As of 20th July 2020, Denarium closing down sales ended and it is not possible to make any new orders. All orders placed will be processed and shipped out normally.

We thank all the customers that made the Denarium journey possible from 2015 until 2020. We will modify the denarium.com site in the upcoming weeks to contain all the information about the coins, production quantities, and some information about the history of the Denarium. It is a great achievement to retire a five years old physical bitcoin business with zero hacks and more than 15000 produced units that holds more than 5M USD (600+ BTC).

Thank you for making this possible!

Chief Production Officer Viljami Räisä

————————————————————————————————————————————————————————–

Today we are announcing the beginning of the closing sale at Denarium. After 5 years of operation, we have decided to cease the production of new Denarium products and in the coming weeks, we will sell the remaining stock.

Before we go into the details of our closing sale, we want to share some background on this difficult decision. Denarium is owned and operated by a Finnish company called Prasos which operates multiple cryptocurrency services. Although Denarium is the most international brand in the Prasos portfolio, it has remained a minor part of the overall business. Due to a recent shift in strategy Prasos is putting all focus on its main service, Coinmotion.

It is important to note that this decision does not affect the existing owners of Denarium products in any way. The coins and bars Denarium has produced have their own individual and unique private keys which are held only within the products themselves. Prasos will continue to maintain the Denarium Explorer and the coin database for the foreseeable future to make it easy for current owners and potential aftermarket buyers to check the status of a specific coin or bar.

Denarium has produced approximately 15000 physical bitcoin products during the 5 years of operation. We thank all of our customers for the support during this time and we hope that all the current and future owners of our products will enjoy them for a long time.

Information on the closing sale

The closing sale will be happening simultaneously at the Bitcointalk Collectibles section and of course at the Denarium.com website. At Bitcointalk we are going to auction a limited number of gold products with unique serial numbers with special prefix C. All the rest of the products will be sold at Denarium.com with their regular prefix L and E. These prefixes stand for Closing, Loaded and Empty.

The auctions at Bitcointalk will run for multiple weeks with multiple auctions each week. We are auctioning in total 10x 2oz gold bars, 10x 1oz gold bars and 10x 0.5oz gold coins. These auctioned products have special C-serials. Each individual auction will have from 3 to 4 items to bid for.

All the other products we have in stock will be on sale at Denarium.com. Here is an overview of our remaining stock and our closing sale discounts. The base price of some of our products has been adjusted for the closing sale.

• Products in our gold plated collection have a 30 % discount if you buy 10 or more. If you buy 100 or more, there is a 50 % discount. The discount is automatically applied in the shop cart. The remaining stock in total is less than 4000 coins.
• Products in our premium collection are sold without volume discounts. Remaining stock for the 1 BTC patinated bronze coin is less than 500, for the Custom Silver Antiqued edition coin less than 200, for the Custom Silver Antiqued Golden edition coin less than 50.
• Products in our gold collection are also sold without volume discounts. Remaining stock for the 0.5oz gold coin is less than 100, for the 1oz Decennium gold bar less than 100 and for the 2oz gold bar less than 100. The 1oz parity gold coin has already been sold out.

In case one is interested in negotiating special pricing for a large order, we are open to inquiries via email at [email protected]. Custom discounts may or may not be possible depending on the demand and stock situation of the products in question.

Best regards,

Executive Vice President Henry Brade 

& the rest of the Denarium team

The post Announcing the Denarium closing sale appeared first on Final Closing Sale - Denarium Bitcoin.

Nordea’s Bank

Imagine reporting to work tomorrow and your boss astonishes you with a no-suit-on-premises order! If you are to report to work next time wearing a suit, you will be fired without notice!

Whereas this might be good news for some, this was the kind of shocking news that Nordea’s Bank employees received after their counterattack lawsuit being denied as on December 2, 2019. This was not an order not to wear suits, but a stern one not to engage in trading of crypto – more specifically, buying and selling of Bitcoin.

