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In exchange for these kinds of regulation, the government usually does things to aid banks or assist their depositors. First, they provide deposit insurance. This means that the government assures the depositors that in the event that a bank which follows these guidelines goes under, it will pay at least some of the deposits. Sometimes, the government also acts as an “lender of last resort.” When a bank finds itself in a bind however, it’s still essentially financially sound, the government can intervene and lend the bank cash to pay it over until it is able to move funds around to pull itself out of the mud.

Traditional banks are controlled in this manner. Bitcoin exchanges aren’t. The question of what Bitcoin exchanges and other Bitcoin business activities should be controlled is one of the topics we will revisit at the end of chapter 7. buy List of Interests  database for marketing

A proof of reserve.A Bitcoin exchange or someone other person who has bitcoins could make use of a cryptographic technique known as the proof of reserve to provide customers with some assurance about the funds that they have deposited. The idea is for the business or exchange who holds bitcoins to demonstrate that they have a reserve fractional to the extent that they control up to 25% or even all money that customers have deposited.

It’s possible to break down the proof-of-reserve question into two parts. The first part is to show the amount of reserve you have — this is the simple part. The business simply releases an official payment-toself transaction for the reserve amount they claim to have. If they claim to have 100,000 bitcoins they will create a transaction which they transfer 100,000 bitcoins themselves to verify that the transaction is legitimate. They then sign a challenge string -an undetermined string of bits created by an independent partythat is signed using identical private keys used to verify the payment-to-self transaction. This is proof that someone who had access to that private key was a part of the verification of reserve. Database of Interests

Two caveats should be noted. In essence, it’s not a guarantee that the entity that claims to be the owner of the reserve has it, it’s only a proof that the owner of the 100,000 bitcoins is willing to join in the process. However, it is an indication that someone controls or knows someone who has control of the sum of money. Be aware that you may be able to under-claim an organization: it could have 150,000 bitcoins, but decide to pay just 100,000. This document doesn’t mean that you have all you’ve got but it shows that you’ve got the amount. Leads of Interests  database for sale

The proof of liabilities.The second step is to show how many demand deposit accounts you have in your account that’s the difficult part. If you can show your reserves and demand deposits, you could simply divide these two numbers and you’ll know what your fractional reserve. We’ll show a method that lets you over-claim but not under-claim demand deposits. If you can show the amount of your reserve is at a minimum an amount, as well as your debts are not more than one-third of that amount, when taken together, you’ve established that you have a lower limit for your reserve fractional.

If you didn’t care any level about the privacy of your customers You could release your data specifically, the username and the amount of each customer who has deposits made through demand. This way, anyone can determine your total liabilities. And should you fail to include any customer or made a false statement about the amount of the deposit, you run the possibility that the customer could expose you to liability. It is possible to create fake customers however, you’ll only raise the amount of your total liabilities by doing this. In the event that there aren’t any complaints by customers that way, you can demonstrate a lower limit on the amount of your deposits. The most difficult part, however is to accomplish in a way that respects confidentiality of customers. Leads of Interests  business email database free download

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For this, we’ll make use of Merkle trees that we learned about in the first chapter. Remember that a Merkle tree is one constructed with hash pointers, so that each pointer does not just state where we can find the information we need and the cryptographic hash the data is. The exchange carries out the verification by building the Merkle tree, where each leaf is associated with an individual user, and then publishing the root hash. Like the naive method mentioned above, each user has the obligation to make sure that they’re added to the list. Additionally, there’s an option for users to review the total amount of deposits. Let’s delve into detail now. buy Interests  email database

The next step is to include to each of these hash points another field called an attribute. The attribute is a number which represents the total value in bitcoins for the deposits that belong to the sub-tree that is beneath that pointer within the tree. To be able to prove this the value for each hash pointer must equal values of the two hash points below it.

The exchange builds this tree, then cryptographically sign the root pointer, along with the value of the attribute root and then publishes it. This value represents, of course, the total liability, which is the amount we’re looking for. The exchange makes claims that every user is represented in the branches of the tree that their deposits are properly represented and that they are correctly propagated up the tree to ensure they are the total sum of all deposits.

Every customer now has the option of going to the business and request a confirmation of their inclusion. The exchange then has to present to the customer a partial tree that extends from the user’s leaf to the root as illustrated on Figure 4.6. The customer must then verify that:

The root hash’s pointer and root value are exactly the exchange’s signed contract and was published. List of Interests database

The hash pointers are identical throughout the entire way, meaning that each hash value represents an encrypted hash for the particular node that it is linked to. Mailing Lists of Interests  database for sale

The leaf is filled with the correct account information for the user (say username/user ID, and the amount of deposit).

