Pi is in Enclosed Mainnet. Pi Network isn’t affiliated with and hasn’t authorized any exchange listing.

 Mining crypto is hard.
Investing in crypto is risky.
Too many of us are left out of the cryptocurrency revolution.

Pi Network is aware of reports that several unauthorized third party exchanges, and potential unknown third parties, are seeking to list Pi or tokens purporting to be Pi, or some purported derivative of Pi, without the consent, authority or involvement of Pi Network.

It is important to reiterate that Pi is currently in the Enclosed Network and is not approved by Pi Network for listing on any exchange or for trading, and Pi Network was not involved with any of these purported postings or listings.

Currently, Pi Network recommends to all Pioneers and potential Pi users not to engage with any of these exchanges or third party actors as their actions are not affiliated with Pi Network, and could result in substantial loss or damage to Pi users. Pi Network is also requesting these posts and exchange listings removed, and evaluating additional actions with respect to the third parties and exchanges. In the interim, it is important to reiterate that the transaction of Pi through an exchange is explicitly prohibited during the Enclosed Mainnet period, and doing so would be a violation of Pi’s policies.

The unique innovative design of Pi’s Enclosed Network period is a strategic choice to build a network of true substance and utilities with the best interest of the network, the community and individual Pioneers in mind. The current Enclosed Network period of Mainnet allows Pi Network to focus on two priorities: mass KYC/migration and ecosystem utilities-building. Both are essential steps towards our ultimate objective of building a viable ecosystem to get ready for Open Mainnet.

DOGE, SHIB, ELON, BabyDoge, QUACK

Everybody loves memecoins. If you don’t have at least one animal-themed token in your wallet, can it really be said that you’re invested in crypto? Still, memecoins aren’t exactly considered “stores of value,” with their high volatility and, in many cases, extremely low utility.

Let’s take a look at how the five most popular memecoins performed, in terms of price action, during the 2022 bear market. You might be surprised to see that most of them outperformed Bitcoin and Ethereum!

The value of Bitcoin has dropped 64% since Jan. 1, while Ethereum dropped 68%, according to CoinMarketCap.

1. Dogecoin

    Name: Dogecoin
    Symbol: $DOGE
    Jan. 1 price: $0.1705
    Dec. 28 price: $0.07141
    Change: -58%
    Bottom line: Dogecoin outperformed both Bitcoin and Ethereum.

2. Shiba Inu

    Name: Shiba Inu
    Symbol: $SHIB
    Jan. 1 price: $0.00003342
    Dec. 28 price: $0.000007991
    Change: -76%
    Bottom line: Shiba performed worse than both Bitcoin and Ethereum.

3. Dogelon Mars

    Name: Dogelon Mars
    Symbol: $ELON
    Jan. 1 price: $0.000001566
    Dec. 28 price: $0.0000002869
    Change: -82%
    Bottom line: Dogelon Mars performed worse than both Bitcoin and Ethereum.

4. Baby Doge Coin

    Name: Baby Doge Coin
    Symbol: $BabyDoge
    Jan. 1 price: $0.000000001907
    Dec. 28 price: $0.0000000009559
    Change: -50%
    Bottom line: Baby Doge Coin outperformed both Bitcoin and Ethereum.

5. Rich Quack

    Name: Rich Quack
    Symbol: $QUACK
    Jan. 1 price: $0.000000002579
    Dec. 28 price: $0.000000001124
    Change: -56%
    Bottom line: Rich Quack outperformed both Bitcoin and Ethereum.

As you can see, 2022 was a year of massive losses throughout crypto. The two largest coins and the most popular memecoins suffered alike. While you were better off holding $DOGE, $BabyDoge and $QUACK than either $BTC or $ETH -- the best bet would have been to have your funds in fiat or $USD stablecoins ... er, well except for TerraUSD (which is down 98% on the year!).

