Bitcoin
BitCoin POS: Josip Heit presents the future of the financial market in Monaco
After GSB Gold Standard Banking Corporation AG, based at the Port of Hamburg, presented its technical “G999” fireworks as a revolutionary block chain ecosystem and unique electronic money system, card device and app in one, inspired by the deflationary token economic model, which enables fast payments, micro fees and a variety of other options, including a communication network that guarantees customers absolute privacy, the novelty was not enough – the implementation of the BitCoin POS followed in the Principality of Monaco!
Who hasn’t heard of it and who doesn’t know the word “Bitcoin”? Well, for those readers who have never heard of Bitcoin, here is a brief explanation: “Bitcoin” is the world’s leading crypto currency based on a decentrally organised booking system. Payments are cryptographically legitimised and are processed via a network of computers with equal rights (peer-to-peer). In contrast to the usual banking system, no central clearing (authorisation and total monitoring) of all money movements is necessary. Proof of ownership of Bitcoin is stored in personal digital wallets. The price of a Bitcoin to legal tender follows the principle of stock exchange pricing, regulated by the general public and not by politicians or central banks.
The Bitcoin network is based on a decentralised database, the Blockchain, jointly managed by the participants, in which all transactions are recorded. Cryptographic techniques are used to ensure that valid transactions with Bitcoins can only be carried out by the respective owner and that monetary units cannot be issued more than once.
Josip Heit, CEO of GSB Gold Standard Banking Corporation AG, together with the developers of the BitCoin POS, then explained in Monte-Carlo (Monaco) what the latest developments on the subject of “Bitcoin (BTC)”, or even words like “Proof-of-Stake (PoS)”, are all about and explained: “Proof of Stake” refers to a procedure by which a block chain network reaches a consensus on which participant may generate the next block. A weighted random selection is used, whereby the weights of the individual participants are determined from participation duration and/or assets (the “Stake”). In contrast to the Proof of Work used by Bitcoin and Ethereum, Proof of Stake does not require time and energy-intensive mining and it is not possible to take over the network simply by possessing computing power (“51% attack”)”.
In this context, the innovative developers of the BitCoin POS in Hong Kong, Ma Compusoft Limited, expect to move to Proof of Stake (PoS) very soon, once the Ethereum (ETH) network proves the success of the algorithm. Bitcoin’s current proof-of-work (PoW) consensus algorithm is still a pioneering concept in this respect. However, this did exist and you should know this, but even before Bitcoin, it is now inseparably linked to the crypto currency, which is likely to change in the future.
The fact is and this can no longer be denied, the traditional fiat money could soon be history. Fiat money (US dollar, the euro, the British pound, the Swiss franc, the Russian rouble or the Chinese renminbi, to name but a few), this name comes from the Latin word fiat (“Let it be done! Let it be! Let it be!”) and is an object without any intrinsic value, which serves as a pure medium of exchange.
The opposite of fiat money is commodity money, here for example gold or silver, which in addition to their external exchange value also have an intrinsic value which is independent of governmental decrees as long as it is allowed to pay with it. Our current money is actually only paper, its monetary value – also called purchasing power – is in economics the exchange relationship between money and goods or services. If the national economies do not produce anything, the money is worth nothing, in contrast to gold!
Whoever buys a “BitCoin POS”, which has a higher value than the known fiat currencies, participates in a currency which cannot be manipulated by central banks through dictation. It is clear that Bitcoin is likely to move to a PoS system in the near future, because nowadays a large amount of energy is required (for Bitcoin mining) to keep the Bitcoin network running, so it is important to explore alternative consensus mechanisms.
However, in addition to the electricity problem and the related discussion about the protection of the environment through excessive electricity consumption, the current debate between “proof-of-stake (PoS)” and “proof-of-work (PoW)” is also about economic fairness, access barriers, network security and decentralisation. Bitcoin PoS solves these problems with a novel solution – namely by replacing the Bitcoin Proof-of-Work algorithm with a Bitcoin Proof-of-Stake algorithm. PoS does not require you to buy thousands of devices to generate more mining power. It is sufficient to simply have a deposit of “frozen” coins and receive a reward that is proportional to the amount you invest! PoS reduces electricity consumption by 99 percent!
Here BitCoin POS goes even further, because security is the main concern of crypto money advocates, investors, speculators and network participants. Who wants to lose everything because of a bug in the system? Bitcoin has just such a flaw – which is called centralization. Here, Bitcoin mining creates a paradigm of centralisation, which raises the spectre of a 51% attack. If such an attack were to occur, the entire network would be at risk with a value of billions of dollars. One can safely say that under such circumstances the Bitcoin network would be finished.
To this end, Bitcoin PoS, with its elegantly simple design, avoids the possibility of a 51% attack by converting the entire updated Bitcoin code base to “Proof of Stake”. While an attacker would have to control 51% of the network hash for Bitcoin, in the event of an attack on Bitcoin PoS he would have to control at least 50% of the token supply of the network, which is impossible even in the coming decades given the state of the art.
Whether and how these innovations are used or not, in contrast to the conventional financial market, depends on each individual. No currency can harm gold, because no matter how you twist and turn it, the net worth of gold has been proven for centuries.
For further information, please click here: https://www.bitcoinpos.net
Source: RealWire
Photo Source: pacificbitcoin.com
LQWD Technologies (TSXV: LQWD) (OTC: LQWDF) a front-runner in Bitcoin Lightning Network solutions, is pleased to announce its participation in the Pacific Bitcoin Conference 2023. This premier event is scheduled to take place in Santa Monica, CA, on October 5-6.
