Look Archives -
President Donald Trump has announced his first recipients of the Presidential Medal of Freedom and they include the wife of a major Republican Party donor, the longest-serving Republican senator in US history, Elvis Presley, and Babe Ruth. Trump will also posthumously recognize the late Supreme Court Justice Antonin Scalia, the…
On Oct. 31, 2008, at 2:10 p.m. EDT, the creator of the Bitcoin network, Satoshi Nakamoto, announced the publication of the protocol’s whitepaper using a Vistomail email address. It’s now been 10 years to the day since Satoshi’s idea was first revealed to the world — an idea that unleashed the first pure peer-to-peer version of electronic cash.
The Bitcoin Whitepaper:
Eight Pages of Pure Innovation
The Bitcoin whitepaper is an essential read for anyone who wants to understand the innovation behind the first cryptocurrency network to be powered by a secure proof-of-work (PoW) system. There is nothing quite like Satoshi’s whitepaper or the Bitcoin network itself, even though a myriad of similar protocols and whitepapers have popped up over the past decade. Rather than having a centralized third party, Satoshi’s paper describes a “system based on cryptographic proof instead of trust.”
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution,” he said to anyone who would listen on a cryptography mailing list.
Staving Off the Byzantine General
However, unlike the droves of theoretical papers written about online currencies before Bitcoin, the original whitepaper captured the essence of the entire network, well before it launched on Jan. 3, 2009. Since then we have seen this grand digital asset experiment play out, as the technology has gained value and mainstream attention over the years.
We’ve seen the power of Nakamoto consensus create a computational system that has shielded any attempts at a “Byzantine Generals’ attack” for 10 years. “The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work,” Satoshi said in the renowned document.
He also reassured the reader by stating:
The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.
The Bitcoin whitepaper has since changed the lives of many people. For the first time, internet-based commerce did not have to rely on financial institutions to process electronic payments. Many bitcoiners will tell you it’s been a long run, with many market fiascos and interesting developments along the way. But even after 10 years, they will also assure you that we are still at the beginning of the financial revolution ignited by the technology we all love.
Birth of a Network
Despite the warnings of financial bigwigs like Warren Buffet over the years, as well as countless horrible economists, Bitcoin is definitely still alive and well. For example, Alejandro de la Torres, the vice president of business operations at BTC.com, holds a very different opinion about the technology than the likes of traditional bankers such as Jamie Dimon. The BTC.com executive believes that Satoshi’s protocol is one of the most revolutionary computational consensus models that society has seen to date.
“Bitcoin’s PoW algorithm has proven to be the most successful consensus model, and I believe it is the best way forward for decentralized consensus systems. It provides a strong economic incentive for miners, while automatically adjusting difficulty to maintain long-term mining incentives,” he recently explained to news.Bitcoin.com.
After 10 years, the whitepaper has shown us that the protocol is robust and the system continues to grow stronger as each day passes. Seven days after publishing the whitepaper, Satoshi said society “would not find a solution to political problems in cryptography.” However, that week the creator did stress on the cryptography mailing that Bitcoin could still win a “major battle,” while gaining a “new territory of freedom for several years.”
Bitcoin.com keeps an archived version of the Satoshi Nakamoto whitepaper here.
What do you think about the Bitcoin whitepaper? How did you feel when you read Satoshi’s words for the first time? Let us know what you think about this subject in the comments sections below.
Images via Shutterstock, Jamie Redman, and Pixabay.
Need to calculate your bitcoin holdings? Check our tools section.
The post Ten Years Ago Today, the Whitepaper Changed the Way We Look at Money appeared first on Bitcoin News.
As thousands of people continue the nearly 1,000-mile trek to the US border, here is a glimpse into the lives of those who left everything behind to join the migrant caravan.
