Know Bitcoin: Post 2

In my opinion, Bitcoin is going to be the future of virtual currency, with earning opportunity for individuals as well as businesses. Individuals can become miners and earn bitcoin currency and Businesses can save costs on their transaction and processing fees with Bitcoin currency.

In this post, I will highlight some insights that you would want to know about Bitcoin.

How Bitcoin Works?

The basics for a new user

As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.

Balances - block chain

The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.

Transactions - private keys

A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody, once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes, through a process called mining.

Processing - mining

Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
 

How is it created?

Instead of being made on a printing press or by a central authority, Bitcoins are created through software available to anyone. Individuals and groups willing to dedicate computer processing power to support the Bitcoin network are rewarded with Bitcoins for their work. This process is known as mining. Most Bitcoin users do not mine, but purchase or trade for their Bitcoins. Mining doesn't affect the average Bitcoin user much, but is still a very important part of the Bitcoin ecosystem.

 

How is it secured?

All newly mined Bitcoins, along with every transaction, are publicly recorded. This record is known as the blockchain. While the blockchain records transaction details, it does not record any personal identifying information about the senders or recipients.
The blockchain is a critical feature to maintain the transparency of the Bitcoin system, and make counterfeiting or double spending impossible.

 

Bitcoin Usage Tips

• While Bitcoin is growing every day, it’s still an experiment in the future of currency and trade.
• The price of bitcoin can be volatile as the economy is still in its infancy.
• Much like cash, Bitcoin payments are irreversible.
• Security is very important with Bitcoin, so it's critical to use all methods available to protect your wallets and accounts.

• Bitcoin is not “anonymous” as all transactions are stored publicly and permanently, but your identity remains private until you chose to reveal it during an exchange (pseudoanonymity).
• Bitcoins are taxable since most governments consider anything with value to be subject to taxes, though this is typically only after you sell your Bitcoins (capital gains). They may also be subject to sales taxes in certain jurisdictions. Please check your local regulations to better understand these rules.

Next Article: Bitcoin: Mining and Earning Potentials

Google’s Loon Uses Solar Power to Connect the World

Google wants to bring wireless internet service to the whole world through its airborne Loon network. The pilot project got off the ground on June 15th, launching from Christchurch New Zealand.

A Loon is a helium-filled mylar balloon floating about 20 km (12 mi) above the Earth’s surface, carrying an internet router and associated gear. Each unit can provide internet access to a 40 square km area. Google plans a network of Loons that communicate with the ground and with other Loons. Hundreds of Loons combined could provide wireless internet access worldwide. Communication uses the 2.4 GHz and 5.8 GHz bands which are publically available without a special license. Internet speeds are roughly equivalent to 3G speeds. Although cell service can already reach many remote areas, Google thinks the Loon network could provide internet access to areas where cellular companies haven’t penetrated, as well as locations that have been struck by natural disasters, knocking out cell service. Since it uses low-cost balloons instead of satellites, the total cost will be much lower than the $7 billion that Motorola invested in its Iridium phone network.

Instead of being tethered to the ground, the Loons move on air currents. As one floats out of range, another should float in range. Each Loon includes a solar powered fan to pump air in and out of the balloon, allowing the Loon to change altitudes in order to maintain its position relative to the other balloons in the network. And if the Loon should malfunction and fall from the sky, a built-in parachute will deploy. The Loon’s case has a label saying “Harmless Science Experiment” along with contact information and a “Reward if Returned” notice.

ChurnBee - for more simple data analysis

Metrics for your SaaS startup

eThe team that brought us Newscurve, has just launched in beta a new approach to understand your business if you are running SaaS (Software-as-a-Service) model. ChurnBee, the self-proclaimed “Secret weapon for SaaS startup founders” provides a metrics dashboard to understand the statistics of your company.

 

Once the API is integrated into your startup, statistics such as monthly recurring revenue (MRR), retention, churn, Lifetime Value of a customer (LTV), acquisition, growth and more are easily accessible.
Most startups build these tools into their products, if not there are many other third-party API’s providing similar solutions. The difference with ChurnBee is that they provide simpler pre-made recipes that automatically integrate important details for analysis in an interface design style that is easy to comprehend.
ChurnBee is completely free to use for all accounts while they’re still in beta.

Fridge Magnet tells the freshness of your food

It happens often, you buy a head of lettuce it then gets pushed to the back of your refrigerator only to be forgotten and then goes spoiled entering culinary heaven as an inconsumable. Of course this goes beyond lettuce but all edibles, with the concept design by Liao Haibo, Hu Yaxing, Chen Zhipeng and Tang Yigang their invention can help the end to wondering the specs of your food.

