Galilel(GALI)

Christian Langalis, whose 2017 photo-bombing of Janet Yellen became a viral meme, will use the proceeds to fund his Bitcoin/Lightning/Urbit startup.

Argentines will have an easier path to legalise undisclosed crypto holdings. Under the leadership of pro-crypto President Javier Milei, taxpayers can now regularise crypto without providing additional documentation on their origin.

Argentina’s Minister of Foreign Relations and International Commerce posted on social media a decree legalizing specific currencies in contract settling that would apply to Bitcoin.

Bitcoiner Dominic Frisby counts Michael Saylor as a fan… but says we need a new Bitcoin evangalist & narrative to propel the next bull run.

Crypto continues to have pervasive fraud and other illegality, Commissioner Christy Goldsmith Romero said.

Is Russia Paving the Way to DeFi DAOs Friendliness in Evolving Legal Systems?

New Crypto Breakthrough in Amsterdam and Political Support for Bitcoin It is not every day that interesting events or conferences are held in the crypto market, and therefore it is especially important to talk about them. To ensure that all interested parties receive the necessary information in a timely manner. That is why I would like to announce a groundbreakingevent this fall - the Bitcoin Amsterdam conference on October 12-14 in the capital of the Netherlands. Recognizing the importance and significance of the event, the media partner of the event will be the well-knownBitcoin Magazine, whose Ukrainian franchise I am developing. Our readers will receive prompt information about the conference, its participants, and the topics discussed. I have no doubt that it will be interesting and professional, as always with Bitcoin Magazine. We will see a lot of interesting speakers who, I am sure, will be able to attract both professionals and those who are just discovering the crypto market. The event is expected to feature speeches by Blockstream co-founder and CEO Adam Beck, Paxful CEO Ray Youssef, Bitrefill CEO Sergey Kotlyar, White Rock Management CEO Andy Long, and even Prince Filip Karageorgovich of Serbia. Of course, this is not a complete list, and there will be many authoritative and interesting personalities. I think that especially those present will be interested in the founder of the Bitcoin fraction and member of the Libertarian Party of the Netherlands Tom van Lamoyen, who has already confirmed his participation on his page in X (former Twitter). In the parliament of his country, he deals with issues of economy, finance, taxation and supports the development of the crypto market, and he is considered a serious crypto activist. “Bitcoin is digital libertarianism,” Lamoyen stresses. The Libertaire Partij (LP) is not a newcomer to politics (it has been in existence for 30 years) and advocates clear values that it articulates: to create "a free world, a world in which no one is forced to sacrifice his life or property for the benefit of others". In 2014, the LP became the first political party in the Netherlands to adopt and support Bitcoin. I am sure that Tom van Lamoyen will share with the participants of Bitcoin Amsterdam interesting experience and ideas for the future. There is a growing interest in cryptocurrencies in Europe, especially in the Netherlands. In 2023, CoinGecko analysts conducted an interesting survey and published a rating of the European states that are most interested in digital assets. The Netherlands, which accounted for 7.3% of such interest, ranked second after the United Kingdom. Analysts reported that most often the Dutch choose such coins - Fuse, Bone ShibaSwap and Cellframe. In this country, full legalization of crypto has not yet passed, but the Central Bank of the Netherlands (DNB) has already issued work permits to 36 crypto companies. Last month, for example, it was received by Crypto.com, and before that – Coinbase Europe, eToro, Bitstamp. In the Netherlands, crypto activists are very strong, and we see the results of their work. There are very interesting projects. For example, last year it became known about a giant greenhouse near Rotterdam, which is heated by the heat emitted in the process of mining Bitcoin - it does not go to waste, as in other farms. Mining servers are powered by solar panels on the roof. The result is a carbon-neutral operation that performs an important environmental function and allows you to reduce costs. The initiative is called Bitcoin Bloem, and I’m sure it will inspire many to other interesting projects. I think Tom van Lamoyen will be able to share his experiences and talk about other initiatives in his country and abroad. It is not only pleasant, but also very useful when politicians are interested in the crypto market and try to help its development. There are more and more examples of this around the world. In particular, Daniel Rish, Prime Minister and Finance Minister of Liechtenstein, has repeatedly stated the need for full legalization of Bitcoin in his country, and promised that cryptocurrency will be used to pay for public services. He also allowed investing in Bitcoin part of the foreign currency reserve of the state, which now amounts to 2.2 billion Swiss francs (2.5-year state budget of Liechtenstein). In Poland, for example, Yaroslav Gowin from the center-right Accord party, formerly known as Poland Together, is a fan of cryptocurrencies. It was part of the ruling coalition United Right from 2015 to 2021. For most of this period, Gowin was Deputy Prime Minister as well as a member of parliament, and emphasized the potential of cryptocurrency and other financial innovations. We should not forget about the American Cynthia Loummis– a US Senator from Wyoming, with whom I had the honour to discuss the prospects for the industry development and who has long supported the idea of cryptocurrencies. She bought her first Bitcoin back in 2013. Many times, shesupported laws expanding the use of cryptocurrency in the United States and two years ago, shelaunched the Senate Financial Innovation Group. Now, she is member of the Senate Banking Committee. A few days ago, from the report of the Office of Government Ethics it became known that her epic Republican colleague and ex-president of the United States Donald Trump keeps up to $500 thousand in Ethereum wallet. Earlier, the media reported that Democratic presidential candidate Robert F. Kennedy Jr. (nephew of the 35th American president) bought 14 bitcoins for his children — 2 each. He is a very progressive politician, whom many openly call a crypto activist after his impressive speech at the crypto conference in Miami in May 2023 at The Miami Beach Convention Center. Kennedy publicly called Bitcoin a hard currency and put it on a par with silver, gold, and platinum, noting that it is able to support the US dollar, and open a new stage of financial stability of the world and prosperity of the country. The support of politicians is very important, as it contributes to the development of the crypto market and its widespread legalization. I think Robert F. Kennedy will be right, and eventually this support will help save the classical financial market as well. Serhiy Tron is an investor and the founder of White Rock Management. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

