Cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is prior defined and publicly known. In centralized banking and economic systems such as the Federal Reserve System, governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers.

However, governments cannot produce units of cryptocurrency and as such, governments cannot provide backing for firms, banks or corporate entities which hold asset value measured in a decentralized cryptocurrency.

The underlying technical system upon which all cryptocurrencies are now based was created by the group or individual known as Satoshi Nakamoto.


Hundreds of cryptocurrency specifications now exist; most are similar to and derived from the first fully implemented decentralized cryptocurrency, bitcoin. Within cryptocurrency systems the safety, integrity and balance of ledgers is maintained by a community of mutually distrustful parties referred to as miners: members of the general public using their computers to help validate and timestamp transactions adding them to the ledger in accordance with a particular timestamping scheme.[7]

The security of cryptocurrency ledgers is based on the assumption that the majority of miners are honestly trying to maintain the ledger.

Most cryptocurrencies are designed to gradually decrease production of currency, placing an ultimate cap on the total amount of currency that will ever be in circulation. This can mimic the scarcity (and value) of precious metals and avoid hyperinflation.

Compared with ordinary currencies held by financial institutions or kept as cash on hand, cryptocurrencies are less susceptible to seizure by law enforcement.[not in citation given] Existing cryptocurrencies are all pseudo-anonymous, though additions such as Zerocoin and its distributed laundry[10] feature have been suggested, which would allow for anonymity.



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NEW YORK (InsideBitcoins) — The day after gorging on turkey, stuffing, corn bread, and a wide assortment of other carbohydrate intensive foods, people across the United States will find themselves in a series of stores trying to spend an umpteen amount of money on all sorts of things. Welcome to the holiday season!

But there is an alternative for those that are still recovering from their food coma. Over a thousand different merchants are participating in what’s being called “Bitcoin Black Friday.” Companies are offering exclusive deals for those that are paying with bitcoin.

“The event really highlights some of the great features about bitcoin.” is the site that is helping to organize this initiative in an effort to bring out more awareness. Founder Jon Holmquist told InsideBitcoins that this is a community event designed to make everyone involved better off.

bitcoin black friday“[The goal is to] get a ton more publicity for Bitcoin. The event really highlights some of the great features about bitcoin (low processing cost, ease of use, etc.), it also gives some incentive for people to try it out. Hardcore bitcoiners get to shop at the merchants they support and get some awesome deals, merchants get to see the most amount of orders they see year round,” Holmquist said in an email interview.

Holmquist added that there are currently 8,000 subscribers on the site’s email list, but if past years are an indication, it’s anticipated that this Black Friday will be even greater.

Last year the site accounted for 10,000 individual transactions, approximately 10% of the day’s total bitcoin transactions across the entire network. Coinbase saw an 806% increase in payment processing volume over the past six months. Bitpay saw a 6,260% year-to-year increase.

What is likely to give this year a much higher usage rate is the fact that much larger companies — Dell, for example — now accept bitcoin. This has resulted in an increase in awareness for bitcoin.

Then there’s the fact that bitcoin is clearly catching on, which should make the day more successful. shows that last year around Black Friday, the company only had around 600,000 My Wallet users. Going into this Black Friday, there are close to 2.6 million My Wallet users.

It is days like this that can give bitcoin the increase exposure it needs to gain further acceptance by users.

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How Koinify as well as Melotic Plan to Bring Order to Crypto Crowdsales

Though the crypto 2.0 segment of the bitcoin neighborhood is developing, the component of the sector principally worrieded about non-financial or innovative blockchain applications has battled to develop a steady marketplace for its tasks.

In the lack of solid VC passion, or probably in the spirit of pushing the borders of development, several decentralized applications (DApps) are seeking to fund themselves via what may arguably be the blockchain’s most engaging use beyond currency, decentralized product support in the capillary of Kickstarter.

DApps seek to harness the capability of blockchains to produce symbols, which can then be distributed as well as utilized to incentivize the item’s development as well as adoption. One of the most remarkable instance may be MaidSafe’s $7m crowdsale, which this summertime was greeted with dispute and suspicion in both the mainstream media as well as the larger neighborhood as it dealt with market forces as well as liquidity problems.

Even those who are striving to supply market options recognize that in the Wild West of bitcoin, DApps are still a comparatively undiscovered territory.

“If you were merely to look at the crypto 2.0 room as well as see all the properties individuals are detailing on Counterparty or NXT or any one of these 2.0 systems, the spirit of decentralization is openness and also transparency,” claimed Jack Wang, founder and also Chief Executive Officer of electronic property liquidity exchange Melotic. “The other hand is there’s a great deal even more ability for individuals to push untrustworthy products.”.