Why are Banks So Negative on Crypto?

It is a known fact that banks are against cryptocurrencies taking over the financial market – an inevitable dilemma it seems. Prices for currencies have been fluctuating since the abolishment of the Bretton-Woods system back in the ’70s. Since then, the price of gold has steadily risen as the dollar value has depreciated due to inflation over the years. This has led to some financial crisis and economic collapses over the years and a pointing example can be seen in the 2008 Global Recession. As a result, fear has been instilled on the average investor and there arose a need for an alternative means of transacting.

The year 2009 was a historic year when the anonymous Satoshi Nakamoto launched the bitcoin.com site. This, simply put, is a digital currency that relies on blockchain technology to keep ledgers of financial transactions. The masses came to consider it secure since the money therein isn’t monitored by a third party – the banks in this case – which even saw cartels and illegal groups operating and transacting freely.

The bitcoin industry has now grown to outdo Google Inc in terms of revenues. Its fast growth could be attributed to the worldwide acceptance of the digital currency and how Bitcoin has proven to withstand the test of time and inflation with an ever-rising value. The opted digital currency allowing you to transact online without being monitored! Now, instead of mining gold, you are given the online chance to mine Bitcoin with an online database of every transaction you make.

Nordea’s Bank Bitcoin-Trading Prohibition

As you can see, the banks haven’t taken this rise in Bitcoin very kindly. Nonetheless, to reach the level of preventing 31,500 employees from transacting in Bitcoin is almost ‘ludicrous’ to say the least.

In its defense, the bank claimed that “Staff is still permitted to maintain any present crypto holdings.” The bank further stated that “employees may unwittingly get caught up in unethical and even prison actions which may negatively affect the bank.”

The bank’s claims, however, do not hold water seeing the move has grossly affected the private lives of thousands of employees. The bank’s fears were primarily how the crypto-market is unregulated and never really clear. The strenuous work involved in tracking the cash flows may lead workers to collaborate with traders in unethical and unlawful actions. This, in essence, is what necessitated the Bitcoin prohibition.

But, are these reasons enough to infringe the privacy rights of hardworking employees who would like an experience of the digital move?

Court Ruling on Bitcoin Prohibition

More often than not, we are used to looking at things from a black versus white perspective. That notwithstanding, when viewing and analyzing political and governmental policies, there are a whole lot of grey areas. Denmark’s Finance Industry Labor Union thought it had a weighty case when they had Finansforbundet bring a class-action lawsuit against the generic Bitcoin prohibition back in 2018 on the grounds of interference with employee’s personal lives.

One could smell bureaucracy in play when the labor court made its ruling after the trade union presented its case. The Danish Court ruled in favor of the Bank, moreover stating that the ‘Bitcoin prohibition was not more intrusive than necessary.’ Worse yet, the court authorized the bank to keep up the prohibitions to employees investing in cryptocurrencies.

Addressing the Elephant in the Room!

Why go to such an extent to degrade Bitcoin trading? Bitcoin news seemed to flock with this question, yet none seemed to reach upon a logical conclusion as to the actual reason behind the move. The bank’s argument seemed to align along the lines of insider trading which justifies all measures put to avoid this risky behavior.

The Bitcoin trading-prohibition used in this instance is unique in that, it not only prevented employees from buying and selling Bitcoins with firms who are in partnership or clients of the bank, but it also prevented them from engaging in whole assets using Bitcoin. It was even more astonishing to find a private bank implementing such a rapid move. Criminal activities and tax-evasion have predominantly marked the use of Bitcoin in times past. As such, private activities of the employees are thought to likely bring negative consequences on the job in the event of a crime. “The bank’s clients may have little or no confidence in the bank if such an event were to occur,” Daniël Cuypers, a labor law expert at the University of Antwerp in Belgium answered.

Coming at a time when the global economy seems to be in a precarious position with the worldwide recession expected in 2020, it was not such a big surprise to see the bank make such a move. Bitcoin seems to solve a bunch of problems that banks have created and profited over the centuries. These problems include inflation, theft, privacy, and even small business barriers.

