Is Lighting Network the second coming for Bitcoin or the coming of centralization? Andreas Antonopoulos states his case for the former in his latest video. A lot of misconceptions have arisen about the Lightning Network and the effect it will have upon Bitcoin. Look around the internet, and you’ll find videos such as this offering information on the Lightning Network that may not be accurate. To that end, Andreas Antonopoulos has created a video to detail
Ellen DeGeneres has likened Bitcoin to a “digital goat” in an attempt to explain the digital currency in layman’s terms live on air. Ellen Viewers Learn Bitcoin, Wallets And Volatility In a segment of her popular television show this week, which averages almost 3 million viewers per episode, DeGeneres spent several minutes speaking about the non-physical nature of Bitcoin and wallets, as well as touching on volatility. “You’re probably thinking, ‘Ellen, if I can’t physically
While governments worldwide drag their feet and argue over cryptocurrency legislation, various states in the US are vying to become the blockchain capitol of the country. Arizona aims to allow state taxpayers the ability to pay their fair share with Bitcoin, while Tennessee looks to officially legitimize cryptocurrency purchases by making them legal on paper. Now, Wyoming is throwing its hat into the ring, with four blockchain boosting pieces of legislation up for consideration. Blockchain
A new Blockchain app seeking to introduce Lightning Network compatibility for Coinbase users has debuted its alpha demo. Could Coinbase Users Get Lightning? Lightning Ramp acts as a middleman service, allowing users of major exchanges to benefit from Lightning Network improvements in transaction fees and faster processing times. As Lightning gains huge mainnet traction among the Bitcoin community, currently operating almost 2000 channels, demand from users for better transaction experiences on Coinbase in particular also
Nvidia is raking in profits thanks to cryptocurrency mining and an increased demand for their GPUs — and for CEO Jensen Huang, the utility of cryptocurrency is obvious. “It’s Not Going to Go Away” As Bitcoin and other cryptocurrencies continue to explode into the mainstream consciousness, so too does the demand for high-powered GPUs capable of generating the best results when mining — the process of confirming transactions. The demand for GPUs has helped cause
The head of the Chechen Republic, Ramzan Kadyrov, has admitted to buying a fraction of a Bitcoin, stating he is looking forward to following its price. Chechen Leader Buys ‘A Fraction’ of a Bitcoin The head of the Chechen Republic, Ramzan Kadyrov, revealed to the Russian press that he purchased a “fraction” of a bitcoin. He also acknowledged that he is interested in keeping tabs on the cryptocurrency’s progress. “I already said that blockchain technology
Canadian speed skater Ted-Jan Bloemen has become the first Olympic athlete to be paid in cryptocurrency, following a deal with two new technology companies. A ‘whole new frontier’ For the first time in history, an Olympic athlete has been paid in cryptocurrency. According to CNN, Canadian speed skater Ted-Jan Bloemen — a double world record holder — has signed a one-year sponsorship deal with cryptocurrency-focused social network onG.social, in addition to agreeing to terms with
A 16-year-old girl from India developed a Bitcoin app called Crypto Price Tracker, and users on Reddit viciously attacked her with abuse and death threats. When the internet first arose, it was hailed as a technological marvel that would change the world. People would be able to virtually visit museums from all over the world and have access to knowledge that could only be found in the finest universities. However, the reality is that the
The Lightning Network mainnet has expanded beyond 500 nodes while its testnet implementation now hosts more nodes than Bitcoin Cash. Charge Of The Lightning Bulls The astonishing figures – 566 mainnet and 1720 testnet nodes at press time – come as an increasing number of users and commentators alike pledge support of Lightning, despite reservations about the robustness of its mainnet security. Bitcoinist previously reported on fledging LN mainnet presence last month, with its node
Here are five ways in which Bitcoin technology has completely redefined the concept of money in its nine years of existence. A Revolution of Money Bitcoin is one of the most groundbreaking monetary experiments in human history. In just nine years of existence, Satoshi Nakamoto’s invention has grown into a multi-billion dollar industry, leading to an explosion of fintech innovation… and it’s just getting started. Meanwhile, Bitcoin technology has already reinvented the concept of money.
Amazing new schemes and technologies are being developed to expand Bitcoin’s functionality as a payment instrument. The latest newcomer is Atomic Multi-Path Payments over Lightning. This scheme promises to enhance privacy and decentralization to facilitate payments over the Lightning Network. Atomic Multi-Path Payments over Bitcoin Lightning Bitcoin needs to establish itself as a vehicle to execute payments rapidly, securely, and cheaply. New technologies and schemes are being implemented to make possible near-instantaneous low-value Bitcoin payments.
Coinbase has stated its commitment to introduce SegWit compatibility in “a few weeks,” fulfilling a promise made to customers in late 2017. Final Testing Confirmed In a tweet Monday, the largest US exchange and wallet provider repeated claims made late last year that SegWit – as a “feature” – was less of a priority for developers than security and performance. “Our engineering team has begun the final testing phase of SegWit for Bitcoin on Coinbase.