To fix this market problem, Wang and his company are entering into a new collaboration with DApp crowdfunding system Koinify. Together, Koinify as well as Melotic are looking for to curate a marketplace that could allow the effective launch of brand-new products and the eventual exchange of their symbols on a competitive market.

“Previously when you bought something in Kickstarter, it was just a contribution or purchase, so there was no liquidity,” Koinify Chief Executive Officer and also creator Tom Ding claimed. “In a token economic situation, you get an even more lasting charity, you can assist a software program but you could also have leaves.”.

Eventually, the two systems think that with each other they can develop a decentralized AngelList, one that makes it possible for neighborhoods to sustain and also increase innovative jobs, while appreciating new flexibilities over the money they opt to offer.

Lessening the signal-to-noise ratio.

Both Ding and Wang talked with CoinDesk regarding the partnership, recognizing that their major ambition is to bring quality to a currently dynamic crowdsale marketplace, one that they say has been turning away possibly interested individuals.

“The trouble is the signal-to-noise ratio is truly high,” Ding stated. “There are too many sounds and also it becomes really hard for people which wish to invest or purchase great, top notch tasks, symbols, to differentiate a great from a bad one.”.

Ding stated that Koinify will certainly also look for to include openness to the DApp funding procedure, ensuring that projects are vetted as well as appropriately incentivized.

“If the job offers out, makes $6m as well as obtained all of it in cash money or bitcoin, they could not have the reward to supply a product,” Ding continued. “Part of our job is to assist them set up points like multisig and produce milestones-based vesting to make certain that designer incentives are in line with exactly what they vowed.”.

Wang noted that Melotic purposes to offer the second component of this pipe, guaranteeing that there is liquidity in the DApp exchange markets by searching for funding sources for projects, consisting of bigger sources of funding.

Pursuing self-regulation.

Ding additionally noted the current reports that the US Securities as well as Exchange Compensation (SEC) may be taking a better consider the crypto 2.0 industry, asserting that up until formal standards are more clear, the area should aim to apply its very own customer protections.

“I think also a few of the regulatory reports recently could be a favorable thing during that it forces individuals to assume tougher,” he continued. “Is it okay to announce the concept as well as start increasing cash? Or should designers provide something much more solid?”.

Meanwhile, he said, this demand for self-regulation suggests that Koinify should be discerning concerning the jobs it onboards, also if that needs it to become a much more centralized manager of its system.

“If you have a restricted option, the quantity of capital that enters those markets is excellent quality,” he stated. “When you have an actually competitive market, with an actually high requirement or tasks can be found in, the trouble will certainly address itself. We intend to encourage skilled designers right into decentralized applications.”.

Ding suggested that Koinify will also seek to inform developers, investing time as well as sources now that can help them navigate the infrastructure for creating DApps.

First launch revealed.

Koinify and also Melotic will begin checking their market method with the launch of Koinify’s very first task on 1st December, the token sale for decentralized social messaging service Gems, which was revealed at Within Bitcoins Tel Aviv this October.

Ding made use of Treasures as an instance to show how Koinify aims to sheppard tasks to successful launches, noting that the job satisfied a determined 30– 40 persistance inquiries that covered every little thing from technology to team framework.

“We had a lot of conversation regarding exactly what is a reasonable version for dispersing Gems tokens, then we worked with creating the milestones that Treasures should deliver,” he stated, adding that Koinify even flew to Israel to meet the Gems group.

Denting suggested that Gems’ initial milestone will be the iOS version of its app, the second its Android model and also the 3rd the delivery of its advertisements system. Once gotten to, each milestone will enable Treasures to get a new section of the funds it elevates in its pre-sale.

“We could possibly have a community-based ballot where unless you deliver a strong beta variation, we will certainly not launch the bitcoin that you have actually raised,” Ding added, hypothesizing on how Koinify may manage criminals on its system.

High-stakes debut.

Though both Ding and also Wang talked at length regarding just how their systems might interfere with or supplement conventional VC funding, they both recognized that the risks will be high for both of their brand names early on.

“The stakes are much higher,” Wang clarified, “considering that there are considerably fewer projects. But, we’re trying to find out if companies could gain added value from token sales that enable their company version to alter as well as permit them to fund their concepts and also ideas different from a VC model.”.

Ding took place to propose that some of the tasks it is speaking with are seeking to elevate funds both from VCs as well as from token sales, noting that there is an idea that a successful token sale can also boost VC interest.