Generic Bitcoin is in use today in all facets of life: making medical payments or shopping at your local or online store, fanatics of casino games, making contributions in clubs and societies and even in payments of freelancing services. Banks surely do have something to worry about in this coming decade!

Conclusion

Now that you know all there is to know about Bitcoin and the move by Nordea’s Bank, do you think the motives are justified to make such a move affecting such a huge number of personnel? What’s your take on all this? Let’s engage on Twitter.

The post A Rude Awakening for Nordea’s Bank Employees appeared first on Final Closing Sale - Denarium Bitcoin.

For thousands of years, individuals and governments have been storing and gaining wealth in different kinds of ways. History of investing can be traced as far as 1700BCE in the form of a book called Code of Hammurabi. However, this book isn’t really talking about the modern structure of investing, but rather the legal framework for investment.

Gold has set a bar for investments

Gold has been the oldest way to store your wealth. When one thinks of a secure way to store wealth, the answer is usually: Gold. Why is gold seen as such a good investment? Gold has a long history as a trading and investment tool dating from 600BC. It has always had a secure place in the world economy, and it is recognized internationally.

Gold has a more liquid market than cryptocurrencies at least for now. A liquid market is a market that has a lot of buyers and sellers. That enables quick trades in the market and reasonably low transaction fees. A lot of gold value comes from its usability. Gold is used for jewelry, technology, and many other things and its reasonably good resistance against inflation. Many concerns towards bitcoin and cryptocurrencies are about their volatile prices. Gold is quite different in that since its price has been going up and down at a steady pace over the years. Here are some examples of the more significant changes in the gold price. The price of gold began rising rapidly in 2007 and peaked in 2011 after the banking crisis of 2008-2009. The price of gold has been around 1000$ for the past two years, and the price has been quite stable ever since. All through the price of gold seems to be in a quite stable position; it hasn’t always been like that. For example, in the year 1970, the price for one gold ounce was just 35USD. The cause for that was political instability, massive inflation, and a weak dollar that caused fear in investors. In the late 1970s, the gold price started to rise, and it reached around 600USD in the year of 1980. As seen from that, gold can have significant differences in prices in the long term.

Well, what about cryptocurrencies and more specifically Bitcoin? Gold and Bitcoin are two very different investment options, yet it’s still argued that Bitcoin is the new “digital gold.” Why is that the case and is there any real good arguments towards that accusation? They seem to be quite different in many areas.

Could bitcoin replace gold?

For the sake of simplicity and time, in this article, we will only be talking about bitcoin rather than every cryptocurrency there is. Bitcoin was created in 2009 by a person or a group that works with a nickname of Satoshi Nakamoto. We can see that bitcoin is entirely new in comparison to gold, and it’s tough to say how its course is going to behave in the long-term. That’s why many see it as an unreliable investment, and it isn’t recommended by many.

So why would one want to invest in bitcoin if it’s so dangerous? Well, high-risk investing usually comes with high-reward if successful, that’s what makes it interesting. It’s a lot like gambling in a sense. The feeling of the risk and reward can be addictive, and that’s why high-risk investing can be too. Needless to say; that isn’t the only reason why people like to invest in highly volatile markets.

When talking about bitcoin, one major factor in its fascinating purpose is that it is a decentralized currency that is available for everyone. The past of bitcoin is something that can affect new investors. Think about this; if you bought around 100USD worth of bitcoin in 2010, your investment would be worth roughly 10 Million USD.  That makes someone feel like they don’t want to miss any chances in the future, even if the returns won’t be that big. Today’s world of wealth is heavily reliant on the banks and governments, and that’s what bitcoin aims to bring a solution to. It offers fast transactions, low transaction fees, and secure payments and no middle man. That is one of the reasons why bitcoin is accepted widely. On the other hand, this is also the reason why bigger financial institutions and regulators battle against bitcoin and hesitate to give it a green light.

