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  1. There are prospects: forecasts of digital currency market participants This week was full of various events for both participants of the cryptocurrency industry as well observers. Here are some expert comments on the current development of the digital asset market. On Monday Yves Mersch, Member of the Executive Board of the European Central Bank (ECB) criticized Facebook’s Libra.”Libra could reduce the ECB’s control over the euro, impair the monetary policy transmission mechanism by affecting the liquidity position of euro area banks, and undermine the single currency’s international role” . The official has also noted that Facebook’s cryptocoin will in fact be accountable to shareholders, raising trust issues, as it will not be backed by a central bank. Mersch called on regulators to take tight control over Facebook’s projects, and for users not to trust the tempting but questionable promises from the representatives of the American company. Meanwhile, Jack Dorsey, the head of Square payment start-up and Twitter co-founder, continues to insist that cryprtocurrencies will continue to spread. The businessman believes in bitcoin, but he thinks that it is still too early to call it currency. In one of his latest interviews Dorsey notes, that bitcoin’s rises and falls in prices are more characteristic of a investment asset, such as gold. He hopes that as soon as the cryptocurrency becomes the currency of the Internet, his own start-up will pay more attention to services that create added value, rather than those that are engaged in money transfer Mark Mobius, an investor in developing markets and Mobius Capital Partners founder said that gold-backed cryptocurrency can be an interesting phenomenon. The investor emphasized that there is a whole generation of people who have faith in the internet, and they have faith in cryptocurrencies. “People believe in dollar because they have faith that with dollars in their hands they can buy something. Crypto enables people to buy something merely because they believe it has value”, Mobius said. In the beginning of the week trader Peter Brandt tweeted that bitcoin has entered the fourth cycle of the parabolic uptrend that could lead it significantly past its all-time high price. The analyst is confident that the price of Bitcoin will reach one hundred thousand dollars in the long run. And although this bold prognosis does not yet have lots of supporters, one can’t ignore the fact that the price of the main cryptocoin is showing steady growth since Monday. According to Coinmarketcap, by September,6, bitcoin rose in price up to $10 875, starting from the mark of $9 623 on the night of September,2.
  2. ℹ️The cost of bitcoin transaction fell by almost 90% BTC trades almost reached the level of the end of 2017. This is the period when the main cryptocurrency began its famous rally, the peak of which was the increase in the coin rate up to $ 20,000. According to the information of Bitinfocharts service, since that moment the cost for transactions has dropped by almost 88%. In December 2017 commission was around $10-30, and now it has fell down to $0,58 on average. It can be due to considerable popularity of processing operations of BTC transactions at the end of 2017 in comparison with today. Then up to 400 000 operations went through the network daily, when now this figure has dropped to 300 – 350 000 transactions. Another factor influencing the commission cost is the growing popularity of SegWit protocol, the share of usage of which has recently exceeded 60 per cent. ℹ️Transparent Volume experts: Only 17% of bitcoin transactions do not raise suspicion According to the new service Transparent Volume of the Nomics cryptocompany, the majority of transactions with the main cryptocoin are suspicious. The experts say that only 17% of BTC operations can be considered genuine. Around 35% of transactions are evaluated within the range from “satisfactory” to “bad”. The total amount of such operations today has reached $3,99 billion. Transparent Volume is created to monitor the circulation of digital asses between different platforms. It works in real time. Nomics believes that usage of Transparent Volume will help users obtain full and objective information about current trade volumes. The service positions itself as a platform whose work is associated with lesser risk of recording information about fictitious transactions and other misleading facts.
  3. Dear readers and users of our platform, we have two pieces of good news. 1. From now on, the offers of the exchangers are accompanied not only by a minimal, but also by a maximal exchange amount. To see the maximum the exchanger is ready to exchange, all you need to do is to hover the cursor over the line (on mobile devices it is needed to touch and hold a finger on a selected line for some time). We would like to remind you that the current reserves of an exchanger may be lower than a maximal exchange amount, please pay attention to this when selecting an exchanger or use the “Calculator” tab to sift out exchangers that are not suitable for you. 2. Against the backdrop of a significant flow of USDT tokens capital to the Ethereum blockchain, many large exchanges have already added support for ERC-20 standard tokens. Now in our monitoring BestChange.com you can see two types of tokens USDT-Omni and USDT-ERC20 separately from each other with their unique exchange rates and reserves. We would like to remind you about the difference between these tokens: Tether Omni — these are USDT tokens launched on omni layer protocol based on Bitcoin network. Its address is a BTC format address. Tether ERC20 are USDT tokens launched on ERC-20 protocol standard based on Ethereum network. Its address is an ETH format address. The users are recommended to carefully familiarize themselves with the type of tokens before making any exchange operations. If you have any questions about the used standards, please contact the support service of the exchanger before making the exchange. As always, you can find the best exchange rate for the most popular currencies on our site. BestChange.com, exchangers monitoring is always at your service.
