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But township supervisors are interested in dollars. This is unlike any other industry coming into a town — because most of the jobs are done by computers. Things got a bit heated during the public meeting at the administration building earlier Tuesday. As supervisors weighed the benefits. Last week, Talen Energy the company that owns the Susquehanna nuclear power plant in Salem township announced plans to develop a digital infrastructure campus next to the plant.
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Bitcoin: 74 questions answered
This post was originally published on Yahoo Finance on December 18, Yahoo Finance invited readers to send us their top questions regarding bitcoin and other cryptocurrencies. What the hell is it? In the most general sense, bitcoin is software that forms a decentralized, peer-to-peer payment system with no central authority like the Federal Reserve or U.
Maybe a big profit. And maybe a big loss. What backs or supports it? At the current rate, it would take him about 1, years to mine one complete bitcoin.
That gives you a sense of how complex it is to mine bitcoin, and how much processing power it takes: These computerized mining rigs throw off so much energy that they can heat your home. Blockchain as a technology has become popular among banks and other big financial institutions, who want to use it to settle payments on their back-end systems. What is there to value? But in reality, investors mostly see bitcoin as a commodity because of its finite supply. At the moment, A fractional amount of new coins gets created every time a miner uploads a block to the blockchain, which is a reward for mining.
Is this a scam? Bitcoin is a legitimate technology. The question is how useful and valuable it will become. Is there actually a physical coin called bitcoin? Is it tangible like gold? Bitcoin has one big similarity to gold , in that some investors consider it a good store of value for financial wealth.
You can take possession of your bitcoins — as some people do with gold — by downloading the string of digital codes that represents your holdings onto a gizmo that looks like a flash drive. Is value completely determined by the free market? For the most part, yes. How can something that does not exist in the material world have a monetary value? Bitcoin does actually exist in the material world, the same way an operating system for your phone or computer exists in the material world.
All bitcoin transactions are stored on that public ledger, the blockchain. To process new transactions in bitcoin, miners with powerful computers solve complex problems that add the transactions in a block to the blockchain. Multiple miners verify the work, which prevents fraud. Is this a legal tender? Not officially yet in the United States.
In the United States, for instance, merchants must accept the U. The U. They do have to accept dollars. Meanwhile, Japan and Australia, among other countries, have officially recognized bitcoin as legal currency. What is the collateral behind bitcoin? The bitcoin blockchain records the entire transaction history of all bitcoin, which is validated through proof of work. How do you buy and sell it?
There are a number of easy-to-use exchanges now where you can buy bitcoin using money transferred from a bank account, and in some cases by charging a credit card. The most popular mainstream option is Coinbase, which now has more than 13 million customers.
Kraken is another one. What are you actually buying? You can transfer this asset to others for whatever the market price of bitcoin is, minus transaction fees. Can they be purchased in a regular brokerage account? But there are securities linked to the value of bitcoin, such Bitcoin Investment Trust GBTC , which you can buy through a traditional brokerage.
How much money do you need to get started? Not much. Can bitcoin be purchased in fractions? One bitcoin is divisible down to 8 decimal points, or 0. That unit is known as a satoshi, in honor of the pseudonymous founder of bitcoin. Can it be traced back to you? Anyone who buys or sells bitcoin on an exchange such as Coinbase must provide their personal information to that exchange.
If law-enforcement agencies or the IRS need to know something about you, the exchange will have to provide the info under the same laws that govern banks or brokerages. But your personal info does not become part of the blockchain and is not visible to miners maintaining the blockchain. If you trade bitcoin privately with someone else in a peer-to-peer transaction, that person may know something about you, but nobody else would see the transaction.
Where is my money going when I buy a crypto? When you buy bitcoin or any other cryptocurrency, somebody is selling it to you — so most of the money goes to the seller. Exchanges also charge fees for conducting transactions, which can get very high. Bitcoin miners also earn transaction fees for their role in maintaining the network. Those tend to be tiny. Are bitcoins real money? And can I cash them in whenever I want? Bitcoin has value that can be converted into ordinary currency, or used to make purchases from sellers that accept bitcoin.
Exchanges that handle such transactions have experienced frequent outages that prevent some people from accessing their accounts or executing a trade for a period of time, especially when are there large movements in the price of bitcoin. What is the value based on, besides scarcity? What buyers and sellers think bitcoin is worth. In other words, a lot of psychology. How are they stolen? The bitcoin blockchain itself is very secure, but bitcoins can be stolen from an account if thieves are able to log into your account and send the bitcoin to another account they control.
That makes it extremely important to use all possible measures to safeguard a bitcoin account, including two-factor authentication with a mobile phone. How does bitcoin generate revenue? Miners earn money—paid in bitcoin—for creating bitcoin, which helps cover the cost of time and computer power that the process requires. They also earn small transaction fees from bitcoin users. When the value goes up, bitcoin can create profits.
But when the value goes down, it can also create losses. Is there value in this currency outside of black market transactions and ransoms? But it also has legitimate uses, and can be used as a form of payment with anybody who accepts it.
