Top Facts about Bitcoin on its 11th Anniversary.

It’s 31 October 2019 and today marks exactly 11 years since the release of Bitcoin’s whitepaper by Satoshi Nakamoto. On this day in 2008 the first cryptocurrency was conceived and it created a monumental shift in the way we perceive the future of money and provided a revolutionary new direction for resisting censorship from the corrupt central banking system that has been ruling over our lives for over a century.

Indeed, censorship resistant ownership of one’s capital is a giant leap for anyone who’s ever been a victim of unfair seizure of their funds by the authorities and there are many an example of such abuses of power throughout the years across the world and even though most people today see Bitcoin and other cryptocurrencies mainly as means to become rich quick, the true essence of this new asset class lies in the fact that it provided a real opportunity to combat the dangers of  having one’s capital taken away from them.

I don’t want to undermine the fact that Bitcoin did create hundreds of millionaires throughout the past decade and continues to do so, nor do I try to oppose the concept of shifting power and capital from the centralised banking system back to the common folk. This was all very beneficial to everyone who was bright enough to enter this space in the early years and especially to those risk-takers who believed in the power of the digital currency from the early days when it was in its infancy and the rest of world was completely dismissive of it (myself included in those sceptics), so let’s take a moment and reflect on what we have achieved in the past 11 years.

Here are just a handful of examples of what Bitcoin managed to bring to the world and why this (still hugely volatile) digital currency is so important to the world and everyone who is involved in its network.

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  • Blockchain – possibly the biggest and most widely recognised invention that Bitcoin brought to the world is the creation of a decentralised, independently shared and publicly accessible and verifiable record of data that is immutable and resistant to censorship or control from any one entity.
    There have been many nay-sayers and sceptics of Bitcoin but even the hardest opposition to crypto, such as the central banking system, admits that Blockchain technology is the future and recognise it as one of the greatest innovations of our time.

 

  • The first Bitcoin transaction in the real world was for 2 pizzas on May 22 2009 which became known as Bitcoin Pizza Day. The guy who wanted to be known as the first person to buy something with Bitcoin paid 10 000 bitcoins for the pizzas which today comes to about 93 million US dollars.

 

  • Bitcoin has created more millionaires than any other asset in the past decade. The exact number is not recorded but it’s a fact that there are even a handful of billionaires created by investments in Bitcoin.

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  • Over the past decade we managed to mine more than 85% of the total bitcoin supply which is capped at 21 million coins. Today the circulating supply amounts to 18,022,262 coins produced by 601,794 blocks according to coinmarketcap.

 

  • Bitcoin’s network consists of thousands of computers worldwide is more powerful than the world’s top 5 supercomputers combined. It has never been hacked and is fully decentralised.

 

  • It took 4 years for bitcoin to go from $0 to $1000 and less than 1 year to jump from $1000 to $20 000 (back in 2017). Since then the price has corrected and we experienced a downtrend in 2018 but things picked up again and the $20k price tag is once again within reach in the foreseeable future.

 

  • Bitcoin’s produce is halved every 4 years and although we have already mined the majority of it, it will take us another 100+ years until we mine the last satoshi.

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  • In its decade of existence bitcoin has outperformed every other stock or asset in the world in terms of price appreciation, surpassing even the value of Gold and Silver and bringing in much higher Return of Investment to its hodlers.

 

  • The term HODL was born by a simple mistake in a drunken post on a Bitcoin forum and it became a worldwide acronym used by everyone, even mainstream media.

 

  • The smallest spendable denomination of Bitcoin is called a “satoshi” in reference to its creator and this month the term was added to the Oxford English Dictionary. The term “bitcoin” was already added to the dictionary back in 2014 and was defined as: “a digital currency in which transactions can be performed without the need for a central bank.”

 

  • Bitcoin gave birth to a whole new industry called cryptocurrencies and today there are more than 2000 of them, many of which are trying to add new use cases and go beyond the monetary use of bitcoin.

 

  • There are currently 9255 public nodes running on the Bitcoin network. (at the time of writing, but this number is changing daily.)