Inflation is something that fiat currencies can suffer from. It has been a problem in many countries in history, and it is a problem nowadays in many nations like Venezuela. Bitcoin is safe from inflation due to its capped maximum amount of 21 million bitcoin ever to exist. Securing investment with safe storage is also an essential factor in your investment, but the most significant element of a successful investment is how you do it. Often, when investing you create an investment portfolio where your finances are stored, and you can see how your investments are doing.

Seeking unity with gold and bitcoin

Well, what if you combine gold and bitcoin? We call this “double investment” You can invest in gold and bitcoin at the same time; in the same product. The gold itself is labeled as investment gold and it’s sold VAT free to make the value of the product realistic to the gold value. Previously in 2017, we made a one-ounce Gold and Bitcoin parity gold coin to celebrate the moment when one bitcoin was exactly the same price as one ounce of gold. We already have made a two-ounce .9999 Gold Bar in 2018, which has the private key under a security hologram, on the back of the bar. This year we wanted to celebrate the 10-year-old bitcoin with our 10-year commemorate one-ounce .9999 Gold Bar which is perfect for investing in both bitcoin and gold.

Uniting the two has opened a great possibility for people to try both gold and bitcoin at the same time. We want to introduce new people to bitcoin with our easy to use products and service and offer people that already are into bitcoin and gold with luxurious, great looking products. Having investment gold and bitcoin in the same product helps to narrow the gap between gold investors and bitcoin investors. One of our values is to provide luxurious, high-quality products from all kinds of materials.

DISCLAIMER: One should not consider this article as a financial advisor; its purpose is purely to give information about investing, bitcoin and gold.

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The competition has ended on the 31st of August at 12:00 UTC with a recorded price for bitcoin of 8766,22 € on the Coinmotion website!

The amount of accepted / proper entries was 136.

Average price between all the guesses: 10207 €

Median price between all the guesses: 9903 €

Fill out the form and guess the price of bitcoin in euros on Coinmotion frontpage on the 31st of August at 12.00 UTC. Submit your guess by the 25th of August at 12:00 UTC to participate!

The winners of the competition are the seven closest guesses.

We will contact the winners after the 31st of August by email.

Prices:

1st place: Denarium Custom Silver Antiqued Golden Edition

2nd and 3rd place: Denarium Custom Silver Antiqued

4th, 5th place: Denarium 1 BTC Patinated Bronze

6th place: Official Denarium Bitcoin Snapback Hat

7th place: Bitcoin Snapback Hat

Note: By entering the Contest, you agree to subscribe to our newsletter.

Things to remember:

You need to confirm your application from the email that we send to you after applying to the contest.

You can only guess once. All your guesses will be disqualified if you guess more than once.

The coins do not have bitcoin value, but they are real bitcoin wallets which can be loaded with bitcoin afterward.

Denarium will pay the shipping costs related to sending the prize. The receiver of the award pays potential taxes and customs fees.

Prasos is not responsible for any inconveniences in the delivery of the prize due to local legal restrictions.

The use of a maximum of two decimals is allowed.

We can’t deliver the 1st-4th place prizes to Russia. We can’t send any prices to India.

We have paid the tax on games of chance for all the products included in this contest.

The post August Bitcoin Price Guess Contest appeared first on Final Closing Sale - Denarium Bitcoin.

The competition has ended on the 31st of July at 12:00 UTC with a recorded price for bitcoin of 8824,01 € on the Coinmotion website!

The amount of accepted / proper entries was 256.

Average price between all the guesses: 10109,93 €

Median price between all the guesses: 9260,5€

Fill out the form and guess the price of bitcoin in euros on Coinmotion frontpage on the 31st of July at 12.00 UTC. Submit your guess by the 25th of July at 10:00 UTC to participate!

The winners of the competition are the seven closest guesses.  To make this even more fun,  we will also do a free giveaway of 15x 2019 Custom Gold plated coins between all the participants.

