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Cryptocurrency

BTC bounty: 69,000 Bitcoins worth $700 million waiting for you

A BTC wallet said to hold about $700 million worth of BTC is being passed around.

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MicroStrategy's Bitcoin holdings now worth $783 million, Canadian investment company buys more Bitcoin, Bitcoin price drops $1400 in minutes, Binance, BTC wallets holdings 0.1 BTC reaches all time high, 13,000 BTC wallets are now worth more than $1,000,000

The race to claim the most prized crypto bounty is on.

A BTC wallet said to hold about $700 million worth of BTC is being passed around a community of opportunistic hackers.

Alon Gal, the CTO of network security firm, Hudson Rock, disclosed via Twitter he currently is in possession of the wallet that is said to hold 69,000 BTC.

READ: Population of holders of at least 0.1 Bitcoin surpasses 3 million

Coders are trying to figure out the password that will crack the Bitcoin Core wallet.dat file. Gal jokes that Google should help him out by lending out its quantum computer.

“There is a Bitcoin wallet with 69,000 Bitcoins ($693,207,618) that is being passed around between hackers/crackers for the past 2 years for the purpose of cracking the password, no success so far,” Gal tweeted.

READ: $30 billion worth of BTCs disappears forever 

However, the chances of claiming the Bitcoin bounty are very low.

Nairametrics is aware that present-day supercomputers are not powerful enough in breaking cryptographic systems, as seen in the world’s most valuable crypto by market value though global tech brands like Google, IBM continue to develop stronger quantum computing systems in the present day.

READ: Google to pay online publishers for high quality contents

While Google had in recent times said it will take about 10,000 years for a conventional computer to complete such computation, IBM  however shared a different opinion, “We argue that an ideal simulation of the same task can be performed on a classical system in 2.5 days and with far greater fidelity.”

That said, it’s a fact now that quantum computing has not found the quantum leap forward for such advances that could trouble Bitcoin’s present encryption codes.

bitcoin train

Crypto wallet owners should always learn to be vigilant in keeping their private keys, passwords safe as the chance of reclaiming their prized BTCs after such loss is almost impossible.

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The race is on …

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

1 Comment

1 Comment

  1. Carl

    September 13, 2020 at 1:23 pm

    There are a few alternatives to get in this race.
    one is bloom filters.
    and others like Bitcanner, some other scripts out there etc.

    I’m just saying if really want to give it a try.

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Cryptocurrency

Bitcoin surges past $51,500

Bitcoin traded above $51,508.78 with a daily trading volume of $51.7 billion and is up 4.83% for the day.

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Crypto, Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?

The flagship crypto-asset, Bitcoin surged past a one-week high as risk appetite in markets gained momentum despite growing concerns facing the crypto industry.

At the time of writing this report, Bitcoin traded above $51,508.78 with a daily trading volume of $51.7 billion. Bitcoin is up 4.83% for the day.

The world’s most popular crypto asset had been under pressure, particularly on Tuesday when Gary Gensler, nominee for chairman of the U.S. SEC disclosed that protecting investors against the crypto market’s manipulation and illicit activity is a challenge for the agency.

Institutional investors are perceived to be driving Bitcoin’s bullish record-setting run. Amongst them; Anthony Scaramucci’s Skybridge Capital, Mass Mutual, and Guggenheim (up to 10% of its $5 billion macro funds).
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Bitcoin is fired up on all cylinders, smashing its past record highs at the speed of light, and it seems the momentum trade is strengthening as mass media outlets embrace crypto coverage, on the bias that the flagship crypto rallied to an all-time high today, as it broke above the $51,000 level.

Also, the flagship crypto is on its record high amid strong purchases seen in accredited investors gaining more exposure to Bitcoin through the world’s biggest crypto hedge fund, Grayscale, and the CME Bitcoin futures market.

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Cryptocurrency

Google adds Bitcoin, Ethereum, Litecoin on its finance platform

Google has added selected cryptos to its finance platform.

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Google building its own debit card, Google’s advertising business faces breakup, Google supports media firms in Nigeria, others with $39.5 million

Google, the world’s most powerful and valuable search engine, recently added selected cryptos to its finance platform.

Alongside leading financial markets, particularly in emerged markets, the trillion-dollar company added a “Crypto” section thereby giving Bitcoin, Ethereum, Litecoin, Bitcoin Cash more limelight.

This comes as no surprise to many market watchers, as the leading tech brand incorporating cryptos on its finance page follows a long wave in mainstream approval over the past months.

There is no doubt, 2021 continues to shape up as a very exciting year for crypto assets relatively.

The flagship crypto has gotten more credibility in recent days from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon showing support for Bitcoin.

Mastercard had earlier disclosed it would open up its network to some cryptocurrencies including Bitcoin.

PayPal and the world’s largest asset fund manager BlackRock have also made big moves to support crypto.

Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.

Recall some months ago, as the fastest ever-changing financial asset continued to gain traction, renowned financial data media company, Bloomberg Intelligence, gave critical insights on why bitcoin, in just about five years’ time, could hit a valuation of $100,000.

“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level.”

“It would be recalled that in 2013, Bitcoin was trading barely at a price of about a thousand dollars. It corrected about 80% and consolidated in 2017, after initially reaching $1,000, it added a zero.

“Considering normal maturation, about double the time frame from $1,000 to $10,000 would come in around 2025, for Bitcoin to potentially add another zero.”

bitcoin train

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