Blockchain

7 Big Problems With Cryptocurrencies Everyone Should Know

Blockchain technology has been praised for creating open markets and fighting corporate policies. Cryptocurrencies challenged traditional financial institutions offering better and more transparent transactions for users. Still, there are some downsides to digital coins that became apparent for the past couple of years. Investors have been buzzing that cryptocurrencies need more regulations implemented, even though creators of digital coins are firmly denying the proposition. However, they admitted having some problems with blockchains and are claiming that further decentralization will solve it. Here are some major problems with cryptocurrencies that users are complaining about.

Security

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As blockchain technology becomes more advanced and sophisticated, so do the hackers. Security has been the most worrisome aspect when it comes to trading and investing. More decentralization of the open markets has been offered as a solution to the problem, but many are not convinced. On the contrary. Investors are asking for a more regulated system that will ensure at least some degree of protection from the cyber-attacks. Creators and investors are at odds right now about how to protect currency exchanges, but they will need to find a common ground soon since cyber criminals are on the rise since 2018. As a matter of fact, exchange encountered 15 times more cybercriminal attacks in the past few years.

Credibility

Source:hackernoon.com

There have been many fake digital coins floating on the market looking for naïve users to scam them. This damaged the credibility of every legitimate cryptocurrency and justified critics’ stands. The most famous fraud was OneCoin when scammers caused damage of over $3 billion to the investors. The trust between creators and investors was at the all-time low, and many gave up completely from trading with crypto coins. Some speculators claim that almost 80% of all coins available are a scam. This is very harmful to the overall reputation of the major digital coins.

Transparency

This became a major issue lately when it was revealed that 80% of all coins are in the wallets of 20 people and companies. Of course, just like in a traditional financial system, no one really knows exactly who they are beyond rumors. Transparency is urgent now more than ever with all frauds that plagued the crypto world in the past years. Still, creators and big investors are keeping such information under wraps leaving ordinary users to question and fueling gossips that it’s all a scam from the get-go. Small businesses are left with several coins here and there and the majority of coins are in the hands of a few powerful people, just like in a banking system that we all know. With the lack of transparency, accountability quickly vanishes. Trading and investing with blindfolded is not only a risk, it’s worse than gambling. So, not knowing who holds the coins, and if things go south there will be no institutions to file complaints, has put off many traders from investing.

Liquidity

Source:medium.com

Recently, the king of cryptocurrencies, Bitcoin, lost its liquidity for tens of millions of dollars, when its price took a dive on the market for more than $1,500 in minutes. This volatility is something that investors fear the most. Fluctuations of the prices are common for stock markets, but crypto exchanges have been notorious for major ups and downs. This environment leaves powerful investors with the doors wide open to manipulate the prices and availability of the coins. So, the whole decentralization talk becomes obsolete. Lack of liquidity and stability makes prices drop a lot and no one can predict it. To check out the latest movements on the market go to bitcointrend.app.

Delays

Anxiety over fraudulent coins caused creators and markets to delay transactions until the trader can confirm it. This is not something investors sighed up for originally. Speedy and much cheaper transfers were one of the reasons many companies, especially retailers, began accepting cryptocurrencies. These delays are beating the purpose of switching from regular bank transactions to crypto markets since in the end, it comes up with the same amount of time needed to complete the transfers.

Prices

Just last year Korean coins launched a bot that manipulated the supply and thus, prices of the coin once a week. The fraud was revealed quickly and stopped in time before any major damage occurred. This is just one of the examples of how investors lose trust in open markets, where there are no regulating bodies to protect them from scammers. Korean scam caused a ripple effect on every exchange market, not just the one in Asia. The seed of doubt was planted in every trader’s mind and the trend has been ongoing. Occurrences like this harm the whole idea behind free markets and currencies that are going to be available to everyone. Creators of the coins defend their stand by claiming that no market is bulletproof from cyber-attacks, which is true, but that goes against their original stance that cyber currencies are safe and secure.