 Source:www.bsc.news - by Patrick

Bitcoin Falls Back To USD10,000 As Worldwide Inflation Crisis Began!

 

Key points:

• U.S. stocks plunge, but some bounce off lows; Nasdaq down ~3.8%
• All major S&P 500 sectors red: cons disc down most
• Dollar, crude rise; gold falls; bitcoin swoons ~11%
• U.S. 10-Year Treasury yield jumps to ~3.35%

The bitcoin price has struggled since the first few months of 2022 as central bank monetary tightening squeezes assets across the board. The Fed is widely expected to hike rates by 50 basis points - the biggest rate increase in 22 years—in order to temper soaring inflation.

Now, a veteran trader has warned the bitcoin price could fall as low as $28,000, down $10,000 per bitcoin from its current price. 

Why is crypto crashing today? Cryptocurrency markets have crashed to a new low of this year today. The global market cap has shrunk to $1.02 trillion from $1.10 trillion recorded yesterday. The global cryptocurrency market cap has fallen by around $1 trillion this year while almost every top coin is now worth half or even less than their all-time highs.

The immediate trigger for the crypto crash appears to be a massive sell-off by investors amid heightened inflation fears. Investors are also continuing to stay away from riskier assets, which is reflecting in the stock markets as well.

Bitcoin, the biggest and most popular cryptocurrency, has fallen to $25,586 while almost all altcoins, starting from Ethereum, are bleeding prices since weekend.

"I still believe crypto is the most optimal hedge against these macroeconomic issues which is why institutional interest in the industry has only continued to grow,"

"Both venture capital funding and fund deployments into crypto are soaring at one of the fastest levels since the inception of #bitcoin."

US Regulator Investigate Binance BNB Token Probe By U.S. Money Laundering and Tax

 

June 6, 2022 (Reuters) - The U.S. Securities and Exchange Commission (SEC) is investigating whether crypto exchange Binance Holdings Ltd’s initial coin offering in 2017 broke the agency’s rules, Bloomberg reported, citing people familiar with the matter.

SEC investigators are examining if the offering of BNB token amounted to the sale of a security that should have been registered with the agency, the report here said on Monday.

The investigation adds to the troubles for Binance, one of the world’s largest crypto exchange, which is already plagued by legal issues and controversies.

Spokespersons for SEC and Binance did not immediately respond to Reuters requests for comments. (Reporting by Leroy Leo in Bengaluru)

 

The U.S. Securities and Exchange Commission (SEC) is examining whether Binance’s initial coin offering of its Binance coin (BNB) token in 2017 was an unregistered security offering that should have been registered with the regulatory agency, Bloomberg reported Monday, citing confidential sources.

• Without commenting on the details of the reported probe, a spokesperson for Binance told CoinDesk via email, "As the industry has grown at a rapid pace, we have been working very diligently to educate and assist law enforcement and regulators in the U.S. and internationally, while also adhering to new guidelines. We will continue to meet all requirements set by regulators."
   
  • BNB was trading down 4% after news of the report came out.
  • Binance is currently under investigation in the U.S. by the Justice Department, the Commodity Futures Trading Commission (CFTC) and the Internal Revenue Service. Binance is the world’s biggest crypto exchange and says it’s not domiciled in any one country.
  • The SEC is also investigating market-making companies owned or partially owned by Binance CEO Changpeng Zhao that do business with Binance.US, a U.S.-based affiliate of the global exchange, according to a person familiar with the review, Bloomberg reported.
  • According to the report, one of the SEC’s focuses is on whether Binance.US is wholly independent of the global exchange and whether employees may be involved in insider trading.
  • An SEC spokesperson declined to comment on the existence of any possible probe.

   

 

Bitcoin hit $150,000 by the start of 2022

 “Until this trend changes it will continue to put upward pressure on price as demand for Bitcoin has to accept higher prices amongst the limited supply available.”