Some investors consider bitcoin to be a store of value—an asset that has a long shelf life and whose value generally goes up over time. That depends which currency you want to know about, and there are hundreds of them now. Yahoo Finance, for instance, added full data and charts for cryptocurrencies. Some coins, like bitcoin cash, bitcoin gold or litecoin, resulted from forks of the main bitcoin code.
Then there are coins that run on their own blockchain, like ether the token of the ethereum network or XRP the token of the ripple network. Why does the price fluctuate so much? Big price swings happen sometimes when there are relatively few buyers and sellers in the market, which makes it easy to push the price around.
How much of the volatility of bitcoin is due to whales influencing the market price versus new or outside investors? Also keep in mind that in the stock market, large institutions typically break up their orders into much smaller orders, to hide their size. Big buyers or sellers of bitcoin could easily do the same. Is it a bubble? Nobody knows for sure. But the Internet is still here, and some tech companies that crashed in the early s are now among the most valuable companies in the world.
If the bitcoin bubble does burst, would all of the cryptocurrencies tank or just bitcoin? The universe of cryptocurrencies tends to move in the same general direction over time. Still, an outsized move in bitcoin typically has ripple effects throughout the crypto-verse.
The real test would be which cryptos are able to survive a crash, the way Amazon, eBay, and Priceline survived the dot-com bust that wiped out hundreds of other companies. What is most likely? Either event is possible, and perhaps both are. What are the risks? Something could disrupt the demand for bitcoin, sending the price plummeting. It could be a technical problem, regulatory interference, or bad publicity arising from the massive amount of electrical power needed to mine for bitcoin.
It could also be something totally unforeseen.
Crypto Made Easy
Bradley Chambers. Thankfully, while the Bitcoin waters may be confusing and difficult to wade through, there are lots of great Bitcoin apps for your iPhone to help you get started. The popularity of Bitcoin has continued to grow as it reached a new all-time high in November of As governments around the world have continued to print nation-backed currency, many people are looking to Bitcoin as a store of value as inflation continues to rise. If you want to learn more about Bitcoin, here are some of my favorite books and podcasts to get plugged into the technology. One critical thing to know about the Bitcoin space is that there are different factions of belief systems about what these cryptocurrencies are and what their purpose is.
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Bitcoin is no different from any other high-risk investment in terms of its practical application. This means that whether or not you should invest in it is determined by your risk tolerance and investment objectives. Are you concerned about bitcoin's drawbacks? If you answered yes, you should also be aware of its benefits, which will assist you in making an informed decision on whether or not to invest in bitcoin. Before you invest in bitcoins, you have the right to know everything there is to know about bitcoin. There are several advantages and disadvantages of investing in bitcoin that you should be aware of. Security and protection are two of the most important. Bitcoin, the world's first decentralized digital person-to-person cryptocurrency, is widely regarded as a revolution in today's currency and financial markets. Bitcoin was created in by an anonymous programmer known only as "Satoshi Nakomoto.
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The Bitcoin network is burning a large amount of energy for mining. In this paper, we estimate the lower bound for the global mining energy cost for a period of 10 years from to , taking into account changes in energy costs, improvements in hashing technologies and hashing activity. We estimate energy cost for Bitcoin mining using two methods: Brent Crude oil prices as a global standard and regional industrial electricity prices weighted by the share of hashing activity. Despite a billion-fold increase in hashing activity and a million-fold increase in total energy consumption, we find the cost relative to the volume of transactions has not increased nor decreased since
Bitcoin: What is it?
After decades of shortfall, Pakistan is facing a new energy conundrum. We are producing a lot more energy than we need but without a distribution and grid system, we have no way to make use of this energy. I know some of you might have lost this one in the list of problems such as circular debt, IPP power contracts, and the frequent changes and discussions about energy tariffs. However one may feel about it, that Pakistan is now producing more power than it needs is a fact. And even though Pakistan is unable to use the excess it is producing, adding further insult to injury, the government has to pay for the energy even if it is not being used.
Salem Township concerns over a new Bitcoin mining facility to be built near power plant
Eric Adams, mayor-elect for New York City, has said he would like his first three paycheques in Bitcoin. The former police captain was elected this week to take over at the end of mayor Bill de Blasio's term in January. Mr Adams said on social media that he wanted to signal his intention to make New York the "centre of the cryptocurrency industry". The value of Bitcoin, the world's largest cryptocurrency, has been highly volatile, since it was created in Mr Adam's comments appear to be an attempt to one-up the mayor of Miami, Francis Suarez, who had already said in his own Twitter message that he would take his first paycheque in Bitcoin, after he was re-elected. Mr Suarez has already said he would like to establish Miami as a hub for cryptocurrency innovation. Mr Adams upped the stakes by asking for three months' pay in the cryptocurrency.
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When residents of an affluent estate community in Alberta started hearing noise from a nearby power plant, they didn't expect their complaints of sleepless nights would lead to a months-long investigation that would find a bitcoin mining operation had set up shop without approval. Now, Link Global, the company behind the site, is being ordered by the province's utility commission to shut down two plants until it can prove it's allowed to operate — a move the company says will cost jobs and cause the oil and gas infrastructure in which it operates to sit dormant. Jeff Kocuipchyk first started hearing the noise last fall.
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