We will contact the winners after the 31st of July by email.

Prices:

1st place: Denarium 1/2 BTC Gold 2018

2nd place: Denarium Custom Silver Antiqued Golden Edition

3rd and 4th place: Denarium Custom Silver Antiqued

5th, 6th, and 7th place: Denarium 1 BTC Patinated Bronze

Giveaway: 5x Denarium Custom Gold Plated 2019 Special Edition, 10x Denarium Custom Gold Plated 2019

Participation time expired

Note: By entering the Contest, you agree to subscribe to our newsletter.

Things to remember:

You need to confirm your application from the email that we send to you after applying to the contest.

You can only guess once. All your guesses will be disqualified if you guess more than once.

The coins do not have bitcoin value, but they are real bitcoin wallets which can be loaded with bitcoin afterward.

Denarium will pay the shipping costs related to sending the prize. The receiver of the award pays potential taxes and customs fees.

Prasos is not responsible for any inconveniences in the delivery of the prize due to local legal restrictions.

The use of a maximum of two decimals is allowed.

We can’t deliver the 1st-4th place prizes to Russia. We can’t send any prices to India.

We have paid the tax on games of chance for all the products included in this contest.

You can see more information and products here.

The post Guess Bitcoin Price contest appeared first on Final Closing Sale - Denarium Bitcoin.

We’re here to tackle that question for you.

A lot of the security comes from your preferred wallet type and how you use it. Before we dive into the more technical stuff, let’s take a look at the basics.

There are many different types of wallets. Perhaps the most known are web, desktop, and mobile wallets. Although easy to use,  they aren’t perfect for keeping your funds safe from hacking. Web-wallets have been the most targeted with hacking attempts since some of the service providers hold the private keys. Naturally, the service provider is responsible for maintaining the integrity of the wallet and keeping the private keys secret, but in case of a security break or internal-technical error the private keys and wallets could be in danger. There have been cases like Mt.Gox which customers lost around 750 000 bitcoins because of a hack towards the service provider. When choosing a web-wallet it’s advised to see if the wallet provider keeps the keys to themselves.

Hardware wallets are a popular way of storing bitcoin by those who are concerned about the security of their funds. It’s relatively easy to set up and seems to have proper protection of your funds. Hardware wallet works offline which makes it safe from any online hacking attempts; however, it’s been a concern that a vicious malware could compromise the security of the wallet, or it’s security components could be hacked, if the wallet gets in the wrong hands.

Cold storage wallets are arguably the most secure wallets. An excellent example of a cold storage wallet is our Denarium coin wallet. The wallet is never online; it’s never connected to any digital device, and only one private key is created offline under strict, supervised conditions. However, if you wish to spend the funds, you need to scan the QR-code under the security hologram with a smartphone app. In this case, the mobile-wallet is online. Read more about this here (https://denarium.com/physical-bitcoins). It’s also possible to do this all offline, but it requires a lot of knowledge and skill to do so. If you wish to know more about how to make a bitcoin offline transaction see this link (https://www.cryptocompare.com/wallets/guides/how-to-make-a-bitcoin-offline-transaction/)

Well, is there any other ways to affect the security of assets than just choosing the right type of storage unit? Yes. Many wallets are single-key wallets, which means that to access or spend the assets you only need the one private key. That might bring out some problems when it comes to the safety of the wallet. In all simplicity, the one who gets the private key has access to assets in it. Either it’s you or in the worst case a hacker.

Extra security with multi-signature bitcoin wallet

How can we prevent that? The answer comes in a multi-signature wallet, better known as multisig.

Is multisig just an extra multiplier of complexity to the whole dimension of keeping your assets safe or does it just make everything easier? Well; Both. Multisig is more complex to set up than only receiving or creating a single-key wallet for yourself. The most popular wallet type is a single-key wallet, and even our standard option is that we create the private key and the customer has it under a tamper-proof security hologram which can be then used by the owner of the coin whenever he wants to. We do recognize the concern here. What if they keep a copy of the private key? That is nothing to take lightly, neither by the customer, nor us. We have been working on fixing that problem by being transparent in our work and providing charts and having an open database for everyone. However, this is not enough for some, and it’s completely understandable. For this reason, we have a multisig option for your coins extra security.