  4. Exactly 63 years ago on July, 30, 1956, the slogan “In God We Trust” appeared on American dollars. Moreover, the phrase is an official motto of the USA. The first time the motto was used in 1864 when minting 2 cent coins, but it was adopted on the national level in 1956. Sometimes the phrase is jokingly extended to “In God We Trust, All Others Pay Cash” which shows economic attitude of Americans, and shopkeepers would use it to discourage credit.
  5. What are the Advantages of Cryptocurrency? Over the last couple of years, cryptocurrencies gain more and more popularity. Let’s touch upon some of their main advantages in comparison to fiat money. 1. It is decentralized and does not rely on banks or governments. Transactions can take place in different parts of the world and take seconds, without the need to pay hefty charges to banks. 2. Because cryptocurrency is decentralized, it’s immune to deflation or inflation that can happen as a result of the choices of a central government. 3. Anonymity is one of the most important perks of cryptocurreny. You do not need to reveal your identity. 4. Anybody can make money through the process of mining. All what’s needed is access to a computer and the internet. 5. Because the cryptocurrency market is highly volatile it can be a high reward (but at the same time, high risk) investment. 6. Cryptocurrency is not subject to inflation. With coins like bitcoin there is a set amount that will ever be created. 7. And last but not least, since cryptocurrency exists in digital form, millions of trees can be saved by not using paper currencies. It can contribute to our environmental well-being. You can purchase or sell cryptocurrency at BestChange – we guarantee the smoothest exchanging experience, saving your time and money!
  6. Sometimes it is necessary to confirm that you are the owner of this or that address. This may be required when, for instance, the seller wants a confirmation of your solvency, when recovering a hacked or lost account, or to prove that it was you who made a transfer and not somebody else. Only owning a private key can prove your ownership of a bitcoin-address, but at the same time you cannot give away your private key: anybody with an access to it can spend your funds. To solve this contradiction, a special function was developed – “signing a message”. When you sign a message, you can prove that you own a certain address and manage its funds. At the same time, secret information is not revealed, and no risk is posed for the funds at this address. Creating a signature for any message is possible with lots of bitcoin-wallets. You will need to specify the address you need to confirm, and a message. The text can be of any nature, but it’s preferable it would tell something to the recipient. We advise you to always put the date and the reason of the message. If you sign any message without the specifics, somebody else might use it and pretend to be the owner of your address. After signing the message, you can give the message with your signature to the other participant which will prove your ownership of the address. To check the signed message, it is possible to use a wallet or other resources. Have you ever used this function? Have you heard about signing the messages for cryptocurrency wallets?
  7. Is a quantum computer dangerous for Bitcoin? Many researches say that in less than 10 years сomputing machines using quantum principles will threaten blockchain technology which is a basis for cryptocurrencies. Bitcoin and similar systems’ defense algorithm is based on a principle of asymmetric encryption with and open and private keys. Transaction is signed by a private key, and its truth is checked with a help of an open key. Despite the fact that Bitcoin blockchain uses asymmetric encryption, the users don’t have to worry for the safety of their coins. The open key is not stored openly. Thus, the addresses for coins transferring are not open keys, but just the results of usage of hash-function SHA-256. The hashing function performs one-sided transformation and that’s why it’s stable against quantum computer attacks. The public key is rendered to the network in the open way just until it receives a confirmation. If an attacker receives an open key during transaction, he will have around 10 minutes to get the private key with the help of a quantum computer and try to make his own transaction from the same address but specifying a larger commission. By the way, bitcoin mining is also relevantly safe, as the equipment for mining cryptocurrencies in the near future will be more powerful that quantum computers. It is worth to note, that quantum calculations threaten absolutely all systems of computer security which care based on cryptography with an open key, and not only blockchain. Internet connections to render your password in Internet banking uses a similar encryption technology, same as communication in chatrooms, social networks and lots of other routine actions. All security systems, including blockchain systems, need to take into account postquantum encryption to ensure data safety. But the most simple and effective way can be changing traditional systems by such blockchain which implements quantum-resistant cryptography. There are several different ways of encryption with open key resistant to quantum calculations: bases on matrix, on code, multidimensional quadratic functions, and hashing function. But let us not digress into detail math stories. The main point is that if there is a serious threat to blockchain posed by quantum computer, developers can improve the protection. Moreover, successful research and developments in this regards are being done not for the first year. What do you think, who will be the first in this race – bitcoin developers or quantum computer developers?