Nevertheless, both pressured that, in the meantime, token sales supply developers with a luring means to increase their userbase, something Ding anticipates will be a powerful incentive that will allow Koinify as well as Melotic to grow.

“Every startup recognizes that the hardest part is absolutely no to 1,000 customers; 1,000 to 10,000 users. 10,000 customers can extremely easily come kind this type of pre-sale. If you could obtain your first 10,000 individuals to crowdfund you, that’s probably an advantage to build on.”.

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Tatiana interviews DJ Stoopkid at Premier Studios

image3843I sat down at Premier Studios on 10/21/14 with Andrew Getz aka DJ Stoopkid.  He makes every party amazing, I’m not kidding, all the people go crazy dancing!  He was the DJ at the Tatiana Coin launch party at the Bitcoin Center, and I think that was his first intro to crypto.  Since Premier now takes bitcoin (thank you Bitpay), I guess he will be learning more!  I can’t wait to see him at the next event at the studio, or around NYC.  For more on Andrew, see the links below.  For more info on the seminars at the studio, go to

Special Thanks to for hosting us and for leading the way with Bitcoin in Music!

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The Ultimate Bitcoin Black Friday Guide



The Ultimate Bitcoin Black Friday Guide

by Alyssa Hertig 

Want to enjoy lavish Black Friday discounts with Bitcoin without the lines, camping out for several days, and the risk of violence?

Maybe Bitcoin Black Friday is the extravaganza for you. Last year was huge. In fact, it was the “most popular day in the history of Bitcoin commerce.” BitPay broke records, the official website pulled in 100,000 unique visitors, and even Ashton Kutcher participated.

You can check out a nicely compiled infograph of last year’s figures here.

Thus, expectations are high for 2014. From Newegg electronics to bear calendars, there’s plenty to choose from. Here’s a guide to the best deals for Bitcoin.

The official Bitcoin Black Friday made its debut a couple years ago. Rumors are swirling that a coalition of 1,200 merchants will be participating, which is twice as many as last year and 24 times more than the year before.

“We’re really excited for this year’s event because it has all the opportunity to be much bigger than last year’s event” says Jon Holmquist, the founder of Bitcoin Friday, ”Even though the Bitcoin prices might be lower than last year, the quantity and caliber of merchants participating this year has improved greatly. Consumers should be able to do most, if not all, of their holiday shopping with Bitcoin this year.”

Cruise over to to participate. They’ve already launched a preview of the items for sale. A mix of merchants big and small, international and local, are eager to offer discounts for Bitcoin users.

Holmquist told CNBC that they have special things planned for this year:

“We have two things planned. First is the ability to instantly purchase Bitcoin with your credit card: a small amount, like US$25 worth. For most people, that’s not too much of a risk. And we’re also going to have a section [of the site] where you can purchase something for a small amount of money.”

Mixed Tees

Mixed Tees, the company with witty graphic tees fueled by artists, will sell T-shirts for as low as US$5. Those purchasing with Bitcoin and participating in the Thunderclap campaign will get an extra 10% off.

Unique Bitcoin wallets

Bitcoin storage is getting creative. With Cryptoart, bitcoins can be stored in some fancy limited edition pieces. It’s reminiscent of the classic store-a-fortune-behind-a-painting trick, though you can skip digging a hole in your wall to fill a cumbersome safe.

All Cryptoart is 50% off for the big day. In addition, the art retailer will give away 100 paintings.

Woodwallets: If you are picturing wallets made of wood, you have the right idea. They’re rock-solid and water proof cards. All products will be 50% off.


Newegg is also participating for the first time since they got onboard the Bitcoin merchant bandwagon.

Bitcoin Black Friday starts in full on November 28, but NewEgg has kicked off the Bitcoin shopping event by offering fourteen deals at discounts past those you can get by paying with a credit card. If you use Bitcoin you can get an Xbox One Console bundle for only US$299.99. Additionally most of the deals going live on Friday are now viewable on the Bitcoin Black Friday website. The table below lists some of the hot deals currently available to Bitcoin users.

Black Friday Preview from BitPay

Today, BitPay posted a sneak preview of its merchants that are offering great Bitcoin Black Friday deals for BTC shoppers. Here’s a few of the many BitPay merchants (list excludes merchants already mentioned) with sales on Bitcoin Black Friday:

  • SchiffGold is listing 1-Oz silver bars for only 79 cents over spot, in addition to lowering their minimum order and offering free shipping for their Bitcoin customers.

  • will be selling select Bitcoin Bowl ticket and hotel packages at a discounted rate of 25% off. Learn how to travel to the world’s largest Bitcoin event for less here.

