Become your own notary and we're "running out" of Bitcoins

Want to be your own notary? Of course you do. Bitcoin.com has re-launched their basic notary service and for a tiny fee of 0.0005 (which is approximately $0.75 at the time of writing this post), everyone can prove ownership of documents. The service was started earlier in 2017, but was suspended due to problems with BTC network. This time the service is implemented on the Bitcoin Cash network, which makes it much more user-friendly.

This service is a spectacularly good example of how the blockchain technology makes our lives better and easier.

So what does this service do exactly?

Well, if one wants to verify ownership of a document, one simply has to upload the document to the service (via a simple drag-n-drop!), pay the tiny fee and the timestamped and encrypted data will be stored onto the BCH blockchain forever.

While governemts still rely on more conventional methods of verification, organizations and individuals can use this tool to store ownership data on-the-go.

To do a simple verification, just upload the document and a cryptographic hash of that document is created and looked up on the blockchain. If found, the user will be linked to the proof page of the document.

But why would one need this service at all? For many reasons though - this could come in handy with patent arguments - one could easily prove ownership of the data at a specified date. This can easily be used to prove the integrity of the data as well, that the document has not changed from it's original state. When was the will written? What was the original signed deal between two parties? These and many questions can easily be solved with this innovative service.

Have a good use case? Let me know in the comments.

https://notary.bitcoin.com/

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Breaking the first half of January brought us the news that 80% of the whole Bitcoin supply has been mined. Bitcoin rocks a hard cap of 21 million Bitcoins - the cap is built into the code. No way to create more, and as the supply is finite, this should essentially keep the price supported through the scarcicy factor (where the price will be supported is another discussion). And users losing their hardware wallets or keys will only contribute more to the scarcity. Currently a little less than 17 million BTC has been mined of that 21 mil.

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So what will the miners do when the last Bitcoin is mined? The only source of income for the miners will then be the transaction fees. But don't worry - at current estimations the last Bitcoin will be mined somewhere in the middle of the 22nd century, so it's highly probable that you and your kids will not be around by then any more.

Original story via cryptodaily

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Oh, @furious-one, you're so cool, how can i show my appreciation to you? Well, if you insist - send some PEPITO tokens to BTS: furious-one on the Bitshares DEX ;)

https://wallet.bitshares.org/#/market/PEPITO_BTS

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Check out Chainbb, an alternative frontend for STEEM network. If you like forum style, that's the platform for you.

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