  8. The Amsterdam Stock Exchange is considered the oldest in the world. It was established in 1602 by the Dutch East India Company, which issued the first shares on the Amsterdam Stock Exchange. It was the first company to issue stocks and bonds and the first to formally begin trading in securities. In the 1600's, the Dutch, French and British governments all gave charters to companies with East India in their names. At the peak of imperialism, it seemed like everyone had a share in the profits from the East Indian and Asian campaigns except the people living there. Sea trips that brought back commodities from the East were very risky - besides pirates, there were risks of weather and losing navigation. To minimize the risk of a lost ship ruining their profits, ship owners had long been using the help of investors who would finance the trip - outfitting the ship and crew in return for a percentage of the profits if the voyage turned out a success. These early limited liability companies often lasted for only a single voyage. They were then dissolved, and a new one was created for the next trip. Investors lessened their risk by investing in several different ventures at the same time, thereby playing the odds against all of them ending in disaster. When the East India companies formed, they changed the way business was done. These companies issued stock that would pay dividends on all the proceeds from all the voyages the companies undertook, rather than going voyage by voyage. These were the first modern joint stock companies. This allowed the companies to demand more for their shares and build larger fleets. The size of the companies, combined with royal charters forbidding competition, meant huge profits for investors.
  9. Did you know that in its modern form, credit card appeared back in 1949? Originally nobody took them seriously, but within the next few years they literally conquered the whole world. The first universal credit card, which could be used at a variety of establishments, was introduced by the Diners’ Club, Inc., in 1950. Another major card of this type, known as a travel and entertainment card, was established by the American Express Company in 1958. Today billions of people around the world use bank cards. The share of cashless payments is gradually growing, and they become a usual and more convenient method of payment. According to statistics, for the year 2015, debit card usage accounted for 69.5 billion in payments, dwarfing all other forms of non-cash payments including credit cards (33.8 billion) and checks (17.3 billion). One new debit card is issued in the U.S. every five seconds. There were 471 million Visa debit cards in the U.S. and 1.09 billion in the rest of the world at the end of March 2015. How many bank cards do you have? How often do you use cash?
  10. Cryptocurrencies were originally envisioned as a decentralized payment means, independent of fiat money rates and not tied to traditional valuable assets. This peculiarity adds cryptocurrencies a characteristic feature — high volatility of the rate. Many folks gain thanks to this feature, but the possibility that the rate can dramatically drop or leap hinders the usage of cryptocurrency as a full-fledge payment means. In order to regulate the rate, it was decided to tie up cryptocurrencies to stable assets that have long been established in the economy. Thus, they began to tie up the value of cryptocurrency to fiat money, gold and oil. Digital currencies can be tied up to any valuable asset or commodity which can make their value more stable. Cryptocurrencies pegged to physical assets have a lower rate volatility and became known as stablecoins. Stablecoins are a compromise between fiat money and cryptocurrencies. Most often, the value of a stablecoin is pegged to fiat money. The value of these coins is equal to that of fiat currency and represents a sort of a promissory note. Every coin is leveraged to one unit of fiat money, for instance, dollar, which acts as a guarantee and provides for the value of the currency. The most popular stablecoins are: Tether (USDT) * USD Coin (USDC) * TrueUSD (TUSD) * Paxos Standard Token (PAX) * Dai (DAI) And what stablecoins do you use?
