What is BitShares, and how it is different from BitShares-PTS
BitShares was originally an experiment to test the economic theory behind a new kind of prediction market. This experiment creates a decentralized bank and exchange that uses a decentralized transaction ledger secured by DPOS to create fungible digital assets that are market-pegged to the value of anything from dollars, to gold, to gallons of gasoline. Using the DAC metaphor, if BitShares is the "company" then bitUSD is the "product". BitUSD is created when two people taking opposite positions on the long-term relative directions of the USD/BTS feed (see more below) Some other metaphors relate BitShares to Consensus, Community, Cooperation, ... (read more)
For historical reasons you will often also find the term "BitShares X" which is the old name for BitShares which had economical and technological disadvantages that have been resolved with BitShares. The transition from BTSX to BTS went smooth and most users did not even notice, except the name change, of course.
No, the passphrase alone does not enable you to access your funds. In contrast to NXT, the passphrase is not a brainwallet but solely used to encrypt a randomly chosen private key. You need to make a backup of your wallet. To do so, we recommend to use the in-app functionality. Make sure you remember your passphrase and make a backup of your wallet (available from within the wallet).
What's all about the account name being "registered"?
In BitShares you can (and should) register your name on the blockchain. Thus, everyone can send funds to you buy just sending to your account name. No need to copy/paste ugly addresses which are hashes of hashes of public keys. The BitShares Software let's you simple chose an account name instead. Make sure not to use a "." in the account name because it indicates a subaccount. Read more:
You can do a backup from within the GUI and obviously should do so. Whenever you create a new acount, you should also do a bckup. The backup file is in JSON format which makes it inter-system operable. You can use that JSON file to reimport you account (in-GUI option) on a Windows PC, a MAC, or in Linux. Make sure you remember your passphrase, because the private keys in the backup file are ENCRYPTED
Where can I get BitShares
Currently, Bter, BTC38, and Poloniex are the main exchanges where you can purchase it. The assets (BitUSD, BitGLD, etc.) are being introduced within days or weeks (currently, being bug-tested). The Poloniex exchange offers their users the feature to easily register a new account from within the exchange, while the others require a registered account to withdraw funds.
What are bitAssets and UIA
The blockchain can handle two different kinds of assets:
the '''bitAssets''' (market issued assets), which are traded against a physical assets such as the USD or Gold (read more below).
or the '''user-issued assets''' which can be created and issued by the creator (paying a certain fee).
I'm intrigued by the idea of BitUSD and BitGLD and want to know a bit more.
The '''market peg''' is one of the core features of the BitShares system. It is a highly discussed and experimental goals that we want to achieve on the blockchain and a FAQ is probably not the right place to understand all of the market dynamics. Let me instead point you towards some very interesting reads about it:
If you tumbled over the term interest, you probably read an outdated posted. Sorry to tell you but there is no interest on your bitUSD ... for legal reasons ... thus the community decided to call it a yield :-). That yield is payed out every time you transfer bitUSD (that are older than 24h). This effectively is an interest, but has an other name. Check out the our info graphic about is:
How about anonymity in transactions? Can you tell me more about TITAN?
Knowing about stealth addresses and the magic behind ECC (ellyptic curve crypto) our developers came up with a very sophisticated and well tested implementation of mentioned stealth addresses. In BitShares every transaction is protected by TITAN, the underlying technology that make it impossible to connect any input or output with an account name. You can read more about it here:
BitShares is based on Delegated Proof of Stake (DPOS). In short: You vote for your favorite delegate (a board of execution), which in turn get the permission to generate (i.e., sign) blocks. In return the delegate (101 in total) earns the transactions fees. In contrast to Bitcoin and most alt coins, the total supply is already distributed. Thus, no new coins (i.e., shares) are generated. You can read more about why DPOS is superior to most known security schemes in crypto currencies here:
I'm getting excited about Monero, and going to move 25% of my Crypto holdings into it.
From now on you can assume I'm 70% bitcoin, 25% Monero, and 5% other crypto-gambles (I still love you Nyan & Doge, but a nod towards MaidSafe). After bothering to learn about Cryptography, Monero has won me over despite the ridiculously silly name. It honestly does have the best cryptographic profile of any alt coin today, and boasts a very respectable development team that seems honest and upfront about their goals. Ring signatures + Stealth addresses do feel like the "bitcoin 2.0" that idiots blather about without even knowing what that means. I'm not saying that I think bitcoin can be dethroned, but it won't hurt to hedge my investments with a foray into Monero. I'll copy some of their editorial, "What's So Special About Monero" here, but as always, you are responsible for your own decisions and should never buy anything without doing a lot of your own research.
It uses CryptoNote technology, which, compared to most other coins, means:
higher privacy if implemented correctly (ring signature + stealth addresses).
higher scalability (no fixed limit, including the infamous 1MB blocksize, very high efficiency of the ed255199 signature scheme)
higher security (the Curve25519 is considered safe by cryptographers, contrary to secp256k1
changes are so fundamental that the adage "whatever coin X can do, Bitcoin can add it" doesn't apply here
emulates bank secrecy on demand and permits regulatory compliance (view key - see Monero, the Next Step, slide 9)
enforces net neutrality by design (miners cannot become censors, Wikileaks cannot have its donations delayed and a competitor cannot hinders payments to your company)
smooth emission curve (no block halving here)
GPU-resistance (GPU are only slightly faster than CPU). CryptoNight is said to be "memory hard" or "AES heavy"
Code for wallet is separated from code for node, which is more secure
Remarks: - Some altcoins exhibit one technology that Monero has:Shadowcash has cryptonote-like privacy (but only on exceptional situation called Shadow-to-Shadow), Vertcoin and some others have stealth addresses, etc. Improper implementation could lead to no actual privacy. Best example is Bytecoin, where 80%+ of the outputs are owned by unknown parties; so unmasking which signature in a ring is the real one is trivial for the said unknown parties.