Representing LQWD Technologies at the conference will be CEO Shone Anstey, who will be hosting a dedicated booth.
The Pacific Bitcoin Conference serves as a nexus for knowledge exchange and networking in the realm of Bitcoin and blockchain technologies.
Those interested in attending can find more information and purchase tickets on the official event website. To arrange a meeting with the LQWD Technologies team, please reach out to [email protected].
Website: www.lqwdtech.com
Twitter: @LQWDTech
This press release contains “forward-looking information” within the meaning of applicable securities laws relating to the Company’s business plans and the outlook of the Company’s industry. Although the Company believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this press release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE LQWD Technologies Corp.
Leveraging its vast experience since 2017, GoMining is leading the way in bitcoin mining, providing users with an effortless and user-friendly service. Now the company has introduced the so-called North Collection.
The company’s NFT collections provide daily bitcoin rewards to holders, with their substantial fleet of real equipment installed across the globe. Continuing their successful streak after the highly acclaimed East NFT Collection, this latest release marks the next installment in a series of crypto art devoted to various regions. GoMining’s fresh North NFT Collection draws inspiration from three key references: the critical role of low temperatures in mining device operations, the restraint and resilience found in northern regions, and the empowering force driving their endeavors. These references served as the foundation for the collection’s captivating images, reflecting the core principles behind GoMining’s innovative approach to bitcoin mining.
GoMining’s new NFT series is issued on the Binance Smart Chain, utilizing the BEP-20 standard for seamless integration and accessibility. With an impressive energy efficiency rating of 35 W/TH, these NFTs ensure the quickest payback period for holders. Moreover, the NFTs offer a diverse range of computing power options, spanning from 1 to 128 TH/s, accommodating various mining requirements and preferences.
In just over two years, GoMining has achieved remarkable growth. The platform has distributed more than 2,000 BTC to holders, issued 20,000 NFTs, and elevated its overall hash power from 100,000 TH/s to an astounding 2,359,877 TH/s. This exponential progress showcases the project’s resounding success and commitment to innovation in the cryptocurrency and NFT space.
As per GoMining’s CEO Mark Zalan, the company is doing everything to offer a broad variety of options to its holders, proving its sustainability and transparent approach. “We’ve been in operation for over two years providing consistent rewards for our holders daily. All of our efforts are aimed at showing tangible infrastructure behind the product – in this case real equipment with data centers in different regions like Norway.”
GoMining remains dedicated to introducing updated versions of its NFTs, originally crafted to provide easier access to bitcoin mining. All NFT collections, such as the renowned collaboration with MMA star Khabib Nurmagomedov, combine visually stunning designs with real equipment-generated computing power, offering continuous mining rewards to their owners.
The new North collection is available here.
A new study has revealed the cryptocoins Americans want to sell the most, with Bitcoin taking the top spot.
The research was conducted by crypto gambling experts at cryptogambling.tv, who analyzed Google Trends data to establish the cryptocurrencies the US wants to sell the most out of the 24 largest cryptocurrencies by market cap, giving an average weekly search volume for the interest in selling each cryptocoin.
The study revealed that Bitcoin has the highest number of searches from Americans looking to sell this cryptocurrency. Searches to ‘sell bitcoin’ were the highest at the end of July in the United States and worldwide.
Many factors might sway someone to sell their Bitcoin, with the main reason being the current financial and economic strain many countries in the world are facing, prompting people to tap out and cut their losses. Last year the price of the cryptocoin dropped below $16,000, which highlights its downfall tremendously, and with Bitcoin’s value being based purely on speculation, it can be challenging for those who don’t know whether or not to stick with it.
Ethereum is the second cryptocoin Americans want to sell the most, with searches for ‘sell Ethereum’ being the highest in September worldwide. Although the currency is known for owning around 20% of the global crypto market, those wanting to invest tend to agree that it is one of the safest long-term coins. The current price of Ethereum is $1,458, and with the cryptocoin shifting its process from PoW to PoS, it’s predicted its supply may reduce.
XRP is the third cryptocoin Americans want to sell the most, as it is predicted that its price will be near $0.198 by the end of this year. XRP runs by RippleNet and is a low-cost coin which is excellent for those who want to begin investing; however, due to the current lawsuit proceedings with the SEC, there is a significant decrease in interest for the currency, which has undoubtedly urged investors to act fast and sell.
The fourth cryptocoin Americans want to sell the most is Dogecoin, which, although it has remained one of the top cryptocurrencies in the industry, is still not a solid investment for many investors. The coin rose over 15,000% over 2021, and for a cryptocoin which was created as a joke when it first began, it has truly exceeded expectations. Many avoid investing in Dogecoin due to its price volatility, no supply limit, and not being as widely accepted as other competing coins; these are reasons why many also want to sell.
Shiba Inu is the fifth cryptocoin that Americans are looking to sell, and while the coin is top-rated, it is advised that those looking to invest should not use it as a long-term investment. The coin is down almost 92% since 2021, but many investors hope it will still go up in time as it is currently at over 589 trillion.
An expert at cryptogambling.tv commented: “The cryptocurrency market is forever fluctuating, and with the increase in economic stress worldwide, it can be an uncertain and nerve-racking time for those hoping to make sound investments in the crypto world.
“This study offers an interesting insight into which cryptocoins Americans currently want to sell, with Bitcoin being the most popular to sell.”
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