  11. Blockchain is not a financial pyramid. To see this, one should understand what a financial pyramid (also called an investment pyramid) is. This is a system for receiving profit via constantly attracting money from new participants. That means the profit of the first participants is paid at the expense of funds of their followers. It is obvious that if bitcoin does not have any dividend yield, that is, if you do not receive additional funds just because you own cryptocurrency, then bitcoin, as most of other significant cryptocurrencies, cannot be a financial pyramid by definition. Then why such confusion? Most likely that the reason behind such a poor analogy was the poverty of intellect in most cryptocurrency critics after the events of 2017. They did not even try to learn about the principles and technologies behind cryptocurrencies but started without any reason calling them a financial pyramid. Partially they can be understood, because the previously unknown project that made it possible for people to increase their capital several times over a few months sounds very suspicious. But what happened is that people earned profit due to the increase in the price of the active, and not because of the means of new users. Yes, to some extend it was the dramatic increase of popularity that brought about price increase, but these concepts should not be confused. Situations when demand starts to dramatically exceed supply are always accompanied by similar price increase. These can be company shares, investment fund units or even salt that can rise in price against the backdrop of false rumors. Price increase due to the growth of demand is a typical market situation, and not a disguised financial pyramid. That being said, blockchain-based pyramids can sometimes be found, for instance, PonziCoin and Bitconnet. But these are particular cases of the misuse of the technology in creating a financial pyramid, and not vice versa. It should be noted that there are financial pyramids that are disguised as cryptocurrency projects, only exacerbating the suspicion of inexperienced crowd. For example, they can promise profit thanks to a “unique trading robot” that multiplies your investments, or something of this kind. Of course, they have nothing to do with cryptocurrencies, and the illusion of work is maintained at expense of new client’s investments. We hope that we have made our point clear. And what other unreasonable definitions of bitcoin have you come across? We would be happy to discuss it with you in our next articles.
  12. Blockchain and bitcoin based on it, as any new revolutionary technology, have their drawbacks. The mechanism of ‘proof-of-work’ consensus uses enormous volumes of electricity, cryptocurrency is used for speculations and sometimes in illegal activities. But to say that because of that the technology faces a failure, is the same as saying in 1995 that the Internet will not work because it’s clumsy and unorganized. Bitcoin has been living for over 10 years now despite numerous predictions of its demise. And it is constantly developing. The first cryptocurrency is no longer a “toy for geeks” as it used to be in 2009. Today Blockstream satellites allow making bitcoin transactions even without Internet. Blockstream company which deals with bitcoin blockchain pilot projects and New Zealand developer goTenna have united their efforts to improve the project that allows sending and receiving bitcoins without Internet with the help of data translation via satellites using radio frequencies which are supported by goTenna devices. The users will be able to receive bitcoins via satellite and goTenna Mesh network without direct connection to the Internet. If you do not like the control of the local provider or your connection is down for some reason, for example, because of a natural disaster, you will still be able to make a transaction. With all the innovative features, this technology is quite easy to use. With an electricity generator, satellite dish, Raspberry Pi, a Wi-Fi point and the necessary software you could make global bitcoin transactions. At first sight, it sounds rather expensive. But if you divide the expenses among people, for instance, if the whole village chips in for the purchase of the equipment, the costs are not so high. To use this service, you need a small satellite dish that uses USB port to connect to PC or specialized equipment such as Raspberry Pi. To manage connection, you can use free software with open source code, for instance GNU Radio. And the service itself has demonstrated “excellent” uptime and its network has excess capacity to ensure reliability. And do you still think that bitcoin does not have any future and nobody uses it?
