Friday, March 24, 2017

Paper Wallets!

One of the misnomers about bitcoin is that it cannot be in physical form.  While it is true that bitcoin is purely digital there are convenient and easy ways to store bitcoin "offline" so to speak in a actual piece of paper with the corresponding private and public keys embedded in the QR codes.  Its a real fun and interesting way to get familiar with encryption and how bitcoin works but warning only start by using a small amount of bitcoin, say a dollars worth to familiarize yourself with it.  Here is an article to get you started, but you can also find many other resources online: Paper Wallets! 

Bitcoin speaker: Andreas Antonopoulos

Andreas Antonopoulos has been a vocal and highly effective proponent of bitcoin for years now.  If you've never listened to him I would recommend viewing a couple of these videos as an introduction to bitcoin and what the possibilities of it are especially for the younger generations(as I myself am older GenX'er:).



Here is an excellent introduction video:



Bitcoin in Casinos?

Another great article on the potential for bitcoin and other cryto-currencies to be used in casinos.  Currently there are alot of online bitcoin casinos but I would highly advise not getting involved with them(or any gambling for that matter!). But the hurdles and obstacles that Bitcoin would face at the moment seem to much.  The chairman of the Nevada Gaming Control Board put it in plain terms: 

 "We have looked at digital currencies and do not find them appropriate for use in casino gaming at this time"

So for now, bitcoin usage could be limited to purchasing hotel rooms, items, etc but probably won't enter into the actual gambling realm for years to come.  Although, one never knows...

Las Vegas Adult Entertainment: BTC

Well, I think its only a matter of time before the City of Sin fully embraces the future of crypto-currencies like Bitcoin.  Here we have an establishment catering to both gambling and "adult" activities which is going have BTC be the "go-to" payment for its services.  It isn't the first time the Las Vegas has been in the news for its attempts at adopting bitcoin.  Several bitcoin ATM's have been installed, so with success and others not so much.  I personally wouldn't recommend buying your bitcoin through this means though as they charge a hefty premium.  The above mentioned establishment is even talking about creating their own digital currency...things me so fast these days!

Bitcoin: Fork in the Road

The time is fast approaching when a major change in the Bitcoin network may be occurring.  What has happened is that due to bitcoins increasing popularity the number of transactions has increased substantially.  The so far anonymous creator of Bitcoin, Satoshi Nakamoto, limited the transaction block size to 1 mb. 

A block is simply a group of transactions that need to be verified by the miners over the Bitcoin network before they can be added as legit on the public ledger.  This size limitation needs to be rectified and one way to do this is to make a change to the Bitcoin protocol.  More simply this would create two new blockchains, one which handles the larger transaction size and the other in the current 1 mb size.  

This "forking" of BTC isn't without risk and there is anxiety in the larger community.  This anxiety partially explains the recent drop in the price of bitcoin as people begin hedging their bets by buying so-called alt-coins (Ethereum, Dash, Litecoin, etc).  A list of the marketcaps of the various crypto-currencies can be found here:  https://coinmarketcap.com  

If you do hold any bitcoin and wish to prepare for any adverse consequences with this potential "hard" fork I would recommend reviewing this 
article: https://bitcoinmagazine.com/articles/beginners-guide-surviving-coin-split/