The Real Reason to Own Bitcoin

There are numerous advantages to owning Bitcoins, the new and somewhat controversial “crypto currency.” One of the major advantages is to increase one’s privacy. Bitcoins offer greater privacy than do financial transactions made with credit cards or checks.

Of course, the most private transactions are the ones made with cash but cash seems to be rapidly disappearing these days.

To be sure, Bitcoin transactions are not completely private. However, the difficulty of tracing Bitcoin transactions has, so far, stopped commercial companies from spying on your crypto currency transactions in order to send targeted advertising or to use your personal financial transactions for other nefarious purposes.

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Bitcoin Wallets are Under Siege from the ‘Large Collider’ Attack. Luckily, There is an Easy Solution.

This should be a trivial problem for anyone who is properly managing his or her Bitcoins. A group called the “Large Bitcoin Collider” claims it can smash open bitcoin wallets by using a so-called brute force attack, which directs mass amounts of computer power at individual wallets in order to guess their private keys.

A “trophy list” on the home page of Collider (an apparent reference to the Hadron Collider) suggests the group has successfully opened over a dozen wallets, though only three had any Bitcoins in them.

You can read more in an article in the Fortune web site at http://fortune.com/2017/04/15/bitcoin-collider/ although that article appears to be written by someone who doesn’t know much about Bitcoins.

The ‘Large Collider’ Attack appears to only work on Bitcoin wallets that store their information online or in a cell phone or tablet computer. Indeed, there are dozens of such wallets for Android, Apple iOS, Windows, Macintosh, and Linux systems. Online wallets are very convenient to use and are apparently quite popular. However, only a Bitcoin novice will ever store a significant number of Bitcoins in an online or cellphone wallet.

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Bitcoin: The End of Money As We Know It

Bitcoin_logoThe best explanation of Bitcoins I have seen is available as a one-hour video on YouTube. I’ve seen regarding the evolution of money and how Bitcoin fits into the picture.“Is bitcoin the currency of the future? A godsend for criminals? Or a recipe for financial disaster?” the moderator asks early in the video.

The video starts by saying that money is used to accomplish our dreams. But it is also an instrument of destruction, some might say evil. The video does a great job of explaining the benefits and evils of both money and Bitcoins. It also states that “this might be the end of money as we know it.”

The film includes interviews with many well-known Bitcoin and financial personalities like Andreas Antonopoulos, author of “Mastering Bitcoin,” and Alan Greenspan, former chairman of the Federal Reserve.

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Protect Your Financial Privacy With Bitcoin: A Comprehensive Guide

Bitcoins have the capability to keep your financial affairs private. In contrast to a bank account, PayPal account, or a credit card, Bitcoins allow you to use any persona or online identity you wish. As a result, it is difficult for anyone to trace your payments or receipts.

NOTE: For an explanation of Bitcoins, see my earlier article, Bitcoins: The New Digital Currency, at http://goo.gl/E158Ck.

An article in the ExpressVPN web site states:

“Pseudonyms are used by women who speak up for their rights, atheists born into religious societies, and people critical of their governments to spread their thought, empower their causes, and encourage those around them to do the same.

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Bitcoin Inventor Satoshi Nakamoto Nominated For Nobel Prize

A professor of finance at UCLA has nominated Satoshi Nakamoto, the creator of Bitcoin, for a Nobel prize in economics. (Bitcoin is a semi-private method of transferring money. It isn’t completely anonymous but transactions are very difficult to trace.) Professor Bhagwan Chowdhr made the nomination stating that Bitcoin is perhaps the most disruptive influence in the twenty-first century.

Chowdhr wrote, “The invention of bitcoin — a digital currency — is nothing short of revolutionary. It offers many advantages over both physical and paper currencies. It is secure, relying on almost unbreakable cryptographic code, can be divided into millions of smaller sub-units, and can be transferred securely and nearly instantaneously from one person to any other person in the world with access to internet, bypassing governments, central banks and financial intermediaries.” All of this resulted from a a nine-page white paper titled, Bitcoin: A Peer-to-Peer Electronic Cash System that Satoshi Nakamoto posted on the Internet on May 24, 2009 at https://bitcoin.org/bitcoin.pdf.

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MasterCard Introduces Global Payments to Possibly Compete with Bitcoins and PayPal

MasterCard has launched MasterCard Send, a personal payments service that enables funds to be sent quickly and securely to consumers domestically and internationally. The announcement never mentioned Bitcoins by name but it certainly appears to be a reaction to competition from the rapidly-growing popularity of the new digital currency and also as a reaction to PayPal’s very popular payment system.

In fact, Bitcoin is less of a currency and more of a method of quickly and easily transferring funds at almost no cost. Bitcoin works well with both domestic and international money transfers. While not totally anonymous, Bitcoin transfers are difficult to trace. In order to compete, the new MasterCard Send service promises to be easy to use and available to everyone, even to non-techies. However, personal privacy apparently is not a goal of MasterCard Send. All information about a financial transfer, including identifying information of both parties, is available to MasterCard. Government agencies presumably will also be able to obtain the information with an easy-to-obtain court order.

(Click here to view a larger version of the graphic to the right.)

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