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Tuesday, May 23, 2017

If you bought $100 of bitcoin 7 years ago, you'd be sitting on $75 million now

If you bought $100 of bitcoin 7 years ago, you

On May 22, 2010, Hanyecz asked a fellow enthusiast on a bitcoin forum to accept 10,000 bitcoin for two Papa John's Pizzas. At the time, Hanyecz believed that the coins he had "mined" on his computer were worth around 0.003 cents each.

Bitcoin mining involves solving a complex mathematical solution with the miner being rewarded in bitcoin. This is how Hanyecz got his initial coins.

The cryptocurrency has many doubters as it continues to be associated with criminal activity, but it has still seen a stunning rally. Here are two facts, on Bitcoin Pizza Day, however, that highlight this:

  • While being worth $30 at the time, Hanyecz pizzas would now cost $22.5 million at current bitcoin prices.
  • If you bought $100 of bitcoin at the 0.003 cent price on May 22, 2010, you'd now be sitting on around $75 million.

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Monday, May 22, 2017

Bitcoin Pizza Day: Reliving the Memories and Forging New Ones

Bitcoin Pizza Day: Reliving the Memories and Forging New Ones

Today cryptocurrency enthusiasts around the world are celebrating the notorious “Bitcoin Pizza Day” where two Papa John’s pizzas were purchased for 10,000 BTC. Not only is the transaction deemed the first bitcoin exchange for real-world value, the trade is now appraised at US$20 million at today’s exchange rates.

The Bitcoin network had been in operation for a little more than a year on May 22nd, 2010 when a developer named Laszlo Hanyecz purchased two pizzas using the forum Bitcointalk.org. The trade Hanyecz made that day is widely celebrated every year by bitcoiners as it is considered the first real-world transaction using bitcoin as a medium of exchange.

“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe two large ones, so I have some leftover for the next day — I like having leftover pizza to nibble on later,” explained Hanyecz.

"You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I’m aiming for is getting food delivered in exchange for bitcoins where I don’t have to order or prepare it myself, kind of like ordering a ‘breakfast platter’ at a hotel or something, they just bring you something to eat and you’re happy!"

Full story at http://bit.ly/2rJNzLY

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As bitcoin rockets to records, here’s how much skeptics missed out on, says one money manager

As bitcoin rockets to records, here’s how much skeptics missed out on, says one money manager

Investors who made bullish bets in bitcoin near its nascence may be getting the last laugh, as the digital currency, which has drawn skeptics, has raced to repeated records in recent trade.

The value of one bitcoin BTCUSD, +9.26%  shot to nearly 2,200 for the first time on Monday. Trading at 2,195,81:

The unmitigated ascent for bitcoin comes as virtual currencies broadly have been gaining more prominence, putting them on a tear since last year, with cryptocurrency bulls pointing out stratospheric climb for bitcoin, compared with other traditional investments.

Full story at http://on.mktw.net/2rJBCWx

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This Might Be The Key Reason Behind Bitcoin, Altcoin Price Surge

This Might Be The Key Reason Behind Bitcoin, Altcoin Price Surge

The first two-quarters of the year 2017 have seen the crypto industry experience a massive growth in awareness and adoption.

From a perspective of economics, the high demand for Blockchain products, whether for preliminary investigations or systematic adoption has automatically generated an influx of capital which consequently reflects the value of the tokens of these Blockchains.

The growing Blockchain partnerships offers an explanation for the significant increase in market capitalization of various cryptocurrencies and the consequent surge in Bitcoin price and several top altcoins.

Full story at http://bit.ly/2rJNEiE

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Three Services That Aim to Create Bitcoin Professionals and Experts

Three Services That Aim to Create Bitcoin Professionals and Experts

Bitcoin can be a very technical subject, and oftentimes people have to find various resources online to educate themselves. However, there are a few organizations that instruct cryptocurrency enthusiasts through training and curriculum in order to edify the growing field of bitcoin professionals.

As the bitcoin economy grows, there are many people looking to learn about the bitcoin protocol and the growing cryptocurrency ecosystem. A leading-edge network of professionals that understand the technology is needed to bolster the innovative technology into the future. In 2017, there are few ways an individual can become a certified bitcoin professional to advance their knowledge and careers.

One educational program called the Cryptocurrency Certification Consortium (C4) teaches students how to be certified bitcoin specialists. C4 has three types of courses that enable people to become either a Certified Bitcoin Professional (CBP), a Certified Bitcoin Expert, and a Certified Ethereum Developer.