The QR Fridge Magnet, recent winner of the 2013 Red Dot Award, is a tiny device transparent tool, which displays text with imagery about your food. A scan of a QR code on fruits or vegetables displays information such as production date and location that can then be affixed to your appliances. Going forward the freshness details are updated for quick overview keeping you aware at all times when items are past expiration.

10 ways how your start up can stay creative.

 

When starting a new business one of the key considerations you need to take on board is how you are going to build on your momentum. Being creative is one of the best ways of doing this, now when I say creative I don’t necessarily mean jumping into Photoshop, I mean thinking creatively about your business in all aspects, asking yourself all the where, why, when, who questions.

1. Keep a notebook with you at all times

Sometimes the greatest ideas can come to you at the weirdest of times. Many also believe in keeping a notepad on your bedside table when you’re sleeping so as to write down what you dreamt about. Sometimes you’re outside and see something interesting, or suddenly get inspired. The most frustrating thing is not being able to record all these ideas and thoughts, hence, why a small notebook that you can carry around would be so handy!

2. Surround yourself with creative people

Being amongst creative thinkers is such a great incentive. Such creativity flowing through the air will push you to work harder in order to achieve greatness. In such a case, you will also benefit from talking to your peers (be that in your business or elsewhere) and bounce ideas off them because they will have an insight to things that you might have not already thought of.

3. Be informed

It’s important to be up to date with what’s going on around you, but to also be up to date with up and coming business trends. It is also vital to see what your competition is doing and to understand what yours and your competitor’s customers are asking/wanting.

4. Be open

Be open to criticism, to new ideas, new experiences and adventures. Doing things outside your comfort zone will broaden your mind and allow yourself to see things in a new way.

5. Work in an organized and tidy workspace

Having a clean and organized workspace will drive creativity and steer you away from distraction. An ideal workspace will clear your mind and allow you to focus solely on what needs to be done.

6. Create a framework

Organising your workspace is important, but organising your time and work is vital. Some may refer to this as project management, but creating a simple framework which clearly identifies what needs to be done along with your time limitations will push you to get cracking and follow through. The more detailed the framework, the more creative you can be in the process because you won’t be left wondering whether you left anything out.

7. Sleep on it

We rarely have the luxury to take our time on projects, and sometimes it works in our favour because most start up business owners work well under pressure. But, if you can, try sleep on it. If you’ve finished a project, get away from it, sleep on it and return to it the next day. This will give you the opportunity to see it with fresh eyes and to be able to edit it with a new frame of mind.

8. Ask for feedback

Whether you’re mulling over something internal or client related, asking for feedback can benefit you and help you in your business process. You of course, are thinking like a business owner, but asking for the opinion of the end user will help you see things from their point of view and make any necessary amendments needed to suit their needs.

9. A change of scene

Exploring a new location or even revisiting somewhere you haven’t been for a while can lead to you discovering new creative inspiration whether it’s a tea room in the countryside’s branding or a town’s wayfinding for tourists inspiration is out there waiting for you to discover it.

10. Be spontaneous

It has been proven that spontaneous people are more creative; being open to change keeps you less stressed, your mind active and gets you out of a rut. Having everything in your diary planned at and no room for last minute changes can be stifling, instead leave free time to do whatever comes up – become that person who says yes to last minute events. These bursts of spontaneity will lead to new creative ideas.

New era of Augmented Reality

You Wouldn’t Hit a Guy with (GOOGLE) Glasses, Would You?

    

The future’s so bright, I gotta wear augmented reality glasses that pull data from the cloud and overlay it on top of the physical world around me. Sure, it’s not as catchy as a song by Timbuk3, but it’s accurate. I love the idea of pulling down data to enhance my experience in meatspace. I do it all the time with my phone but that’s still a clunky experience and it takes my eyes off my surroundings. I’m excited about Google Glass — a pair of those could let me stroll around and keep alert while also drawing in extra information.


Besides giving you a new way to look at the world around you, Google Glass lets you preserve moments. The gadgets have an embedded camera in them that let you take photos and videos from your point of view. It’s one step closer to looking at the world through the eyes of someone else. It could help people capture moments they might otherwise miss.


Beyond that, you don’t need to look at a screen while you’re capturing video. Just keep looking ahead. That means you won’t miss the moment for yourself while you’re capturing it for everyone else. I’d love the chance to watch an exciting moment in, say, a professional wrestling match (I’m an unapologetic fan) without having to experience it through the screen or viewfinder of the camera I’m using to record the moment.