CAIZcoin, the groundbreaking blockchain-based cryptocurrency, is spearheading the transformation of economies through the power of decentralization. By harnessing the advantages of both planned and market economies, CAIZcoin is revolutionizing the economic landscape and paving the way for a novel hybrid model that enhances efficiency and transparency. Decentralization is at the core of blockchain technology, and its impact on the economy is profound. In a market economy, the invisible hand guides economic activities, allowing for self-regulation and optimizing social interest through the pursuit of individual self-interest. Similarly, blockchain-based economies operate without direct central intervention, replacing centralized governance and regulations with encoded programs within the blockchain system. By leveraging blockchain,CAIZcoincreates an environment where economic activities can flourish in a decentralized manner. The open competition driven by demand and supply dynamics is further enhanced by the transparency and efficiency of blockchain technology. Market participants can engage in transactions and exchanges with minimal intervention from the government or regulatory bodies, fostering a free and competitive economic landscape. One of the key advantages of blockchain decentralization in the economy is the consolidation of knowledge. Blockchain technology enables the comprehensive and egalitarian sharing of information, making it globally accessible. This accessibility enhances the efficiency and effectiveness of economic decision-making, as participants have access to real-time and accurate data. The democratization of information empowers businesses, entrepreneurs, and investors to make informed choices and adapt to market dynamics swiftly. Blockchain decentralization allows for seamless updates and improvements to the economic system. The decentralized nature of blockchain ensures that decisions and modifications are made through a consensus mechanism, involving multiple participants across the network. This inclusive approach fosters transparency and reduces the risk of manipulation or bias, creating a more equitable and trustworthy economic environment. CAIZcoin’s commitment to decentralization in the economy aligns with its mission to empower individuals and businesses. By leveraging blockchain technology, CAIZcoin enables secure and efficient transactions, eliminating the need for intermediaries and reducing transaction costs. This fosters financial inclusion and empowers individuals who have been underserved by traditional financial systems. The transformative power of CAIZcoin extends beyond traditional financial transactions. Blockchain decentralization opens up avenues for innovative business models, such as decentralized finance (DeFi), where individuals can participate in lending, borrowing, and investment activities without relying on traditional intermediaries. This democratization of finance allows for greater financial autonomy and fosters economic growth and innovation. CAIZcoin’s commitment to ethical and responsible practices further enhances the impact of decentralization in the economy. Blockchain technology provides a transparent and immutable record of transactions, making it easier to trace and verify the origins of products and ensure ethical sourcing. This promotes sustainability, responsible production, and ethical consumption, aligning with the growing demand for socially and environmentally conscious practices. By embracing blockchain technology, CAIZCOIN enables individuals and businesses to unlock their full potential, creating a more efficient, transparent, and inclusive economic ecosystem. About CAIZcoin Caizcoinis the World’s First Islam Compliant Blockchain Ecosystem, based in the EU. Envisioned to be the bridge between the centralized and decentralized financial world.

CAIZcoin, the groundbreaking blockchain-based cryptocurrency, is spearheading the transformation of economies through the power of decentralization. By harnessing the advantages of both planned and market economies, CAIZcoin is revolutionizing the economic landscape and paving the way for a novel hybrid model that enhances efficiency and transparency. Decentralization is at the core of blockchain technology, and its impact on the economy is profound. In a market economy, the invisible hand guides economic activities, allowing for self-regulation and optimizing social interest through the pursuit of individual self-interest. Similarly, blockchain-based economies operate without direct central intervention, replacing centralized governance and regulations with encoded programs within the blockchain system. By leveraging blockchain,CAIZcoincreates an environment where economic activities can flourish in a decentralized manner. The open competition driven by demand and supply dynamics is further enhanced by the transparency and efficiency of blockchain technology. Market participants can engage in transactions and exchanges with minimal intervention from the government or regulatory bodies, fostering a free and competitive economic landscape. One of the key advantages of blockchain decentralization in the economy is the consolidation of knowledge. Blockchain technology enables the comprehensive and egalitarian sharing of information, making it globally accessible. This accessibility enhances the efficiency and effectiveness of economic decision-making, as participants have access to real-time and accurate data. The democratization of information empowers businesses, entrepreneurs, and investors to make informed choices and adapt to market dynamics swiftly. Blockchain decentralization allows for seamless updates and improvements to the economic system. The decentralized nature of blockchain ensures that decisions and modifications are made through a consensus mechanism, involving multiple participants across the network. This inclusive approach fosters transparency and reduces the risk of manipulation or bias, creating a more equitable and trustworthy economic environment. CAIZcoin’s commitment to decentralization in the economy aligns with its mission to empower individuals and businesses. By leveraging blockchain technology, CAIZcoin enables secure and efficient transactions, eliminating the need for intermediaries and reducing transaction costs. This fosters financial inclusion and empowers individuals who have been underserved by traditional financial systems. The transformative power of CAIZcoin extends beyond traditional financial transactions. Blockchain decentralization opens up avenues for innovative business models, such as decentralized finance (DeFi), where individuals can participate in lending, borrowing, and investment activities without relying on traditional intermediaries. This democratization of finance allows for greater financial autonomy and fosters economic growth and innovation. CAIZcoin’s commitment to ethical and responsible practices further enhances the impact of decentralization in the economy. Blockchain technology provides a transparent and immutable record of transactions, making it easier to trace and verify the origins of products and ensure ethical sourcing. This promotes sustainability, responsible production, and ethical consumption, aligning with the growing demand for socially and environmentally conscious practices. By embracing blockchain technology, CAIZCOIN enables individuals and businesses to unlock their full potential, creating a more efficient, transparent, and inclusive economic ecosystem. About CAIZcoin Caizcoinis the World’s First Islam Compliant Blockchain Ecosystem, based in the EU. Envisioned to be the bridge between the centralized and decentralized financial world.

