Blog

05 Mar

Bitcoin Pizza Day Protagonist Tests out Lightning Network

By Daniel Zo Bitcoin, Lightning Network, Pizza Day Read Comments

If you have been involved in the bitcoin market, then chances are that you’ve heard of Bitcoin Pizza Day, a celebration of the time when Laszlo Hanyecz purchased two pizzas with 10,000 BTC, in order to prove that the digital currency can be used as a means of value.

When it happened, the transaction represented one of the world’s first purchases made directly via the digital currency. At current value, this is roughly worth over $100 million, a massive price for two pizzas.

Now, recent reports indicate that the early adaptor and bitcoin developer, wanted to test out the Lightning Network, a fairly controversial technology whose purpose is to run parallel to a blockchain, to speed up transactions. To do this, Hanyecz decided to purchase 2 pizzas for 0.00649 BTC, equal to $67 at the current market value. The transaction cost for this purchase using the Lightning Network was of only 6 U.S. cents, considerably lower when compared to current transaction fees for bitcoin.


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27 Feb

Self-proclaimed Bitcoin Inventor, Accused of Swindling $5 Billion in Crypto

By Daniel Zo Bitcoin, Craig Wright, Kleiman Read Comments

Craig Wright is perhaps one of the most well-known names in the digital currency industry, especially since he has proclaimed himself as the inventor of bitcoin. While Wright has never managed to prove that he is in fact Satoshi Nakamoto, he has recently come under fire, as he is being accused of swindling $5 billion worth of digital currency alongside other assets from the estate of a computer security professional.

To put things better into perspective, Craig Wright allegedly used phony contracts and signatures, to lay claim to bitcoin that had been mined by Dave Kleiman, one of Wright’s colleagues, who unfortunately died back in 2013.


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21 Feb

Anonymous Trader Purchases $400 Million-Worth of Bitcoin

By Daniel Zo Bitcoin Read Comments

During the last couple of weeks, the digital currency market has been affected by massive price swings, which have led to high speculation, bearish trends and an overall decrease in popularity for the market.

However, things are about to change, as recent statements given by economic analysts, are predicting that prices will return to the high values that they’ve been known for. While BTC is currently priced at $10,000, this figure remains low when compared to its $20,000 all-time high, yet still much higher when compared to its value several months ago.


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06 Dec

Chinese Central Bank Representative Issues Statement on Future of Bitcoin

By Daniel Zo Bitcoin, China, ICO Read Comments

For many years, China was an extremely important member of the digital currency market, with over 90% of the global trading volume being conducted in the region. However, back in September, the Central Bank of China decided to crackdown on cryptocurrencies and hence ban Initial Coin Offerings (ICOs) and stopping exchanges from serving customers in China.

Following the crackdown, there have been many rumours that China was planning to resume trading, yet a recent statement from a deputy governor of the People’s Bank of China dismisses these rumours.


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02 Dec

Study Shows Electricity Used for Mining Bitcoin is Bigger than Annual Usage of 159 Countries

By Daniel Zo Bitcoin, Mining, Electricity Read Comments

While the popularity of bitcoin has increased considerably over the last few years, the electricity usage for transactions and mining are coming under scrutiny. Recent studies showcase that the amount of energy being used by computers which mine the digital currency this year, is much greater when compared to the annual usage of around 160 countries.

For those who do not know, mining is the process through which transactions are verified by the network, through the solving of complex cryptographic problems. To make sure that transactions aren’t falsified, and that records of ownership remain unchanged on the blockchain network, transactions must be signed off into blocks, which are then verified by the miners. Once a block is solved, a 12.5 BTC reward is given to the miner, or mining pool responsible. This amount serves as the main incentive for miners, but is also the way that new bitcoin is added to the market.


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27 Nov

Bitcoin surpasses $9,000 and Sets New All-Time High

By Daniel Zo Bitcoin, Ethereum, CME Group Read Comments

It has often been said that bitcoin may reach the $10,000 milestone by the end of the year. While many speculated that this isn’t possible, the digital currency has recently hit the $9,000 milestone, and set a new all-time high.

The year of 2017 has been incredibly positive for bitcoin, considering the fact that its value multiplied 9 times, from $800-$1,000, to over $9,000.


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20 Nov

Bitcoin Reaches New All-Time High of Over $8,000

By Daniel Zo Bitcoin, SegWit2X Read Comments

The month of November has been fairly shaky for digital currencies, hence bringing in high volatility for Bitcoin and other coins. Following the decrease in value to roughly $5,500, bitcoin has quickly managed to regain its value, and even hit a new all-time high, hence surpassing the $8,000 threshold for the first time ever. At the moment of writing, the digital currency is trading at approximately $8,200.

On the 12th of November, the bitcoin price fell to around $5,500 after the SegWit2X hard fork plans were cancelled. The reasons behind this include general lack of consensus, supporters backing out, and bugs in the code. Following the failure of implementing SegWit2x, and splitting the bitcoin network into two separate coins, many of the SegWit believers decided to invest their money into Bitcoin Cash, thus causing a massive value spike for it.


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13 Nov

What’s SegWit2X All About?

By Daniel Zo Bitcoin, SegWit, SegWit2X, Hard fork Read Comments

During the last couple of months, Bitcoin has gone through a two different hard forks, and the creation of two additional and separate digital currencies – bitcoin cash and bitcoin gold. Now, the deadline is quickly approaching for another hard fork, and this will likely have larger implications for the network.

The plan to introduce SegWit2x has been around since May, and has quickly gained favour with numerous mining pools and bitcoin start-ups. While the number of those supporting the hard fork has changed over the last few months, we’ll attempt to explain what this protocol change wishes to achieve, and the means of doing so.


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06 Nov

Bitcoin Just Shy of Hitting $7,000 Threshold

By Daniel Zo Bitcoin Read Comments

During the last couple of months, Bitcoin has been on a bullish streak, with prices considerably increasing day after day. At the moment of writing, Bitcoin is just short of hitting the threshold of $7,000 per unit, after reaching $6,900 for the first time ever, and currently trading at $7,359.

The increase in price has also lead to a big increase of the digital currency’s total market cap, which is now situated at $120 bln. Not only this, but the overall market cap of all digital currencies combined is situated at $188 bln.


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01 Nov

Putin Orders Government to Regulate Digital Currencies

By Daniel Zo Bitcoin, Putin, Russia, ICO Read Comments

During the last couple of months, Russia’s attitude towards Bitcoin and other digital currencies was quite conflicting, yet surely negative for the market. Recent reports indicate that the President of Russia, Vladimir Putin, has just ordered the government to begin drafting up legislation for digital currencies, ICOs and mining.

At this time, there are several reports available on what these laws will do, and what they will restrict.


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