collectible rather than just a cryptocurrency, since it’s always mining, based on it;s self mining process of it’s mathematical formula.

    As more use cases spur up, the physical burden of bitcoin mining could become a thing of the past.

Global Bitcoin Adoption Could Lead To Increased Global Warming

You heard that right, but how exactly could worldwide bitcoin adoption, lead to global warming? Simple, mining, that very act of mining bitcoin, could be what causes the increase in temperature. If more and more people buy hardware to handle the transaction needs for all those new bitcoin users, the excess of all those devices solving transactions could be the issue.

But I thought The Goal Was Worldwide Adoption?

The end game is to have everyone on the planet ( and then some ) use bitcoin, however, the issue of mining needs to be resolved. Not only for the global warming aspect, but for the future of adoption, since right now, the days of buying a $40.00 bitcoin miner and making a profit off that within a month is over. So how do you encourage all those new miners to the bitcoin community?

Alternative Ways Of Cryptocurrency Mining

Currently, there are a few ways to mine cryptocurrency, using various mathematical proofs, and a device that solves said mathematical equations to resolve the difficulty puzzle. The device used to solve the difficulty puzzle is what is causing the alarm, and really just means our electrical devices will need to be made that much more efficient or other ways of mining will quickly disrupt the industry, with so much money at stake, it won’t be long.

The Future Of Cryptocurrency Mining

The future of all technology is amazing, just like what is going on with Bitcoinereum but the future of cryptocurrency has the potential to fastforward the human race by decades, with so much money on the table, just waiting for disruption, it’s no wonder there is already a push to find more efficient ways to mine at a increase to the profit margin!

Almost $1 Billion Stolen So Far This Year Via Cryptocurrency Hacks

It’s no surprise that the cryptocurrency industry is growing, and so is the total amount hackers are going home with. The total amount roughly $927 million has been moved from legit hands to less legit hands and many of these hacks were preventable. Just one of the altcoin hacks made up more than half of that total amount stolen this year, at a cool crisp $530 million, from the Japanese exchange coincheck.

The Roll Out Of Consistent Regulations

With the lack of cryptocurrency regulations across the board, the ability to launder and pass through exploits gave much of the chances needed to acquire the almost $1 Billion stolen.

Zaif a Japanese cryptocurrency exchange, is announcing a plan to compensate victims of a major hack last month, a result of new management of the exchange.

The future will not be safer for users of altcoins, but on a united front, will become more difficult to operate exploits within.

The Rise Of The Consumer Via Decentralized Blockchains

Bitcoin has come along way, and so have the altcoin ecosystem. Many altcoins have fallen to be a fraction of their worth, to some being powerhouses of the cyrptocurrency world. New technologies and patents alongside big companies such as IBM, Deloitte, Walmart, NewEgg, and many more have joined ranks with new startsups to form some unique alliances. Tokenized tracking systems for food storage to transcontinental shipping monitoring, the new wave of fresh ideas flooding the investor space is something not seen since the dotcom boom.

Think outside the blockchain with Mesh Networks

Some companies have decided it’s more fun to unite the many altcoins, and have been working towards such a goal. Such as these alternatives to conventional internet providers, internet via any mobile device and one where you get paid to share your connection:

  • Blockmesh  – a device to device mesh network on the blockchain to establish a communications network where otherwise would be difficult, operating via bluetooh and wifi.
  • Rightmesh  – a device to device mesh network on the blockchain to establish a communications network where otherwise would be difficult, operating via bluetooh and wifi.
  • Smartmesh – An participation based earning ad-hoc mesh network on the blockchain, established via radio signals on mobile devices.

Yet not many have been seen trying to create a sustainable cryptocurrency future, instead of a dominance, and if you think about the way technology evolves, it’s safe to think there will be a need for multiple blockchains all doing different things, needing inter connectivity and a baseline to communicate / transact with.

A Future With More Choices and Less Restriction

By allowing more companies the ability to track and monitor costs, they’ll be forced to pass that down to the consumers or face the competition of startups, doing exactly that, at a bigger profit than themselves. By monitoring costs, companies can more efficiently carry out daily operations, while reducing the amount of overhead needed, where otherwise little bits here and there aren’t tracked and add up in the end.

The blockchain will also allow media companies the ability to provide just what the consumer wants or give their business to the competitor. The ability to track and mesh the micro-transactions of royalties, ads, data purchases will make consumer marketing that much easier, passing the savings and new features to the consumer, with less strings and more on demand service.

Altogether the blockchain can allow for movie and tv networks to directly sell shows to the consumer, much like they’re doing now, but on a much more broader basis and without much effort by the consumer, the key to sales in general, don’t be a burden to your consumers or face bankruptcy.

TD Ameritrade backs new cryptocurrency exchange ErisX

The retail brokerage firm TD Ameritrade, announced it would be investing in a brand new cryptocurrency exchange named ErisX.

The exchange will allow investors to trade:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin
  • Bitcoin Futures

The CFTC Hurdle and the road to Bitcoin futures trading

The Exchange is built by derivative market provider Eris Exchange and is also backed by DRW Holdings and Virtu Financial. It’s also further noted that the bitcoin futures contracts traded by the exchange, will be physically delivered not cash settled.

ErisX is currently in the process of applying a self-certification of it’s bitcoin futures contracts with the U.S. Commodity Futures Trading Commission ( CFTC ) and will clear it’s derivative products through a parent firm’s clearinghouse if and when it’s approved.

Should the CFTC approve ErisX, they will begin cash trading sometime from March – June of 2019 and will begin trading derivatives in the second half of the year.

235 million Pigeoncoins printed by Hacker during fork due to non updated Code

piegoncoinPigeoncoin was the recent altcoin to see what happens, when you don’t update your source code, after using a clone of bitcoin, in a recent hack, an unknown exploiter, showed off a bug that allowed non-updated code, to be hijacked and used to instamine / print the cryptocurrency to the tune of 235 million altcoins, a total worth of $15,000 via coinmarketcap.

Update like the rest, or get hijacked by the best

The Severe inflation bug, is known and has already been patched by the big guys, bitcoin, litecoin, etc, however, many who cloned the source code for their own altcoin, have not, allowing for a hidden piggy bank awaiting and a instant collapse of the price following the sell off.

One Fourth Of all Pigeoncoin was the hackers booty

With a total supply cap of 970 million altcoins, Pigeoncoin’s recent loss was 1/4th the total supply, leaving uncertain times ahead for the community. While their isn’t too much that can be done, many are still awaiting to see when and how the exploiter sells the haul. Since the issue, Pigeoncoin has updated their source code via patch, so it’s not likely to be a problem going forward.