The French data protection agency CNIL said that it finds the legality of Worldcoin’s collection methods “questionable” as are its conditions for storing the data.

The rising interest from countries in Bitcoin adoption and the role of Bitcoin mining in this trend can be seen through the example of Russia’s Ministry of Energy pushing for the legalization of industrial crypto mining. This development highlights the growing recognition of the economic potential and significance of cryptocurrencies, particularly Bitcoin. Bitcoin Mining Role […]

This comes after the Securities and Exchange Commission, Nigeria (SEC), released a circular stating the illegality of Binance Nigeria Limited in the country.

Two years have passed since El Salvador became the first nation in the world to recognize Bitcoin as legal tender. It’s unclear how the decision will ultimately affect the nation, which was received with both excitement and cynicism. The adoption of Bitcoin has been a rocky road thus far. Bitcoin’s price has changed significantly, and […]

News of HK legalizing crypto exchanges censored by state media after just two days, meanwhile, Multichain token plunges after police arrest rumors.

The Financial Action Task Force has said it does "not require countries to indiscriminately ban virtual assets and virtual asset service providers," after Pakistan's Minister of State for Finance and Revenue said crypto cannot be legalized due to conditions set by the watchdog.

Aisha Ghaus Pasha, the minister of state for finance and revenue, declared that Pakistan would outlaw cryptocurrency services operating in the country and reaffirmed that the government has no plans to legalize cryptocurrency trading during a meeting of the Senate Standing Committee on Finance and Revenue on May 16.

Pakistan's government has hardened its stance against cryptocurrencies, with Minister of State for Finance and Revenue Aisha Ghaus Pasha saying they will “never be legalized in Pakistan.”

Industry representatives have cast doubt on the legality and impact of the U.S. securities regulator's proposal to expand custody rules.