 

  • The price of Bitcoin is by far the biggest catalyst in its popularity amongst the retail investor and to date it’s price appreciation comes to a whopping +292,635.11% since its conception.

 

If you liked this article, consider following this blog and leave a comment below. I would like to hear your thoughts on Bitcoin and whether you are a fan or a sceptic.
I also run a YouTube channel where I post various content related to cryptocurrencies and blockchain technology.


🚩My book “Crypto Jargon A to Z” – the most comprehensive dictionary to date is out now.

Over 700 definitions of terms, acronyms and all the crypto slang people use in their market analysis, blogs and media articles related to blockchain technology and cryptocurrencies.
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🏆Exchanges I use for trading crypto:

Binance
Kucoin 
Bittrex
Bitfinex
HitBtc 

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Where I buy crypto:

BitPanda (Europe)
Cex (Global)
Coinmama (Global)
Changelly (good for instant coins swaps)(Global)
Payeer (Europe, Asia, alternative to paypal)
Bitfinex 
Coinbase (USA, EU, Africa) Get $10 worth of Bitcoin on your first $100 crypto purchase with this link: http://bit.do/coinbase_join

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Where I store my crypto

  • Ledger Nano – the best hardware wallet (offline storage)
  • Trezor – also one of the best wallets out there.
  • Exodus – desktop wallet
  • Coinomi – mobile phone wallet with instant coin swap feature
  • Crypto.com – mobile wallet and exchange

Ledger Nano X - The secure hardware wallet

 

Bitcoin Paper Wallet: What is it and how to make one in 2 simple steps.

A paper wallet is one of the most secure ways to store your Bitcoin and it’s simply a piece of paper that contains a Bitcoin (BTC) address and its corresponding private key. In addition, a paper wallet often includes QR codes and with the tool I use to generate these, there’s an additional security option to encrypt your private key with a passphrase.

A clear advantage a paper wallet has over its digital counterparts is that the keys are not stored digitally, thus they cannot become the target of a cyber-attack or suffer the loss of data because of any hardware errors. This method of storage is not perfect, however, as the paper can still be lost or stolen. Also, it is important to disconnect from the internet when you are generating the private key so that you can avoid any risks of the website being phished.

How to Create a Paper Wallet

By following these simple steps, you can create your own paper wallet:

  1. To generate a new Bitcoin address, head to BitAddress.org
  2. BitAdress requires random input (mouse movement, random characters) to create a new public and private key pair.
  3. The public and private keys as well as their corresponding QR codes are now displayed.
  4. Click on the Paper Wallet tab.
  5. Once you decide how many addresses you wish to generate, click on the Generate button to create new paper wallets.
  6. When the wallets are generated, click Print to make a paper copy.
  7. The copies can be printed directly on paper or as a PDF file.

I also show the process in this video below so take a look and see how easy it is to create it and truly be owner of your private key: the most important thing when holding Bitcoin.

What is Revolut and how it will save you money on your travels

In case you are not aware about Revolut – this is an online bank that operates just like the any regular bank but without the high fees and unnecessary charges. I have mentioned Revolut in previous posts here on this blog but mainly in connection to their Bitcoin and Ethereum buy/sell option on their phone app.

This time I will focus just on their plastic card and the free currency exchange which is probably the most useful and important feature of Revolut and why so many of my friends and myself are already using it for pretty much everything. By everything, I mean I started using it not just on my travels but almost completely replaced my HSBC bank account with my Revolut account. In fact, I haven’t used my HSBC card since last year as I am travelling all the time and have not been back home in more than 8 months.

So why Revolut instead of HSBC (or any other bank for that matter)?
For starters, I like the fact that I can swap my GBP into EUR instantly and with zero fee every time I choose to. I travel a lot in Europe and having GBP or using my UK cards incurs extra fees in shops as well as ATMs. On top of that, when I’m booking flights or paying for anything online, if it’s not in GBP, I get charged a non-sterling fee which is extra 3-5% depending on the service. Which is nonsense if you ask me.

