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Origin of Bitcoin Whitepaper

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bitcoin whitepaper

In the 9 years since its inception in 2009, Bitcoin has taken the digital world by storm. A decentralized digital currency, the creation of this peer to peer version of electronic cash has been credited to a certain Satoshi Nakamoto. It was released as an open source software in 2009. Till date it has been a mystery regarding the identity of Satoshi Nakamoto. No one knows if this is a single person, or a group of team of people who came together to introduce this new technology.

The domain “bitcoin.org” was registered on 18th August, 2008. A link to a paper authored by Satoshi Nakamoto, dubbed as the founder of Bitcoin, titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list later that same year in November.

No person or organisation has yet came forward to earn the credit for introducing this brilliant new innovation to the world. What many people wish to know is why would anyone go to such an extent to introduce to the world, a detailed decentralized and distributed system of peer to peer electronic cash transfer system, only to never come out in the open and receive any credit or appreciation for it? It is not just a matter of just gaining praises, accolades and rewards but there is no person as such who can even defend this technology for the people who have always been openly critical of this system and tagged it as just a fraud.

 

Satoshi Nakamoto: A libertarian

Considering the decentralized and distributed nature of the Bitcoin platform, where there is no single point of central control and no  government authority or centralized bank can meddle with its management and operations, people who have looked at the Bitcoin whitepaper hold the strong belief that whichever person or entity is behind the name of Satoshi Nakamoto hates the corrupt rich people and politicians and the highly corrupt banking systems. The incredible focus on making it a completely tamper free and fraud free platform has prompted people to come up with this conclusion.

It aims to make online payments directly between two willing parties without having to go via any financial institution. This is facilitated by the incorporation of digital signatures. Another major issue that this network aims to get rid of is the problem of double spending. This is tackled via the peer to peer network nature of the Bitcoin platform.

 

Anonymity for good reason

Humans have an inherent nature of always finding faults with even the things that benefit them. Such a new and different form of peer to peer electronic cash transfer system of course becomes the eye sore for some since they do not understand the technology that goes behind making it a decentralized platform. This is why maintaining anonymity over the owner or founder of such a revolutionary new technology that handles people’s cash was probably a very intelligent decision to take. Staying anonymous has helped Satoshi Nakamoto to avoid all sorts of severe legal consequences. This anonymity has kind of helped in making this currency and platform such a major hit.

Moreover, the original idea behind hosting this platform was to make no particular person or institution answerable for it. The idea was to not provide the government any central point of contact to communicate with or shut down the network. It only stands justified that the creator or founder of this open source platform stay anonymous. There have been several rumors time and again about many significant personalities in the information technology sector who could be the potential creators of this platform. However, all such claims have been shot down by each and every one of these personalities.

 

Bitcoin

Electronic cash or digital assets transactions over the Bitcoin network does not simply rely on trust. It incorporates intricate cryptographic methods to build secure medium for people to rely on when sending cash or making purchases online via this platform. The unstructured simplicity of the network brings about the robustness of the entire Bitcoin platform. The original white paper discusses the technicalities involved with the entire Bitcoin platform including details about ‘Transactions’, ‘Timestamp Server’, ‘Proof of work’, ‘Network’, ‘Incentive’, ‘Reclaiming Disk Space’, ‘Simplified Payment Verification’, ‘Combining and Splitting Value’, ‘Privacy’, and ‘Calculations’. Anyone wishing to go through the Bitcoin Whitepaper and visit the website bitcoin.org or access it directly here.

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Vietnam launching a regulated cryptocurrency exchange

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Vietnam is all set to launch a regulated crypto exchange as two companies have just signed an MOU for the development and licensing for a crypto exchange.

Vietnam is all set to launch a regulated crypto exchange as two companies have just signed an MOU for the development and obtaining licensing for a cryptocurrency exchange.

Partnership for the cryptocurrency exchange:

According to an article published by PRNewswire, Linh Thanh Group, which is the biggest distributor in the country is partnering with Kronn Ventures AG, a blockchain company located in Switzerland for the development of the cryptocurrency exchange.

Recently, Kronn Ventures AG created an association with the financial committees around Asia which included countries like Bangladesh, Sri Lanka, Cambodia as well as Vietnam. The motive of the association is to use blockchain technology to create a worldwide wiring system that suits the environment of the Asian continent.

According to the report, Linh Thanh Group has officially stated that partnering with the Kronn Ventures AG will help both the companies in creating a cryptocurrency exchange that is world class. Kronn Ventures is quite famous for their work in the field of blockchain in Switzerland.

 

Regulation in Vietnam:

The government of Vietnam had earlier seized the domain name of the biggest BTC exchange in the country as the company was accused of allowing e-commerce services without seeking regulations from the authorities.

Also at the end of last year, Vietnam’s ministry of justice had proposed various methods which could help in regulating cryptocurrencies in Vietnam. The regulatory authorities had also explored the pros and cons of cryptocurrency regulations in the country.

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Mt Gox: Has the time come when Mt.Gox Creditors will be paid?

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As reported by the Mt Gox trustee, They still have 141,000 BTC and 142,000 BCH and the trustee seems to be taking charge to return the funds to the victims.

The small cryptocurrency community back then was in shock when the biggest bitcoin exchange Mt Gox (at that time) was hacked and around 850,000 BTC were stolen which were worth around $450 million back then and around $3.4 billion according to today’s price. Years have passed since the incident, however, only a few the victims have received their share and most of them are still waiting for their lost funds.

 

Mt Gox to credit victims?

As reported by Nobuaki Kobayashi, the Mt Gox trustee, Mt Gox still has more than 141,000 Bitcoin and 142,000 Bitcoin Cash and the trustee seems to be taking charge to return the following funds to the victims. The victims were super excited to hear this and Twitter seems to be full of tweets claiming that the exchange has finally made its decision of returning the lost funds to the victims.


However, it is worth noting that Mt Gox might have more than $631 million worth of Bitcoin and Bitcoin Cash, the number of funds to be compensated are likely much more than this amount. The other documents on the website claim that the victims shall be sent a notification regarding the approval or disapproval of their claims based upon their type of filing (online or email).

 

Nobuaki Kobayashi said that after a few days, the Rehabilitation Trustee of Mt Gox will be announcing the results of the claims filed by the victims. The result will showcase whether or not their claims have been accepted.

 

Missed the deadline?

If you are one of the victims and you’ve somehow missed submitting your claim, you can still download the claim form from the Mt Gox website. However, if these claims made after the deadline shall be accepted for refunds will be decided by the court.

 

Is there any timeline for the claims?

According to Nobuaki Kobayashi. he will contact the victims soon. So there is no specific timeline as to when the funds will return to the victims. However, it is still great news for the people who have been waiting for over 5 years and they are surely happy about the fact that they will soon be compensated.

 

Cryptocurrency investors are now wondering how will this affect the bitcoin price? What do you think? Tell us in the comments section below.

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Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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