So far in this series, we've already talked about what Bitcoin is, about how you can buy it, and how you can spend it, but how is it actually made? Bitcoin vs. Gold The short answer is that new Bitcoins are mined. However, since that is just giving a label, rather than a definition, you’re probably going to want to know a bit more than that. It’s perhaps easiest to compare Bitcoin to its nearest physical equivalent: gold. Just as existent banking systems are (or at least were) based on the quantity and value of gold in a given country’s banks, the security and validity of Bitcoin based on the quantity of Bitcoins currently available in the network. Likewise, the production of new amounts of both gold and Bitcoin meet the same paradox. As mining equipment becomes more and more powerful, so the amount of material to be mined becomes less and less, meaning that more effort is being pumped in to get the same net returns. However, this leads to a predictable and sustainable growth of the amount of either resource in the real world. Of course, in the case of gold, this is just how it worked out. Gold is an element, and therefore cannot be produced or created out of something else, no matter what any budding alchemist might tell you. Recent estimates hold the total amount of mined gold in the world to be somewhere in the region of 187,000 tonnes, with a further 3,000 to 4,000 tonnes being produced as a result of mining every year. As it becomes ever more scarce, new mining techniques and equipment must be discovered and invented in order to maintain that level of production. Bitcoin follows the same pattern, and deliberately so. Being a cryptocurrency, creating new Bitcoins could have been as easy as pressing the hash key on your laptop, but that would have been pointless: a free, abundant, and infinite supply of any commodity leads to devaluation and hyperinflation, and your billions and billions of Bitcoins would be worth less than the laptop that allowed you to make them. As with gold, scarcity and reliability are the cornerstones of Bitcoin. In a white paper that he published in 2008, Bitcoin’s creator Satoshi Nakamoto stated that the availability of Bitcoins would be capped at 21 million. By best estimates, almost 17 million of those Bitcoins have been created (or mined) as of 2017. But what of the mining itself? We can picture the notion of mining for gold – massive drills and diggers clawing out a mountainside to release the gold ore within, and so on – but what are we actually mining for when it comes to a pseudo-currency? To understand that, we need to talk about transactions, blocks, and blockchains. Transactions A transaction is any activity involving Bitcoins. If you buy a Bitcoin from a vendor, then that is a transaction. If you sell a Bitcoin to a buyer, then that is a transaction. If you purchase goods or services with a Bitcoin, then that is also a transaction. Think of each of them as being a line in a physical ledger, denoting money in and money out. Blocks If a transaction is a line in a ledger book, then a block is a page in the same book, essentially a collection of transactions. In real terms, a block is 1 megabyte (Mb) worth of transactions on the Bitcoin network. As each block (or page) is completed, the next transaction to be undertaken will fall into the next available block. A block is a permanent record of transactions on the Bitcoin network, and one that cannot be erased, removed or amended. Blockchain Again, if a transaction is a line in the ledger and if a block is a page in a ledger, then the blockchain is the ledger itself. Every ‘page’ filled in is a new block, or a new link on the chain. This blockchain stretches all the way back to the beginning of the Bitcoin revolution and the Genesis block that Satoshi Nakamoto released in 2008. If you purchase a Bitcoin from a vendor, then it is entirely possible, given enough time and patience, to trace the life of that Bitcoin all the way back along the blockchain, working your way through blocks (or pages, to return to our ledger analogy), all the way to the point where your Bitcoin was first created, or mined. Which leads us back to our original question: how is a Bitcoin made, and what is Bitcoin mining? Mining First of all, it’s important to realise that mining is just a piece of Bitcoin terminology. What Bitcoin miners are actually doing is auditing and verifying transactions on the network, specifically preventing a thing called double-spending, whereby someone could create an electronic copy of a Bitcoin, and spend it twice. Because every single Bitcoin transaction is held somewhere along the blockchain, the blockchain itself becomes the verification of legitimacy. If a transaction has made it into a block, and that block has made it on to the chain, then the sale or purchase in question was, by definition, a legitimate one. So, in order to maintain that legitimacy, every single transaction must be checked, in detail and in depth, to confirm the provenance of the bitcoins being used in the transaction, which is where the miners come in. The miners perform two tasks – the first is for the good of the network, and it is the verification of Bitcoin transactions. Once they have verified enough transactions to fill up a block (that is, 1Mb of transactions, you’ll remember, which could potentially equate to hundreds or even thousands of lines in our virtual ledger), they will be eligible to win a crop of newly-generated bitcoins. This, then, is the second task. The Bitcoins are generated by the networks own protocols, and are essentially up for grabs. At the moment, each new block allows the miner the opportunity to go for those bitcoins (currently 12.5 bitcoins are being generated, or mined, for each new block), and this is where the competition steps up. You see, verifying a block’s worth of transactions is pretty easy stuff. The next stage, to win the bitcoins themselves, only happens if you’re the first miner who happens to arrive at the correct answer to a specific numerical problem. In the Bitcoin network, this principle is referred to as proof of work. Proof of work You’ll be glad to know that there is no need to have experience with advanced computation skills or mathematics in order to provide your proof of work, as it is all done by your mining software. What that software is attempting to do is to generate what is known as a hash. A hash is a hexadecimal number that is 64-digits long, with each digit being one of sixteen designations (hence the word hexadecimal, from the Greek hexa meaning six, and “deca”, meaning ten: six plus ten). For Bitcoin purposes, the sixteen possible designations are 0, 1, 2, 3, 4, 5, 6, 7, 8, 0, a, b , c, d, e, and f. Now, the Bitcoin network produces a target hash, completely at random, with no formula for calculation, and no way of predicting it based on previous hashes – rather like a National Lottery Draw, for instance. Every hash is unique, and prior hashes have no bearing on the future. When a miner manages to complete a box of transaction audits, then they are allowed to have a guess at the value of the target hash, by producing their own hash. If the miner’s hash is equal to or lower than the target hash, and that miner is the first one to do so, then 12.5 Bitcoins will be generated (or minted if you want to think in terms of regular currency) and added to the existing pool of Bitcoins available for all. More specifically, those 12.5 Bitcoins are awarded to the miner who guessed the hash correctly. Now, if that all sounds a bit too easy, it almost certainly is. The odds of a lone miner making any serious cash out of mining for Bitcoins are stratospheric. Indeed, the odds of anyone hash producing a result that is under the target hash is less than 1 in a trillion. What allows Bitcoins to continue to be generated, and at such a rate (the average clearance time for a block is 10 minutes, with 12.5 Bitcoins being generated each time to account for same) is that there are loads of Bitcoin miners out there, using very sophisticated equipment and, perhaps more importantly, thousands of linked computers to do the computational work for them. There is dedicated mining hardware and software out there, capable of producing billions of hashes per second, spread over thousands of computers and, even then, there is no guarantee of success. Your newly-generated hash, even if it does meet the criteria, simply might not get there in time. Some other miner, or mining syndicate might have snagged that same hash mere seconds before you but, in the world of Bitcoin mining, the winners get the spoils. Lottery As mentioned above, the odds of a single user just happening to come across the right hexadecimal code in time to cash in are pretty unlikely and yet, with all those Bitcoins being spawned at the rate of 75 bitcoins per hour, and up for grabs, someone has to win it, and it could be a solo user. Think of bitcoin mining as a lottery because, quite literally, that’s what it is. While Bitcoin as a currency is one of the strongest and the most stable, getting your hands on those newly-minted bitcoins is going to take more than a little luck. First, there is your work for the network – that is, your verification of previous transactions, or lines in the ledger, to return to a previous analogy. 1Mb of transactions means that you’ve filled a block and that is essentially your lottery ticket, your eligibility to partake in a spot of hashing. Each hash attempt is a line of numbers on your ticket, and each line has a chance of winning the jackpot, so long as the numbers fit into a certain hexadecimal pattern. The good news is that you can submit your hashes as many times as you like, thousands and millions, and billions of times per second, which sounds great, except you probably still won’t hit the magic number, as every single newly generated hash retains the same odds of over a trillion to one. Again, just like the lottery, many people think of joining a syndicate. The rationale here is the same. One person, even one person with a decent mining set-up stands an infinitesimal chance of matching a hash. Two people combining hashes stand a slightly better chance, a couple of dozen even better, and a few thousand? Well, you get the idea. More people combining their blocks results in more hash attempts made over a given period of time, and a greater chance of getting the desired result. Of course, whenever you do win, you’ll make less, having to share your Bitcoins, or the value thereof with all of your fellow syndicate makers. You may also owe an additional fee to the syndicate organiser, who will normally take a percentage or two of any earnings, on the grounds that he is ensuring the legality of the exchange, and corralling all of the mining efforts of any given syndicate. However, it is a path worth pursuing. With Bitcoin currently valued at around $5,000 per bitcoin, and 12.5 of them available (or $62,500) every 10 minutes a sufficiently large and well-equipped mining syndicate can see decent profits as more people jump on board, prompting more transactions, blocks filled up quicker, and a swifter generation of more Bitcoins into the cybereconomy.