Multi-signature, better known as multisig, is a wallet type, which requires signatures provided by multiple private keys to move the funds from the wallet. For example, there are  2-of-3 multisig (requires two out of three keys to access), 2-of-2 multisig (requires two out of two keys to access), and so on. That creates another layer of security to the wallet since you can and should store the private keys in different locations. For instance, Denarium offers 2-of-2 multisig which is basically like two-factor authentication with two separate private keys. One key is in the coin wallet, under the secure hologram, and you can store the second key in a safe place. No one but you should ever be able to get access to the wallet unless they somehow get access to both of the keys. You can check this link if you want to know about setting up a multisig wallet. (https://denarium.com/multisig)

The wallet you choose has a significant effect on how secure your funds are, and it’s super important to know where the insecurities lie. It’s infinitely safer to use a multi-signature wallet, than just the usual single-key wallet. If you store your keys right, there’s no way of losing the control over your wallet (fire or other unfortunate events which can’t necessarily be affected by human behavior excluded). So if you want to, and can set yourself a multisig-wallet, it’s highly recommended to do so.

Securing your funds is extremely important to us, and we want to educate and offer you the safest option available in the industry.

The post Security of your bitcoins appeared first on Final Closing Sale - Denarium Bitcoin.

Physical Bitcoins on the World Money Fair – Photo: Denarium

The theme for this year’s conference was: Creating Collectors in the Future or the Sustainability of the  Numismatic  ‘Industry’. Denarium is working on the crossroad between the new and old. Working in the ancient art of coin making and taking its inspiration from the past.  Simultaneously, however, working in the latest branch of currency. Cryptocurrency.

It was good to recognize we are not working alone on this crossroad between old and new. We were able to make acquaintance with another cold storage coin, another physical bitcoin manufacturer and saw several cryptocurrencies themed coins surface on the conference.

Gold Bar – Photo: Denarium

It was great to see an overview of the coin making industry around the world, and have been able to make acquaintances and receive feedback. Furthermore, able to find new partnerships and solutions for our company. Overall it was a great experience to have been a part of the World Money Fair.

We were inspired to see so many different coin designs from all over the world and plan to be back next year with a booth to present our different coin models.

The post World Money Fair appeared first on Final Closing Sale - Denarium Bitcoin.

Financial crises

Firstly financial crises, like the one in Venezuela, with the worlds highest inflation rate(3) could potentially lead more and more people to adopt Bitcoin as a haven for hyperinflation

 In a sense, the financial crisis of 2008 led to the creation of Bitcoin, as Satoshi Nakamoto was partly driven by anger on the recent financial crisis. In a 500 word essay he wrote:

 “The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.”(2) 

New directive against money laundering.

Secondly, European guidelines could help the adoption of Bitcoin. Tax evasion, money laundering, and crime are an issue for Bitcoin from an EU perspective. The report mentions:

“The new directive of the European Union against money laundering entered into force on July 9th, 2018, AMLD 5 should be sufficient in fighting money laundering in Europe”(4)

Anonymity 

However, the new guidelines could also hurt the adoption of Bitcoin. AMLD 5 deals with the aspect of anonymity. It is depending on how many people find it a problem that wallet providers have a responsibility to report suspicious transactions to financial intelligence units. 

The new guidelines of the European Union also have implications for the various ATM Networks around the European Union, as they are forced to identify their customers. 

Taxation:

At the moment a number of  European countries have been waiting for a standard, approach to cryptocurrency taxation. The government in Belgium, which is home to many EU institutions, has not issued an official stance on the matter. Each jurisdiction is expected to take its own decisions in the short run. (5) At the moment there are different tax laws in different countries.

