Elliptic Launches Bitcoin Blockchain Visualization Tool

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Bitcoin startup Elliptic has announced a new blockchain visualization tool that draws connections between several well-known dark markets and bitcoin exchanges. Called the ‘Bitcoin Big Bang’, the feature is part of an offering aimed at businesses looking to beef up their anti-money laundering efforts. The tool, which displays an interactive web of blockchain entities, shows how Silk Road, for example, connects to several ‘Known Exchanges’ currently operating. Elliptic CEO James Smith told CoinDesk the UK company intends to launch an API in July that will offer a broader range of information to participating clients, a group that will likely include exchanges and other companies that handle bitcoins on behalf of customers. According to Smith, the identities of the exchanges on the tool were withheld because “we thought it would be more damaging to their business and our relationship to name-and-shame”, stressing that the goal of the project isn’t to reduce blockchain privacy but to put more information in the hands of companies that need to stay compliant. He told CoinDesk: “We want to help those companies in a more rigorous way to look out for transactions that might be related to criminal activity.” The announcement reflects a shift towards compliance for the bitcoin custodian, whichlaunched last year …

How Bitcoin Empowers Global Peer-to-Peer Lender BTCJam

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San Francisco-based startup BTCJam is taking peer-to-peer lending to a global audience, and is using bitcoin to achieve its vision. Bypassing the restrictions of fiat currencies, the company says, allows any individual in the world to receive a loan via its platform. While traditional wire transfers are costly and not always easy to set up, bitcoin allows approved BTCJam borrowers to receive funds almost instantly, wherever they may live and whether or not they have a bank account. Celso Pitta, the company’s CEO, told CoinDesk: “We are a global lending platform. We use bitcoin as a payment method to enable international, cross-border lending.” BTCJam CEO Celso Pitta talking about his startup at CoinSummit. Source: CoinSummit From banker to bitcoin entrepreneur Pitta, who hails from Brazil, had prior experience in the finance industry before starting BTCJam: “I worked for Citibank. Knowing banking from the inside, I knew that I could do better: a peer-to-peer lending website.” However, Pitta reached his first stumbling block when he discovered the penalty for starting an unlicensed money-lending service in Brazil. “I noticed that if you do [lending] in Brazil, you will go to jail for 10 years,” he said. As absurd as that might sound to some, this potential roadblock is …

Tutorial: How To Create Super-Secure and Easily Memorable Passphrases

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So I’m sure once you start accumulating your precious coins you’re going to want to keep them  safe & secure.   In this tutorial, I will show you how to create a super- secure and easily memorable passphrase of between 10 – 20 random words. Let’s get started: Get 5 dice (standard six-sided) Take the 5 dice, put them in a shoe box or cup, shake them up and let them drop on a table. Record the 5 numbers from left to right. Example: 25361 Repeat steps 2 thru 3 for a minimum of 10 times and write them down in a column. Open this dictionary list of 7,774 words and find the corresponding words then write them in a second column next to the numbers. Discard the numbers, connect the words and create your passphrase. I like to use all upper case letters with no spaces in between. You can choose your own formula. The rolls of the dice are what generate randomness and the word list gives you a large enough data set to pull from. Using this method a 20-word passphrase has256 bits of entropy but a 10-word passphrase at 128 bits is more than enough. How to memorize …

17+ Resources For Getting Started With Bitcoin

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17+ Resources For Getting Started With Bitcoin MAY 28TH, 2014 by INTERN We’re all about creating new introductory courses here at Wall Street Survivor. One of the next up on our list is to demystify the complex and intimidating world of cryptocurrency, namely Bitcoin. Our writing team puts a great deal of time and effort into gathering the best possible information on each investing and personal finance topic our courses cover. This time we thought, “Hey! Why not before the course is even up, we let you in on all that research we’re doing!” So that’s exactly what we’ve done. Below is a compiled list of all the articles, videos and graphics we’ve found that best explain Bitcoin and cryptocurrency as a whole to a beginner. Bitcoin this… Bitcoin that… “It’s going to revolutionize our economy!”  “It’s putting our financial future in the gutter!” Bitcoin is all people are talking about these days, mainly because no one really knows where it’s going to go. Rightly so… In 2013, we saw Bitcoin shoot up from $10 to $1200 only to crash down to $500. And a big part of that is….so many of us don’t really know WHAT it is in the first place. It is still …