Another way the Bitcoin price surge can benefit Factom.
During the Factom ICO, Factom raised 2,278 bitcoin worth $1.1 million at the time. It is released to them in 3 parts. Milestone 1 (complete), Milestone 2 (hopefully we'll be hearing about its' completion soon) and Milestone 3. 2,278 BTC divided by the three milestones means once M2 is complete, 759 more BTC will be released to Factom. Using $4,000 per BTC that means Factom will be getting an infusion of approximately $3,037,333 and still have 759 more BTC heading their way once M3 is completed. Smitty's BBQ for everyone.
Is factom's price tied somewhat to the price of Bitcoin core (BTC)?
Since Factom 'anchors' itself in the bitcoin blockchain, is it's success dependent also on the price of bitcoin? If bitcoin cash were to overtake bitcoin in market cap, could factom anchor to bitcoin cash?
You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
Which are the best blockchains to store document hashes?
Hi, I need some advice. We need to store a medium-high volume of time-stamped document hashes as proof of existence. We definitely think blockchain is the way to go but we are not sure about which to choose. We want to consider:
Long term project to make sure hashes will last, don’t want to choose any hyped project that we don’t know for sure if it will exist tomorrow.
Price of transactions. If main coins go really high even the smallest amount of currency plus transaction cost might result really expensive per document.
Easy to integrate
Redundancies. We’d love to store those hashes in at least to different chains to cover any possible issues.
Learn about Pegnet- Decentralized Oracles/ pegged Assets
A unique young project. No ico/no IEO/ POW/ Truly Decentralized Oracles / DEFI application / Stable pegged assets Currently 0.6 BILLION in conversions, Over 60 M daily network volume. Advantages of Pegnet: 1) Low transaction cost: $0.001 per conversion transaction regardless of how busy the network. Imagine 1 Million of pUSD to pGOld or pBTC for the cost of $0.001. 2) Liquidity: No liquidity required to convert one asset to other that are part of Pegnet. No exchange needed. Immediate transfer. Imagine 1 Million of pUSD to pGOld or pBTC without getting on exchange. 3) Stable: Price of an asset is derived from oracles. Change in market conditions will not affect the stability of asset price. 4) Security: POW, Thousands of miners; built on Factom which is built on security of BTC & Ethereum. One need to break BTC to breach Factom/Pegnet. Also see article on cointelegraph and let's talk Bitcoin #430.
Decoupling XRP from BTC requires exchanges cooperation
The existence of XRP/BTC and XRP to crypto markets on fiat exchanges is the main reason for the coupling we have been experiencing. For example, if I held BTC and wanted to sell for fiat, I would normally go direct to the BTC/fiat market and sell there. However if that drops sufficiently, there comes a price where it is actually cheaper for me to sell my BTC and buy XRP, and then sell my XRP for fiat. This indirect route will be used until the price of XRP drops sufficiently to make the direct route the cheapest again. This is the whole reason we are coupled, and why all crypto markets are coupled. We really need the fiat exchanges to only list fiat pairings with XRP, and not have any other XRP to crypto pairings. Obviously this is not in their interest, so we have to vote with our wallets and not partake in any XRP/crypto markets on fiat exchanges. That won't happen either, but thanks anways!
Due to its utilization of Bitcoin blockchain and its big name partnerships, it’s quite possible for Factom coin price to keep on rising following Bitcoin price itself. The year 2020 will be quite important. Not just for Factom, but also for all cryptocurrencies. Bitcoin will have yet another mining reward halving event that might take place around May 2020. The mining reward will go down ... factom price chart. price of factom. Best Offer. GO TO CURRENCY.COM. To the Moon. Bitcoin prediction; Litecoin Prediction; Ethereum prediction; Bitcoin cash prediction ; Ripple prediction; Eos prediction; Recent Posts. BitQuick Review; itBit Review; TradeOgre Review; xCoins Review; Uphold Review; Disclaimer. The infomation on this website is not fiancial advise. This website is for ... Factom Harmony harnesses the power of the Factom blockchain, combined with SmartProvenance™ to ensure the validity, integrity, history and ownership of documents, data, files and database information. Factom’s unique model of developing individual data chains mirror existing record keeping models. This ensures compliance with all governmental and industry regulations. No need to join a ... Factom Price (FCT). Price chart, trade volume, market cap, and more. Discover new cryptocurrencies to add to your portfolio. Skip to content. Prices. Products. Company. Earn crypto. Get $171+ Sign in. Get started. Price charts Factom price. Factom price (FCT) Factom is not supported by Coinbase. Add to Watchlist $ 1.11 +10.71%. 1h. 24h. 1w. 1m. 1y. all. $0.0000 January 1 12:00 AM. 8:51 PM 1:01 ... About Factom. Factom price today is $1.07 USD with a 24-hour trading volume of $27,142.49 USD. Factom is up 7.96% in the last 24 hours. The current CoinMarketCap ranking is #509, with a market cap of $10,084,427 USD. It has a circulating supply of 9,433,090 FCT coins and the max. supply is not available. You can find the top exchanges to trade Factom listed on our crypto exchanges page. The ...
The Bitcoin Group #217 - Bitcoin $7000 - Factom Bankrupt ...
Factom (FCT) Explained simply. Factom has performed better than most altcoins during this bear market. Is it worth looking into? Check out https://Blockwolf.com for the latest cryptocurrency ... Factom (FCT) - Review & Analysis In this video I explain Factom cryptocurrency & their blockchain based data integrity platform. Firstly, thanks for watching I appreciate your support! Please like ... Factom Price Prediction for 2018! In this video I present the Factom Coin and let you know what the company is about and their vision. This company has a unique position in that they help bring ... The Bitcoin Group #217 - Bitcoin $7000 - Factom Bankrupt - Binance buys CoinMarketCap - Coronavirus World Crypto Network. Loading... Unsubscribe from World Crypto Network? Cancel Unsubscribe ... Factom project, new brand identity has announced intention to use both The Bitcoin and Ethereum Blockchain, meanwhile, the price per Factoid is rising up. According to the Newsbtc.com, feature M2 ...