A graduating CBP claims to give an individual a significant grasp at understanding the bitcoin protocol, transactions, and network operation. “CBPs are able to apply Bitcoin technology to their professional area of expertise and understand privacy aspects, double-spending, and other issues that relate to the currency,” explains the educational consortium. The cost to become a CBP involves two years of study at the cost of $95 for the course and a $30 renewal fee.

Full story at http://bit.ly/2rIe3gy

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Bitcoin Transaction Fees Decrease by 34% With Reduction in Backlog

Bitcoin Transaction Fees Decrease by 34% With Reduction in Backlog

From a recommended 450 satoshis per byte, figures this week have fallen to just 300 according to unnamed sources quoted by crypto angel investor Alistair Milne.

Data from 21.co meanwhile also confirms a fall in the “fastest and cheapest” transaction fee, albeit not as drastic, current figures quoting 390 satoshis per byte versus a previous 450.

Milne added the proviso that the discount was in fact volatility, a characteristic detrimental to the Bitcoin network which would be solved by Layer 2 tech, specifically the Lightning Network.

Full story at http://bit.ly/2r9pIIt

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Bitcoin’s Meteoric Price Rise to the Moon Reaches $2000

Bitcoin’s Meteoric Price Rise to the Moon Reaches $2000

2017 has been an unbelievable year for cryptocurrency enthusiasts as they’ve watched bitcoin cross milestone after milestone. The digital asset is becoming widely known as a strong hedge against the turbulent global economy that continues to sink further every day. Many citizens from all around the world are clearly choosing bitcoin to hedge their wealth from deteriorating and to move their money however they see fit. This can be seen in countries like China, Japan, India, Venezuela, Russia, and more.

Some of the momentous feats Bitcoin has reached this year include global trade volume topping over $1 billion USD worth of trades daily. Bitcoin’s hashrate has reached a whopping 4.2 exahash per second encouraged by the mining revenue that has also crossed an all-time high. The decentralized currency’s daily transaction rate is higher than ever before with over 326,000 transactions per day. Bitcoin has crushed nearly all of its records over the past four months and doesn’t seem to be slowing up.

Mainstream media has been awfully kind to bitcoin as friendly headlines from publications like the New York Times, Bloomberg, Fortune, Time Magazine, and many others have shown bitcoin in a positive light. The articles are very different from the editorials in the past calling bitcoin doomed, dead, worthless, tulip mania, and yes even beanie babies. Now mainstream media is calling bitcoin worthy of an investor’s portfolio, a “safe haven,” “store of value,” “digital gold,” and many other kind words.

The $2000 price is just shy of two days before the infamous pizza day where a pie from Papa Johns was sold for 10,000 bitcoins ($20M USD). Furthermore many bitcoiners can still remember the days when bitcoin reached parity with the U.S. dollar, silver, and this year surpassing 1oz of solid gold. Bitcoin has been in the movies, in songs, books, television shows, and even on the Simpsons.

Full story at http://bit.ly/2r9HSKj

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3 Reasons Why Bitcoin Broke $2,000

3 Reasons Why Bitcoin Broke $2,000

The digital currency bitcoin is on another remarkable run, soaring nearly 65% in the last month, and smashing the symbolic $2,000 mark for the first time ever this week. Bitcoin has gone on tears in the past, but never quite like this.

So what's behind the latest bull run? It's hard to say for sure, since bitcoin is so unpredictable, but here are three factors that are contributing to bitcoin's boom.

The $2,000 bitcoin milestone comes amid a larger trend of investors clamoring for crypto-currency of all sorts. While digital money was once seen as the province of cranks and computers geeks, it's now so mainstream that investors see it as a new asset class and are creating hundred million dollar hedge funds to acquire it.

Meanwhile, others see digital currencies as an asset like gold, which can hold its value amid times of government instability. Recent political upheaval in Brazil and the United States, which led to drops in the dollar and the real, may have contributed to the recent uptick in bitcoin buying.

Full story at http://for.tn/2r9kv3w

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Bitcoin just surged past $2,000 for the first time

Bitcoin just surged past $2,000 for the first time

The world’s most popular cryptocurrency is now worth over $2,000 per coin.  That’s according to a range of bitcoin exchanges, including Coinbase and Kraken. That valuation puts the total market cap of bitcoin — the total number of coins in circulation — at $32.92 billion.

Bitcoin has been on a tear this year, as this chart from Coindesk shows.