So far in this series, we've already talked about what Bitcoin is, about how you can buy it, and how you can spend it, but how is it actually made? Bitcoin vs. Gold The short answer is that new Bitcoins are mined. However, since that is just giving a label, rather than a definition, you’re probably going to want to know a bit more than that. It’s perhaps easiest to compare Bitcoin to its nearest physical equivalent: gold. Just as existent banking systems are (or at least were) based on the quantity and value of gold in a given country’s banks, the security and validity of Bitcoin based on the quantity of Bitcoins currently available in the network. Likewise, the production of new amounts of both gold and Bitcoin meet the same paradox. As mining equipment becomes more and more powerful, so the amount of material to be mined becomes less and less, meaning that more effort is being pumped in to get the same net returns. However, this leads to a predictable and sustainable growth of the amount of either resource in the real world. Of course, in the case of gold, this is just how it worked out. Gold is an element, and therefore cannot be produced or created out of something else, no matter what any budding alchemist might tell you. Recent estimates hold the total amount of mined gold in the world to be somewhere in the region of 187,000 tonnes, with a further 3,000 to 4,000 tonnes being produced as a result of mining every year. As it becomes ever more scarce, new mining techniques and equipment must be discovered and invented in order to maintain that level of production. Bitcoin follows the same pattern, and deliberately so. Being a cryptocurrency, creating new Bitcoins could have been as easy as pressing the hash key on your laptop, but that would have been pointless: a free, abundant, and infinite supply of any commodity leads to devaluation and hyperinflation, and your billions and billions of Bitcoins would be worth less than the laptop that allowed you to make them. As with gold, scarcity and reliability are the cornerstones of Bitcoin. In a white paper that he published in 2008, Bitcoin’s creator Satoshi Nakamoto stated that the availability of Bitcoins would be capped at 21 million. By best estimates, almost 17 million of those Bitcoins have been created (or mined) as of 2017. But what of the mining itself? We can picture the notion of mining for gold – massive drills and diggers clawing out a mountainside to release the gold ore within, and so on – but what are we actually mining for when it comes to a pseudo-currency? To understand that, we need to talk about transactions, blocks, and blockchains. Transactions A transaction is any activity involving Bitcoins. If you buy a Bitcoin from a vendor, then that is a transaction. If you sell a Bitcoin to a buyer, then that is a transaction. If you purchase goods or services with a Bitcoin, then that is also a transaction. Think of each of them as being a line in a physical ledger, denoting money in and money out. Blocks If a transaction is a line in a ledger book, then a block is a page in the same book, essentially a collection of transactions. In real terms, a block is 1 megabyte (Mb) worth of transactions on the Bitcoin network. As each block (or page) is completed, the next transaction to be undertaken will fall into the next available block. A block is a permanent record of transactions on the Bitcoin network, and one that cannot be erased, removed or amended. Blockchain Again, if a transaction is a line in the ledger and if a block is a page in a ledger, then the blockchain is the ledger itself. Every ‘page’ filled in is a new block, or a new link on the chain. This blockchain stretches all the way back to the beginning of the Bitcoin revolution and the Genesis block that Satoshi Nakamoto released in 2008. If you purchase a Bitcoin from a vendor, then it is entirely possible, given enough time and patience, to trace the life of that Bitcoin all the way back along the blockchain, working your way through blocks (or pages, to return to our ledger analogy), all the way to the point where your Bitcoin was first created, or mined. Which leads us back to our original question: how is a Bitcoin made, and what is Bitcoin mining? Mining First of all, it’s important to realise that mining is just a piece of Bitcoin terminology. What Bitcoin miners are actually doing is auditing and verifying transactions on the network, specifically preventing a thing called double-spending, whereby someone could create an electronic copy of a Bitcoin, and spend it twice. Because every single Bitcoin transaction is held somewhere along the blockchain, the blockchain itself becomes the verification of legitimacy. If a transaction has made it into a block, and that block has made it on to the chain, then the sale or purchase in question was, by definition, a legitimate one. So, in order to maintain that legitimacy, every single transaction must be checked, in detail and in depth, to confirm the provenance of the bitcoins being used in the transaction, which is where the miners come in. The miners perform two tasks – the first is for the good of the network, and it is the verification of Bitcoin transactions. Once they have verified enough transactions to fill up a block (that is, 1Mb of transactions, you’ll remember, which could potentially equate to hundreds or even thousands of lines in our virtual ledger), they will be eligible to win a crop of newly-generated bitcoins. This, then, is the second task. The Bitcoins are generated by the networks own protocols, and are essentially up for grabs. At the moment, each new block allows the miner the opportunity to go for those bitcoins (currently 12.5 bitcoins are being generated, or mined, for each new block), and this is where the competition steps up. You see, verifying a block’s worth of transactions is pretty easy stuff. The next stage, to win the bitcoins themselves, only happens if you’re the first miner who happens to arrive at the correct answer to a specific numerical problem. In the Bitcoin network, this principle is referred to as proof of work. Proof of work You’ll be glad to know that there is no need to have experience with advanced computation skills or mathematics in order to provide your proof of work, as it is all done by your mining software. What that software is attempting to do is to generate what is known as a hash. A hash is a hexadecimal number that is 64-digits long, with each digit being one of sixteen designations (hence the word hexadecimal, from the Greek hexa meaning six, and “deca”, meaning ten: six plus ten). For Bitcoin purposes, the sixteen possible designations are 0, 1, 2, 3, 4, 5, 6, 7, 8, 0, a, b , c, d, e, and f. Now, the Bitcoin network produces a target hash, completely at random, with no formula for calculation, and no way of predicting it based on previous hashes – rather like a National Lottery Draw, for instance. Every hash is unique, and prior hashes have no bearing on the future. When a miner manages to complete a box of transaction audits, then they are allowed to have a guess at the value of the target hash, by producing their own hash. If the miner’s hash is equal to or lower than the target hash, and that miner is the first one to do so, then 12.5 Bitcoins will be generated (or minted if you want to think in terms of regular currency) and added to the existing pool of Bitcoins available for all. More specifically, those 12.5 Bitcoins are awarded to the miner who guessed the hash correctly. Now, if that all sounds a bit too easy, it almost certainly is. The odds of a lone miner making any serious cash out of mining for Bitcoins are stratospheric. Indeed, the odds of anyone hash producing a result that is under the target hash is less than 1 in a trillion. What allows Bitcoins to continue to be generated, and at such a rate (the average clearance time for a block is 10 minutes, with 12.5 Bitcoins being generated each time to account for same) is that there are loads of Bitcoin miners out there, using very sophisticated equipment and, perhaps more importantly, thousands of linked computers to do the computational work for them. There is dedicated mining hardware and software out there, capable of producing billions of hashes per second, spread over thousands of computers and, even then, there is no guarantee of success. Your newly-generated hash, even if it does meet the criteria, simply might not get there in time. Some other miner, or mining syndicate might have snagged that same hash mere seconds before you but, in the world of Bitcoin mining, the winners get the spoils. Lottery As mentioned above, the odds of a single user just happening to come across the right hexadecimal code in time to cash in are pretty unlikely and yet, with all those Bitcoins being spawned at the rate of 75 bitcoins per hour, and up for grabs, someone has to win it, and it could be a solo user. Think of bitcoin mining as a lottery because, quite literally, that’s what it is. While Bitcoin as a currency is one of the strongest and the most stable, getting your hands on those newly-minted bitcoins is going to take more than a little luck. First, there is your work for the network – that is, your verification of previous transactions, or lines in the ledger, to return to a previous analogy. 1Mb of transactions means that you’ve filled a block and that is essentially your lottery ticket, your eligibility to partake in a spot of hashing. Each hash attempt is a line of numbers on your ticket, and each line has a chance of winning the jackpot, so long as the numbers fit into a certain hexadecimal pattern. The good news is that you can submit your hashes as many times as you like, thousands and millions, and billions of times per second, which sounds great, except you probably still won’t hit the magic number, as every single newly generated hash retains the same odds of over a trillion to one. Again, just like the lottery, many people think of joining a syndicate. The rationale here is the same. One person, even one person with a decent mining set-up stands an infinitesimal chance of matching a hash. Two people combining hashes stand a slightly better chance, a couple of dozen even better, and a few thousand? Well, you get the idea. More people combining their blocks results in more hash attempts made over a given period of time, and a greater chance of getting the desired result. Of course, whenever you do win, you’ll make less, having to share your Bitcoins, or the value thereof with all of your fellow syndicate makers. You may also owe an additional fee to the syndicate organiser, who will normally take a percentage or two of any earnings, on the grounds that he is ensuring the legality of the exchange, and corralling all of the mining efforts of any given syndicate. However, it is a path worth pursuing. With Bitcoin currently valued at around $5,000 per bitcoin, and 12.5 of them available (or $62,500) every 10 minutes a sufficiently large and well-equipped mining syndicate can see decent profits as more people jump on board, prompting more transactions, blocks filled up quicker, and a swifter generation of more Bitcoins into the cybereconomy.

