Last week a former Bitcoin developer Mark Hearn stated in his blog that Bitcoin is broken. This resulted in a $80 price drop. He predicts a downtrend from now on. Let’s have a look at if this is true and whether we should keep hold of our coins or start selling in panic. I will explain it all below. But simply put. Is Bitcoin dead? The answer lies here.
I get a lot of questions asking about mining Bitcoin. Everyone’s heard the story of some young kids who mined a huge amount of Bitcoins at its starting days and then were made millionaires overnight when the price hit the roof. Can you still profit like that from mining Bitcoin ? Let’s have a look. Continue reading
A lot of people have an opinion about Bitcoin as something shady, something for the criminals. Where has this come from? Is BTC a tool used by ISIS? Let’s have a look at some arguments and facts on this topic. Continue reading
If you’ve just come across Bitcoin and cryptocurrencies or just had an interest in the currency that stands for BTC now, let me explain it as simply as I can. I know that it might be a little bit confusing at first. When I came into contact with the subject of Bitcoin and Blockchain, I did not understand what was being said and how his thing could possibly work at the beginning. Hopefully I can explain it so it becomes clear.
There is a common belief that Bitcoin transactions are anonymous and untraceable. In addition to that many are still cautious of Bitcoin because of the common opinion that it might be used for shady or criminal transactions. One can understand where these concerns may come from – most of you remember Silk Road. To those who don’t, Silk Road was essentially the Ebay for criminals. Pretty clever in the sense. You could buy drugs, guns or order a hitman. However that party is long over as the FBI shut Silk Road down back in October 2013 and the founder Ross William Ulbricht is serving life in prison.
For a long time Bitcoin has been something that has been seen as some new thing for geeks. Something that cannot possibly bring any value to the wider audience. Often in the past when I’ve talked about Bitcoin and Blockchain I’ve been stared at with a blank look in the recipients’ eyes. Why would anyone use this? Is this something you can pay with in Minecraft? This is something for nerds to play around with. These are some of the questions and responses I’ve received from people who first heard of Bitcoin. Continue reading
Bitcoin is making another run for it. The price is rapidly reaching new highs this year. Currently 1 Bitcoin is worth over $309. The price has reached these heights twice before this year – previously in March and July. Will this continue? Let’s have a look at a few reasons and factors that may be influencing this. Continue reading
Until last week there were still different opinions within EU countries whether Bitcoin is exempt from VAT or not. Some countries already came to the same conclusion a long time ago, some kept fighting against it until the end. The ruling in question came from the court case between Skatteverket (Swedish tax authority) and David Hedqvist (a Swedish national and entrepreneur wanting to start a Bitcoin exchange). Mr Hedqvist requested a preliminary decision from the Swedish Revenue Law Commission in order to establish whether VAT must be paid. According to that commission, Bitcoin is a means of payment and must, consequently, be exempt from VAT. The Swedish tax authority Skatteverket appealed this decision and the final decision was made in Luxembourg by The Court of Justice of the European Union on October the 22nd.
Firstly let’s explain what bitcoin wallets are:
Wallets are where you store your cryptocoins. As cryptocurrencies are essentially like digital cash, wallets are where you keep your cash. It is like a wallet because you can send, receive and store your coins in your wallet. How it actually works is this – instead of storing your cryptocurrency bitcoin wallets store your private keys that you need to access your bitcoin address and let you spend your funds. There are many different wallets that you can use, there are various wallets made for different devices. You could also print your keys out and have paper wallets – this is essentially safer in some ways if you keep it in a safe place. But remember, always have a backup, otherwise similarly to real wallets, if you lose it, you also lose your coins. Continue reading