Bitcoin (BTC) is “ready to rally” again as BTC price action flips bullish on crucial timeframes, trading platform Decentrader says.

In its latest market update on Oct. 29, the firm predicted incoming fresh upside for Bitcoin, which has languished below old all-time highs this week.
$150,000 end-of-year potential

Despite sideways moves in BTC/USD keeping markets guessing, the odds are still on for gains to enter in the short term, analysts believe.

While the area around this year’s two highs — $63,900 and $67,100 — are the main focus of discussion, real friction might in fact only lie far into price discovery territory nearer $100,000.

“On a technical, market cycle, and on-chain basis, we continue to believe that the next major area of difficulty for $BTC will not hit until we approach $85,000 – $90,000,” the update forecasts.

This is due in part to a moving average crossover event involving the 128-day and 200-day trends, which has historically sparked “sustained” upside.

Closer to the present, Bitcoin’s three-day chart, which Decentrader holds to be an especially accurate price tool, is now bullish, contradicting the current bearish daily and neutral weekly setup.

This is one ingredient feeding into a probable channel for price action which could see Bitcoin hit $150,000 by the start of 2022.

The status quo with the overall Bitcoin supply should help matter — exchange reserves continue to fall, indicating resolve to hold, rather than sell, among traders.

“Evidence continues to suggest that existing market participants remain bullish. One data point to support this is the continual draining of Bitcoin from exchanges as users select to put their Bitcoin into cold storage. The net impact of this is that short-term supply is reduced,” the update concluded about Bitcoin.  

Sources: https://cointelegraph.com/news/btc-price-ready-to-rally-with-bitcoin-bulls-clear-to-charge-at-85k-analysis

JPMorgan Institutional Investors Replacing Gold With Bitcoin

 

The shift into bitcoin that drove late-2020 all-time highs “has started reemerging in recent weeks,” wrote analyst Nikolaos Panigirtzoglou.

“Bitcoin’s allure as an inflation hedge” is drawing institutional investors back to the crypto market, JPMorgan’s Nikolaos Panigirtzoglou wrote in an Oct. 6 research note to clients.

“There are tentative signs that the previous shift away from gold into bitcoin seen during most of Q4 2020 and the beginning of 2021 has started reemerging in recent weeks,” he said.

Bitcoin prices have surged above $50,000 recently, climbing 85% this year. The price of ether, the native currency of the Ethereum blockchain, has rose 393% year to date.

Meanwhile, gold prices are hovering below $1,800 per ounce, falling 6.5% in 2021.

Panigirtzoglou pointed to “the failure of gold to respond in recent weeks to heightened concerns over inflation” as a possible driver of the return to bitcoin.

Gold is often seen by investors as a hedge against inflation due to the perception it protects purchasing power and the ability to provide defense during market turmoils.

Sources: https://www.coindesk.com/business/2021/10/08/jpmorgan-says-institutional-investors-are-replacing-gold-with-bitcoin/

U.S. could soon approve a futures-based bitcoin exchange fund.

 

One or a group of large bitcoin buyers, also called bitcoin whales, appeared to be behind Wednesday’s price pop, based on data that showed large bitcoin purchases on exchanges during early U.S. trading hours.

But why the whale – or whales – placed bitcoin buying orders of nearly $1.6 billion in a few minutes on a centralized exchange remains unclear.

At press time, bitcoin was changing hands at $54,938.47, up 7.89% in the past 24 hours, according to CoinDesk 20.

According to South Korea-based blockchain data firm CryptoQuant, someone or a group of people purchased the massive amount of bitcoin on the spot market on centralized exchanges between 13:11 and 13:16 UTC Wednesday.

The timing of the purchase came not long after U.S. Republicans shared favorable comments on cryptocurrencies and amid increased expectations from markets that the U.S. could soon approve a futures-based bitcoin exchange fund.

