Category Archives: Boitcoin business

The Top Six Reasons for Using Bitcoin, Alt coins

Bitcoin, along with all other decentralised peer-to-peer Crypto currencies, has a number of significant advantages going in favour of using it. These range from being free from “political risk” (national currencies) and “counter-party risk” (paper assets held at banks or brokerages) to providing some degree of financial privacy (not anonymity though unless additional measures are implemented), giving its owner back the control they deserve over what’s rightfully theirs.

The pros for using Bitcoin, Litecoin, Dogecoin, or any other P2P Crypto coin are summed up in the list below.

  • Bitcoin has value of its own due to steadily increasing worldwide demand
  • Bitcoin cannot be shut down due to its structural nature of decentralisation
  • Bitcoin cannot be — and never has been — “hacked” due to the secure nature of its underlying cryptographic technologies
  • An increasing number of countries are reckognising Bitcoin’s legality and general utility for economic and/or technical development
  • Bitcoin has proven legitimate simply by the fact of user adoption by hundreds of millions worldwide
  • In a world of high political risk and troubled banks internationally, Bitcoin as a new and wholly independent asset class provides an additional option

Bitcoin Is Safe, Bitcoin Is Low-Cost, Bitcoin Is Superior to Conventional Payments

Bitcoin is usually portrayed as “high risk” by the mass media and industrial-age bureaucrat structures alike. Reports of spectacular thefts abound, the EBA (European Banking Authority), while also officially saying Bitcoin is legal to use Europe and here to stay, warned against alleged safety risks, and hyped stories about people “finding” abandoned hard drives on garbage dumps or “losing” bitcoins through an incredible variety of (usually stupid) ways are littering magazines and newspapers everywhere.

The truth is, Bitcoin is safe. The code works, and it is highly resistant against all sorts of operational concerns, including Block delays or non-syncronisation, and still works flawlessly in preventing double-spending or any kind of deliberate or involuntary subversion of the system. Also, Bitcoin is extremely low cost: there are no middlemen pocketing chunks of amounts you send, as is usual with conventional banking (SWIFT, credit cards, bankers’ drafts, Letters of Credit and other not-so-fancy ways of payment transmission from the telegraph-age).

Just note that SWIFT costs participating banks roughly $30,000 per year in “membership” dues in order to just be admitted to the club and able participate (plus a sizeable minimum amount per transfer, usually north of $6 per “wire” when you actually do). Also note that all credit card businesses pay around 41% of their total revenue for “fraud prevention” alone (this is where the total of billions from your 3% to 3.5% of “credit card usage” or “foreign card usage” and similar fees are going).

Neither credit cards nor “telegraphic” transfers have any meaningful error correction algorithms built into them. So even if no one attempt anything fishy there, money in transfer can still be lost — or delayed.

As Bitcoin is designed to be used in electronic communications and, thus, perfectly suited for worldwide transmissions, e-mail use, and immediate communications, it is clearly superior to those legacy systems that major banks desperately cling to and apparently try to “defend” using whatever means they can think of (government regulation, limiting access even further, introducing all sorts of hurdles).

Bitcoin’s other major advantage is the irreversibility of payments once sent. Chargebacks are not an issue, merchants accepting Bitcoin (or any other Crypto currency) payments need not worry about a thing. That way, there is no need for ridiculous “fraud prevention” teams, mechanisms against fraudulent chargebacks, or similar risk when using Crypto coin payments, eliminating these 41% of “security costs” (totalling billions of dollars every year) and making all transactions cheaper for everyone involved. Crypto currency payments such as Bitcoin transactions can be sent with zero or very low overall fees, therefore enabling improved integration and utilisation of all e-commerce aspects in the payments arena alone.

The arrival of Bitcoin, often praised as the biggest invention since TCP/IP (the protocol underlying the World-wide web) will likely bring about an entire new “Web 3.0” era.