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With the Revolut card I am able to instantly swap any amount of my GBP into any of the 30+ currencies supported in their app and I can do that on the go, from my phone, just in the spur of the moment, when I decide to make a payment for something. The transaction is immediate and I see it in my balance straight away. How convenient. Did I mention there’s NO fee involved? Yes, that’s right. I might be repeating myself… but I have been living a digital nomad lifestyle for the past three years and I don’t stay in the same country for longer than 3 months so you can imagine the fees I was paying for currency conversions prior to getting this card. Stupid fees really, just not something I want to spend my money on.

You can find out more by going to their website here.

Anyway, these are some screenshots from my app so you can see how it looks and the different options.

I like the security settings where I am able to use fingerprint access to the app, I can also disable ATM withdrawals or online payments or even just freeze the card completely, in case I lose it.

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I can trace my expenditure, not just have a list of transactions but actually do my budgeting like, control how much I spend on travel, groceries, dining out, shopping or cash I spend. There are third party services that provide such apps but it’s really convenient having this inside my app rather than making these entries manually in another app.

 

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I can, of course, send money to friends or to my other bank accounts as seen on these screengrabs:

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And if you’re a crypto enthusiast like me, their exchange option is the best. They beat the rates of their competition (services like Xapo, Coinbase, Bitpanda and Circle, all of which I have used in the past and can confirm that Revolut’s rates are better).

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All in all, I am a fan and a loyal customer of Revolut, I have also put to test their customer service team and I must admit they were very helpful, one of my transactions had an ATM fee that I disputed and they helped me with getting my chargeback, something that was very much appreciated but that was a one-time incident and I did not have any other issues since. That was back in January 2019.

If you want to get a free Revolut card and give it a test run and see for yourself, all you have to do is use this link. Also you are welcome to ask me any questions about my experience with Revolut so add me on Instagram, Facebook or Twitter and send me a DM.

Lastly, here is my interview with Dimitris Litzikakis (regional manager) who was kind to spare some time with me for a quick Q&A about Revolut at the Malta Blockchain Conference a few months back:

12 Alternatives to Coinmarketcap.com

CMC – Coinmarketcap.com has been the go-to website for all crypto investors and traders for quite some time. It’s a source for all the crucial info for any respectable cryptocurrency (if a coin is listed there, it is considered legit), with data ranging from market capitalization, trading volume, price change, historic performance, it also lists the wallets, explorers and exchanges that support each coin, the links to their whitepapers, githubs, forums, official websites, social media links and much much more.

However, some time ago it became public knowledge that often times the trading volume displayed there is incorrect and many traders are put off by that so we looked for alternatives.
Exchanges report false data for short term visibility gains. CoinMarketCap is the most widely cited price tracker for cryptocurrencies.  It is by far the most dominant metrics site in the cryptosphere, with Alexa ranking it the 369th most popular site in the world. It compares exchanges by trading volume, which means that exchanges are incentivized to report false numbers to climb price tracker listings (and thus be featured more prominently to users).
But that is not the only reason why you might want to use another website, there are also some really cool and unique features that you can find on the newer websites which I have outlined in this article. I use most of these although some of them not so much anymore but they’re all having their own benefits so here we go.

So let’s begin with my top choice:

Onchainfx
Onchainfx is investor-minded, providing a greater range of metrics than any other website. Here you can view such data as a coin’s 2050 market cap (to calculate its future worth), percentage of supply issued, ROI, and historical prices. There’s also the ability to compare the movement of two assets side by side.  There’s a very easy way to customise your stats tabs and you can even save your customized view with your own dedicated link to share with others or to just access it every time for convenience. You can check my custom view here. I use this site every day and it’s my top tool right now. I prefer using it on full-screen mode which is done by a click on the top right.

onchain.png


 

OpenMarketCap
This is one of the websites that is trying to cash-in on one of the main reasons why people turned away from coinmarketcap.com – the fake volume reported. An analysis by Bitwise showed that as much as 95% of Bitcoin’s reported trading volume is fake (https://www.bitcointradevolume.com/). The report finds that widespread stats on sites like CoinMarketCap and other price trackers significantly overstate the true size of the cryptocurrency markets.
Openmarketcap’s motto is “Cryptocurrencies Without Fake Volume” and as they state in their blog: “Out of the 80+ exchanges on CoinMarketCap (CMC), Bitwise found ten exchanges with actual volume. By tracking data from these exchanges, OMC removes data from exchanges with fake volume and is the only price tracker that gives an accurate impression of trading volume and prices.” They have a tool to compare the fake volume stats with their “true volume” stats which can be very handy for those who need it.