The value of each is simply the total of the value that are the sum of two numbers below it.

The values are not negative numbers.

The best part is that if every client does this, each branch will be examined and someone will be able to verify that for each hash pointer its value is the total of the values that its parents have. Importantly, the exchange can’t display different values within every branch for different clients. This is because it could either require the ability to detect a hash collision or even presenting different root values to various customers, which is not possible.

Let’s recap. First , the exchange shows that they possess at least X amounts of reserve currency, by performing self-transactions of an amount of X. After that, they show that they have one Y amount of reserve currency. This means that their reserve ratio is at or near at least X/Y. This means that should the Bitcoin exchange wishes to show that they have 25 percent reserves for all deposit typeswhich is 100%they could do so with a method that’s independently verified by any person and no central regulatory authority is needed.

You may observe that the two evidences that are presented in this document (the reserve proof by the signing of a challenge string, and the evidence of liabilities through Merkle trees) provide a wealth of personal information. Particularly they disclose all the addresses that are utilized for exchange transactions, as well as the total amount of assets and reserves, as well as specific information regarding the particular balances of the customers. The real exchanges are reluctant to make this public so reserves that are cryptographic are not common.

A recently introduced protocol known as Provisions allows the same proof ofsolvency however, without divulging the full amount of reserves or liabilities or the addresses used. The protocol is more sophisticated cryptography and we will not discuss this in detail as it’s a different instance of how cryptography could be utilized to protect security.

Solvency is an aspect of regulation Bitcoin exchanges can demonstrate voluntarily however the other elements of regulations are more difficult to verify as we’ll learn within Chapter 7. List of Interests  database for sale

Payment Services

We’ve already discussed how to keep track of and manage your bitcoins. Now let’s examine the ways that a business whether it’s an online retailer or a local retailer can accept bitcoin payments in a sensible manner. Merchants typically support Bitcoin transactions because their customers would like to be in a position to pay using bitcoins. The business may not wish to keep bitcoins and instead accept dollars or the local currency at the close of business. They would like an easy method to achieve this without worrying about technology, modifying their website or creating an appropriate point of sale software. Mailing Leads of Interests

The seller also wants to minimize risk. There are a variety of risk factors: using technology that is new can result in their website going down, which could cost the company money. There is a security risk when dealing with bitcoins. Someone could get into their account or an employee could take their bitcoins. Then there’s the possibility of a rate change as the value of bitcoins in dollars could fluctuate from time-to-time. The seller who wants to sell a pizza to get twelve dollars would like to know that they’ll receive twelve dollars or something similar to that and that the worth of the bitcoins they get as payment for the pizza will not fall drastically until they’re able to exchange the bitcoins to dollars. Mailing Database of Interests  business email database free download

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Payment services are designed to enable both the client and merchant to achieve what they want, and bridge the gap between their needs.

The procedure of receiving Bitcoin payments via an online payment platform could appear like this to the merchant: Interests  email id list

1. The customer visits the paypal’s website, and fills out a questionnaire that describes the item’s price, description and display that the pay widget will display and then on. Figure 4.7 illustrates an example of a form on Coinbase.

2. The payment service creates HTML code that merchants could embed on their website.

3. After the user presses the button to pay the payment button, a series of events occur in the background. Eventually, the merchant receives a confirmation that reads “a payment was made by customer ID [customer-id] for item [item-id] in amount [value].”

Although this method of manual entry works for a small site that is selling a few products, or a site that wants to accept donations, copying and pasting HTML codes for thousands of products is not feasible. Payment services also offer programsmatic interfaces to add buttons for payment to websites that are dynamically created. List of Interests  address lists

Let’s now look at the process of payment in greater depth to understand what happens when a customer buys something with Bitcoin. The steps that follow are illustrated on Figure 4.8.

1. The customer selects an item that they wish to purchase from the website of the merchant and, when it’s time for payment, the vendor will provide a website that includes an option to Pay with Bitcoin button, which is the HTML code supplied by the payment provider. The webpage will also include an identification number for each transaction.

— an identifier for the seller and lets them locate an account in their accounting system, and also the amount the seller would like to pay.

2. If the user wishes to pay for their purchases using bitcoins they’ll click on the button. It will send the sending of an HTTPS message to the pay provider, stating it was clicked and will transmit the identity that the seller is, their transaction ID and amount.

3. The payment service now knows that the customer (whoever they may be would like to pay a specific amount in bitcoins, it will appear in the form of box or start contact with the customer. The user will be provided with information about how to pay and the user is then able to make a bitcoin transfer to the payment service using the wallet they prefer.

