Shinobi

Blog Info Bitcoin Magazine
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Stats Has written 12 posts about cryptocurrency

Dec 06 2021

How Centralized Is Bitcoin Mining Really?

There are numerous factors to consider in weighing the centralization of bitcoin mining, and the industry can only be as decentralized as any one.When discussing bitcoin mining centralization, the issue almost always gets muddied immediately. One person might think in terms of mining pool distribution, another in terms of hash rate distribution across jurisdictions, and yet another might be chiefly concerned with...

Dec 02 2021

JoinMarket Vs. ZeroLink And The Road To Decentralized Bitcoin Privacy Through CoinJoin

While ZeroLink CoinJoin implementations are generally more popular, the JoinMarket project has potential to offer decentralized and truly private Bitcoin mixing.When they hear the word "CoinJoin," the first things that pop into many relatively-new Bitcoiners’ heads are probably the ZeroLink implementations Wasabi Wallet and Samourai Wallet. In the last few years,...

Nov 29 2021

Yes, Bitcoin Is A Smart Contract Platform

Many think that smart contracts are only executable on overly-complex blockchains, but Bitcoin is a smart contract platform by definition.What is a smart contract?This is a question that, these days, has become impossible to answer without starting the digital equivalent of a bar fight. The minute that term is thrown out in a conversation, most people immediately think “Ethereum,” or “Solana,”...

Nov 11 2021

Taproot Is Coming To Bitcoin: How It Works, Its History And Implications

Nov 11 2021 Published at Bitcoin Magazine under tags  explainer mast schnorr soft fork taproot

Taproot and Schnorr signatures are going live at block 709,632. Here’s what you need to know about what this means for Bitcoin.Taproot and Schnorr signatures are going live on Bitcoin at block 709,632. This is going to be a massive foundational achievement to continue building on into the future. It’s been four years since Segregated Witness went live on the network, our...

Oct 31 2021

Bitcoin Mining And The Global Semiconductor Shortage Are On A Collision Course

A shortage of semiconductor production is at the forefront of geopolitics and it’s inevitable that this issue’s relation to Bitcoin mining will be as well.Supply chain shortages are starting to reveal many geopolitical dependencies on external actors for different resources, and the overall fragility that those dependencies can create for any given nation when supply chains are stressed. All it takes is...

Oct 21 2021

How Bitcoin Mining Is Solving Our E-Waste Crisis

With 40 million tons of e-waste generated each year, the unique incentives created by bitcoin miners offer a solution to a growing problem.We’re all familiar with the “energy waste” and “carbon emissions” narratives around Bitcoin mining. “It wastes energy!” “It’s a carbon emitter!” Obviously, Bitcoin is a unique and terrible attack on the environment at a scale previously unheard of in human...

Oct 06 2021

NFTs And The Definition Of Art

Oct 06 2021 Published at Bitcoin Magazine under tags  art culture ideas nft nfts

The author poses the simple discussion of whether NFTs are technically “collectibles,” or are truly art.“Non-fungible tokens,” more popularly referred to as NFTs, have taken the spotlight as this market cycle’s equivalent of the Initial Coin Offering. They’re dominating the mindshare of the “normies” in the space. As much as Bitcoiners don’t like to talk about them, they’re undeniably a major part...

Oct 04 2021

The FCA Influencer Program And Bitcoin

Oct 04 2021 Published at Bitcoin Magazine under tags  culture fca marty's bent social media

Telling people to avoid “high-risk” investments could be a guise for encouraging people to stay within legacy finance.Here come the influencers. The Financial Conduct Authority (FCA) in the U.K. has announced an 11 million British pound (GBP) campaign enlisting celebrities and influencers to warn the general public of the dangers of high-risk investments....

Oct 03 2021

Two Different Ideas Of The Lightning Network

The Lightning Network operates on channels which require funding and necessitate fees — but is everyone participating for the same reason?Lightning has been on an explosive growth tear lately in terms of more liquidity coming to the network. Since the start of 2021, the network has grown from 33,000 or so channels to more than 65,000. The amount of bitcoin in those...

Sep 24 2021

This Tool Can Protect Your Privacy When Using Bitcoin

On-chain coinjoin is blended with off-chain coinswaps in this fascinating new hybrid approach.There is a new privacy tool coming to town: coinswaps on statechains. The original statechain design was proposed by Ruben Somsen at Scaling Bitcoin 2018 in Tokyo. I will summarize quickly, but Aaron van Wirdum has a very thorough explainer of the original concept...

Sep 10 2021

Why The Bitcoin Lightning Network Doesn’t Work (Yet)

Although the technology is promising, this article hopes to address the flaws that are present.So I guess I should start this off with a disclaimer: I actually love the Lightning Network. It’s one of my favorite parts of the Bitcoin protocol stack and I’ve followed it pretty closely for years. If Lightning didn’t exist, I would still own Bitcoin, but I would...

Sep 08 2021

El Salvador: Does Everything Really Benefit Bitcoin?

While the development appears to be great for mass adoption, there is risk to the country making bitcoin legal tender.Yesterday was a truly historic moment for both El Salvador and Bitcoin. A sovereign nation has adopted bitcoin as legal tender and recognized it as a money not treated or taxed as a capital asset. The entire path from the announcement in Miami...

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