Taxation can, therefore, be complicated and in some cases needs to be simplified.

Attacks

In the past exchanges have become targets for digital attacks, and together with wallet providers. developed safer methods. Storing cryptocurrency in cold storage is one-way exchanges, and custodian wallet providers are updating their security measures. 

Three recent big attacks, however, took place in Japan and in South Korean fairly recent..

• Zaif in Japan lost 59 Million dollars of customer assets. (6)
• Youbit from South-Korea shut down in December 2017 after a second attack. (7) 
• And Coinrail, also from South-Korea was attacked in June last year. Coinrail however, was able to bounce back from a 40 million dollar loss. (8)

The series of attacks on exchanges do create doubt and distrust for the new Bitcoin user. Leading new Bitcoin users to figure out which wallets and exchanges are trustworthy, which can seem a daunting task. Thankfully there are many good companies and useful information to be found. Bitcoin.org is the original website for Bitcoin and has an extensive information database.

Online attacks are one reason that Denarium prefers a cold storage option, Physical Bitcoins. Also, Coinmotion, part of Prasos, founded in 2012 keeps customers’ funds in cold storage. Because of attacks, security has become a focus in the cryptocurrency scene and this leads to more secure methods.

Altcoins:

There is a wide scale of other cryptocurrencies that are competing with Bitcoin, including those that forked (10) away from the original rules and technology of Bitcoin, such as Dash, BCHABC and BCHSV and Bitcoin gold. 

These cryptocurrencies are newer than Bitcoin and are versions that came out of Bitcoin. However, they are not necessarily better. People are generally divided in this aspect. Bitcoin still has the largest market cap (11) and has seen growth over the last year. 

Governments and National Banks:

One of the reasons Bitcoin has taken off, was because it is decentralized without requiring trust in governing authority. Governments now have a choice to promote, forbid, or allow Bitcoin to flourish. Banks have an opportunity to either jump on board to manage people’s cryptocurrency assets or potentially lose out on potential profit. Here is an article on banks that accept Bitcoin. (12) 

Bitcoin has shaped the financial sector and especially the Finntech industry in the last decade. The mass adoption of Bitcoin in the future will determine it’s value. It is worthwhile to investigate the developments in the government, financial and cryptocurrency sector to stay up to date on Bitcoin as a long term investment.

1″Initiative map | EUBlockchain – EU Blockchain Observatory and Forum.” https://www.eublockchainforum.eu/initiative-map. Accessed 23 Jan. 2019.
2″The Crypto-Currency | The New Yorker.” 10 Oct. 2011, https://www.newyorker.com/magazine/2011/10/10/the-crypto-currency. Accessed 21 Jan. 2019.
3″Venezuela’s Hyperinflation Hits 80,000% Per Year in 2018 – Forbes.” 1 Jan. 2019, https://www.forbes.com/sites/stevehanke/2019/01/01/venezuelas-hyperinflation-hits-80000-per-year-in-2018/. Accessed 23 Jan. 2019.
4″Cryptocurrencies and blockchain – European Parliament – Europa EU.” http://www.europarl.europa.eu/cmsdata/150761/TAX3%20Study%20on%20cryptocurrencies%20and%20blockchain.pdf. Accessed 21 Jan. 2019.
5″0 to 50% – Time to Pay Crypto Taxes in the European … – Bitcoin News.” 22 Mar. 2018, https://news.bitcoin.com/0-to-50-time-to-pay-crypto-taxes-in-the-european-union/. Accessed 21 Jan. 2019.
6″Japanese Cryptocurrency Exchange Hacked, $59 Million in Losses ….” 19 Sep. 2018, https://cointelegraph.com/news/japanese-cryptocurrency-exchange-hacked-59-million-in-losses-reported. Accessed 23 Jan. 2019.
7″Bitcoin exchange Youbit shuts after second hack attack – BBC News.” 19 Dec. 2017, https://www.bbc.com/news/technology-42409815. Accessed 23 Jan. 2019.
8″Coinrail Bounces Back After Shutdown, Will Reimburse Stolen ….” 16 Jul. 2018, https://unhashed.com/cryptocurrency-news/coinrail-bounces-back-after-shutdown-reimburse-stolen-crypto/. Accessed 23 Jan. 2019
9″Are there any exchanges that have never been hacked ….” 10 Jun. 2018, https://www.reddit.com/r/CryptoCurrency/comments/8q0wrv/are_there_any_exchanges_that_have_never_been/. Accessed 23 Jan. 2019.
10″What you need to know about the Bitcoin Cash ‘hard fork’ – MarketWatch.” 15 Nov. 2018, https://www.marketwatch.com/story/what-you-need-to-know-about-the-bitcoin-cash-hard-fork-2018-11-13. Accessed 21 Dec. 2018.
11 “Global Charts | CoinMarketCap.” https://coinmarketcap.com/charts/. Accessed 23 Jan. 2019.
12 “Which Banks Accept Bitcoin? Get The List | Banks.com.” 15 Feb. 2018, https://www.banks.com/articles/cryptocurrency/banks-that-accept-bitcoin/. Accessed 23 Jan. 2019.