But this feature has caused concern among some folks. What if someone wearing a pair of Google Glass records video of the people around them without those people being aware of it? It’s natural to be worried about privacy with any technology that links you with a physical location. But what if it links other people too? Even if the person wearing Google Glass is okay with their life being recorded — or maybe even broadcast — that doesn’t mean everyone else is cool with it too.
One business has already taken the step to say Google Glass wearers will not be welcome. That’s the 5 Point Cafe in Seattle, a dive bar where the clientele aren’t necessarily crazy about the idea of being on video. The cafe’s owner, Dave Meinert, said in an interview that the ban is part joke, part serious business. He takes the privacy of his patrons seriously. And while you might not be subjected to a “kicking,” as suggested on the cafe’s Facebook page, don’t be surprised if you’re asked to leave if you stroll in wearing Google Glass.


I imagine this won’t be the last establishment to outright ban the gadgets. Many places already have policies against patrons taking photos or video. And while there’s a light on Google Glass devices that indicates whether or not the camera is recording, there’s always a worry that someone will disable that light, cover it up or it will just stop working and then no one can be sure if the camera is recording or not.


Eventually, I’m pretty sure we’ll develop our own social rules about using devices like Google Glass. There are times when we understand it’s not appropriate to whip out a smartphone and start recording, after all. And I’d be surprised if bans slow down the progress of Google Glass. Mostly, I can’t wait to get a pair for myself so that I can learn even more about the world around me. And maybe catch it on video when no one is looking.

 

Know Bitcoin: Post 1
 
Is bitcoin going to hit critical mass and end up going mainstream?

Is it possible that bitcoin goes up another 10-fold or more if all these bitcoin investment business get approval? $BITCOIN

 
As I noted in this week’s Revolution Investing, I’ve had bitcoin in my portfolio since earlier this year, but I don’t know anybody but me and maybe a couple of my TradingWithCody.com subscribers who own any bitcoin. I don’t know anybody else who’s even considering buying bitcoin right now or ever.


I see bitcoin on the front page of Marketwatch a lot lately and there’s a lot of debate about bitcoin on our Scutify BitCoin page.  But most all the comments and debates are skeptical and dubious about there being any value in bitcoin .


Even if you’ve been a bitcoin skeptic so far, what would it take for you to change your mind? I’ve written about bitcoin quite a bit in the past year here on Marketwatch’s The Cody Word, and you can see my evolution from skeptic to buyer. Maybe I’m nuts, but if you’d moved like I did to put 1% of your portfolio into bitcoin when I first suggested doing so, you’d already have more than a triple on your hands. I’ve been slowly but surely buying more bitcoin when it crashed and I have been accepting bitcoin as payment at TradingWithCody.com to build up even more. Obviously, I think there’s still more upside and potential for bitcoin in years to come and I’m investing time and energy in the digital currency too.


Indeed, I think we have built up the single best BitCoin page on the Internet as we’ve spent a lot of time building up the Scutify bitcoin page, to include all the latest bitcoin news, tweets and prices and it’s quickly becoming one of our site’s most popular pages, as interest climbs.
We’ve also been working on the different methods of buying bitcoin, and let me tell you first and foremost — it’s not easy to buy bitcoin yet.  It might get harder before it gets easier too, as regulations and systems are created in coming months and quarters. Like I said though, I actually could picture bitcoin going up another 10-fold versus the dollar if all those bitcoin investment businesses and systems get approval and go mainstream. If not, there’s certainly downside potential in bitcoin versus the dollar so let’s not speculate very aggressively no matter what. Currency speculation is risky, always. Certainly this bitcoin stuff is extra risky while it remains so cutting edge.
To buy bitcoin , we’ve used several different platforms, but Coinbase.com will allow you to buy them directly from your bank account and that was probably the easiest route we found so far. Even so, it will take up to four business days for the bitcoin to be available in your Coinbase account. We’ve also used Blockchain.info and MtGox.com and even others, but they are all just as difficult to set up.
I have no relationship with any of the bitcoin markets, although I obviously am deeply involved with both TradingWithCody.com and Scutify. And as I have made clear, I am long bitcoin and I feel a bit nutty even admitting that much. On the other hand, it makes me sad that I know lots of middle-class folks here in my hometown who speculated on Iraqi dinars but NOBODY here has caught this huge move from $BITCOIN speculation. Sigh.
Come learn more at Scutify.com/forex/bitcoin.