CNN.com – RSS Channel – Regions – Americas
Hawaii might’ve grown a peninsula this year, but it’s now lost a whole 11-acre island, and perhaps endangered seals and turtles along with it. East Island, the second-largest islet in the French Frigate Shoals atoll, a few hundred miles northwest of the Hawaiian island chain, has disappeared since Hurricane Walaka…
On Oct. 18, Bitcoin Cash proponents were introduced to a new do-it-yourself BCH payment processor called Gateway.cash. The software allows anyone with a bitcoin cash address to accept payments and donations in BCH by creating an embeddable payment button for any website.
Testing Gateway.cash: Another Free Bitcoin Cash Payment Button Platform for Website Owners
There’s a new bitcoin cash payment application available to try called Gateway.cash, a program that’s similar to other payment button platforms recently launched like Badger.cash and the Money Button. Gateway was announced this past Wednesday, with its creators explaining that the protocol allows anyone the ability to create a BCH payment button with a valid BCH address and an editable website. After the announcement, news.Bitcoin.com decided to give Gateway a test run to find out how easy it is to create a button and add it to a website.
When entering the website, you’re greeted with a page that asks for a public bitcoin cash address or a previously registered Gateway handle. After entering a public BCH address, the website asks you to create a strong password and from there the site takes you to your account. The Gateway dashboard gives users the option to create a button, view payments, and navigate a settings section. In the settings, users can choose what type of currency they want the software to use as well as tethering a Gateway handle to the registered BCH address. This gives people the ability to sign into the site by using the custom handle instead of adding a long BCH address every time.
Seeing how my account had not received any payments at the time, there’s really nothing to look at in the ‘view payments’ section. However, if you did collect a lot of payments using the Gateway button then the entire transaction history would be located in this area. Moreover, if a person wanted the Gateway platform to track unpaid or unprocessed payments they could view these instances on the platform. Essentially, this means the visitor may have clicked the payment button by accident or was curious to see what it does, but the platform can still record these pending payments.
Next up is creating the button, which is pretty intuitive as all you have to do is fill out the description information tied to the button’s code. Essentially users can customize the dialog title, the text displayed on the button, the amount, the currency type shown on the invoice, and a tethered unique ID for payments sent to this button. For example, the payment ID could say ‘Donation’ or some other descriptive memo. Some of the choices are limited to how many characters can be used. When the button’s text is being customized, the platform has a limit at 25 characters.
After filling out all the information, an embeddable code is generated below the customization field. To test out the button’s functionality I went to my website builder and pasted the code into an i-frame box and then positioned the button. It’s good to remember that you have to make sure there’s enough room for the entire invoice box after the button is clicked. The invoice prompt window is much larger than the button, so that needs to be taken into consideration during the layout. Following that step, simply preview the website or press publish if you feel the button is exactly as you like it. Web-savvy builders can simply paste the code into the site directly, rather than using a web builder i-frame box.
Gateway Works Well After a Few Practice Runs
The button worked great and when it’s clicked you see a payment invoice with a written BCH address so the person paying can copy and paste the address. There’s also a QR code available, so QR scanning wallets can simply pay the invoice in that fashion as well. There weren’t any issues with the Safari browser giving me an error when I tested the button and the individual paying doesn’t need to sign up for anything to pay the invoice or tip the website.
Overall the process took a bit longer than other buttons to set up for a couple of reasons. It took a minute to figure out how the embeddable code was placed in the i-frame. Secondly, figuring out my website needed to have a lot more space for the invoice window burned a few more minutes as well. The process was pretty self-explanatory for people who know the ins and outs of basic wallet operations. Additionally, the application is just one of many choices out there today giving website owners and content creators the ability to collect bitcoin cash revenue and donations.
What do you think about the Gateway.cash application? Let us know what you think about this subject in the comments section below.
Disclaimer: This editorial should be considered Review or Op-ed material. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Review editorials are intended for informational purposes only. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. For good measure always cross-reference guides with other walkthroughs found online.
Images via Shutterstock, and Gateway, and Jamie Redman.
At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.