The purchase could have started on Coinbase, Ki Young Ju, co-founder and CEO of CryptoQuant told CoinDesk. He pointed out that “Coinbase premium” rose sharply around the same time before it dropped again.

One or a group of large bitcoin buyers, also called bitcoin whales, appeared to be behind Wednesday’s price pop, based on data that showed large bitcoin purchases on exchanges during early U.S. trading hours.

But why the whale – or whales – placed bitcoin buying orders of nearly $1.6 billion in a few minutes on a centralized exchange remains unclear.

At press time, bitcoin was changing hands at $54,938.47, up 7.89% in the past 24 hours, according to CoinDesk 20.

According to South Korea-based blockchain data firm CryptoQuant, someone or a group of people purchased the massive amount of bitcoin on the spot market on centralized exchanges between 13:11 and 13:16 UTC Wednesday.

The timing of the purchase came not long after U.S. Republicans shared favorable comments on cryptocurrencies and amid increased expectations from markets that the U.S. could soon approve a futures-based bitcoin exchange fund.

The purchase could have started on Coinbase, Ki Young Ju, co-founder and CEO of CryptoQuant told CoinDesk. He pointed out that “Coinbase premium” rose sharply around the same time before it dropped again.

The “Coinbase premium” is an indicator showing the gap between Coinbase’s BTC/U.S. dollar (USD) pair and Binance’s BTC/USDT pair involving the tether stablecoin. When the number increases, it usually reflects stronger buying power on Coinbase, the centralized exchange.

Sources: https://finance.yahoo.com/news/bitcoin-price-rally-fueled-whales-201820117.html

SC Takes Enforcement Actions on Binance for Illegally Operating in Malaysia

 30 July 2021

The Securities Commission Malaysia (SC) today announced enforcement actions against Binance for illegally operating a Digital Asset Exchange (DAX). Under Sections 7(1) and 34(1) of the Capital Markets and Services Act 2007, all DAX operators must be registered as Recognized Market Operators (RMO) by the SC.

Accordingly, the SC has issued a public reprimand against Binance for continuing to operate illegally in Malaysia despite being included in the SC’s Investor Alert List in July 2020. In this regard, the public reprimand was issued against Binance Holdings Limited (Registered in the Cayman Islands), its CEO Zhao Changpeng, as well as three other Binance entities, namely Binance Digital Limited (Registered in the UK), Binance UAB (Registered in Lithuania) and Binance Asia Services Pte Ltd (Registered in Singapore).

All four Binance entities have been ordered by the SC to:

1. Disable the Binance website (www.binance.com) and mobile applications in Malaysia within 14 business days from 26 July 2021;
2. Immediately cease all media and marketing activities, including circulating, publishing or sending any advertisements and/or other marketing material, whether via emails or otherwise, to Malaysian investors; and
3. Immediately restrict Malaysian investors from accessing Binance’s Telegram group.

Zhao, as the CEO of Binance Holdings Limited, has also been specifically ordered to ensure that the above directives are carried out.

Investors are advised to stop dealing with and investing through illegal DAX. Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately.

The public is reminded to alert the SC if they come across any suspicious websites or receive any unsolicited phone calls or e-mails offering investment advice and opportunities, especially those that claim to offer high returns with little or no risks.

Exchanger of The Month:

Source: https://www.sc.com.my/resources/media/media-release/sc-takes-enforcement-actions-on-binance-for-illegally-operating-in-malaysia

Bitcoin may tumbled below $30,000 in 2021

Bitcoin tumbled below the US$40,000 mark on Wednesday to a three-and-a-half-month low and dragged down the prices of other digital coins after China imposed fresh curbs on transactions involving cryptocurrencies.

Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk, but the news from China sent it as low as US$38,514, for a nine per cent fall. 

The cryptocurrency has tumbled nearly 40 per cent from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018.

 

Source: https://globalnews.ca and CNA 24/7 Breaking news

What is Shiba Inu, Dogelon Mars and Akita Inu?