4. After the user has made their payment payment system redirects the browser to the merchant and transmit the confirmation to the service provider that the transaction appears good to be so. It could be it is, for example, that the payment system has been watching the broadcast of the transaction to the peer-to peer network however there aren’t sufficient (or the right) confirmations to date. The transaction is complete in the sense that the customer is concerned, but the delivery of the goods by the merchant waiting for approval from the service. Leads of Interests  address lists

5. The payment service , in turn, transmits a receipt to the merchant, containing the transaction ID and the amount. This is because the payment service informs the seller that it is owed money by the merchant at the time each day. The merchant then delivers the merchandise to the user.

The last step is the point at which it is the time when the service transfers funds to the retailer in dollars or other fiat currency, by making an account transfer to the merchant’s account at the bank. This occurs at the conclusion of fixed settlement times typically once per day instead of for every purchase. The payment service takes some of this as a fee, and that’s the method they earn their income. Certain of these information may differ depending on the particular provider, however it’s the basic structure. List of Interests Leads

In summary this, at the conclusion of the process, the buyer pay bitcoins and the seller receives money, with the amount of a tiny percentage, and everyone is content. Remember that the seller wants to sell their products for an amount of dollars or the local currency. The payment service takes care of everything else, including accepting bitcoins from customers and transferring them to close of business.

The payment service takes care of all the risk. It is able to absorb all security risks, therefore it must have effective security protocols to handle the bitcoins. It also absorbs risk of exchange rates because it receives bitcoins while paying dollars. If the value of dollars against bitcoins fluctuates in a wildly fluctuating manner and the service that pays bitcoins could be unable to make money. If it does fluctuate rapidly in the opposite direction the service may gain money, however it’s a chance. The process of absorbing it is an aspect of the payment service’s business.

It is important to note that the payment service is likely to operate on an enormous scale, which means it is able to receive large quantities of bitcoins, and then pays out huge amounts of dollars. It will always be in requirement to exchange bitcoins it’s receiving into dollars to continue the cycle. So a payment service needs to be a participant in exchange markets that connect fiat currencies with Bitcoin. Bitcoin economy. This means that the company has to be concerned not only about what exchange rates are but also how to change currency in large quantities. List of Interests address lists

However, if it can resolve these issues the amount that the service pays per transaction is an opportunity to make money because it bridges the gap between the desire of customers to pay with bitcoins and merchants’ need to make money and concentrate on selling products.

Transaction Fees

The subject of transaction fees has been discussed in prior chapters and will come again in the following chapters. We’ll go over the specifics of the way transaction fees are determined in Bitcoin the present day.

If a transaction is entered on the Bitcoin block chain, the transaction could be accompanied by the payment of a transaction. Remember from the previous chapter that a transaction cost is only defined as the difference in the value of the coins that go into a transaction and all the value the coins which are released. The inputs must be at least the same as the outputs since transactions that are regular don’t generate coins. If the inputs are greater than the outputs , then the difference is considered to constitute a transaction charge which is then paid to the miner who created the block that contains the transaction. Database Interests business email database free download

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The economics behind transaction fees are both fascinating and complex however, we’ll stick to the manner in which the fees for transactions are determined in Bitcoin in the current state as of the beginning of 2015. The details change frequently however, we’ll provide you with a an overview of the current situation. List of email id list of interest.

Why are transaction fees necessary even if they don’t? The reason lies in the fact that there are some costs that an individual has to pay to transmit your transaction. The Bitcoin nodes must relay your transaction, and eventually the miner must build the transaction in a block and they pay just a bit of money to do this. If, for instance, the miner’s block is slightly larger due to the fact that it includes your transaction, it’ll take a bit longer to propagate across the remainder of the network. Also, there’s a higher likelihood that the block will be deleted in the event that a block is discovered close to the same time by another miner.

Therefore, there is a cost for both the peer-to-peer peer network as well as to the miners — in incorporating your transaction. The concept behind the payment fee for transactions is in order to reimburse miners for the costs they incur in processing your transaction. Nodes aren’t compensated in any way in the current system however, running a node is certainly less expensive than mining. You are generally free to determine the amount of transaction fees to whatever you’d like you want it to. There is no cost however, or if you prefer, you could set the cost very high. In general If you pay a greater transaction fee , it’s a given that your transaction will be transmitted and recorded quicker and more accurately. List of Interests

The current default transaction fees.The actual transaction fees the majority of miners anticipate are like this:

First of all the fee is not charged when a transaction satisfies the three conditions:

The transaction is smaller than 1000 bytes, Interests  email database providers

All outputs have 0.01 BTC or larger

Priority must be sufficiently large

Priority can be defined as: (sum of age of input * value of input) (transaction size). (transaction dimension). Also, take a examine all of the inputs for the transaction and, for each one, determine the sum of the input’s age as well as its value in bitcoins. Then, add all of those items together. Keep in mind that the longer that an output from a transaction is left unallocated the longer it will age and the more it’ll be a factor in the its priority once it’s used.