The post A Look at the Gateway.cash BCH Payment Button for Websites appeared first on Bitcoin News.
Keeping cryptocurrencies safe is a fundamental part of participating in the digital economy, and hardware wallets have become popular security solutions. These days there is a slew of devices on the market, each with its own options and features. One of these is the Keepkey wallet, a product that’s been well received by digital currency investors over the last three years.
The Keepkey Hardware Wallet
Earlier this week I took a look at the Keepkey hardware wallet, a device that allows users to store multiple cryptocurrencies in a secure fashion. Keepkey is sold for US$ 129 per device, which is more expensive than the Ledger Nano, Coolwallet S, and Trezor One. Nevertheless, the small rectangular device is more pleasing to hold and the screen looks very nice when the Keepkey is operating. The case the Keepkey comes in is packaged well and resembles an unopened Apple product. Keepkey, Coolwallet, and the Ledger all have well-packaged boxes compared to the Trezor One packaging.
The black Keepkey box is sealed in plastic wrapping and when removed there’s also a piece of tamper-resistant tape holding the box closed. After inspecting the tape and making sure the box has not been opened previously, a knife is needed to cut the tape’s seal. Inside the box is a Keepkey, a 12-word seed card, a USB cord, and some warranty information. The Keepkey has a plastic anti-scratch film laid over the device’s screen and is encased in black foam. Keepkey’s large OLED screen is pleasing to look at and is probably one of the device’s best features. After opening the Keepkey, I headed over to the company’s Getting Started page and downloaded the Keepkey application for Google Chrome. Keepkey only works with Chrome, but it’s the same with most hardware wallets now.
Connecting to Chrome and Initializing the Seed
After installing the application to Chrome, the platform asks you to plug your Keepkey in to get started. Immediately after initiating the Keepkey it required a firmware update and would not start the process of initiating a seed until the firmware was downloaded into the device. Removing the USB cable from my Keepkey was an uncomfortable feeling and it took a bit of force to insert and remove the cord compared to other devices. Ledger Nano is probably the best as far as connecting the cord, with the Trezor One following behind because my Trezor device has always had a weird connection feeling as well. However, after using the USB connection a few times with the Keepkey, connecting was easier and got much more comfortable to insert over time.
Moving on, the Keepkey begins by initiating a new device name, seed and PIN. The program makes you double check the PIN twice and then asks you to write down the seed phrase, which is located on the device itself. Unlike other hardware wallets, the Keepkey does not require you to double check the 12-word phrase. After this process, you are granted access to the first account which is dedicated to BTC. In order to add other cryptocurrencies, there is a dropdown menu that allows users to add BCH, DOGE, LTC, ETH, plus a range of ERC20 tokens.
Transactions, Shapeshift, and Comparisons to Other Models
Unlike other hardware wallets, Keepkey needs to be plugged in to view accounts and they can’t be seen when the device is disconnected. After the initial seed had been set up, I created a bitcoin cash (BCH) wallet to send myself some funds. Anytime I test a new wallet I always send a small fraction of crypto just to make sure the application is working properly. The wallet immediately saw the transaction; you can view confirmed and unconfirmed transactions in a separate window that’s tethered to a block explorer.
The Keepkey’s interface is fairly intuitive, and you can change things like the PIN or use the wallet’s in-client Shapeshift option within the settings section. Sending and receiving is simple and the actual device itself is used for signing verification, while also showing sending/receiving addresses on the screen as well.
Following the transaction, I decided to look at the client’s Shapeshift integration. Keepkey is owned by the firm Shapeshift AG and was one of the first hardware wallets to offer trading abilities within the wallet. Recently, however, Shapeshift has changed the platform’s business model to a membership exchange and all Keepkey users have to register using the client.
The required items needed to use Shapeshift include a verified email and the user must submit a photo ID to trade. All of these tasks can be done through the Keepkey client and a quick email verification. After the account is processed you can trade on the Shapeshift exchange in-wallet using the “quick” or “precise” trading options.
