Bruno Le Maire, once a strong opponent of Crypto currencies and blockchain, demanding they be regulated has now done an about face and is now a passionate supporter of the new wave of currency. At a recent breakfast meeting Le Maire discussed aspects of of Bitcoin and blockchain noting the issues faced with banks, taxation and legal difficulties. In an admission that he was wrong the minister has had a change of heart and, according to Alexandre Stachtchenko, President of Chaintech, and Co-founder of Blockchain Partner, Le Maire declared:
The degree of complexity is proportional to the degree of unwillingness to participate. This applies in the technological work just as it does in other areas in other words the more complex a subject and its application the higher the reluctance to participate. No one likes to confront what is to them unconfrontable or complex. On the other side of the coin, understanding gives a willingness to participate and if there is no or little or confused understanding of a subject then participation or usage of the subject will increase with confidence.
Currently there are over 700 jobs in the cryptocurrency market listed on LinkedIn. These cover the fields of:
Sales and promotion
So there are many standard types of positions in the crypto currency market as in any other market but as well as the usual skills relating to these positions special or 'acquired' skills in blockchain and fintech are keenly sought.
Chinese banks in the Republic of china have seen the light of day with half of them now adopting blockchain technology. There are 26 banks in China and 12 have already set up blockchain for various applications over the past year and the rest are set to follow.
These include the major commercial banks such as Bank of China, China Construction Bank and the Agriculture Bank of China as well as merchant banks.
Bitcoin Gold (BTG) is a hard fork of Bitcoin. The stated purpose of the hard fork is to restore the mining functionality with common Graphics Processing Units (GPU), in place of mining with the highly specialized ASIC (customized chipsets), used to mine Bitcoin. The hard fork occurred on October 24th, 2017 with a mining of 100,000 coins after the fork had already occurred. The team did this via a rapid mining of approximately 8,000 blocks at 12.5 BTG per block.
Bitcoin security is vital when you consider that around nine million dollars a day in Bitcoin is lost to scammers through phishing, fraud, and theft and hacking. It is said there is a sucker born every minute. Well there is also a scammer born every minute and these days with email it is much easier and more profitable scamming individuals than ever before.
How can we secure our Bitcoin in the face of these relentless attacks on our Bitcoin security? Well there are a number of things one can do to protect your Bitcoin security.
As Bitcoin becomes more well-known and popular it is inevitable that it should become considered as a possible superannuation vehicle. There are some issues relating to including Bitcoin in Superannuation however. Firstly you can only include it in Self-managed Superannuation Funds (SMSF) and then only with certain criteria applied.
I was recently asked by an associate who is unfamiliar with Bitcoin, "Why should I buy Bitcoin?"
That is actually a very good question. Why should you buy Bitcoin? Probably the best answer is the old adage, "Never put all your eggs in one basket."
There are proponents for each of the various ways of storing assets and even money. Banks, stocks and shares, precious metals, mutual funds, the list goes on. Each has their advantages and disadvantages.
Banks and Savings
Forking Bitcoin is where a currency is split into two or more currencies. When it is a hard fork the code or software that comprises a coin, such as Bitcoin, changes in some significant way designed to offer an improvement on the existing model. In that case, some of the nodes might fork away from the general nodes. All nodes that agree on the blockchain form a consensus. Those that 'break away' do not. Bitcoin Cash is a hard fork from Bitcoin as an example.
As we all know a faucet is a tap, usually a source of water. A bitcoin faucet is a source of Bitcoin and they have been around for some years. A Bitcoin Faucet is a rewards system whereby Bitcoin or fractions of one rather are given as a reward for performing or completing a task described on a website. Some faucets also dispense other cryptocurrencies.