If you meet the three conditions, then the transaction is relayed, and it will be recorded on the block chain without cost. If not, a fee will be paid, and it’s approximately .0001 BTC per 1000 bytes at the time of writing, and this is a fraction of one U.S. penny per 1000 bytes. The estimated size of a transaction is the equivalent of 148 bytes per input, and the output is 34 bytes, and 10 bytes for any other information. Thus, a transaction that has 2 inputs, and 2 outputs will roughly 400 bytes.

The current situation is that the majority of miners follow the fee structure above and do not or process last-minute transactions that don’t pay the required transaction fee. However, there are miners that don’t follow the rules, and will still record and run the transaction, regardless of whether it is paying an amount that is lower or has no fee whatsoever.

If you perform an unsatisfactory transaction, which doesn’t satisfy the requirements for fees, it’s likely to get into the block chain however the best method to have your transaction recorded faster and reliably would be paying the normal fee and that’s the reason why most wallet software and payment providers include the standard fee structure for the transactions that occur, and consequently, you’ll be able to see a small amount of money taken to cover transaction costs when you’re engaged in your normal Bitcoin business.

Currency Exchange Markets

When we talk about currency exchange, we’re talking about trading bitcoins with fiat currencies such as euros and dollars. We’ve previously discussed options that let you make this happen, but here we’re going to consider the market as a wholethe size, size, and extent as well as how it operates and also a bit regarding the economics behind the market. List of Interests  email database providers

The first thing to realize is that it works in a variety of ways similar to the market that is based on two currencies, such as euros and dollars. The price can fluctuate in a cyclical manner based on how much people want to purchase euros and the desire to purchase dollars on a specific day. Within the Bitcoin world, there are websites such as bitcoincharts.com which show the exchange rates for different fiat currencies in a variety of exchanges.

If you look around the website there’s lots of trading happening and the prices fluctuate with the speed of trades that are executed. It’s a market that is fluid and there are a lot of sites you can visit for bitcoins to purchase or sell. In March of 2015, the transaction volume of transactions on Bitfinex the largest Bitcoin exchange USD trading platform, reached approximately 70k bitcoins or 21 million dollars in the course of 24 hours. Leads of Interests

Another option is to meet with people who trade bitcoins with in real-time. There are sites that will help in this. On localbitcoins.com such as localbitcoins.com you can input your location as well as the fact that you’d like to buy bitcoins using cash. There will be a lot of results from people who, as that you are searching are looking to sell bitcoins in that area and in each instance it will tell you the value and quantity of bitcoins they’re selling. Contact anyone of them and set up to meet them at an espresso bar or an area of the park you’d like. You can then offer them dollars and bitcoins as exchange. For smaller transactions you may only need to wait for a couple of confirmations to the blockchain. Interests Mailing database free download

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In some locations, there are meet-ups regularly held where people meet to trade bitcoins. You could go to a specific street corner or park café on a set time and day, and expect to see many people looking to purchase or sell bitcoins. You are able to do business with bitcoins. One reason for buying bitcoins in person versus doing it online is the fact because it’s completely anonymous in the sense that transactions in an open space can be considered to be anonymous. In contrast opening an account at an exchange usually requires a an official ID from the government in order to comply with the banking regulations. We’ll go over this in greater depth in Chapter 7. Interests  email id list

Demand and supply demand.Like any other market like any other, the Bitcoin exchange market combines buyers who are looking to buy something with sellers who will perform the opposite. It’s a fairly vast market, with thousands of U.S. dollars per day traverse it. It’s not as large that of New York Stock Exchange or the Euro-dollar marketwhich is far bigger, but it’s big enough to have the notion of a general price. Anyone who would like to enter the market could trade or buy at least an amount that is modest and is always capable of finding a counterpart. Interests  email database providers

The price of this market the consensus price, just like the cost of everything in a market that is liquid, will be determined by demand and supply. In this context, we are referring to the quantity of bitcoins available which could eventually be sold, as well as there is a demand to buy bitcoins from those who own dollars. The price determined through the market system will eventually be determined at a level that is in line with demand and supply. Let’s explore this in more in detail. Leads of Interests

What is the amount of bitcoins? This is the amount of bitcoins you can be able to purchase from any of the markets and is equivalent to the amount of bitcoins which are currently in circulation. There’s a certain amount of bitcoins that are in circulation. In October of 2015, it was approximately 13.9 million. The regulations of Bitcoin as they are currently indicate that the number will gradually rise until eventually reaching 21 million.