Bitcoin first broke the $1,000 valuation mark way back in 2013, but a combination of factors — including the implosion of then-top exchange Mount Gox — saw the currency drop in value. Support from financial institutions trialed bitcoin and blockchain-based services, and a general stability following new regulation in China, saw bitcoin return to the $1,000 mark again at the end of last year. Since then, its valuation has continued to grow consistently through 2017.

When we wrote about bitcoin (and ethereum) hitting all-time highs back at the end of April, you could buy a bitcoin coin for $1,343. Now, some three weeks later, the valuation is up 50 percent. The price of a coin rose 12 percent over the past week alone.

Full story at http://tcrn.ch/2r8SpFn

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Bitcoin taps fresh record highs amid rising demand from Japan, China

Bitcoin taps fresh record highs amid rising demand from Japan, China

Bitcoin climbed above $2,000 for the first time Saturday on increased demand from Japanese and Chinese investors.

The digital currency rose more than 4.5 percent to hit an all-time high of $2,061.88, according to CoinDesk.com. Bitcoin was last trading near $2,047.

Japan accounted for nearly 55 percent of trade volume, up from near 40 percent Thursday, according to CryptoCompare.com.

Prices for bitcoin on the Hong Kong-based Bitfinex exchange rose, narrowing a recent gap with the global rate in anticipation that bitcoin traded on Bitfinex can soon be easily converted to U.S. dollars.

Full story at http://bit.ly/2r92ZfL

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Czech Republic’s Largest Online Retailer Alza Now Accepts Bitcoin Payments

Czech Republic’s Largest Online Retailer Alza Now Accepts Bitcoin Payments

Retailers all over the world are taking a closer look at Bitcoin payments. Especially companies active in online retail can benefit from accepting Bitcoin. The largest online retailer in the Czech Republic has made the bold decision to accept BTC from now on. Alza is a major household name in the Eastern European country, and they will aim to put Bitcoin on the map.

It is quite interesting to see Alza accept Bitcoin payments all of a sudden. The company has been around for over two decades already. Initially, the company made a name for itself by selling electronics and computer parts. This catalog has now grown to encompass toys, magazines, and even sporting goods. Moreover, Alza is no longer active in just the Czech Republic either. Right now, they ship goods to 26 different countries in Europe.

Having the support of such a large online retailer is good for Bitcoin. Considering how a lot of sales occur over the Internet in the Czech Republic, Bitcoin can make a big impact. It is good to see them integrate this Bitcoin payment option immediately. It makes a lot of sense to deal with cryptocurrency payments as of right now. Due to its global accessibility and cheaper costs, Bitcoin can be quite beneficial.

It is evident Alza is quite keen on Bitcoin as of right now. Not only did they integrate Bitcoin payments, but they also installed two ATMs. Both machines can be found in two of the company’s showrooms. Interestingly enough, one of the two Bitcoin ATMs is located in Slovakia. Quite unusual for a Czech company, although Alza has quite a presence in Slovakia as well. It appears both machines are two-way ATMs, supporting crowns and euro transactions.

Full story at http://bit.ly/2r9cY4E

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As Price Reaches Record Highs, is Bitcoin in a Capacity Crisis?

As Price Reaches Record Highs, is Bitcoin in a Capacity Crisis?

Imagine you are slightly late for work, quickly getting a shower, brushing your teeth and all the rest, walking – in an almost running manner – to the tube station, to then find out there are 200,000 people waiting outside to get the train.

What’s more, the train only handles 4,000 individuals and arrives every ten minutes, during which period new individuals arrive at a rate of 4 per second. Now, it’s ok, you’re busy, you can still be one of those 4,000 individuals and get to work if you pay a high enough fee.

So you check out the notice which says the current estimated fee is $1, but since others are seeing the same notice too and paying $1 too, the fee keeps going up every second, with these higher fees paid by the new individuals that come every second, pushing you down the queue.

Tough luck, you can’t make it to work today because your $1 bid is now as good as worthless to the super congested network. The next day you learn the lesson, so instead of bidding what the notice says, you bid 10% or 20% more, but you weren’t the only one who missed work yesterday, almost everyone else did too and they have this genius but obvious idea too, making you miss work again.

Full story at http://bit.ly/2r8WARC

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BitPay Joins The Growing List of Companies Passing on Bitcoin Transaction Fees To Customers

BitPay Joins The Growing List of Companies Passing on Bitcoin Transaction Fees To Customers

The growth of the Bitcoin ecosystem is also proving to be one of its greatest problems. With a mounting number of unconfirmed transactions, transfer costs are going up. This move forces companies to come up with creative solutions. Unfortunately, that means these companies pass transaction fees on to their customers. Bitpay is the latest company to do so. It is very unfortunate this is happening during such a critical time in Bitcoin’s history.