If you have invested in Bitcoins, you are likely to be keeping a close eye on the price. But, just what have the experts predicted for Bitcoin for the coming year, and overall long term? For the most part, experts are predicting big things for Bitcoin. Many believe that we are not even close to hitting the tip of the iceberg, and that great things are set to happen. So, are there any predicted troughs along the way? Read on to find out what the experts think. The Good: The majority of experts have predicted great things for Bitcoin. Anyone in the industry will agree that masterluc is something of a legend in the Bitcoin community, so when he has predicted that Bitcoin will reach $15,000 by the end of this year, people are listening. He has gained this reputation as being a Bitcoin oracle, after he called the top of the Bitcoin bubble in November 2013. He has since predicted that not only will Bitcoin reach $15,000 before the year is out, but it will also reach between $40,000-$110,000 by the end of the bull run – something that he feels will be by the end of 2019. Ronnie Moas, the founder of Standpoint Research has mirrored masterluc’s prediction of success. Although, he looks further into the future, noting that despite Bitcoin being more than three times more valuable than gold, we are only at the very tip of the iceberg, and predicts the prices to soar to $15,000-$20,000 in the next three years. Kay Van-Petersen, a Saxo Bank analyst predicts that the market capitalisation of Bitcoin could grow to $1.75 trillion, making each Bitcoin worth $100,000. Although this is longer term than other experts, as he is looking across a ten-year period, he has made successful predictions before. He is assuming that all cryptocurrencies will account for 10% of the ADV of fiat currency trade in 10 years, and this currently stands at over $5trillion. Ten percent of this is $500 billion, and he has predicted that Bitcoin will account for 35% of this share, which would bring Bitcoin total up to $175billion. So, when you consider that there will be approximately 17 million Bitcoin’s in circulation in ten years’ time, each Bitcoin will be worth over $100,000. He is very quick to add that he feels that Bitcoin is here to stay, stating, “This is not a fad, cryptocurrencies are here to stay”. Other experts, such as Alena Vranova and Vinny Linghm echo this, agreeing that the price of Bitcoin is set to rise. Vranova believe that the price could rise quicker than expected if more countries begin to legalise it. Linghm agrees with this statement, and suggests that there are three main reasons that the price will rise. These are; the rising venture capital investments in blockchain technology, a huge number of Bitcoin acceptance and finally, the limited supply of Bitcoin. He has also made a statement saying that he has a “strong belief” in Bitcoin, and does not consider Ethereum to be the biggest competitor. The Bad: Unfortunately, not all experts are predicting big things for Bitcoin, and some have predicted pit falls that the cryptocurrency could fall into. Obviously, Bitcoin suffered a small set back when China banned cryptocurrency, and although it quickly recovered, other milestones like this could have a negative impact on the currency as a whole. Thomas Glucksmann, who is head of APAC business development ultimately believes that in a year, the price of Bitcoin is likely to have increased; however, he has warned investors that they should get themselves ready for volatility in November. He believes the cause of this will be because some investors in the Bitcoin community might move to reject SegWit2X, which could create another split in Bitcoin, and potentially create another cryptocurrency, thus affecting the current price of Bitcoin. Alena Vranova, has predicted another possible outcome for Bitcoin, and unfortunately, it does not fare as well as the previous one. Vranova predicted that if there is any negativity within Bitcoin, such as volatility or restricted legislation, the price might crash to just $50 per Bitcoin. Obviously, this is a huge difference to earlier predictions, but goes to show how majorly something can affect the cryptocurrency. The Ugly: Finally, it is important to recognise that not everyone sees Bitcoin being as successful as others do. Mark Cuban; founder of MicroSolutions and Broadcast.com has recently attacked Bitcoin on Twitter, making claims that it is not a currency, merely a bubble. His Tweets included; “I think it’s in a bubble. I just don’t know how much it corrects. When everyone is bragging about how east they are making $=bubble”. His main complaint comes with the fact that it is not Bitcoin that is successful, rather the blockchain that surrounds it. He backs up his opinion further by stating that currencies have to be stable in order to be reliable, which he does not believe Bitcoin to be, saying; “Just because Bitcoin’s exchange rate has reached thousands of dollars, this doesn’t mean that anyone would be willing to give you thousands of dollars for your Bitcoin.”. Peter Schiff, who is an investor who predicted the 2008 mortgage crisis, mirrors the opinion of Cuban, and has likened Bitcoin and other cryptocurrencies as a Ponzi scheme that has been built on “just plain greed”. He also feels that there is simply no way to predict what will happen to Bitcoin in the future as it is just so volatile. Finally, Tony Robbins closely follows Bitcoin, but is not completely sold at all, comparing an investment in the popular cryptocurrency to a trip to Vegas. He says, “I think [Bitcoin] is very iffy…I don’t have a clue. I look at that as it’s like going to Vegas”. He agrees that whilst some investments could make you a lot of money, they simply are not predictable or steady, advising investors to only invest what they can afford to lose. References And Further Reading: Express; Bitcoin price forecast: Bitcoin will recover from China crackdown, predicts experts Futurism; Expert Predicts Bitcoin Will Be Worth Up To $20,000 in the Next Three Years Futurism; Get Ready. Renowned Bitcoin Trader Says The Currency Will Hit $15,000 in 2017 Futurism; Mark Cuban Asserts That Bitcoin Is Not Currency The CoinTelegraph; Legendary Bitcoin Trader “masterluc” Predicts $15,000 Bitcoin This Year CNBC; Bitcoin could hit $100,000 in 10 years, says the analyst who correctly called its $2,000 price CNBC; Bitcoin could be heading to $6,000 by year-end but brace for volatility, experts say CNBC; Tony Robbins says investing in Bitcoin is ‘like going to Vegas’ Steemit Bitcoin; Bitcoin price predictions from Experts Bitcoinist; How far will Bitcoin go in 2017? Experts weigh in with predictions