  13. How Safe are Bitcoin Paper Wallets? A bitcoin paper wallet is a public and private key printed on paper or a piece of plastic. It is an offline wallet and is referred to as a type of “cold storage”. This means that it is an extra-secure storage that is not connected to the Internet which can be hacked. Although its security can be debatable. The piece of paper (or plastic) contains printed private and public keys, usually accompanied by QR code, which also serves as the address. You can simply copy and paste the keys onto a text document and print it out (making sure to delete the document from your PC). You can also use free online services that generate the printable wallet. The key generation is usually done in your browser, so they are not transmitted on the internet. But to be on the safe side, you are advised to clear your browser after printing. Keeping an image of the paper wallet on your computer or phone is a definite no-no. Some paper wallet services offer a handy design that you can cut, fold and seal, making them a lightweight and relatively secure form of storing your bitcoins offline. You send your bitcoin to the public address displayed on the wallet, and then store the paper in a secure place. The security of paper wallets stems from the fact that they are absolutely offline, and hackers cannot reach them. But, on the other hand, you need to keep this piece of paper secure to protect your funds. There is a risk that somebody can find your printout and withdraw your funds without your knowledge. As an extra precaution measure you can fold the printout covering the private key and seal the fold with a tamper evident seal. Also, you need to bear in mind the physical vulnerability of the material. To protect the paper wallet from water (for example, in case of flooding) you may want to keep the printout in a sealed plastic bag. But there does not seem to be a good protection against fire. But these risks are not very likely, use common sense to keep your wallets safe the way you would jewels and ordinary cash. In general paper wallets are by far the safest option to store your digital assets. Whatever your preferred method of storing e-currencies, you can always buy or sell your crypto money choosing the best rates at bestchange.com !
  14. Did you know that only one third of mined bitcoins participate in the turnover? The rest of bitcoins do not move among the wallets. Of course, this can partially be blamed on hodlers, but it is highly likely that the access to inactive wallets was simply lost or the coins were forgotten by users. The reason for that could be a loss or breaking of private key containers, impossibility to restore passwords from online-service or their closure, incompatibility of hierarchical generation of keys and lots of other options. If you have lost a password/key to your bitcoin wallet, you won’t be able to restore it, this is how the system works. But what about the fact that every 10 minutes miners create more and more new bitcoins? There is a limit after which the growth of the total amount of bitcoin in the network will stop, and this limit is 21 million of coins. Moreover, every 4 years the amount of new bitcoins is reduced two-fold. For the 10 year and a half of bitcoin’s existence there has been generated around 17,7 million of bitcoins, which constitutes around 84 per cent of their total amount. If the access to two thirds of the coins has already been lost, then around 9 million of coins are left in the turnover, 3 million coins out of which do not yet exist. Even if we do not take into account the possibility of losing an access to wallets in the future, it still turns out that we may face a shortage much larger, that it seems at first glance. If bitcoin ceases to be a speculative asset and turns into one of the main reserve currencies of the world’s central banks, its total capitalization will be less correlated with the actual amount of available funds. For instance, if now bitcoin would substitute the US dollar as the main reserve currency and its capitalization was at the level of the USA national debt, then the price of one bitcoin would be a little over $1 million. And if we take into account that the real volume of bitcoins available for turnover currently is about 6 million of coins, then bitcoin would have to have the price of $3,5 million to be compatible with US debt by capitalization. And do you believe in the future of bitcoin? What price deems fair for the cryptocurrency number one? If you trust in the future growth of Bitcoin or other cryptocurrencies, our monitoring BestChange.com is at your service: with our help you can easily find the best exchanging rates for any e-currency and have a safe transaction.
  15. During the weekend our Chief Analyst decided to calculate how much on average a person could have earned on bitcoin for the last 5,5 years. Of course, the received data cannot be absolutely accurate — otherwise we would have needed to get an access to all transactions of exchanging, appearance and disappearance of all existing during this time exchanges and exchange offices, information about private exchangings. Our method is based on comparison of all possible options of purchase and sell for the last 1963 days (during the period between 27/12/2013 and 12/05/2019). We took all 1'925'703 possible options of purchase and sell at the average price on this day and multiplied it on the probability of making a transaction on this or that day. We established probability based on trading volume in this pair of days as relating to all trading volume for 5,5 years. We did not take into account trading within the day and possible private exchange operations. All data is available publicly and can be viewed on the site coinmarketcap.com According to our calculations, if the number of investors will tend to infinity, then on average all these investors that bought and sold bitcoin on random days for the past 5,5 years, have earned 180 per cent of their capital. It does not mean that you can earn the same in the future, or that the majority of investors have earned, and not lost, on bitcoin in the past. This is just an approximate number the investors could have earned on average during this time (somebody lost 80 per cent, when another earned 1000 per cent). Currently bitcoin shows remarkable results again and has already overcome the $8000 mark. If you decide to buy bitcoin at the best rate, you can always find the most profitable option with the help of our monitoring BestChange.com. Would you find interesting calculations for other cryptocurrencies? Maybe you have advice or wishes how to improve our method?
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