Overall, the Keepkey operates fairly smoothly and I didn’t really have any problems throughout the setup and funding the device. The Keepkey’s user interface is more comfortable to move around and use than the Ledger Nano, and Keepkey operates similarly to the Trezor One. Unlike the Trezor or Ledger, the Keepkey uses one button navigation but still works fluidly with the wallet’s tasks like sending and receiving. The device doesn’t have support for too many cryptocurrencies right now, and other products offer a greater selection. But as far as the coins it does hold, the Keepkey offers an easy to use operating system and is just as secure as its competitors by using similar opsec techniques.
What do you think about the Keepkey hardware wallet? Let us know what you think about this device in the comment section below.
Disclaimer: This editorial should be considered Review or Op-ed material. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Review editorials are intended for informational purposes only. There are multiple security risks and methods that are ultimately made by the decisions of the user. There are various steps mentioned in reviews and guides and some of them are considered optional. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the ultimate decision-making process to do any of these things is solely the reader’s responsibility. For good measure always cross-reference guides with other walkthroughs found online.
Images via Jamie Redman, Keepkey, Shapeshift, and Pixabay.
Need to calculate your bitcoin holdings? Check our tools section.
The post An In-Depth Look at the Keepkey Cryptocurrency Hardware Wallet appeared first on Bitcoin News.
As Pakistan starts bailout talks with the IMF this week, many developing nations have taken steps to limit fallout from weakening currencies and rising interest rates in the U.S.
WSJ.com: What’s News Asia
Back in April of 2016 news.Bitcoin.com reviewed the Openbazaar platform the first day the marketplace launched. Since then the application has come a long way with many updates, new features, and the platform most definitely has more users. This week we decided to give the Openbazaar 2.2.5 client a test run and see how much has been improved.
Testing Out the Openbazaar Client 2.2.5
If you are into cryptocurrencies you’ve likely heard about the open source marketplace called Openbazaar. The project has been around for a couple of years now and has greatly improved since we first reviewed the platform back in 2016. Since then the application has added a native wallet, cryptocurrency trades, Tor integration, better search engines, and more. We decided to give Openbazaar’s 2.2.5 version a test to see all the latest features and see what kind of wares are lurking in the corners of this decentralized e-commerce portal.
The first thing we did was download the Openbazaar 2.2.5 client for the Mac operating system but the program is also available for Windows, and Linux as well. With a good internet connection, the download doesn’t take long at all (about 100MB) and the installation is fairly quick as well. After the install is complete, we load up the program and Openbazaar asks the user to agree to the terms of service. Following the agreement page, the platform asks the user to set up a default cryptocurrency wallet and the user has to choose between three digital assets. The choices include bitcoin core (BTC), bitcoin cash (BCH), and zcash (ZEC) and at the moment you cannot change this setting later.
Users are then asked to set up a profile where you register a name, add an optional description, an avatar, your location, and local currency. From here you can set up your store; which probably should be customized with a description of the wares you are selling, pictures, shipping address, moderation preferences, and of course the pricing of your listings. Users can also follow certain vendors and people can follow your store as well. Openbazaar also has notifications of new followers, but notifies users of order status details as well.
The Native Wallet and Search Engines
Another area to check out is the wallet section where it shows the funds available and the latest transactions. The wallet can send and receive and also includes a network fee toggle located in the advanced section. In the advanced section, a user can also synchronize the wallet’s transactions and show block data for debugging purposes. Other than that, the wallet is pretty basic like a traditional desktop client and does not offer any more frills.
During the review, we decided to focus on what we could find throughout the listings of Openbazaar’s vendors rather than set up a store. Back when we first looked at Openbazaar in 2016, listings were far and few between and most of the products only catered to crypto-enthusiasts. That’s all changed now as the searching features have been greatly improved and there are a bunch of vendors selling wares using the platform. Openbazaar comes with two default search engines called OB1, and Blockbooth. You can add another provider for Openbazaar manually entering the URL address too. Depending on which search engine you choose, there will be a variety of different listings on each one.