Regulations

Open markets have been accused of being unprofessional and unstable due to the lack of regulations. Many countries took some actions to make cryptocurrencies part of their rules and laws, like SEC in the United States. Many investors and supporters of the digital coins have been calling for more legislation that will protect them from criminals and hackers. Creators are firmly against it saying that will beat the purpose of the whole idea of open markets. For now, they are on the opposite sides and the resolution is not even on sight. In the meantime, regular folks are left to fight the storm of cybercriminals and fake coins by themselves.

Source:pinterest

The idea about the currency that is free of any laws and regulations worked a decade ago when there were a few coins available and the market was pretty simple to follow. Today, many saw the opportunity to cash in by dealing with fake digital money and scamming people. On the other hand, users have to bear part of the responsibility also. Many thought that entering open market investing in crypto coins is the easy way to make millions overnight. The problem is, cybercriminals came up with the same idea.

3 Reasons Bitcoin Mining is Still Profitable in 2020

Investing in Bitcoin and other cryptocurrencies have great profit potential, and we can see that there is a great hype in the last few years when it comes to digital assets. One of the main reasons why blockchain-based currencies are so popular is because they are highly volatile, and you could earn a lot if you invest in them at the right time. For example, if you bought Bitcoin around 10 years ago, it had a value of only a few dollars, while its price was around 2017 was near 20,000$.

Source:drachmae.co.uk

Furthermore, if factors are on your side, getting Bitcoin through mining can be much more profitable than buying it and wait for its bigger value. Also, with the current trends and rise in popularity of this and many other digital assets, we expect that the value of BTC will become much bigger in the future. Moreover, many countries are planning to introduce various regulations related to cryptocurrencies and their full implementation in the monetary system. We already have near 10,000 ATMs around the world with the support of blockchain technology, and a lot of online stores started accepting crypto just as the standard fiat currencies. There are some luxury stores as well, like luxurylifestylemag, where you can buy some luxurious brands such as Aston Martin, Range Rover, Prada, and more, by using Bitcoin.

Also, while trading is the main option for getting cryptocurrencies, mining is a great solution as well. The process of mining was the most popular in the beginning when the rewards were much bigger. However, there is a halving process every couple of years, where the rewards from mining become smaller. However, there is still a chance to make a profit from mining Bitcoin, but you have to be aware of several factors that are affecting the cost of this process. Here are the main reasons why Bitcoin mining is still profitable in 2020.

1. Efficient Hardware

Source:garrymcguirenews.com

In the first few years, when the blockchain technology and the mining process were introduced, you could successfully create blocks of codes with an average PC in your home. However, along with the bigger popularity, developers also started making more secure software, which made the process much more demanding in terms of hardware. Today, the main point of efficient mining is having the latest devices specially designed for this method. If you have the most recent processor and graphics card, you can efficiently create blocks of codes, which will provide you with tokens that you can later convert into Bitcoin. Also, you should know that these devices can consume a lot of energy, and you will have to make a proper calculation of electricity, and the cost of the hardware to conclude will mining be profitable.

2. Electricity

Source:spectrum.ieee.org

The cost of electricity in your country can be crucial for the profitability of mining. For example, with the current value of this cryptocurrency, you cannot expect that you will make any profit from mining if you live in South Korea, where the cost of only one coin is over 25,000$, which is significantly higher than its current price. Besides South Korea, countries like Denmark, Belgium, Germany, Bahrain, and many others, are also having expensive electricity, which means that you should avoid to mine BTC in these countries as well. On the other side, if you live in a country with much cheaper bills, this process could bring you a great profit. Some of the countries where mining can be profitable are Paraguay, Serbia, Kuwait, Saudi Arabia, and the absolute winner is Venezuela, where you will spend only slightly over 500$ for 1BTC.

3. Choose a Proper Mining Pool

Source:crypto-economy.com

Besides the technical factors that are very important, you should also pay attention to find a proper and reliable network for the mining process. Since numerous machines are creating codes today, it is nearly impossible for anyone to earn a block reward by himself. Therefore, many mining pools represent networks of people who are combining their hardware to create and share tokens. One of the biggest pools today is F2Pool, which holds over 20% of all codes available. Besides this one, there are many other pools as well, and you should choose one by the percentage and number of people there. Also, you have to be aware that every mining network requires some fees, which are around 3% on average. If you have a Watsminer M20S machine, which costs around 2000$, you can mine coins with an average price of around 6$ each day.