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Coincheckup
Another website I use almost on a daily basis and is a favourite too is Coincheckup.com
Billed as a crypto research platform, Coincheckup provides all the usual data, also has a customiseable interface and you can track the daily, weekly, monthly and 90-day performance side-by-side which is similar to Onchain but with slightly more appealing design. It doesn’t have as many metrics as Onchain but for quick stats it is very useful and it has all the necessary ones. I like seeing the USD and BTC value of the alts side by side and the green vs red blocks that support their performance visually on top of the actual values. The only criticism I have is that their evaluation on percentage change is based on USD and not on BTC, so if you’re trading alts against Bitcoin this percentage change will not apply. For that, I use Onchain where you can see the difference in the percentage change against both USD and BTC.

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Cryptowatch

Another site I use from time to time. Clean interface, enough key metrics to compare and easy to customise. A bit of a darkweb type of interface, looking somewhat like a programmer website but that’s not necessarily a bad thing. Just means it has less mass appeal. Does the job though, which is more important.

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Coincodex
Coincodex is designed similarly to CMC, with a cleaner interface and some nice visualizations. For instance, you can filter results based on cryptocurrencies’ performance over a period of between 24 hours and a year and the site also has some useful cryptocurrency guides for beginners. The ad banners on the main page are also a bit annoying, compared to the other sites that don’t have these it’s a downer for me and I don’t use it at all but it’s worth mentioning.

coincodex.png


 

Cryptocompare
Cryptocompare is trying to be a one-stop-shop for all things crypto. View rankings for cryptocurrencies and exchanges, with recent trades displayed in real time. Filter coins by proof type or algorithm, view mining information and read reviews of wallets. I think that it has too many additional “guides” that are basically promoting personal links and other content that doesn’t sit well with me as a content creator myself, so I don’t use it but a couple of years ago it was in my toolbox so perhaps you will like it.

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Bitinfocharts
This one is providing some good info indeed but it’s got a horrible interface and looks way too messy and it’s all over the place. However, it is a very useful comparison site if you can overlook the interface flaws. It displays the number of transactions sent and their average value for all the major cryptocurrencies. There’s also data on block times and wallets including rich lists and wealth distribution. Bitinfo even details how active each coin’s Github repository is, giving an idea of which projects are still being developed and which have gone to seed. By default is has a horizontal display which is very unusual and I find that it makes more sense to use it in vertical mode (highlighted on my screenshot)

bitinfocharts.png


 

Coincap.io
Another comparison site that doesn’t stray too far from the CMC model, the difference here being that it updates Shapeshift prices in real time. Aside from that, not much benefit to using it.

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Coingecko
Coingecko also goes with the CMC format but again adds some unique features. The ability to filter cryptocurrencies based on their hashing algorithm is useful for miners (on my screenshot I filtered the stats according to cryptonight mining algo)

coingecko.png


 

Coinlib
Coinlib looks like another generic crypto comparison site, but it does have one unique feature. You can choose four crypto assets to be compared side by side and overlaid on a single chart. That’s all I find useful in there.

coinlib.png


 

And lastly, here are the two most creative ones in terms of interface, although they may not be the best tools for comparison as it’s certainly harder to see all the stats displayed properly but they sure make things a lot more fun and have become favourites for twitter and instagram posts.

