To achieve Phore’s ambitious vision for 2018 we will be adding experienced developers dedicated to development of the Phore core blockchain technology, products and services, both as part of the Phore core team as well as increased developer participating within the Phore community. We are already in discussion with several talented developers about joining the Phore team and this will continue into Q1 2018.
For those that don’t know, a hard fork is the only currently known method for developers to update Bitcoin software. Developers split the network and essentially create a new Blockchain with altered rules. The original and the forked version of the cryptocurrency have identical Blockchains all the way up to the block when the split occurred. From there on, the two networks exist independently.
Although Bitcoin is homogenous (the same everywhere in the world), its price varies across countries and even exchanges within the same country, giving a rise to arbitrage opportunities. At one point in 2017, the Bitcoin price in South Korea was trading at a 35% premium and in India, a 20% to 25% premium. The demand and supply conditions result in some aberrations in its price.
Users had a chance to pay higher transaction fees to speed up the confirmation, but this approach basically rendered Bitcoin useless as a payment method, especially when it came to smaller transactions. For instance, paying for a sandwich or a cup of coffee with BTC just simply wasn’t viable, as a $3 cup of coffee will incur a transaction fee of more than $15. Otherwise, the seller will receive an unspendable dust amount.
If this process sounds a bit cumbersome, it is. This means bitcoin is much less liquid than traditional equities, creating more volatility and wild swings. For instance, in the past month alone, the value of one bitcoin fell from prices over $2,500 to under $2,000 before regaining all-time highs over $3,400. Those are incredibly volatile swings within one month -- something virtually unheard of with any other type of currency!
Craig Steven Wright has explicitly stated that, in an attempt to ensure only “his” chain survives, he and others will use any hash power under their control to 51%-attack the Bitcoin ABC chain. Such attacks, first speculated about during Bitcoin’s scaling dispute in 2017, could, for example, consist of mining only empty blocks on Bitcoin ABC and “orphaning” (rejecting) any blocks mined by “honest” Bitcoin ABC miners. This would have the effect that no transactions will confirm on the Bitcoin ABC chain at all, and that “honest” miners will be strongly discouraged from mining on it: their hash power would go to waste. If Wright and others successfully take this (rather unprecedented) step, there would not be a meaningful chain-split after all: only the Bitcoin SV chain would survive.
This is the most popular method of investing in Bitcoins. The best time to buy is when the currency value is low or it is expected to increase. Then we resell the coins when we believe that the time has come. Our investment does not have to be short-term, we can resell our Bitcoins after a few or several years. The advantage of this type of investment is that we are the owners of the purchased Bitcoins and we can use them as a payment method. The disadvantage is that in the case of a loss of the value of coins, we have to simply wait for their value to increase again.
Because Bitcoin isn’t controlled by a single company, there is no help if you make an error. For example, if you forget the “password” to your Bitcoin wallet, there is no company to contact to reset your password. You might be asking “But what happens if I accidentally send my Bitcoins to the wrong place?” well, the simple answer is that your Bitcoins will be gone forever.
The specific technical details of the schism aren't very interesting—Bitcoin ABC wanted to tweak the bitcoin protocol, and Wright's faction favors maintaining something closer to the original design. But the schism has devolved into a power struggle over who will control Bitcoin Cash in the future. Wright's critics worry that having him closely associated with Bitcoin Cash could damage the reputation of Bitcoin Cash.
CEX.io is another great option to buy bitcoin with credit card or debit card. They have been in business since 2013 and are based in London, UK. The exchange brings strong security, great liquidity, and cross-platform trading via their website, mobile app, and API solutions. According to the website, they have over 2 million active traders. CEX.io also allows margin trading for those that want to, and near 100% uptime.
A currency needs to be a store of value, an instrument of exchange and a unit of account. Among the three, the unit of account is considered the most important function of a currency. It means the currency has to be well-circulated and accepted by a large swath of people for a wide range of transactions. As pointed out by Mark Carney, governor of Bank of England, bitcoin has failed that definition. Not only does its volatility make it a poor choice for store of value, its constrained capacity to process simultaneous transactions as compared to payment system likes Visa (ticker: V) and MasterCard (MA) – along with the high fees one needs to pay to get the transaction go through and get booked on the ledger book – greatly hamper circulation.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Ayre, Wright, and their sizable number of supporters seem to share a very specific vision for cryptocurrency, and it seems that only complete capitulation of their peers would be enough for them to call it quits this far in. A whole generation of Bitcoin mining hardware is soon to be obsolete with next-generation miners coming online, and this soon-to-be-resold hardware has a convenient retirement plan: mine on one or all of the latter-day Bitcoin blockchains. Effectively, a dedication or rededication of any significant amount of hash power from unexpected sources to either chain would change outcomes significantly, and this possibility relies very much, of course, on the market performance of either.
Second, bitcoins are not traded on Wall Street. They cannot be bought or sold through a brokerage. Instead, one must set up a bitcoin "wallet," which can probably best be thought of as a bank account exclusively for bitcoins. Once this account is set up, its holder can link to a traditional banking account and use those funds in local currency to buy and sell bitcoins.
Cryptocurrency exchanges will buy and sell bitcoin on your behalf. There are hundreds currently operating, with varying degrees of liquidity and security, and new ones continue to emerge while others end up closing down. As with wallets, it is advisable to do some research before choosing – you may be lucky enough to have several reputable exchanges to choose from, or your access may be limited to one or two, depending on your geographical area.
The administrator, which is the entity that decides how your personal data will be used, is Pinewood Holdings Limited with its registered office at: 35 Strait Street, Valletta VLT 1434, Malta, entered into the company register under number C 86244. Additionally, access to your personal data will be given to our co-administrators: taXsaprent Sp. z o.o. with its registered office in Katowice at ul. Kępowa 45, registered in the National Court Register maintained by the Katowice-Wschód VIII Commercial department of the Court in Katowice, under KRS number 0000720989. Bitbay Sp. z o.o. with its registered office in Katowice (40-583), ul. Kępowa 45. More information and contact with the inspector.
This short book is a powerhouse of information and valuable guide for the beginner investor, but also for those who simply desire to learn more about Bitcoin. I happen to be among the latter group of individuals who try to stay informed about financial news, and want to learn more about Bitcoin. Yet, many of the articles I've read about Cryptocurrency, and specifically about Bitcoin, have been a bit daunting and confusing. This is where HOW TO INVEST IN BITCOIN succeeds, while other sources have failed ... which brings me to the reason I recommend, this handy book.