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Here is guide to start your own cryptocurrency

Bitcoin is a cryptocurrency and worldwide payment system

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Bitcoin price, Bitcoin investment
Cryptocurrency Bitcoin, the growing market (VOA)
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Fed up of standing by watching while others make and lose fortunes on cryptocurrencies? Now you too can make and lose a fortune!

This columnist realised it was time to tackle this topic when a news report said more than 1,500 Bitcoin-like cryptocurrencies had been launched and a reader asked me for advice on starting his own.

Easy, I said. Whose head would you like to be on it? He chose his own, which showed me that he had no idea what a cryptocurrency was. They are not physical coins, so don’t have anyone’s heads on them.

Also Read: Is investing in Bitcoin safe? Get the basics first!

Never mind. Most people don’t understand these things. This is good.

Things you can sell to unsuspecting friends as Bitcoins: 1) game arcade tokens; 2) foreign coins; 3) toy medals; and 4) chocolate money.

But one of my more serious colleagues is starting his own cryptocurrency; so I know the system.

1. Download the main coin mining software from a website called Github, then hire a nerd, as you have to tweak the programme (with C++) to make it unique.

2. Think of a theme. It is impossible to be too wacky. For example, one person made a crypto-coin called “Offerings to Cthulhu”, named after an alien from a 1928 sci-fi story. You’d think that was too silly to work, but it is going strong after several years.

3. When people start buying your currency, sell them all and run away as fast as you can.

If the last part of this process reminds you of anything, it should. It is the same technique used by people working for criminal gangs (“banks”) for pushing evil scams such as sales of stocks and shares, unit trusts, investment bonds, Ponzi schemes, etc.

Also Read: Interesting facts you should know about Bitcoin, the cryptocurrency gold of 21st century

Bitcoin is a cryptocurrency and worldwide payment system.
Bitcoin is a cryptocurrency and worldwide payment system. Wikimedia Commons

It’s an exciting field. In January this year, the value of Bitcoins was going up and down so fast (in a $10,000 range) that you had to discuss it with a live price tracker in your hand. Here’s a typical conversation:

ME: “I’ll buy your car for one Bitcoin.” HIM: “No way! This car’s worth more than… $9,845.” ME: “More than… $11,245? No, it isn’t. That’s a good price.” HIM: “Okay, you got a deal.” ME: “I’m now transferring to you one Bitcoin.” HIM: “Wait. This is only worth… $7,231.” ME: “Too late, Byeee.” [Drives off.]

Bitcoin analysts say the number of new coin issues is accelerating so we’ll each have our own currency in “the mid-to-long-term future”, meaning a week next Tuesday. Shopping will be challenging.

Also Read: Status of Bitcoin in India

SHOPPER: “Do you accept Flurgles?” SHOPKEEPER: “Yes, but your change will be in Oogliewooglies.”

What to call your coin? All the cool names have already been taken, including Mysterium, Einsteinium and BitBean. Others are odd, like the Melon, or desperately unimaginative, like the Namecoin.

I reckon it’s time to stand out and get attention by using an ironically humorous name for your new Bitcoin. Four suggestions: 1) SweetLittleNothings; 2) Don’tBuyThese; 3) Moneypits; and 4) IdiotTokens.

Okay, hands up who’ll buy an IdiotToken from me? And no, you can’t pay me in crypto-coins. I want hard cash. I may be an idiot but I’m not stupid.

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Copyright 2018 NewsGram

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Google bans cryptocurrency mining extensions on Chrome

Late last month, Twitter confirmed to block cryptocurrency-related ads on the platform. In January, social media giant Facebook banned all ads promoting cryptocurrencies

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Google 'search results' will improve. Pixabay
Google 'search results' will improve. Pixabay
  • Google chrome has also cracked down on cryptocurrency mining extensions
  • Last month, Twitter did it
  • Facebook has also banned it down

After Facebook and Twitter, Google has cracked down on malicious cryptocurrency mining extensions on its Chrome platform. Until now, Google Chrome’s web policy permitted cryptocurrency mining in extensions as long as it is the extension’s single purpose and the user is adequately informed about the mining behaviour.

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Cryptocurrency ads are now banned ion Chrome too. Pixabay

“Unfortunately, approximately 90 percent of all extensions with mining scripts that developers have attempted to upload to Chrome Web Store have failed to comply with these policies, and have been either rejected or removed from the store,” James Wagner, Extensions Platform Product Manager, said in a blog post late Monday. “Starting today, Chrome Web Store will no longer accept extensions that mine cryptocurrency,” he added. Existing extensions that mine cryptocurrency will be delisted from the Chrome Web Store in late June.

Also Read: After Facebook, Google to ban cryptocurrency ads

Extensions with blockchain-related purposes other than mining will continue to be permitted in the Web Store, Google said. Over the past few months, there has been a rise in malicious extensions that appear to provide useful functionality on the surface, while embedding hidden cryptocurrency mining scripts that run in the background without the user’s consent.

These mining scripts often consume significant CPU resources, and can severely impact system performance and power consumption. “This policy is another step forward in ensuring that Chrome users can enjoy the benefits of extensions without exposing themselves to hidden risks,” Wagner said.

Google Lens will have many useful features. Wikimedia Commons
Google took after Twitter and Facebook to ban cryptocurrency extensions. Wikimedia Commons

Late last month, Twitter confirmed to block cryptocurrency-related ads on the platform. In January, social media giant Facebook banned all ads promoting cryptocurrencies, including Bitcoin and ICOs. IANS