Bitcoin industry stalwart Charlie Shrem has described decentralized cryptocurrencies as “the biggest innovation of his lifetime” amid turbulent activity on markets. Shrem: My Goal Is Freedom-Giving Technology In a series of tweets Thursday, Shrem, who returned to the cryptocurrency space following a highly criticized spell in jail, explained how the freedoms associated with ‘true’ decentralized assets and networks are his “goal.” “I came to help build technology that gives us freedom and I will not
Cryptocurrency enthusiasts are excitedly anticipating the full implementation of several new technologies and schemes that promise to help address Bitcoin’s scalability problem, such as Segwit, Lightning Network, and Schnorr signatures. Most recently, to enhance the Schnorr signatures algorithm, a group of researchers has introduced a simple multi-signature scheme: MuSig. MuSig Will Reduce Transaction Signatures Bitcoin transactions require signatures, but these signatures take up significant block space. This situation gets worse when multiple addresses are involved
The Lightning Network (LN) mainnet has almost doubled its node count and capacity in days as Bitcoin users rapidly switch on to its benefits. Lightning: Core Enthusiasm Yet To Become Ubiquitous Data from monitoring site #recksplorer shows 107 active nodes, 237 channels and a total Bitcoin load worth just over $19,000 – marking considerable growth since Bitcoinist last reported the statistics late last week. Despite reservations from some well-known Bitcoin industry figures such as Bitcoin.org
The cryptocurrency community is celebrating what may have been the first ever transaction on the Bitcoin Lightning Network’s (LN) mainnet. Additionally, the good news is that the Bitcoin payment operation was, “instantaneous and fee-free.” LN Transactions Prove to be Cheap and Faster The cryptocurrency community is becoming increasingly enthusiastic about the LN implementation because it promises to significantly lower Bitcoin’s transaction fees while making possible near-instant transactions. Social media is humming with news references to
The mainstream press has a knack for giving airtime to Bitcoin naysayers who repeat the same tired arguments. Here are the top five most common myths presented against Bitcoin and why they are wrong. Bitcoin Uses More Electricity Than [Insert Country] “One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week!” “Bitcoin’s energy usage is huge – we can’t afford to ignore it” “Bitcoin consumes more electricity than Denmark!” Deliberately eye-catching,
Bitcoin Core developer and Blockstream co-founder Greg Maxwell announced he has left the company as criticism mounts over its Lightning Network advocacy. Maxwell: Blockstream Has Been ‘Big Success’ In a circular to the core mailing list Friday, Maxwell said he had opted to “spend more time working independently” on Bitcoin technical advances. “We hoped that Blockstream could help act as an anchor of support for technology development, and in doing so help grow the community. I
The Lightning Network now has over 40 nodes and 60 channels running as the long-awaited technology continues to take new strides. A $9500 Lightning Network Data reported on Reddit Thursday shows the propagation of Lightning nodes, which are just beginning to take foot after the so-called ‘layer two’ technology debuted on the Bitcoin mainnet. “I only paid a 0.0003515 BTC (~$4) fee to open the channel! I can’t seem to find those $100+ fees I’ve been
Bitcoin mining has been pushing the growth of important chipmakers, such as Nvidia and Advanced Micro Devices Inc. (AMD). Now, tech giant Taiwan Semiconductor Manufacturing Co Ltd. (TSMC) plans to significantly increase its revenue from the crypto-mining devices segment. Crypto-Mining Driving TSMC’s Growth TSMC provides semiconductor manufacturing devices and services for a range of industries. Most notably, the company supplies chips to Apple. AppleInsider reports that TSMC might have reached a deal to be the
Blockstream has implemented Lightning Network Bitcoin payments on its store as part of a continued roll-out of the revolutionary technology. Store Tests Consumer Lightning Payments In a blog post on Tuesday, developers Christian Becker and Rusty Russell introduced the Lightning Charge addition to its long-running Elements Project. This is designed in their words to “make it simple to build apps on top of Lightning.” The pair explains: Lightning Charge is a micropayment processing system written in
LightChain is a double-layer technology that promises to solve blockchain’s performance issues. Indeed, LightChain hopes to lead blockchain technology into the “millisecond transaction era.” LightChain Is a Double-layer Technology Granted, Bitcoin’s slow transaction processing speed and high transaction fees are the most pressing issues afflicting the cryptocurrency ecosystem. By design, there is only 1MB of data available per Bitcoin block. That is, just 1 MB of transaction data is allotted every 10 minutes. 🙌 It's
A new pull request will likely see SegWit included in the forthcoming Bitcoin Core version 0.16 release, easing Core node access to the technology. ‘It’s Happening’ Activity from Core’s Github repository confirms the pull request by Core developer Pieter Wuille, which comes as industry and community pressure builds on Bitcoin entities to upgrade systems to handle SegWit. According to a previous release schedule, 0.16.0 is due to complete by May 1, and could now count