The undisputed leader in Cryptonote-based coins:
highest volume and good liquidity
most active team
two public faces: David Latapie and Riccardo Spagni
several academic cryptographers
fair distribution (devtome-sanctionned)
smooth emission curve (no block halving here)
best candidate for the catastrophic niche hedge scenario
Monero has its own improvements that other CryptoNote-based coins ("altnotes") do not have:
the only truly fungible cryptocurrency (Bitcoin is not fungible enough, Zerocash doesn't exist and since 82% of Bytecoin is owned by some unknown parties, fungibility cannot be achieved)
a vision: the Three Pillars of Monero
mnemonic seed (compared to Electrum's mnemonic seeds, they are also typo-resistant and usable on non-SPV wallets)
per-kb transaction fees (Bitcoin has it too starting from 0.10, but Bitcoin is not a CryptoNote)
tail emission to protect against the lack of ultimate incentives to secure the network
mandatory minimum mixin with proper dust-cleaning
OpenAlias (now possible with Electrum too)
IP protection with i2p C++ router (partnership with Privacy Solutions, 80% done, why we chose i2p over Tor)
Just reading this wiki. I do have an old computer but it sounds extreme that the writer says the computer must never ever even once access the internet again. I have used it in the past for work as a second computer so I can't say that I will never ever want to access the internet with it again. I only want to put funds in the wallet between like 20-40 dollars at a time to pay for single items online. I planned to buy them at my local (bitcoin) atm and pay for the items straight away. So is this heavy security really necessary in that case? I still do not like the idea of my computer becoming a target for hackers though if it contains a bitcoin wallet. I mean they won't know how much is in there will they till it's been hacked so they might constantly be targeting it? not sure how it works? I mean for just having a wallet on my desktop machine (linux btw) does it become a 'beacon' for hackers? Can I not install on a usb device without it having to be a live boot cd? I don't need it to be bootable since I don't plan on using it anywhere but my home so can I not just install electrum on there normally (rather than a livecd as tutorials suggest) and then once it's unplugged there won't be any trace of bitcoin type activity on my computer for hackers to sniff out? and those rare times it is connected isn't a big deal if it is only small amounts as mentioned above? or would the hackers if they got a scent one time would constantly be hammering down the door trying to usurp my machine? advise please given my desired use case.
It really should not be that hard to have a device like the trezor that has no network capabilities that is a safe alternative to mastering electronic encryption. My goal is to find a device that can generate a valid key from your three inputs: your private key that you obtain from your paper wallet, the public key that you want to send an amount to and the amount you want to send. It then spits out the key you can publish to get integrated into the block chain. This would ensure you need physical access to the wallet to use it and with some moderate password protection (which one would be the best alternative here??) impenetrable. Is there some solution already out there that I can not find? EDIT: This is obviously a wallet for longer term storage, not for everyday payment for which I would still use a low-quantity wallet on my smartphone. EDIT2: this Guide describes what I am seeking but I still want to be able to make transactions eithout the use of a USB device
Ich habe das Lesen/studieren der Bitcoin API-Befehlen und einige der Befehle benötigen "freigeschaltet wallet". Bedeutet das, dass ein wallet ohne passphrase? Ich denke, es ist wichtig, dass das wallet verschlüsselt werden, zu allen Zeiten. Noch, wenn ich alles richtig verstanden habe, brauche ich zum entschlüsseln der Geldbeutel (zumindest für eine Weile) senden zu können bitcoins an ... Even simpler, is an e-wallet. You can register online (search Bitcoin e-wallet) for an e-wallet and get issued with an address online. No client needed, no computer needed. The main security risk with the two: your Bitcoins are stored on your computer in a file called wallet.dat – if you are using a client wallet and this is lost, your Bitcoins are lost, permanently. When you use an e-wallet ... Bitcoin PR Buzz - Devcoin News Service And Devcoin Auctions Launches - Bid On Bitcoin Miners, Netbooks And More For Pennies [email protected] Mon - Fri: 9:00 - 18:30 GMT Devtome. Tools. User Tools ; Log In; Site Tools ... you’ll need a virtual wallet with a very specific code created from a random string of letters and numbers. Coins are sent directly from a person to the wallet. Bitcoins aren’t created by any specific one person or for a specific event. They are “mined” by users who are willing to loan the computing power and time to process bitcoin ... If you’re familiar with cryptocurrency, then you know Bitcoin (BTC). If you know Bitcoin, you may know Ethereum (ETH). You may also know that scalability is a problem, that is, being able to have a network large enough, fast enough, and secure enough to be able to, for example, duplicate and/or surpass entities like Visa or Mastercard as more resources are added to that network.
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