What Is SHIBA INU (SHIB)?

Once upon a time, there was a very special dog. That dog was a shiba inu, and this dog inspired millions of people around the world to invest money into tokens with the dog’s image on it.

According to the SHIBA INU website, SHIB is the “DOGECOIN KILLER” and will be listed on their own ShibaSwap, a decentralized exchange.
Who Are the Founders of SHIBA INU?

The SHIBA INU WoofPaper has three reasons why their team created SHIB:

  “We started from zero, with zero.”
  “The brilliant minds behind Shib had never collaborated before.”
  “We love Shiba Inu Dogs.”

What Makes SHIBA INU Unique?

The SHIBA INU website invites dog-inspired artists from all over the world to foster the “artistic Shiba movement” as they bring their SHIBA INU community into the NFT market.

SHIBA INU ($0.000016) has also created a campaign using Amazon Smile in order to collect donations for rescue real, live Shiba Inu dogs with the Shiba Inu Rescue Association. It has a circulating supply of 394,796,000,000,000 SHIB coins and the max. supply is not available. https://shibatoken.com/

What Is DOGELON MARS (ELON)?

As you may know, I have dedicated my life to ensuring that humanity becomes a multi-planetary species. This involves work on four front: interplanetary flight, terraforming the planet, sending settlers, and creating an interplanetary currency. I am excited to announce today the launch of our forefront in our mission to Mars. The first interplanetary currency: Dogelon.

Technically, it is is a fork of Dogecoin, in the same sense that a knife is a fork of a spoon. I have named it after the capital city of Mars: Dogelon (pronounced Dog-a-lon, not Doge Elon because that would be arrogant). The ticker is Dogelon (ELON) ($0.000007), which should help prevent any confusion. I am launching this currency today, in anticipation of bringing the first settlers to Mars, for a very specific reason: To help people take the trip with me. A lot of good people have hopes of one day reaching the Moon.

In my opinion, of course, this is a very low aspiration. We want to reach Mars and beyond. However, many of those good people are rugged, or buy scam tokens that can't be sold. For this reason, the Dogelon community pledges to send tokens over time to victims of rugs and scams, so that the worst day of their trading life can be turned into their best. And after some time, they will be able to join us on our regular flights to Mars. It has a circulating supply of 486,867,033,865,492 ELON coins and a max. supply of 1,000,000,000,000,000 ELON coins. https://dogelon.io/

 

What Is AKITA INU (AKITA)?
AKITA INU ($0.000001) is a meme-based and 100% decentralized community experiment with it claims that 1/2 the tokens have been sent to Vitalik Buterin and the other half were locked to a Uniswap pool and the keys burned. It is same as SHIBA INU but with different tokenmetrics. The circulating supply is not available and a max. supply of 100,000,000,000,000 AKITA coins. https://www.akitatoken.net/

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Long-term dividend allocation plan for CET holders (80% / 20%)

 

Dear CoinEx users: www.digitalcrypto.org
.

At 0:00 Oct 1st, 2018 (UTC), CoinEx will upgrade "Trade-driven Mining" to "Lock & Mine CET" and cancel the feature "Trade-driven Mining".
.
.
[What is "Lock & Mine CET"?]