There is also the possibility of demand deposits for bitcoins. If someone has deposited money into their account through the Bitcoin exchange however, the exchange is unable to have a reserve that is sufficient to cover every payment, there will be demand deposits in that exchange that exceed the amount of coins the exchange has. buy Interests  database online

Based on the questions you’re asking regarding the market, it could be a good idea or not for you to add demand deposits as part of the supply. In essence you must include demand deposits when conducting a market analysis when money that is deposited by demand is able to be traded in the market. For instance, if you’ve exchanged dollars for bitcoins in a demand deposit and the exchange permits demand-deposited bitcoins for redemption to purchase dollars, they’re counted.

It’s important to remember it’s also worth noting that when economists speak about the fiat currency supply they usually include in the money supply not just the currency that is in circulation (that is, metal and paper moneyand also the entire amount of demand deposits which is the reason for the reason that people are able to use their money that they have deposited to buy things. Although it’s tempting claim that the amount of bitcoins is set at 13.9 million right now or even 21 million in the future For certain purposes, we must include demand deposits, as they function as money, so the supply may not be as stable as certain Bitcoin supporters might suggest. We must consider the specific circumstances of the market to determine what the right amount of money is. However, let’s say we’ve negotiated on the type of supply we’re using according to the market we’re studying.

Let’s take a take a look at the demand. There are two primary reasons for the demand for Bitcoins. There is a need for bitcoins as a method to facilitate transactions in fiat currencies and also to invest in. List of Interests  email database free download

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Let’s first look at the process of mediating the use of fiat currencies in transactions. Imagine that Alice would like to purchase an item from Bob and wishes to make a payment to Bob and Alice and Bob would like to transfer, the amount, let’s say, a certain amount of dollars, however they feel it is more convenient to make use of Bitcoin to make this transfer. Let’s say that neither Alice or Bob would be keen on holding bitcoins for a long time. We’ll come back to this possibility in a minute. Thus, Alice could buy bitcoins in exchange for dollars, and then transfer them to Bob to Bob, and when they get sufficient confirmations to Bob’s satisfaction and he’ll then sell the bitcoins to Bob for dollars. The most important thing to consider from the standpoint of bitcoin demand is the fact that bitcoins that facilitate the transaction must be removed from circulation at the time the transaction takes place. This leads to the market for bitcoins. buy List of Interests  database online

Another reason for demand is that Bitcoin can be used for investment. This is when someone wants to buy bitcoins and keep in the hopes that the value of bitcoins will rise in the future and they’ll be able sell them. If people purchase and keep bitcoins, they are taken not in circulation. If the cost is low for Bitcoin is at a low level, it is possible for that a large number of people will be interested in buying bitcoins as an investment. However, should the price go up to a high level, the demand for Bitcoins as an investment isn’t as great. List of Interests

A basic diagram of the market’s behavior.Now we can perform an economic model that is simple to see the way these markets behave. We will not build a complete model here , although it’s an interesting activity. Let’s look specifically at the the transaction-mediation demand and what effect that might have on the price of bitcoins.

The first step is to assume some conditions. T is the total value of a transaction that is mediated through Bitcoin by everyone who is part of the market. This amount is expressed as dollar per second. It’s because we believe to be able to assume that the people who would like to mediate the transactions are thinking of the value in dollars of the transaction, or an alternative fiat currency that we’ll convert into dollars. There’s a certain number of dollars every second in transactions that have to be handled. D is the length of time in which bitcoins have to be taken off the market in order to facilitate an exchange. This is the period from when the buyer buys bitcoins to the time that the recipient can sell the bitcoins back to the market. We’ll take that measurement in seconds. The total amount of bitcoins readily available to purchase which will represent all the hard-currency bitcoins available at present, which is around 14 million and eventually to 21 million less those being offered by individuals as long-term investments. Also, there are bitcoins that are floating around and used to be used for mediation transactions. In addition, P is the price Bitcoin pays which is measured by dollars for each bitcoin. buy List of Interests  database online

We can now do some calculations. We’ll first determine the quantity of bitcoins available to facilitate transactions each second. The total amount of bitcoins available is S bitcoins that are available and, since they’re removed in circulation during a period that’s D second, each second, an average of an S/D percentage of those bitcoins are made available due to their emergence from their state of being out of circulation and be available to mediate transactions each second.

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