  • Gyft will be listing deals for gift card buyers at

  • Black Country Rock Media will offer Bitcoin-exclusive mixtape sales as well 50% off of five different vinyl records when purchased with Bitcoin.

  • SurfEasy will allow Bitcoin users to protect their privacy for less with its no-log VPN service, available on Friday for 50% off.

  • Amagi Metals is providing free shipping on domestic Bitcoin orders of US$75 or more with code “BBF2014.”

  • Fangamer will reward bitcoin purchases of its gaming-themed apparel and merchandise with gift cards of up to US$50 as well as free or discounted shipping.

  • Silver Gold Bull will be taking 1% off of the price all products and providing Bitcoin shoppers free shipping for orders over US$250.

  • Soundwallet, which allows Bitcoin users to record their private keys on vinyl, is offering 25% off of its unique storage solution for shoppers using the code “Bitcoin.”

More deals to keep in mind – buy discounted Amazon products with a workaround offers big savings on Amazon products—the average savings is 17%. “Finally, a reason to use Bitcoin,” is’s slogan. It’s confusing, but all you have to do is put the link to the Amazon product in, and wait to see if it’ll go through. Making cheaper stuff a reality is definitely a reason to use it.

- price comparison for BTC shoppers

Signed Bitcoin book

CNBC’s Brian Kelly, once a Bitcoin skeptic, is launching a new book about Bitcoin: “The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World.” If you purchase the book with Bitcoin on his website, Kelley will personally sign the copy.

Beepi cars

Beepi is a car marketplace that accepts Bitcoin. In case you missed it, you can now buy cars with the digital currency. From Black Friday to Cyber Monday, all Bitcoin purchases are 10% off.

eGifter gift cards

Gift cards are a pretty solid holiday gift for people running out of ideas. eGifter is giving Bitcoin users 7X points for every dollar through Cyber Monday. Users can redeem points for gift cards in the future. 100 points is equivalent to US$1 in savings. You can buy gift cards to Target, Old Navy, and Chili’s, among many others.

And there may be others. While Overstock is not participating in the official Bitcoin Black Friday, users can still use BTC to partake in the same deals as everyone else. Remember that Overstock will also take 4% of proceeds and send them to digital currency non-profits.

Discounted Bitcoin trading services

A few companies are reducing fees for Bitcoin payment and trading services.

BitQuick offers fast BTC trades and, like last year, is offering some fee reductions for the event. Normally they charge 2% to BTC buyers, but Friday the fee will be reduced to just 1%. They’ll also give customers US$10 for free similarly to the campaigns held by Circle and Coinbase.

Moreover, the derivatives platform is reducing trading fees by 20% and reducing daily interest charges on leveraged positions by 50%. Happy trading.

Additionally, Coinbase is waiving 1% buyback fees until Sunday for orders made with their merchants.

Happy Shopping…and Donating

Many are excited to see if this year’s BTC sales volume will exceed last year’s. So far, it certainly seems like Bitcoin is picking up momentum in the run up to the event. Just comparing the trading volume on is a cause for excitement for any Bitcoin enthusiast.

Expect some surprises as well such as Dogecoin Black Friday?

Finally, if your altruistic side gets the better of you while you’re shopping, consider donating to these Bitcoin-accepting non-profits as posted on BitPay’s blog:

If you know of any other big Black Friday deals, drop us an email at or mention them in the comments section below!

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In typical fiat money systems, federal governments merely print even more money when they have to.

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In bitcoin, cash isn’t printed at all– it is uncovered. Computers worldwide “mine” for coins by taking on each other.

So, How Does Mining Occur?

Individuals are sending bitcoins to each various other over the bitcoin network regularly, but unless someone keeps a document of all these deals, no-one would be able to track who had actually paid what. The bitcoin network take care of this by accumulating each one of the transactions made during a collection period right into a listing, called a block. It’s the miners’ task to verify those deals, as well as compose them right into a basic ledger.

Making a Hash of it

This general ledger is a long listing of blocks, called the block chain. It can be used to check out any sort of transaction made in between any kind of bitcoin addresses, at any type of point on the network. Whenever a new block of transactions is developed, it is contributed to the block chain, producing a progressively prolonged list of all the deals that ever before happened on the bitcoin network. A frequently upgraded copy of the block is offered to everybody who takes part, to make sure that they understand exactly what is taking place.

Yet a general ledger needs to be relied on, and all of this is held digitally. How can we be sure that the block chain remains intact, and is never damaged? This is where the miners are available in.