On the one hand, it makes sense for BitPay to stop paying transaction fees. The company specializes in processing Bitcoin payments. They also charge a 1% fee to do so, which is more than fair. However,t hat 1% fee is not enough to provide such a service and pay the transaction fee. With mounting costs to send Bitcoin on the network, it is only normal customers pay for these fees themselves.

Come June 20, 2017, BitPay will pass these fees onto their customer base. The company will no longer fully subsidize the miner fee cost of sending refunds. That can prove to be somewhat of a problem for anyone accepting Bitcoin payments right now. It is another cost merchants will need to take into account when enabling this alternative payment method. Whether or not this will affect Bitcoin growth, remains anybody’s guess at this point.

Unfortunately, BitPay is not the only company to make this decision. Various exchanges are no longer subsidizing miner’s fees either. That was only to be expected, though. The Bitcoin transaction costs have been going up for many months now. Especially during times of network congestion, such as what is happening right now. Miners reap the benefits from higher fees, as they make more money. However, if people were to stop sending transactions, that wouldn’t bode well for miners either.

Full story at http://bit.ly/2r96d2u

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Dirty Politics Responsible for Confirmation Queues on Bitcoin Blockchain

Dirty Politics Responsible for Confirmation Queues on Bitcoin Blockchain

As the number of unconfirmed Bitcoin transactions keeps increasing, a lot of users are left frustrated either by paying very high fees or experiencing protracted delays in their transactions.

Most users are seeking ways to facilitate their already delayed transaction. Some patronize online services that claim to accelerate transaction confirmation, while others engage platforms that they believe would offer the opportunity to broadcast such transactions to the miner’s community.

In order to find a solution, the root cause of any given problem must be identified.

With a market capitalization of over $32 bln, and a daily trading volume of almost $1 bln it is obvious that there is a significant increase in the adoption of Bitcoin. This is reflected by the cryptocurrency reaching a new all-time high of $1,960 in price.

Full story at http://bit.ly/2r8YIsG

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Bitcoin taps fresh record highs amid rising demand from Japan, China

Bitcoin taps fresh record highs amid rising demand from Japan, China

Bitcoin climbed above $2,000 for the first time Saturday on increased demand from Japanese and Chinese investors.

The digital currency rose more than 4.5 percent to hit an all-time high of $2,061.88, according to CoinDesk.com. Bitcoin was last trading near $2,047.

Japan accounted for nearly 55 percent of trade volume, up from near 40 percent Thursday, according to CryptoCompare.com.

Prices for bitcoin on the Hong Kong-based Bitfinex exchange rose, narrowing a recent gap with the global rate in anticipation that bitcoin traded on Bitfinex can soon be easily converted to U.S. dollars.

Full story at http://cnb.cx/2r8SmcF

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Bitcoin Price Hits $2,150 Following Rapid Progress in SegWit, Scaling Talks

Bitcoin Price Hits $2,150 Following Rapid Progress in SegWit, Scaling Talks

Sources of Cointelegraph, as well as others including Bitcoin investor Alistair Milne, suggested that Bitcoin miners have agreed to activate the Bitcoin Core development team’s transaction malleability fix Segregated Witness (SegWit).

Although the consensus amongst miners to activate SegWit is only a rumor as of current and is not confirmed, the Bitcoin community seems to be anticipating the activation of SegWit and the execution of a two MB hard fork as a compromise.

On February 20, the Bitcoin Core development team, miners and businesses participated in the Hong Kong Bitcoin Roundtable Consensus to come to an agreement in regard to a scaling solution for the Bitcoin network. In consideration of the rising fee market, increase in the number of daily transactions, mempool size and block size, miners, developers and businesses agreed to a two MB hard fork.

At the time, Bitcoin Core developers and miners released a statement which read:

“This hard-fork is expected to include features which are currently being discussed within technical communities, including an increase in the non-witness data to be around two MB, with the total size no more than four MB, and will only be adopted with broad support across the entire Bitcoin community.”

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Former US Pres. Obama at international summit of food innovation in Milan (Duration 1:05:24)

 

 

 

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Here's what's driving Bitcoin to record highs: Trader

Here

The “Fast Money” traders talk about the spike in Bitcoin amid political turmoil.

Full story at http://cnb.cx/2r8NLag

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