South Korean Government Actively Supporting Bitcoin Ventures

South Korea actively supporting Bitcoin Crypto currencies digital money virtual currency, venture capital provided for Korbit

South Korea’s Ministry of Science, Information and Communications Technology and Future Planning has actively supported Korbit, one of the country’s leading Bitcoin companies, to participate in a conference to invite private equity investment in order to expand its business.

The bid resulted in Korbit successfully securing $400,000 seed funding by a group of private investors.

Also, established banks in South Korea have repeatedly made headlines in recent months for being generally supportive and open to Bitcoin and Crypto currency technology in general. The Korean Banks Foundation for Young Entrepreneurs, a group established by Korea’s largest banking alliance, has also participated in funding Korbit’s success.

Venture capitalists are quoted as saying, “Bitcoin’s growth in Korea is remarkable for the sophistication of the public dialog around its potential for innovation and wealth creation”, and that the country can “play a leading role in the future of global finance” by realising the importance of Bitcoin, and moving to embrace it faster than other nations.”

Renewables for Bitcoiners (1) — Solar PV

Bitcoin, 3D printing, and Renewables — they all have something in common: this something is their ability to enable true change. Change in a good way (not a way of progressivist politics, that is). This change-in-a-good-way is the kind of change that frees humanity (not enslaves it further). It frees humanity by way of truly free, peer-to-peer economics (instead of centralized and/or state-controlled economics, a. k. a. a command economy).

This is why a true Bitcoiner needs to know all of these areas. Not just Bitcoin. Also 3D printing, also Renewables or “Green” energy.

Below is a primer in Solar PV generation (ideally off-grid, in order to make it really de-centralized and peer-to-peer, i e power is generated where it is needed). This Solar PV primer contains some facts you as a Bitcoiner and proponent of all things p2p might want to know. Enjoy.

 

A Bitcoiners Guide to Renewables — Introduction

Solar PV produces electric current actually in a similar way as batteries albeit much more intelligently as neither any components wear out nor is there any poisonous substance involved (like acid in batteries, which also wears out through use). Solar cells, while also degrading as there is no Perpetuum Mobile in our environment, last a lot longer than those “stone age” or “state-of-the-Arch” energy generation technologies called batteries — PV cells usually last for 25 years with at least 80% of their original capacity — and can produce energy for 35+ years before they become really “sucked-out”.

Over 95% of today’s solar cells consist of the semiconductor material silicon. Semiconductors are materials whose electrical conductivity increases under light or heat.

For the production of solar cells, the silicon is doped, which means that other chemical elements are added to it, either creating an electron surplus (n-conductive layer) or an electron shortage (p-conductive layer). This means that the doped areas become charged, and if two differently doped semiconductor areas convene, a so-called space charge region is created at the boundary layer (p-n junction), meaning there is a difference in electrical potential across the boundary.

This is what makes them somewhat related to batteries which use acid and two different metals to create the same effect for a limited time — until the battery becomes dis-charched or “empty”.

In order to achieve the desired effect in solar cells, the initial silicon material is normally p-doped lightly and a thin surface layer heavily n-doped. This creates the space charge region required for separating the charge carriers, known as electrons (negative charge) and holes (positive charge).
Different than batteries, solar cells do not need any added substances (like acid) in order to work, but the entire process is induced by just exposing them to sunlight (or even just daylight, i e it also works on an overcast day).

When the energy from the sunlight hits the semiconductor material, the photons transfer their energy to the material, and the electrons and holes achieve a higher energy state, allowing them to move. The negatively charged electrons will move to the positively charged region, and the positively charged holes move to the negatively charged region. This process repeats itself, and the net flow of charge across the boundary is the electricity that is generated by that cell! To generate usable amounts of electricity, cells are arranged into modules, which are in turn arranged into your PV array.

The front contact is a metallic grid, enabling the sunlight to penetrate into silicon between the contacts. Moreover, solar cells are also coated with an anti-reflection coating, serving to protect the cell and to reduce energy losses resulting from reflection. This layer gives the solar cells their typical bluish black appearance.

The basic output is then converted to voltages and currents in accordance with specifications needed using rectifiers, inverters or micro inverters, and similar electrical equipment.