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Most recently published stories in The Chain.
How to Spot a Bitcoin Scam
With tax season among us, there are a lot of scams out there to lure unsuspecting victims into unknowingly handing over thousands of dollars to criminals. Bitcoin has become the easiest and newest way to scam individuals out of thousands of dollars. Here is what you need to know on how these scams work so you can protect yourself. Bitcoin has become one of the most popular and effective ways for thieves to con their victims and get away with it due to the fact that Bitcoin is a crypto-currency, which is impossible to trace because it operates through a complex series of blockchains on the internet. Once you complete a transaction through a Bitcoin ATM machine, your money is essentially gone unless you have access to the blockchain key. Your money is essentially gone because unlike wire transfers, Bitcoin transactions cannot be traced. If you get a call from someone claiming to be from Canada Revenue or the IRS and they insist that you owe thousands of dollars in "back taxes" and are pressuring you to pay the balance owing via Bitcoin, this is a clear indication that someone is attempting to scam you out of thousands of dollars. Keep in mind that because Bitcoin is not a regulated currency, the IRS in the United States and Canada Revenue will never accept Bitcoin as payment for "back taxes owed." EVER. If you find yourself in the midst of a Bitcoin scam, hang up and alert your local authorities. Intimidation is one of the key elements of what makes these scams so successful. Thieves will say things like, if you fail to pay the balance owing on your taxes, they will come to your house and arrest you, confiscate your passport etc. Bear in mind, that Canada Revenue or the IRS will never threaten to show up on your doorstep to demand payment. If you do owe money in unpaid taxes, Canada Revenue or the IRS will send a letter to you in the mail of an outline of what, if anything, is owed. They never make house calls. For them to do this would be a direct violation of your civil rights. If you owed thousands of dollars in unpaid credit card debt, it may go to a collection agency if you are not able to settle the outstanding debt. Collection agencies do not conduct house calls either. Again, this would be in direct violation of your civil rights. If you owe thousands of dollars in credit card debt, wouldn't you be suspicious if the person pretending to be from a collection agency, asked you to make a payment via Bitcoin? Bitcoin is not accepted as a legitimate form of currency because it is not regulated by any bank and therefore cannot be traced. See where I'm going with this? A credit card cannot payment cannot be made via Bitcoin because credit card companies are regulated by banks and can be traced by banks around the world. If you get a phone call from Canada Revenue or the IRS demanding that you pay via Bitcoin in "back taxes," try to jot the number down and alert your local authorities. This way, the authorities can make a possible trace as to where the call initially came from. The authorities can have a better chance of apprehending these criminals by catching them in the act and hopefully, bring them to justice. During tax season and all year round, always remain vigilant by never giving out thing like bank information, passwords among other personal information over the phone. If you do use credit cards to make purchases over the phone or online, be sure to check bank account and credit card statements on a regular basis. This way, if you do notice any suspicious activity, you can report it sooner than later. This will save you a lot of grief and money in the long run.
By Janelle Ouellet8 years ago in The Chain
10 Things Everyone Should Know About Blockchains
Blockchain technology is set to transform the world just like the Internet did. People are getting rich, industries are changing fast, and you just want to know what's going on. But you don't even know what to ask. Don't worry! Here are the things everyone should know about blockchains.
By Roland Barnes8 years ago in The Chain
Why Blockchain Is the Future of the Sharing Economy
There has been a lot said about blockchain technology. Scientists are claiming that blockchain technology can help us build a smarter electric grid. Economists claim that blockchain currency like Bitcoin will be able to end poverty. All the buzz seems too good to be true, but at the very least, it's looking like some of the talk might be true—especially with the sharing economy.
By Cato Conroy8 years ago in The Chain
Best Blockchain Companies to Watch
In current days, the blockchain industry is rapidly growing. In fact, it’s expected to grow to about $20 billion by 2024! Since blockchain is the main source of the majority of cryptocurrency coins and their actions, so many people tend to focus on this one place. They see how well certain crypos are doing, which aren’t, and everything else in between.
By James Lizowski8 years ago in The Chain
Blockchain for Health
There are many things Artificial Intelligence (AI) could do in medicine better than doctors. The biggest drawback is getting enough raw data to enable AI to determine a diagnosis. Medical records are not readily available to researchers. Massive amounts of medical data are required, but in most countries, access to medical records is severely restricted by privacy laws. Dexter Hadley, a physician and computational biologist in California has come up with a solution. He's developed a plan that could implement enough medical data for screening algorithms that do not violate privacy laws. The information would not only be secure, but people who opt to share their medical information would still be in control of it. Their method relies on blockchain technology. The very same tech that underlies bitcoin cryptocurrency. The project is set for May 2018 and will use 3- 5 million mammograms that will be used to train their AI algorithm in detecting breast cancer.
By Monica Bennett8 years ago in The Chain
Bitcoin & the Banks
Over the last few weeks Jamie Dimon, Chief Executive of J.P. Morgan, has been leading the charge against bitcoin and other cryptocurrencies. Given that J.P Morgan had revenues of over 90 billion dollars last year, it at first seemed odd to me that Dimon would be so vocal in his opposition. Yet he has repeatedly gone out of his way over the past few months to trash bitcoin, even going so far as saying it should be banned. Dimon is no fool. He knows bitcoin has the potential to upend the banking industry. This is precisely why he is trying to kill it before it gets even close.
By Steven Clark8 years ago in The Chain
Laws Blockchain Will Force to Change
If there's one thing that the government does not enjoy doing, it's having to change laws that have faithfully served the public for decades—or even centuries. Lawmakers are also fairly slow to write new laws unless they benefit the lawmaker.
By Riley Raul Reese8 years ago in The Chain
How To Make Money Off Bitcoin Without Actually Owning It. Top Story - March 2018.
Cryptocurrency is hotter than ever, and Bitcoin remains the gold standard among electronic, decentralized currency out there. Everyone wants to know how to make money off Bitcoin, but the truth is that it often seems to boil down to buying Bitcoin.
By Ossiana Tepfenhart8 years ago in The Chain
Ways Blockchain Is Revolutionizing Cybersecurity
It's no secret that we are dealing with a lot of cyber attacks, and that black hat hackers cause serious damages in almost every industry imaginable. One of the most commonly cited predictions for cybersecurity in 2018 is an increased number of attacks—and a dire need for better security.
By Rowan Marley8 years ago in The Chain
What Is BitPay?
There is so much to know about cryptology and cryptocurrencies that all the info and contexts can get all get bogged down in a number of confusing, big words. Simply put, BitPay is nothing more than a global bitcoin payment service provider that utilizes bitcoins in the exchange processes for merchants, bridging the real world of commercial goods with the digital reality of cryptocurrencies. In that case, you should probably know the brand name business that accept bitcoin before you sign up for BitPay.
By Salvador Lorenz8 years ago in The Chain