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During "Lock & Mine CET", CoinEx will release 1 MILLION CET on a daily basis. All users with enough locked CET in their CoinEx accounts will be qualified to share these CET, against the ratio = Your locked CET asset / Total circulating CET asset locked in CoinEx.
1. Privileges: Users with locked CET assets will have early access to the quota of Accelerator. Please refer to the official announcement for more details.
2. Qualification: Users with less than 10,000 CET are NOT qualified for the promotion.
4. Release time: 0:00 Oct 1st, 2018 (UTC).
.
.
[Execution of long-term dividend allocation plan for CET holders]
.
According to "Long-term dividend allocation plan for CET holders", CoinEx will start to execute the arrangements from 0:00 Oct 1st, 2018 (UTC). i.e.:
1. CET holders will continue to receive dividends after "Trade-driven mining" ends.
2. 80% of CoinEx's total revenue will be allocated to CET holders and the remaining 20% is kept for CoinEx development and daily operations.
.
.
[Dividend allocation]
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1. 80% of CoinEx's total revenue will be used to repurchase CET from the secondary market and allocated to the qualified CET holders proportionately.
2. Dividend ratio: Your CET asset / Total circulating CET asset.
3. Dividend time: Once a month. The first long-term dividend will be allocated in early November.
4. If your CET holdings are on #CoinEx, we'll allocate the dividends directly to your accounts or otherwise, to your CET wallet addresses elsewhere; Unissued #CET are NOT qualified for dividend.
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Attention: 
http://www.digitalcrypto.orgwww.digitalcrypto.org

Bitcoin-driven Mining Upgrade: Lock CET for HIGHER mining yield

#BITCOIN #BITCOINCASH #ETHEREUM #CET

BEFORE TOKEN MINING

Since July 1st, 2018 (UTC), our new feature “Trade-driven Mining” has received popularity and good reviews among global users. As more traders join, the current mining difficulty can no longer meet the growing demand of most users. 

AFTER TOKEN MINING

To guarantee the ongoing of Trade-driven Mining, we will make the following adjustments:


From 0:00 July 12th, 2018 (UTC), the definition of Mining Difficulty will be modified from “The upper limit of CET for hourly mining yield per account” to “The upper limit of every share of locked CET (10,000 CET per share) for hourly mining yield per account”. The more CET you lock, the more CET reward you can mine in Trade-driven Mining.


Your difficulty = Your Locked CET / 10,000 * Basic difficulty


* To balance daily CET yield, CoinEx will readjust “Basic difficulty" at 0:00 (UTC) everyday based on earnings and difficulty of the last day.

E.g. The basic difficulty is 100 CET per share per hour and the amount of your locked CET is 1,000,000.

In this case, YOUR difficulty = 1,000,000/10,000*100 CET/hour=10,000 CET/Hour


Mining Rules:-

1. Qualification: For ID verified accounts with AT LEAST 10,000 locked CET ONLY; Transactions that use CET as fees are excluded in trade-driven mining.

2. Lock CET: Users can lock CET at any time. Once locked, your Difficulty will be adjusted and come into effect in the next hour.

3. Unlock CET: Users can unlock CET at any time. Once unlocked, your CET will be released back to your account in 24 hours while your Difficulty will be adjusted and come into effect in the next hour.

4. The lower limit for locking or unlocking CET is 10,000 CET and the amount must be an integral multiple of 10,000 CET.

5. Locked CET is qualified for dividend allocation.


The above rules will come into effect at 0:00 July 12th, 2018 (UTC).

CoinEx reserves the rights of final explanation of readjusting rules of Trade-driven Mining.

What Are Bitcoins?

Digital currencies are on the rise and their popularity is fueled by a number of different factors.

• 1. Bitcoin is decentralized - no central bank.
• 2. Bitcoin is anonymous - all transactions are private.
• 3. Bitcoin is convenient and cheap - instant, low cost transactions with no debit/credit card or bank required.

The advantages of bitcoin are clear, but what exactly is a bitcoin?

 

What is a “Bitcoin”?

Bitcoin is often described as being like something in between gold and a dollar bill - it’s not quite a currency (no one’s printing it) and it has elements of gold (limited supply). It is called a ‘digital currency’ and it can only be created and stored online. There is no single entity that controls bitcoin, all transactions are made ‘peer to peer’ i.e. from one individual to another and all transactions are entirely anonymous.

Bitcoins are produced by several users running computer scripts all over the world; these scripts solve difficult mathematical problems and once solved, an amount of bitcoin is ‘released’. These mathematical problems ensure that transactions are anonymous and it also gives rise to the term ‘cryptocurrency’ which is often used to describe bitcoin.