Thousands of Items for Sale Including a Slew of Black Market Products
Using the OB1 search engine, there are many items for sale including skateboard wheel bearings, stickers, old WWII metals, watches, green tea, books, handmade items, toys, electronics, and more. Listings can also be filtered by accepted currencies (BTC, BCH, ZEC), the seller’s ratings, by different moderators, adult content, whether or not its a physical or digital good, and even the condition of items. OB1 has around 1077 listings and Blockbooth has 7619 products for sale at the time of writing. As mentioned above, there are other providers as well that offer even more products if you know the vendor’s URL.
There have been a few articles recently showing how people are finding illegal drugs on Openbazaar and during our visit, we found some vendors. Now on the OB1 search engine you won’t find any drugs, but using the Blockbooth search engine, lots of listings will pop up. For instance, you can find LSD blotter tabs, multiple varieties of Kush and Sativa-flavored cannabis flower, THC oil cartridges, MDMA/Molly, Columbian cocaine, and more. You can also find a slew of pharmaceutical, natural and legal drug vendors as well. If you happen to parlay with chemical calisthenics and you want to order some of these products you probably should use Tor and a VPN.
A Decentralized Marketplace, Crypto-Exchange, and the Ability to Overcome Obstacles Centralized Darknet Markets Face
Moving around and searching Openbazaar is fairly intuitive and operates very much like a social media application mixed with Ebay. Most of the features that have been added to the platform have improved the application greatly since we first tested Openbazaar two years ago. It would be nice to have a wallet that accepts more than one cryptocurrency in the future or at least offer the ability to change the default currency.
Under the hood, Openbazaar makes the process of buying and selling decentralized by offering moderators, escrow, and both multi-signature and Ricardian contract technology. As far as the illegal drug vendors, they may have more of an advantage over their competitors on centralized darknet markets like Dream, and or the Point Marketplace (T•chka). This is because not only do vendors on Openbazaar have access to Tor, a VPN, and the ability to use zcash, the platform also relies heavily on the Inter-Planetary File System (IPFS) making it much harder for global law enforcement to take down.
Openbazaar’s Biggest Challenge: Gaining a Significant Network Effect of Users
Another advantage Openbazaar offers is the ability to swap cryptocurrencies on the platform. Simply searching for cryptos shows a wide variety of digital assets to trade and Openbazaar doesn’t charge a fee for the swaps. This gives Openbazaar users the ability to trade without KYC and again you can use Tor and a VPN.
As far as the setbacks Openbazaar faces, the challenge will be gaining more users, moderators, and vendors. The network effect of gaining a huge user base will be a difficult task for Openbazaar to achieve, but the same could be said for cryptocurrencies. Further, the two innovative ideas would likely fuel each other in the future. The network effect will be the company’s biggest uphill battle going forward as finding the right business model to make money from the marketplace will be the easiest part.
What do you think about Openbazaar? Have you used the application? What do you think about Openbazaar gaining mainstream adoption in the future? Let us know what you think about this subject in the comment section below.
Images via Pixabay, Openbazaar, and Jamie Redman.
Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com and the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
The post Under the Tent: A Look at the Latest Openbazaar Marketplace Software appeared first on Bitcoin News.
“Tiger Mom” Amy Chua is in the news again, though not because of her parenting. Rather, she’s become ensnared in the latest coverage of Supreme Court nominee Brett Kavanaugh and his interaction with women. The Guardian reports that Chua, a Yale professor, “played an outsized role in vetting” the clerks…
A 2006 letter from a top Vatican official confirms that the Holy See received information in 2000 about the sexual misconduct of now-resigned US cardinal, lending credibility to bombshell accusations of a cover-up at the highest echelons of the Roman Catholic Church, the AP reports. Catholic News Service published the…