CryptoBubbles

This is still a new site and gaining popularity day by day with their moving bubbles style of interface that is easy to customise and looks rather neat. It’s useful for a very quick stats and doesn’t have a lot of metrics but it’s fun to watch and does the trick for screenshots you can use on social media.

bubbles.png

 

Coin360

Last, but not least, this is probably the most used one on twitter where people like to post quick shout outs to their favourite coins when they produce some notable gains. The block-style interface definitely makes things stand out and the larger the size of the block, the higher the change – you can customise this to reflect trading volume or market cap and you can easily look at the top gainers or loosers for the day and some other cool metrics.

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This concludes my report, I hope this will be of great use to you and if so, I will be happy to hear from you. Leave a comment, let me know if you’re using any of these websites or maybe you have another favourite to add to this list. This will be of great help to others too so looking forward to seeing your comments.

Till next time!

OJ Jordan.

How to reset and restore Ledger Nano X to use as a previous device – step by step guide

You can actually sync the new device to be associated with the data from the old device and use it alongside with it. This way you can keep your Nano S at home or elsewhere safe while using the Nano X on the go and with you at all times since it has the wireless sync feature which makes it ideal for everyday usage…..

Ledger Nano S - The secure hardware wallet

In my previous tutorial I showed you how to set up the Ledger Nano X as a new device but many of us already have the previous model (the Ledger Nano S) and we have a lot of coins already stored there, so this is a very useful tutorial for those who, like me, want to replace the nano S with this new device and use it instead. You can actually sync the new device to be associated with the data from the old device and use it alongside with it. This way you can keep your Nano S at home or elsewhere safe while using the Nano X on the go and with you at all times since it has the wireless sync feature which makes it ideal for everyday usage.

This is my thorough video with step by step guidance on what you need to do.

I start with resetting the device because I had it set up as a new device, but if you just bought yours and have not set it up at all, then skip the first 7 minutes of the video and go straight to the part where I start the restore process.

🔑 Get your own Ledger Nano X (or S) here: http://bit.do/ledgerNano

Here’s my previous tutorial in case you are new to the Ledger Nano devices and want to set it up as a new device: https://crypto-corner.com/2019/06/05/ledger-nano-x-tutorial/

Ledger Nano S - The secure hardware wallet

Bitcoin Crash Report – Is this the End?

We started November on a positive note with the celebration of 10 years since Bitcoin’s whitepaper release but we are ending on a more sombre note as we are experiencing the biggest bloodbath in the crypto market since the 2014 market donwslide.

As it stands right now, we are in a 82% decline since Bitcoin’s ATH and many are scared of what is going to happen with the market. Is it going to find the floor? Is this the end? How much lower can it go? These are the most common questions I get on a daily basis on social media and in my inbox so here is my personal take on what’s going on and where we’re going in the coming months. I also talk about the Market Psychology Cycle and how it applies to the current situation we experience with all Cryptos and particularly with the Bitcoin Market.

To keep up to date with the latest crypto news check out my “Crypto Corner Daily” (ePaper) – http://bit.ly/2HaC1c7

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🔑Did you know that a Ledger Nano S (my top choice of Cold Storage) supports all the crypto assets that represent 90% of the total market cap? (hardware, offline wallet) : http://bit.ly/2i5T2Nh also, check out my tutorial on How to set it up: https://youtu.be/c8e63ZNqdLQ

Bitcoin Conspiracy

Since the beginning of 2018 we saw a massive decline in the price of Bitcoin and all the rest of the crypto market as result of the over-inflated, FOMO-driven hype of the late 2017. Partially, this was due to the necessary market correction that follows such a steep curve of the market but there’s also another factor to take into account when analyzing the price-action of Bitcoin throughout the rest of the year. This is what is being discussed here in an interview by Glen Beck and Teeka Tiwari, a respected market analyst, editor at the Palm Beach Research Group and an ex hedge fund manager. I used excerpts from their hour-long discussion to bring you the key points of how and why we are still experiencing this huge decline in both prices and public sentiment when it comes to Bitcoin.

In my live stream I also discussed the possibility of turning $650 into $4000 (personal opinion, not financial advice) and why I think this is very likely to happen.

Take a look (you can skip the first 5 minutes and go straight to the interview)