Bitcoin is used to purchase products and services electronically, and there’s an increasing demand for bitcoin in markets where anonymity and security is crucial.

Bitcoin is Decentralized

The best way to describe a bitcoin transaction is to compare it with a typical ‘cash in hand’ transaction from many years ago. When an individual purchases an item from another individual with cash, there is no government record taken to know that this transaction ever existed. While all bitcoin transactions are monitored on the ‘block chain’, much like cash payments, there is no record of the individuals involved in the transaction.

Bitcoin does not run through a central bank and there is no ‘bank’ that controls money supply by printing or removing bitcoin from the market. Bitcoin is produced through these mathematical problems mentioned above and there is a limited supply that cannot be manipulated by anyone, anywhere in the world.

This lack of government or bank control means that seizures of bitcoin are theoretically impossible. The impact that Black Friday had on the poker community many years ago cannot be repeated if players deal with bitcoin.

 

Who Created Bitcoin?

Bitcoin was developed by a software developer known as ‘Satoshi Nakamoto’. Satoshi grew tired of the conventional means of processing payments and the fees that came with them, so his idea was to create a currency that was unlinked from “legal” currencies and the associated transaction fees. This isn’t to say that bitcoin is free from fees, but the fees on transactions are heavily reduced and are insignificant in comparison to what you might expect from a wire transfer or PayPal.

 

Who Owns Bitcoin?

No one owns bitcoin; the currency is held entirely on the Internet and there is no single person, business or government with control over its supply or the rules on how it can be used. Bitcoin is generated by a ‘pool’ of bitcoin ‘miners’ that run these mathematical problems to solve the blockchain and earn bitcoin. This network of miners is also the very same network responsible for processing the transactions that take place, meaning bitcoin is not only a currency, but a payment network as well.

Are There Unlimited Bitcoins?

Bitcoin is limited because the protocol that established the network is forcibly capped at releasing around 21 million bitcoins. However, this is 21 million ‘whole’ bitcoins. A single bitcoin can be divided into halves, quarters, tenths and still transacted - in fact, the smallest possible amount of bitcoin is called a ‘Satoshi’ and is 0.00000001 of 1 bitcoin. In this regard, there is plenty of bitcoin to go around.

 

Bitcoin Mining

Bitcoins deviate from the norm when compared with traditional currency. Traditional currencies were once based on the value of gold and silver. Consumers could then look to the price of gold and silver to get an understanding of what their currency was worth. But bitcoin shares none of these traits, and is based on mining and mathematical problems alone.

Users across the world are running software programs to solve the mathematical problems that produce bitcoin. The Bitcoin network has an estimated 100,000 active users at any given moment, which continues to grow on a daily basis as more and more ‘miners’ attempt to earn bitcoin.

 

5 Key Points to Remember About Bitcoin

Now that you have a good understanding of bitcoin, be sure to keep in mind these 5 key points when it comes to using the cryptocurrency:

• 1. Decentralized: there is no one central authority for bitcoin. Banks, governments and businesses cannot control transactions and are unable to seize funds from any bitcoin users.
• 2. Easy to use: once you’re familiar with bitcoin you will find it easy to use. Accounts can be set up in minutes while bank accounts can take months with various hoops to jump through. There are no questions and no fees to setting up a bitcoin wallet.
• 3. Anonymity: spend your money on what you want, when you want. Bitcoin is an anonymous way to transfer value through the Internet - go have fun!
• 4. Transparency: the blockchain publicly stores all transaction information for anyone to see, meaning that while transactions are anonymous, they are entirely transparent.
• 5. Free from fees: one of the most important wins for bitcoin is that the fees pale in comparison to a traditional money processor. Sending the equivalent of $0.01 through the Internet is now easy and makes microtransactions more accessible for everyone anywhere in the world.