Conclusion

When we look at all of the factors that can affect your profit from mining, we can see that it is much harder today to earn a lot from this method, especially if you live in a country where the electricity is expensive. However, if you are willing to invest a greater amount of money in proper hardware, there is still a great chance for a profit. After the latest halving, miners can get 6.25 BTC after the one round of mining is finished, which is still attractive to many. On the other side, the next halving, that will occur in 2024, will reduce the reward to 3.125BTC. In that matter, we assume that there will be many more people interested in trading than in mining after that.

However, if the price of BTC, which could reach 20,000$ again until the end of 2020, will break another record, the mining can remain as a great option. Many factors can affect the price of digital currencies, like their legality in countries which is still not regulated, and the demand for them, which is the main factor that can affect the value of them. Furthermore, the process of mining will be available for a long time, and according to some analyses, we will have to wait until the year 2140, when the determined maximum of 21 million Bitcoins will be mined. We are sure that mining could at least represent a great type of additional income, especially in the case that the world economy fully accepts it and implement it in the monetary system.

Learn the Basics of Bitcoin Mining

Many have probably heard or read about the expression “bitcoin mining” people have been talking about intensively for the past 3-4 years. Before learning the basics of bitcoin mining, let’s explain the expression itself and why is it so popular.

Bitcoin stands for a digital currency that has all the characteristics of a regular financial currency we use everywhere in the world, and mining refers to the activity or a process of confirming the transactions that wait to be included in the blockchain technology.

Source:expresscomputer.in

The key goal of having this kind or this version of electronic money is to enable you to perform direct online payments without the mediation of a financial institution (without a central bank or a central administrator). If you consider all the mediators involved in the process of transacting money from one country to another, all the commissions charged by the mediators, not to mention having to convert money to the local currency and the transaction time needed, using cryptocurrencies sounds like a much affordable solution. All the transactions in the bitcoin network are being recorded in the so-called blockchain. It is sort of a database (a public list of all the transactions) maintained and updated by thousands of miners across the globe. Even though all the transactions are anonymous, they are however publicly available for everyone to see.

So, how does one learn the basics of mining?

Bitcoin is being produced (made) by a computer that participates and manages an already mentioned (blockchain) public database. The computer is being awarded one bitcoin for each successful transaction that adds a new block to the blockchain. This process is called the mining process, where mining is done by computers.  It is important to understand that the reward never goes to one person because no one in the world has enough computer power to solve a complex mathematic problem (operation) needed for a successful block. This is the reason miners network into mining pools to group their computer power and proportionally share the reward. The more miners, the secure the network, but the harder the mining.

One fact that arises from this is that human activity is not required for the mining itself. A logical question that would follow is – then is it required in the trading of the bitcoins? The answer, believe it or not, is no. By this moment in time, there are numerous software, robots, trade platforms for analyzing algorithms, initiating, and analyzing trades, without having to spend valuable time searching for buyers yourself. One such software can be found at q-profit-system.com.

Investing a good software is always a smart solution, especially if you are new in this cryptocurrency market and you want to make sure you stay on the right track. In any case, hiring a broker will maximize profit with bitcoins.

Source:coinrevolution.com

However, if you have decided to mine, there are also a couple of more things to learn about.

Hash rate – is the number of operations your hardware can perform in a second when trying to break the mathematical problem. It is measured in megahash, gigahash and terahash. The higher the rate the more are the chances of successful mining. Calculate your energy spending to avoid surprises– the computer, logically, operates on electrical energy, which of course costs money. Ideally, you want to use the hardware that will not spend more energy than you will earn by mining. Then, choose how you will perform mining: GPU, FPGA, ASIC.

  1. CPU/GPA – the weakest of three options. Theoretically, you can use your computers’ CPU for mining, but in practice, it is very slow and makes no sense in today’s market. You could increase the hash rate by adding GPU chips (contained by graphic hardware), but you also should be ready to invest a bit more money.
  2. FPGA (Field Programmable Gate Array) is an integrated electric circuit that enables mining hardware producers to buy chips and put together the equipment themselves. It gives better results than the CPU/GPU.
  3. ASIC bitcoin mining (Application Specific Integrated Circuit) is specifically designed to do only one thing: mine for bitcoins with exceptional speed and relatively low energy spending. They are quite expensive and manufacturing them takes quite some time.

