it is a fraud is also possible with bitcoin (BTC)?

With the popularity of bitcoin and gold as a separate asset of the financial system, the increase over the last year. Due to the negative spaarrentes, and non-profit making (state) bonds to hit bitcoin and gold are very popular. Both counter-cyclical asset, it is the price in 2019 is increased.
This week, walked up to the solid reputation of gold as a dent in the recovery of thousands of fake gold bars in the vaults of JP Morgan, one of the size of financial institutions in the world. It Is a kind of ‘fraud’ are also in bitcoin for this?

Bitcoin vs gold

The story was already in the goudkringen: there has to be circulated to a small percentage of fake gold in the market.
First batch seems to have found it. About 1,000 of the gold (one kilo) each, ed.). with a total value of up to $50 million, proved to be fake, as is evident from a tour of the Reuters news agency in the four major Swiss goudraffinaderijen.
The bars were marked with the official stamp of approval from one of the four goudwinners. Under the thin layer of gold and is a cheaper material, often brick, with about the same weight as the gold….
Is this an incident or a substantive case of fraud? That is, it is not clear, but the amount is with an annual production of between 2 and 2.5 million members.
The goudbranche is not in any case be compromised by the news. Gold is true even in economically uncertain times, as a refuge for investors looking for anti-cyclical assets.
Not only are private individuals and professional investors are buying gold in ever-more states see the gold sitting there. China is known to have its gold reserves at the “stacken” – that is, this week, the central bank of Germany is well-known, gold, too. This is a 21-year period of time, not the case.

The gold price

With the increase in popularity has resulted in an increase of the price of gold this year. The price of gold is at the time of writing, at just under $1,500 for a troy ounce (31,1 gram). The good years of 2012 and 2013 is in sight?

Is that possible with bitcoin?

Bitcoin is true, to an increasing degree also as a refuge for investors looking for more assurance. That may sound contradictory, but a few gold bugs will call it a digital asset, as an opportunity to diversify.
In our own country, it is, amongst other things, a writer, and opiniemaker Willem Middelkoop, who is a regular in the presentation and on Twitter, the word of bitcoin is to.

Bitcoin as the “internet of money”

The big question is: is an act of fraud, albeit on a small scale, it is possible with bitcoin? First of all, there are obvious differences between gold and bitcoin. The latter asset is in digital format and to transmit it via the internet, radio and satellite tv. What is the level of transmissibility and storage, and a lot more cost-effective than gold.
It’s good for bitcoin as “digital gold” to be considered. Bitcoin is the thought-leader Andreas Antonopolous is described as an “internet of money”. So, it appears to be close in order to be defined as a store of value or unit of account.
The base layer (layer 1) establishes a distributed, secure, and transparent foundation, and more. It is a network in which the peer-to-peer transactions, without the intervention of a third party. Using a third party’s idea of a central bank or a commercial bank or payment provider.
The verification and validation of the transaction takes place over about 10 000 nodes (possibly more). According to the consensus algorithm from the proof-of-work for any type of transaction in the block is stored in a public ledger. The processing power (hashrate) of the network is increasing each year, which is probably the most safe and the public network in the world.
In the event that an individual is in the network that you want to manipulate, then it is very likely that the miners are not going to validate. A 51% attack is theoretically possible, but it requires that you have a third party of more than 51% control of the ledger. In view of the increasing computing power of the network is that it is not immediately obvious.
In the cases of fraud that came to be known as, tend to be linked to the market around bitcoin and the cryptovaluta. This trade was largely in the hands of a central party, such as exchanges, brokers, and mutual funds. Only a small part of it goes through the peer-to-peer exchange marts, such as Bisq, and LocalBitcoins.
The anonymous creator Satoshi Nakamoto called bitcoin a ” digital peer-to-peer cash.
A “peer” is a broad interpretation. It can be an individual, but an organization such as a hospital or clinic, a well-known grootgrutter. But also, nation-states, and / or objects (think of it as the self propelled cars, etc.) can, in theory, the use of bitcoin as a streamer for the money.
Of course, visions of the future, and in the year 2019 as is not to say that we are going to pay with bitcoin or satoshi’s.

Bitcoin price

Bitcoin (BTC) is currently trading at a price of $8.200 on Bitstamp. Below is the price of bitcoin relative to the us dollar since 2011.

Bitcoin (BTC) price trend from 2011 to 2019 (source: Bitstamp)

You can also read – Is the Bitcoin (BTC) is the next step in the evolution of money?

Source:: NewsBTC

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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.