2013 – The Year of Bitcoin

2013 – The Year of Bitcoin

After the bitcoin first triggered a real hype, there was the speculation bubble in 2011, the value of Bitcoin lost massively in value and many already saw the end close. But as always, when something is said, it is not dead. And in terms of the digital currency, even one can add. Not only did the Bitcoin have improved again by about 200 percent, but the Bitcoin seems to be going really well in 2013. Ironically, there are also some spectacular Bitcoin thefts, which give the Internet currency so strong upwind.

From problems one becomes cunning

This is why some projects have been launched that focus on the security that has often been referred to as deficient security. Theft of Bitcoins is thus even more difficult than the theft of other, conventional currencies. But also the transactions are now better designed. Even buyers and sellers, who do not trust at all, can run business transactions completely smoothly. Stock exchanges and other Bitcoin trading centers have also placed significant emphasis on the protection of customer deposits. In order to describe only the most important changes:

The Physical Wallet by Slush

Some of the scenes are Slush certainly known as a mining community and therefore also its operator, Marek Palatinus. Palatinus has announced this year to develop a physical Bitcoin wallet. Their properties are already known. A random PIN (private root key) is generated when setting up or initializing the exchange. If the entire wallet is lost or stolen, the Bitcoin amount can temporarily be temporarily stored elsewhere, until a new hardware wallet is available. Transactions themselves are also phy- cally secured. At the wallet, there is a monitor and a control knob. To execute a transaction, In addition to the basic security keys required by the wallet and – only visible on the monitor of the hardware wallet – the user is prompted at a certain time to press the button. A digital, as well as physical theft, is thereby completely excluded unless the owner negligently keeps Wallet and Keys together.

Multi-Signature transactions

As with real business transactions, mutual trust is also one of the biggest problems in Bitcoin transactions. Money first or merchandise first – then waiting for the other is always associated with a risk. So the bitcoins are automatically transferred to a special account by means of an application. Only when both parties send their digital signature, as well as a third party, can the action be carried out. This also verifies the correctness, if the one complains, the goods not to have received or the other not want to pay. If the third party is not trusted, this can be replaced at any time by another. The general idea has existed since 2011 but has not yet been implemented.

Other changes in Bitcoin 2013

Already in October 2012, the Bitcoin Foundation was launched, which is now in 2013 for the first time right into the perception of many people. The tasks that the Bitcoin Foundation has put in place are very similar to those of a national bank, with the exception of the absence of a state and a very democratic process. The tasks can be summarized as follows: expansion and definition of framework services, public representations in the form of more PR and active support for the structure and development of the entire Bitcoin architecture. San Jose, which was mainly known for the Apple / Samsung processes, is the venue of this year’s Bitcoin conference in May and hosted by the Bitcoin Foundation.

Bitcoins – it will probably only now really start

This will surely also address the many other innovations, such as the first planned bitcoin debit card. Although BitInstant has left the project, the French Bitcoin Central has entered into a cooperation with Aqoba, which now provides Bitcoin with an official access to the European banking system, which also includes issuing debit cards. Similar to Bitcoin Wireless, a worldwide payment system for charging mobile devices and paying provider offers. Although it has been quiet around this BitInstant project, is further developed. However, as already mentioned at the outset, the most spectacular developments are actually the hardly perceptible developments in the form of maximized safety concepts. Furthermore, That the Bitcoin will soon reach its old stand to the dollar again. Now investing in Bitcoins can mean huge profits.

Leave a Reply

Your email address will not be published. Required fields are marked *