Giving Bitcoin for Birthday and Christmas Presents

First Ever Bitcoin Gift Idea

The best present you could give a friend or love one may be their first ever Bitcoin. Whether its £5 or £100 it could make a unique gift and introduce new people to a revolutionary technology.

There are many predictions being thrown around by so called “experts” on the potential future value increase of Bitcoin. Who knows you might make your friend or loved one rich in ten years. If not they will still hold a piece of history, the original invention of Blockchain and Cryptocurrency.

How to gift Bitcoin?

You may have your own crazy and original ideas for gifting Bitcoin but here are a few to get you started.

1. Simply Set them up a wallet on their phone or computer and send them some lovely Satoshi’s.

jazz wallet btc

2. Use my easy to follow guide to make them a personalized paper bitcoin wallet, this way the recipient doesn’t need any technical knowledge This way its secure and can be kept safe for years to come. GUIDE HERE

canton-openpaperwallet-sample

3. Load up a Bitcoin hardware wallet like the one below, this way the wallet can be part of the gift but expect to pay £60-£90 before you even load any Bitcoin. BUY HERE

Bitcoin wallet Ledger Nano S
Advertisements

Blockfolio Review – Track your Bitcoin and Altcoins

I was looking for a quick, easy and free app so that i could keep an eye on the value of my crypto on the move and came across Blockfolio. I tried a number of similar apps but this one was the easiest to use and has some great features. As you can see from the screenshot above the home page gives you a quick view of your portfolio, its value and what price movements there have been. The handy graphs give you an in depth look at each coin when you click on them. You can select which exchange to use, customize the timescales (24h, 1 week, 1 month etc) and most importantly view in fiat value and Bitcoin value. It does require you to manually input the data so maybe not the best for heavy day traders. However for the casual bag holder you can save your purchase price and track its performance against current market price. I would not get carried away checking every 5 minute price dip and don’t forget to zoom out to 3 – 12 month price ranges every now and then. All in all a very well built app that works nearly flawlessly. Available for both Apple iOS and Android.

https://www.blockfolio.com/

What the fork is Bitcoin Gold BTG? Scam or gift?

You may of heard recently that there is going to be a software fork of Bitcoin to create a new altcoin called Bitcoingold (BTG). I have tried to give an honest summary of all the information available below, be very careful with any new fork as your BTC could be at risk (see below).

The Bitcoingold developers have given 25th October as the day when BTG coins will be created. The main idea behind it is to create a less centralized Bitcoin by moving from ASIC mining to GPU mining. It will use the same algorithm as Zcash called equihash.

This fork is not to be confused with the possible segwitx2 fork in November.

Now this isn’t a new thing in Crypto, it has happened many times before creating successful coins such as Dash, Litecoin and Zcash. Essentially any development team could fork any open source Cryptocurrency at any time by taking the core client and running their own version from a certain block number onward. For example Litecoin was forked from the Bitcoin Core client primarily by having a decreased block generation time of 2.5 min’s, increasing the maximum number of coins and using a different hashing algorithm (scrypt instead of SHA-256).

However there are many other complex factors that determine if a fork survives and has any value. Such as attracting mining power (if POW), getting listed on exchanges, preventing replay attacks, having a working wallet and finally having people willing to buy it. At the end of the day, just like anything in life, a Cryptocurrency is only worth what somebody is willing to pay for it.

So what the fork is happening with Bitcoingold BTG?

Well this is just another software fork using Bitcoin Core as a starting reference. Therefore if successful holders of BTC will technically also hold an equal amount of the new coin up to the point of the split.

However before you go putting the deposit down on your Lambo there are some very important things to consider.

Firstly this is not some high profile fork being implemented by an experienced, transparent team of developers with community backing. The effort is being led by Jack Liao, CEO of LighteningAsic a miner manufacturer, a Chinese financial backer simply known as Wubi and anonymous lead developer called H4x3rotab.

Secondly if your BTC is held in an exchange, you will only receive BTG if they decide to support it and credit it to you. Only two exchanges have so far committed to BTG, Bitexchange (Hong Kong) and relatively unknown Bitstar.

Update 19/10/2017 – Yobit exchange have also signalled support for BitcoinGold.

Bitcoin exchange

Thirdly the project has not yet added strong replay protection to its proposed software. If this is not resolved then you could potentially lose your original Bitcoin (BTC) when moving it from your wallet if not done correctly.

Finally one of the biggest criticisms aimed at the project is its decision to “pre-mine” or mine the new blockchain themselves before its released. This give the developers a potentially large amount of coins to sell or dump as they see fit. The lead developer “H4x3rotab” commented the amount of pre-mine would be “at most one percent of the total supply”.

In any case be careful when the fork arrives and do your research before making any sales or transfers.

22/10/2017 Update

Great article from Bittrex confirming support for BTG but highlighting many of my concerns mentioned above https://support.bittrex.com/hc/en-us/articles/115002320451

A Guide To CryptoCurrencies And How to Buy Them, Hold Them, Trade Them, Mine Them and Spend Them

 

Want to know more about CryptoCurrency, Bitcoin & Ethereum?

What is the Blockchain and how does it work?

Looking to start building a mining rig or buying a dedicated Bitcoin/Litecoin miner?

This site is designed to bring together all things blockchain and CryptoCurrency for anyone including beginners and more experienced users.

Many people think that Blockchain technology will change the world by disrupting industries, decentralize power and democratizing financial systems.

Get involved before its too late!!