Archives September 2018

Crypto currency – the rise of virtual money

Crypto currencies are becoming more and more popular. More and more people are hearing about Bitcoin, a crypto currency with which they can already buy real goods in some shops. Japan has only recently recognized Bitcoin as an official means of payment. But what are crypto currencies anyway and could they one day replace currencies like dollars or euros?

Wikipedia says the following about crypto currency and bitcoin profit

Crypto currencies are money or fiat money in the form of digital means of payment. They use the principles of cryptography to implement a distributed, decentralised and secure digital payment system. In contrast to central bank money, they are still sourced exclusively by private individuals. However, their qualification as currency is sometimes controversial.[1] The term crypto money is also used in German-language media like this.

A crypto currency is a digital currency created and managed by the use of advanced encryption techniques known as cryptography. The crypto currency made the leap from an academic concept to (virtual) reality with the creation of Bitcoin in 2009. While Bitcoin attracted growing successors in subsequent years, it attracted significant investor and media attention in April 2013, when it reached a record $266. Its value has grown 10-fold in just two months. Bitcoin brought a market value of over $2 billion at its peak in 2013. Meanwhile, a Bitcoin is worth over €1000 and has a market capitalization of over $20 billion.

Will these alternative currencies eventually replace conventional currencies and will they eventually become regular means of payment such as dollars and euros?

Bitcoin – the current standard and ethereum code

Bitcoin – decentralized crypto currency
Bitcoin is a decentralized currency that uses peer-to-peer technology that enables all functions such as currency issuance, transaction processing and verification https://www.onlinebetrug.net/en/ethereum-code/ to be performed jointly from the network. This decentralization frees Bitcoin from government manipulation or interference, and there is no central authority that can withhold the value of a Bitcoin. Bitcoins are digitally created by a “mining process” that requires powerful computers to solve complex algorithms. They are currently created at a rate of 25 bitcoins per 10 minutes and are limited to 21 million pieces, a level expected to be reached in 2140.

Advantages of crypto currencies

Crypto currencies have some advantages over conventional currencies:

Protection against fraud: Crypto currencies are digital and cannot be forged or withdrawn by the sender, as with credit card returns.
Identity theft protection: When you give your credit card to a merchant, you give them access to your full credit line, even if the transaction is for a small amount. Credit cards work on a “pull” basis where the store initiates the payment and pulls the amount paid out of your account. Crypto currencies use a “push” mechanism that allows the crypto currency holder to send exactly what He or She wants the merchant or recipient to send without further information.
Immediate settlement: The purchase of real estate usually involves a number of third parties (lawyers, notary), delays and payment of fees. In many ways, the technology behind crypto currencies is the blockchain like a “large property database”. In the example of Ethereum, whose crypto currency is ether, smart contracts can be designed and enforced to eliminate or add third-party approvals, refer to external facts, or, at a future date or time limit, complete an effort that may be required to perform traditional asset transfers.
Access for all: There are about 2.2 billion people with access to the Internet or mobile phones who do not currently have access to traditional exchange systems. These people are well prepared for the crypto currency market. Kenya’s M-PESA system, a mobile phone-based money transfer and microfinance service, recently announced a Bitcoin device, with one in three Kenyans now owning a Bitcoin wallet.
Lower charges: There are no fixed charges in the crypto world when you buy a crypto currency or Transa


BitcoinDark Coin – Who is behind the crypto currency?

The majority of the team behind the development of BitcoinDark is unknown and follows the philosophy of crypto currencies, which attach great importance to “crypto”. One developer is known under the pseudonym Jl777, he also likes to sign his posts with “James”. He is an anonymous software developer who had already made a name for himself in the cryptoscene in the past. Previously, Jl777 worked on the Nxt Multigateway, a crypto exchange, and the Nxt Asset Exchange. The BitcoinDark fork was conducted in July 2014, making the crypto currency one of the oldest coins.

Advantages and disadvantages

BTCD, the abbreviation of BitcoinDark, offers a real benefit for real life. The big banks would certainly be reluctant to see it if they lost their quasi monopoly. But the blockchain is built in such a way that it cannot be abolished by any central authority. Managing the finances yourself is a concern that is very popular in the crypto scene.

What is striking about BitcoinDark is the very long development time. Already in 2014 the coin separated from Bitcoin by means of a hard fork. Bitcoin Dark is nevertheless not as well known as other hard forks, such as Bitcoin Cash or Classic, and is traded comparatively low. In the almost four years of its existence, no significant community has been able to build up to drive the project forward and promote the coin. In addition, Jl777 had problems getting access to funds. Therefore it comes probably to the renaming and to the ICO.

BitcoinDark and Komodo

The days of the BTCD Coin are already numbered. Jl777 tries a new start with the Komodo Coin and its platform. The platform will completely replace BitcoinDark and introduce new technologies. The Komodo platform will be more secure and offer two separate mining methods, Proof-of-Stake and delayed Proof-of-Work. During the ICO for Komodo, existing BitcoinDark coins could be exchanged for the new coin.

BitcoinDark Coin Price Development – Forecast

BitcoinDark Coin Course
Most of the time it was quiet around the BitcoinDark rate. In 2014 the price fluctuated around 1 to 2 €. In 2015 it fell slightly below 1 €, but at times it also managed to surpass it. In the year 2016 it did not look mostly differently, only in the last third of the year the price rose to over 2 to 3 € per coin.
This upward trend continued in 2017, with the crypto currency reaching over €7 by April. In June, the coin reached its highest result for the time being at € 88. The next highlight was September. After a short decline of the price in the summer months, the BitcoinDark price reached up to 120 € here. Thereafter, the rate fell to € 70, by November, when the September values could be reached again.
December 2017 and January 2018 should be the best months for BTCD so far. At the turn of the year, the BitcoinDark exchange rate shot to over €300. In the course of January, the rally lay on the coin and it was only quoted at over 100 €. The crypto currency fell below this value in the following months.
The BitcoinDark forecast: In view of the new Komodo coin and platform, the BitcoinDark crypto currency held up surprisingly in the months leading up to the turn of the year. Or it does not surprise and one wanted to buy only BitcoinDark Coin, in order to exchange it. How the future of the BTCD will be seems rather uncertain. It is unlikely that the project will be continued and not fully integrated into the Komodo platform. Our Bitcoin calculator will always tell you the current exchange rate from Bitcoin to Euro.

Create Wallet

The developers recommend to use the BitcoinDark-QT Wallet. This should be easy to install and synchronize with the blockchain.

Where can I buy the BitcoinDark Coin?

If you want to buy the BitcoinDark coin, then the crypto exchanges Poloniex, Cryptopia, Bleutrade, Trade Satoshi and Novaexchange are recommended.

Conclusion

BitcoinDark is a crypto currency with an uncertain future. However, it seems that its advantages and ambitions will merge into a new crypto currency.

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