After the news that China has clamped down on Cryptocurrency, and banned all exchanges, which saw a slight decline for Bitcoin, good news is well and truly needed. This comes in the form that Malaysia has recently legalised Bitcoin, which is great news for cryptocurrencies, and could bring in millions of new users. It has been reported that Malaysia’s central bank is working to develop a framework that would regulate the use of different cryptocurrencies. The Governor Muhammad bin Ibrahim has released a statement saying that by the end of the year, they hope to have issued guidelines on cryptocurrencies, particularly around the cryptocurrencies that are related to anti-money laundering and terrorist financing. Despite stating just three years ago, that Bitcoin would not be recognised as legal tender, this big U-turn has been marked as an important event for both Malaysia, and Bitcoin; not to mention other cryptocurrencies. We will take a look at why this is not just a good thing for Malaysia, but for Bitcoin as a whole, and why it could attract millions of more users, increasing the overall demand for Bitcoin. What this means for Malaysia?What has caused this huge turnaround for Malaysia, and why are they now fully supporting cryptocurrencies? The recent development could bring some big changes to Malaysia and surrounding areas, with most notably the large number of expat workers, who send a lot of their money out of the country, and to their respective home countries. In recent months, they have been hit by monetary devaluation and strict capital controls, which has had a detrimental effect on their money. Malaysia has always had strict rules and regulations surrounding cryptocurrencies, which is why this U-turn seems surprising to some. Despite the fact that they have long remained tight lipped when it comes to cryptocurrencies, the country’s central bank; Bank Negara is considerable openminded – something that is actually very refreshing to see these days. Many financial institutions frown upon cryptocurrencies because they feel that as a country, they will never be able to properly regulate it. Just two weeks ago, the Malaysian Securities Commission issued a strong warning not to invest in cryptocurrencies; however, this is nothing new, like we previously stated above. Right now, Malaysia is working to come up with a framework that will allow traders to trade in Bitcoin and other cryptocurrencies, but one that also address money laundering and terrorist financing. The country is known for its growth, and many other economic accomplishments, and inevitably wants to apply a similar strength to cryptocurrency, which will not be easy, which is why they are working hard to come up with an effective framework. This is a very exciting move for Malaysia though, and many experts are predicting that the nation may become one of the next major cryptocurrency hubs in the coming years, and one to keep a definite eye on. Why this is a good thing… The news that Malaysia is legalising Bitcoin is ultimately a great thing, as it could bring millions of new users. We previously mentioned that the Malaysian government was hit hard with the devaluation of the Malaysian ringgit, which caused the country’s national currency to decline by around 2 percent in value against some of the biggest currencies, such as the US dollar. By the country legalising Bitcoin, it could provide an alternative financial and remittance system to the expat workers who were struggling to send their money to their native countries. This could give them a way in which to move money in and out of the country effectively. Despite this legalisation process still being in the very early stages, some leading Bitcoin remittance service providers and brokerages have already secured millions of dollars in funding, and have expanded their operations to Malaysia. Of course, this theory will only work in countries where Bitcoin is very much established and well-regulated, which could prove problematic now for those wishing to send their currency to China, who have recently placed a ban on all cryptocurrencies. However, the Malaysian central bank is still quick to point out that, despite this legalisation, they are not endorsing any cryptocurrency, as a currency as it is not issued by a central bank, and not backed by any commodity. However, what they do plan on doing is to regulate this, when it is used for the delivery of financial services. Regardless of how it is looked at, for those in the cryptocurrency bubble, this is only a good thing, and a much welcome piece of news after China’s demise. References And Further Reading: • Bitcoinist; Bitcoin legalisation update: Malaysia, Ukraine and Indonesia • iGaming; Malaysia Planning To Legalise Bitcoin • New Straits Times; Are we ready for Bitcoin? • The Star Online; On Mcoin, Bitcoin and points of interest • Cryptocoins News; Top 10 Countries in Which Bitcoin is Banned • Steemit; Malaysian’s Legalisation of Bitcoin • IntelAsia; How Malaysian’s Legalisation of Bitcoin Could Bring Millions Of New Users