Pool – when you have considered everything and procured the equipment, you can start mining. But keep in mind, you will have more success if your network/joins a pool of other miners.

Certain companies offer mining services, so if you want to invest in cryptocurrency, but do not wish to go through all the trouble of buying and installing the hardware, calculating electricity spending and all the other things mentioned in the text above, then “cloudhashing” is your option. You buy the finalized product, a whole mining package, by choosing the hash rate speed. All the other technical things are provided by the company (electricity, hardware, maintenance, networking in the mine pools, etc.)

Once you have mined and managed to get a bitcoin, you should have a safe place for keeping it. Symbolically, these places are called the wallets. What they do is keeping your private keys which you use to access your assets. Wallets come in different versions, depending on the device (desktop, mobile, web, hardware wallets).

There are numerous bitcoin mining courses available online, for everyone who plans to start mining. The content usually includes lectures for gaining basic knowledge on bitcoins, tips on what to do and what not to do, steps you need to undertake before starting the mining, etc.

Lots of video material explaining is also available for free, on different websites, where people shared their experiences on how to mine.

You could say that this kind of currency belongs to the people. Bitcoin is an open code system, owned by no one, but where anyone can take part in its development. It is a currency not limited by state borders. More important, no government in the world controls it. So, this is what makes it so tempting.

Source:starofmysore.com

One thing is for sure, the world is turning more digital every day, and bitcoins have a very interesting role in this. Is it the new version of gold? Get ready to jump on the train and find out.

Top 5 Bitcoin Investors

The Bitcoin investors are a crucial part of this market, because they are experienced in this field, but also invest their own money in making the blockchain network more safe and stable. These people also invest in cryptocurrencies in a way that they deposit fiat money funds and get crypto coins in equal value. They are helping the network to develop and attract more potential investors, miners, and traders.

Bitcoin investing also includes:

– Buying and selling cryptocurrencies

– Making the whole network safe and stable

– Helping the beginners to learn more about Bitcoins

– Investing in crypto servers and cloud services

– Funding the development of the network and currency

– Helping the developers establish safe and trusted exchanging platforms like bitcointrader.site

– Making the digital wallets safer

These people also are holding meetings and crypto events, sharing their knowledge with those who are interested in mine, and earn with Bitcoins. They always follow what is new and try to bring that information to everyone who is included in the investing process.

What do you need to become a Bitcoin investor?

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Your knowledge, interest, and enthusiasm are enough at the beginning. No one wants to invest money in something that is not worth it. Before you invest even a cent in the blockchain network, you need to perform deep research on every aspect.

Investors can directly influence rates and values. You will also need to choose your mentor from the list of the most popular and influential Bitcoin investors, so you can learn from them and see what had they done for the currency. Inexperienced investors and miners are those who are trying to make a quick profit, but you must understand that you need to have deep knowledge in this field to reach that goal. It’s possible to earn cash from Bitcoins only if you follow the rules of the market.

How Bitcoin took the leading role in the crypto market?

No one can give an exact answer to this question, but maybe the secret of its success is hiding behind the massive promotion and the fact that Bitcoin is the first digital currency that conquered the world. People reacted emotionally and enthusiastically to it, wanting to grab more before they realized it’s not that simple. Many of the initial investors already gave up on this idea, but there are a lot of people who are still willing to invest in Bitcoin’s development and helping it to keep the role it has.

Here are some of the top Bitcoin investors of all the time:

  1. Barry Silbert

Source:bitcoinexchangeguide.com

He is the founder of Digital Currency Group. His goal is to help with the development of the global financial system, by supporting the Bitcoin and altcoins. He already invested in more than 70 cryptocurrency-related businesses. His company is also an owner of Genesis and Grayscale, which are focused on investing and crypto trading. Silbert also owns the Bitcoin Investment Trust fund, which is responsible for tracking the changes in Bitcoin’s price.

