Donald Trump’s commutation to power has predictably put the value of dollar on foreign currency exchange markets in a tailspin. Surprisingly, it’s just the opposite for cryptocurrencies.According to Coindesk, Bitcoin value has started climbing steadily since Donald Trump became the 45th President of the United States. Bitcoin is trading up at 3.38%, with the value of one Bitcoin reaching $732, up from $707 yesterday. Similarly, Zcash, a decentralized and open source cryptocurrency which only launched at the end of last month, is up at 2.21% reaching $259, up from $220 yesterday.As of now, cryptocurrencies are outperforming other forms of investments like gold and stock market. Although, only a handful of cryptocurrencies hold value. It is one of the many market upheavals that analysts have failed to predict.Bitcoin, the world’s most famous cryptocurrency is expected to hit more than $750 today. Other popular cryptocurrencies, including Dodgecoin, Litecoin, Steem, … [Read more...] about Cryptocurrencies Thrive After Donald Trump’s Commutation to Power
It’s easy to get a bit discouraged lately when it comes to securing our personal data. There are so many different methods being used by cyber criminals to get access to our data that it is tempting to just give up on the notion of keeping our information to ourselves. Cybercriminals use a variety of electronic means to break into systems, whether it is our own PCs or those maintained by the hundreds of companies with which we do business. Sometimes, it is the combination that does the trick — a breach in an individual’s PC serves as a gateway to organizational data and results in our information making its way into the wild. Such seems to be the case in an attack on the Bithumb cryptocurrency exchange.The news comes via Hot for Security, based on information from some local reports in Seoul, Korea where the attack occurred. Apparently, a Bithumb employee’s PC was compromised and customer information including mobile phone and email addresses were stolen. The … [Read more...] about Top 5 cryptocurrency exchange Bithumb suffers major data breach
Is cryptocurrency the Future?A lot of people think so! The idea of a digital currency that can be used around the world, via high-tech encryption and data mining, is very attractive. However, if cryptocurrency is going to be more than a fad, then it needs to overcome three important challenges.Use and connotation. Because cryptocurrencies are so flexible, they can be used for…nefarious purposes. The best example of this is the Silk Road takedown involving a massive international drug ring based on Bitcoins. As long as cryptocurrencies are the favorite of black markets, gangs, and other criminal elements, they are going to have an image problem. Cryptocurrencies need to be used more frequently for legitimate business operations.The pass-through problem. Pass-through refers to people switching to cryptocurrencies to change one currency into another, using the digital version to save money on exchange rates. The exchange rate game is a very common one, not only among investors but … [Read more...] about Cryptocurrency explainer: Everything you need to know
Today’s cryptocurrencies are worth a great deal of “real” money. Both Bitcoin and Ethereum, the two most widely adopted cryptocurrencies, are close to their all-time highs in value, and that’s creating some real consequences that might not be completely obvious and intuitive at first glance. Two such consequences are based entirely on the fact that mining cryptocurrency is incredibly compute-intense and requires powerful components to be profitable.The first such impact has been to devastate the supply of the midrange and high-end GPUs that are used for mining and to dramatically increase their prices if available inventory can be located. The other impact is that the use of ultra-powerful mining systems with multiple GPUs sucks down some serious electricity and is resulting in some pretty impressive statistics, as Digiconomist reports.According to Digiconomist, Bitcoin and Ethereum mining taken together consume more power than countries like Jordan, Iceland, … [Read more...] about The world’s cryptocurrency mining uses more electricity than Iceland
What do you do when one niche market smartphone isn’t a huge success? If you’re Sirin Labs, you make more hardware for an even narrower niche market. The company behind the $14,000, super-secure Solarin phone has announced Finney, an $1,800 smartphone and an all-in-one PC for the “blockchain generation,” and the “crypto crowd.”What does this actually mean? The Finney devices aren’t made for the, “Instagram generation,” but for people who are into cryptocurrencies, like Bitcoin, and require the highest security to store the coins, P2P sharing systems for payment, and encrypted communication tools. In case you’re wondering, the name is a homage to computer scientist Hal Finney, who received the world’s first Bitcoin transaction.When asked to explain further, Sirin Labs CMO Nimrod May told Digital Trends: “This particular line of devices is aimed at the existing cryptocurrency community, [which] is heavily … [Read more...] about Forget Apple Pay — Sirin Labs’ Finney phone helps you pay with cryptocurrency
Botnets are generally associated with a collection of computers that have been backed by malicious users in order to use those computers to earn revenue either by spreading malware, mining cryptocurrency, or other endeavors. However, Russian developer Alexey Khripkov claims to have created a legal botnet by installing bitcoin mining software onto the phones of users who download his popular Android games.Khripkov has released a number of popular Android games and has an unusual plan to monetize those games. Rather than simply relying on micro-transactions or direct purchases, Khripkov uses his customers’ phones to mine for bitcoins.In an interview with Forbes, Khripkov stressed that he was breaking no laws and wasn’t doing anything unethical in by setting up this botnet.“‘Legal botnet’ is only words. It means I have control over thousands of devices,” he told Forbes. “I do not do any evil things like illegal botnets … In my … [Read more...] about Would you mind if someone openly used your phone to mine cryptocurrency?
The operator of one of the largest collections of wallets for cryptocurrencies, Parity Technologies Ltd., has been hit with a bug that has left a million Ether (ETH) inaccessible to users. That works out to around $280 million at the time of writing.Of all the cryptocurrencies released in the years since Bitcoin’s popularity began to spike, Ethereum and its “fuel,” Ether, has proved to be one of the most popular and impactful. Unfortunately, just like other currencies, it’s not without its problems. That latest is a bug with multi-signature wallets, that require multiple-user approval to sign a transaction.Although those sorts of accounts and transactions are designed to be more secure and allow for decentralized escrow payments, a bug allowed someone to become part of every multi-signature wallet that was created since July 20. That means that without that person’s approval, none of the currency can be transferred out of affected wallets, locking up … [Read more...] about Ethereum bug locks $280 million of cryptocurrency in owners’ accounts
Bitcoin is in for the long haul, even if the cryptocurrency craze has settled down in recent months. And if you’re still wondering, “what’s this bitcoin mining thing actually about? Can I really make money out of it?” then take this to heart: Yes, bitcoin mining is a tech activity that can help you earn some extra cash on the side — as long as you’re ready for the challenge. Fortunately, we have just the guide to help you get started.Step One: Understand the amount of effort involvedMining for bitcoins is not a casual undertaking. The idea seems simple enough, but the practice of bitcoin mining takes a lot of work. You need to invest a significant amount of money when first starting up, be willing to upgrade your equipment regularly, and constantly monitor the conditions of the bitcoin market — and that’s just the beginning. To earn any appreciable money while mining bitcoins, you have to work at it. Additionally, … [Read more...] about How to mine Bitcoin: A crash course on cryptocurrency mining