The land of Hesse is hoping for a million profit from sale of some bitcoin, which it confiscated years ago. In next few days, country wants to sell internet currency. This was said by Prosecutor at Central Office for fight against cybercrime in Gießen, Benjamin Krause, Tagesspiegel. This is to be seen as a possible decline in value.

In a raid that led to closure of online drug marketplace Hydra in 2014, according to report 126 Bitcoin had been confiscated. At that time y had a value of just under 50,000 euros. In meantime y should be worth 1.9 million euros. Now Hessen wants to sell it quickly before course may break down again. For this, bitcoin would be treated as perishable goods and sold as part of a Notveräußerung. If bubble does not burst before, it will be biggest sale of Bitcoin by German authorities so far. For this it takes only a few bureaucratic steps, n currency is offered on Bitcoin.de, only regulated trading place in Germany.

Bitcoin how can I use Bitcoin?

A client must be installed on machine, a program for managing currency. For example, Multibit, Electrum, or Armory. They are also available for Android and Apple smartphones. There is no need for personal information to open an account.

The program creates a file called "wallet", purse. It also creates a public and a secret key. The public key serves as address and looks like this: 1EQodj2MkD6iL5X4MZ7Pc6kWMArF7moW6E. The user gives him as an account number to person with whom he wants to trade or from whom he wishes to receive Bitcoin. Multiple Bitcoin addresses can be managed in a wallet. Each transaction is n visible in so-called Blockchain. Since only addresses, but no furr data are displayed, Blockchain is largely anonymous.

The secret key is better known only to user. He shows up in Bitcoin network. The secret key is necessary to be able to send bitcoin. This is as easy as online banking. However, if secret key is spied, account can be emptied. If you want to use Bitcoin, you have to deal with it to keep and use such keys safely. Bitcoin is just one of many crypto. Alternatives such as Litecoin, Peercoin or Dogecoin work similarly.

Where can I get bitcoin?

The easiest way is to buy m. Special exchanges offer current exchange rates and sell Bitcoin for a fee. More about getting started here. Anyone who wants to exchange Bitcoin in dollars, euros or yen can also do so through se exchanges. This also costs, of course, fees. Some providers charge changed money on debit cards. The owner can n withdraw ir funds to cash machines or use a special Bitcoin machine. Ors transfer it. The price of Bitcoin can change quickly. Most transactions are performed only with fractions of a bitcoin.

The second way is to generate Bitcoin itself, called "mining". The capacity of your own computer is provided via Internet. Many computers toger perform complex computing tasks. As a result, Bitcoin is created and n raffled among participating computers. This is only a condition for earning money. The tasks are so complex that a standard computer would take several years to do so. If you want, you can rent or buy specialized mining machines.

What are problems?

Bitcoin is a comparatively new idea and always bring forth new services and applications. More and more online shops are accepting Kryptowährung. Like all new ideas, y challenge proven systems and raise technical, but also many legal problems. This means that y are not considered as legal tender. It is not even clear wher y are legal property. Because y can't really be stolen – "thief" just peeks a code key and makes a transfer.

Technically, it is impossible to undo payments, system prevents sender from being able to cancel it like a bank transfer. For buyers, this means a higher risk than with previous systems, for sellers a lesser. Since identity can be concealed in remittances, criminals use Bitcoin, for example, to evade taxes or for so-called Ransomware attacks. The US tax authority is refore observing currency to pursue money laundering.

Economically, it is unclear how limited money supply affects and what effects it has on trading prices and future of cash. There have been some setbacks in past: large exchange exchanges such as Mt. Gox have had to register bankruptcy; The loss was estimated at several million euros.

Bitcoin is most prominent and popular of Internet currencies and is currently rated 270 billion dollars, according to CoinMarketCap, a website that collects data on crypto. More than 1,000 such internet currencies are now available. New currencies are coming up almost every week. However, prices of digital currencies are overheated. And so Bitcoin may be most popular Kryptowährung today, but no one can tell wher it stays that way or wher anor will prevail – and Bitcoin will become worthless.

How many bitcoin are in possession of government agencies, as in this large case, is not known so far. The Federal Office (BKA), however, wants to put toger data on this, it says in report. In criminal statistics next year, BKA wanted to also record confiscated bitcoin for first time. And casting authority is developing a standardized system that will make it easier for or colleagues in Hesse to sell confiscated bitcoin.

Date Of Update: 17 December 2017, 12:02