After the news that China has clamped down on Cryptocurrency, and banned all exchanges, which saw a slight decline for Bitcoin, good news is well and truly needed. This comes in the form that Malaysia has recently legalised Bitcoin, which is great news for cryptocurrencies, and could bring in millions of new users. It has been reported that Malaysia’s central bank is working to develop a framework that would regulate the use of different cryptocurrencies. The Governor Muhammad bin Ibrahim has released a statement saying that by the end of the year, they hope to have issued guidelines on cryptocurrencies, particularly around the cryptocurrencies that are related to anti-money laundering and terrorist financing. Despite stating just three years ago, that Bitcoin would not be recognised as legal tender, this big U-turn has been marked as an important event for both Malaysia, and Bitcoin; not to mention other cryptocurrencies. We will take a look at why this is not just a good thing for Malaysia, but for Bitcoin as a whole, and why it could attract millions of more users, increasing the overall demand for Bitcoin. What this means for Malaysia?What has caused this huge turnaround for Malaysia, and why are they now fully supporting cryptocurrencies? The recent development could bring some big changes to Malaysia and surrounding areas, with most notably the large number of expat workers, who send a lot of their money out of the country, and to their respective home countries. In recent months, they have been hit by monetary devaluation and strict capital controls, which has had a detrimental effect on their money. Malaysia has always had strict rules and regulations surrounding cryptocurrencies, which is why this U-turn seems surprising to some. Despite the fact that they have long remained tight lipped when it comes to cryptocurrencies, the country’s central bank; Bank Negara is considerable openminded – something that is actually very refreshing to see these days. Many financial institutions frown upon cryptocurrencies because they feel that as a country, they will never be able to properly regulate it. Just two weeks ago, the Malaysian Securities Commission issued a strong warning not to invest in cryptocurrencies; however, this is nothing new, like we previously stated above. Right now, Malaysia is working to come up with a framework that will allow traders to trade in Bitcoin and other cryptocurrencies, but one that also address money laundering and terrorist financing. The country is known for its growth, and many other economic accomplishments, and inevitably wants to apply a similar strength to cryptocurrency, which will not be easy, which is why they are working hard to come up with an effective framework. This is a very exciting move for Malaysia though, and many experts are predicting that the nation may become one of the next major cryptocurrency hubs in the coming years, and one to keep a definite eye on. Why this is a good thing… The news that Malaysia is legalising Bitcoin is ultimately a great thing, as it could bring millions of new users. We previously mentioned that the Malaysian government was hit hard with the devaluation of the Malaysian ringgit, which caused the country’s national currency to decline by around 2 percent in value against some of the biggest currencies, such as the US dollar. By the country legalising Bitcoin, it could provide an alternative financial and remittance system to the expat workers who were struggling to send their money to their native countries. This could give them a way in which to move money in and out of the country effectively. Despite this legalisation process still being in the very early stages, some leading Bitcoin remittance service providers and brokerages have already secured millions of dollars in funding, and have expanded their operations to Malaysia. Of course, this theory will only work in countries where Bitcoin is very much established and well-regulated, which could prove problematic now for those wishing to send their currency to China, who have recently placed a ban on all cryptocurrencies. However, the Malaysian central bank is still quick to point out that, despite this legalisation, they are not endorsing any cryptocurrency, as a currency as it is not issued by a central bank, and not backed by any commodity. However, what they do plan on doing is to regulate this, when it is used for the delivery of financial services. Regardless of how it is looked at, for those in the cryptocurrency bubble, this is only a good thing, and a much welcome piece of news after China’s demise. References And Further Reading: • Bitcoinist; Bitcoin legalisation update: Malaysia, Ukraine and Indonesia • iGaming; Malaysia Planning To Legalise Bitcoin • New Straits Times; Are we ready for Bitcoin? • The Star Online; On Mcoin, Bitcoin and points of interest • Cryptocoins News; Top 10 Countries in Which Bitcoin is Banned • Steemit; Malaysian’s Legalisation of Bitcoin • IntelAsia; How Malaysian’s Legalisation of Bitcoin Could Bring Millions Of New Users