When a block of deals is created, miners put it with a procedure. They take the information in the block, and apply an algebraic formula to it, transforming it into something else. That something else is a much much shorter, relatively random series of letters and numbers called a hash. This hash is kept together with the block, at the end of the block chain.

Hashes have some appealing residential properties. It’s simple to produce a hash from a collection of information like a bitcoin block, yet it’s practically difficult to exercise just what the data was merely by considering the hash. And also while it is quite simple to make a hash from a huge amount of information, each hash is unique. If you alter just one personality in a bitcoin block, its hash will transform totally.

Miners don’t simply make use of the purchases in a block to produce a hash. A few other items of information are utilized as well. Among these pieces of data is the hash of the last block saved in the block chain.

Since each block’s hash is created utilizing the hash of the block before it, it becomes an electronic model of a wax seal. It validates that this block– and every block after it– is genuine, considering that if you damaged it, everybody would certainly recognize.

If you tried to fake a transaction by transforming a block that had already been stored in the block chain, this would certainly alter that block’s hash. If an individual inspected the block’s authenticity by running the hashing feature on it, they ‘d discover that the hash was different from the one currently saved along with that block in the block chain. The block would certainly be artificial!

Due to the fact that each block’s hash is made use of that can help generate the hash of the next block in the chain, damaging a block would additionally alter the next block’s hash. So tampering with a block would certainly make the succeeding block’s hash incorrect, also. That would certainly continue right down the chain, throwing everything out of whack.

Competing for Coins

So, that’s how miners ‘seal’ a block. They all take on each various other to do this, utilizing software application composed particularly to mine blocks. Each time somebody successfully creates a hash, they get a reward of 25 bitcoins, the block chain is upgraded, and also every person on the network hears about it. That’s the motivation to keep mining, as well as keep the purchases working.

The trouble is that it’s really simple to produce a hash from a collection of data. Computers are truly efficient this. The bitcoin network needs to make it more difficult, otherwise everybody would be hashing hundreds of deal blocks each 2nd, and all of the bitcoins would be mined in minutes. The Bitcoin procedure deliberately makes it more difficult, by introducing something called a ‘proof of job’.

The Bitcoin procedure won’t merely accept any kind of aged hash. It requests that a block’s hash has to look a particular way; it needs to have a certain variety of zeroes at the beginning. There’s no chance of informing just what a hash is going to resemble prior to you create it, and when you include a brand-new item of information in the mix, the hash will certainly be totally various.
Miners aren’t supposed to meddle with the transaction data in a block, yet they have to transform the data they’re making use of to create a various hash. They do this using one more, random item of data called a nonce. This is made use of with the deal information to produce a hash. If the hash doesn’t fit the needed style, the nonce is altered, and the whole thing is hashed once more. It can take lots of attempts to discover a nonce that functions, and all the miners in the network are trying to do it at the very same time. That’s how miners gain their bitcoins.

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Posted in Analysis | Leave a comment Announces Black Friday Deals – Save 20% On Amazon By Paying in Bitcoin.

What we do at Purse is enable our customers to use Bitcoin on the world’s largest online merchant, Amazon. You can spend your BTC for any item on Amazon and receive 20% off.  You can also use Purse to purchase BTC with a Credit Card or Amazon Gift Cards, Win, Win, Win.

There are many new and exciting things that are happening at Purse. We have heard over and over about how the Bitcoin ecosystem needs more design and better UI. Well, we listened and we will be rolling out a new wonderfully designed website just in time for the holidays. This site integrates a simple buy / sell process with an elegant design.

The holidays will be huge for Purse and more specifically Black Friday. We want to provide the BTC community with the biggest discounts possible. Currently, our average discounts for any item is 20% but we have even seen up to 45% off entire purchases. The higher the discount percentage the longer the acceptance and delivery times are but if you don’t need the item immediately then why not get a large discount. So, make sure you get your holiday shopping in early so that you can get the biggest discounts.

Through our customer analysis we have collected a great deal of data on top product purchases, as well as where on the planet these purchases are being made. We are now operating in 87 countries and that number is growing weekly.

Also, we have created an infographic with all the top items bitcoiners buy. These could also be good ideas for your next holiday purchase.

consumer report


Lastly, we are very excited to announce our new panel of investors. We have been backed by some of the industry leaders and we are excited to see how our company will flourish through these partnerships.

Plug and Play Ventures LLC | Bobby Lee | FundersClub
Terrance Yang | Strong Ventures | Roger Ver

Follow us on Twitter and Like us on Facebook @PurseIO


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