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Ten years ago a white paper (1) was created for a decentralized cryptocurrency, which brought about a gold rush of this age. Individual miners became large companies, and altogether the Bitcoin network now has more computing power than Google! (2)

The white paper and implementation of the bitcoin network by Satoshi Nakamoto(3) gave an opportunity for people to self manage their finances. Pay each other directly with electronic cash without going through a financial institution. Let’s take a look at the beginning stages of Bitcoin and consider when it was exactly Bitcoin’s birthday.

When exactly is it Bitcoin’s Birthday?

Bitcoin’ birthday is a little subjective. You have two options. You could choose to see either the whitepaper release as its birthday or the day that Satoshi mined the first Genesis Block.  A poll done by Prasos’ CEO on Twitter last Oktober(4), was set up to find get a public opinion. Around 74% of people of 799 participants reacted that Bitcoin’s birthday should be the mining of the Genesis block on the 3rd of January 2009.

Beginning stages of Bitcoin’s history

• On 18 August 2008, the domain name bitcoin.org was registered.
• Later that year on 31 October, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System was posted to a cryptography mailing list.
• On the 3rd of January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0). It had a reward of 50 bitcoins. These were not spendable. Hall Finney received ten bitcoins from Nakamoto in the world’s first bitcoin transaction on 12 January 2009.
• On the 6th of August,2010 the only major security flaw in bitcoin’s history was spotted.
• On August 15th the flaw was exploited, which resulted in the first bitcoin fork. This flaw was the only major security issue found in bitcoin’s history.
• Based on bitcoin’s open source code, other cryptocurrencies started to emerge in 2011 (5)

Now that we have taken a short look into Bitcoin’s history, let’s also take a glimpse into the future of Bitcoin and see which elements promote or work against the mass adoption of Bitcoin. 

1 “Bitcoin: A Peer-to-Peer Electronic Cash System – Bitcoin.org.” https://bitcoin.org/bitcoin.pdf. Accessed 21 Dec. 2018.
2“Bitcoin is Bigger than Google – Muneeb Ali – Medium.” 19 Apr. 2015, https://medium.com/@muneeb/bitcoin-is-bigger-than-google-ec84310296d9. Accessed 21 Dec. 2018.
3“Satoshi Nakamoto – Wikipedia.” https://en.wikipedia.org/wiki/Satoshi_Nakamoto. Accessed 21 Dec. 2018.
4 “Henry Brade on Twitter: “Which one is the more significant/relevant ….” 31 Oct. 2018, https://twitter.com/technom4ge/status/1057594279462428672. Accessed 23 Jan. 2019.
5 “History of bitcoin – Wikipedia.” https://en.wikipedia.org/wiki/History_of_bitcoin. Accessed 21 Dec. 2018.

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