  1. Blythe Masters

Source:crainsnewyork.com

She is one of the most recognizable names in the crypto market. In the past, she was executive at JPMorgan Chase and CEO at Digital Asset Holdings. She is trying to find appropriate ways to implement the blockchain technology to Wall Street. After she opened her Digital Asset Holdings, JPMorgan Chase became their biggest client. Together they are testing how to make the crypto transactions quick and safe.

  1. Dan Morehead

Source:bitcoinexchangeguide.com

He is the founder and owner of the company named Pantera Capital. His company is the first to invest just in cryptocurrencies, including, of course, the Bitcoin. Pantera’s crypto fund is one of the biggest in the world. Morehead also invested in 43 cryptocurrency companies and funds, helping them develop and establish a strong trading base.

  1. Michael Novogratz

Source:bitcoinexchangeguide.com

He is a billionaire who invested almost 30% of his money in cryptocurrencies. Novogratz is a crypto enthusiast too. He started investing in cryptocurrencies back in 2015 and he already gave more than $150 million of his personal savings. He developed a crypto fund, expecting the other companies to help him invest in the Bitcoin. He is also known by his expectations back in 2018 when he was expecting that Bitcoin will be worth more than $40,000 per one coin.

  1. Satoshi Nakamoto

Source:youtube

We can’t complete this list without mentioning the creator of Bitcoin, who is known as Satoshi Nakamoto, but no one knows his real identity. It’s estimated that he owns around 1.1 million Bitcoins. People believe that he is not using his crypto savings for anything because if he does that, the price will drop immediately. Knowing that he is the creator of this widely accepted cryptocurrency, we can be sure that he invested a lot of his time and money to develop something that is this worth, but controversial at the same time.

Of course, there are a lot more names that deserve to be on lists like this, including Tyler and Cameron Winklevoss, Chris Larsen, Roger Ver, Charlie Shrem, Tim Draper, Dave Carlson, and Tony Gallippi. A lot more investors are also dedicated to the other cryptocurrencies.

Why invest in this cryptocurrency?

Source:hackernoon.com

There are a lot of reasons to choose Bitcoin as your starting point in the crypto market. Just like the gold for real money, Bitcoin is a safe-haven for all the cryptocurrencies. If it goes down, every other currency is going down too.

But, at the same time, it has a leading role in the market. Bitcoins have pretty high rates compared to the other currencies, and that is why people are choosing to invest and trade with it. If you own some pile of Bitcoins, but you don’t like the current rate, you can always store them in your crypto wallet, and wait for the better times and higher exchange rates.

Many people, companies, and whole countries are starting to clearly see the possible benefits of accepting the Bitcoins as a regular payment method. Even though a lot of people find it controversial, it’s a fact that a lot of them are at least curious about how does the Bitcoin works.

Blockchain and CryptoCrypto as a Solution

Ten fabulous predictions for the future of cryptocurrencies

We have grown from paying in cash and then using the cards for online transfers. However, one way or another cash is involved, and it’s getting difficult to carry it everywhere. As we are moving towards everything compact, cryptocurrency was introduced as an effort to give the world an alternative to cash.

Although it’s been ten years since cryptocurrency came into existence, there is still a significant population of people whe are unaware of its significance, or they don’t even know about it at all.

In December 2017, the world find out about bitcoin (a cryptocurrency) when its value increased quickly, and It went up to $22k. People who bought it a long time ago for a hundred or $200, made fortunes. Since then, it’s fluctuating, but the crypto traders and blockchain experts are hopeful that one-day, Crypto will take over the whole world. However, they are looking forward to the many significant countries to make it legal for that to happen.

To this day, only America, the United Kingdom, and Australia have come forward and made the mining and trading of cryptocurrency which you can read more here.

Here are ten fabulous predictions for the future of cryptocurrencies experts made:

Banking Sector

Source: pumapay.io

As cryptocurrencies are a means of finance, they have a lot to do with banking and finance sectors. Experts predicted that as the people start using the cryptocurrencies more, the banks will eventually accept them, and it will also allow banks to reduce their amount of complexities. They said that banks would offer cryptocurrency accounts, debit cards, you will be able to buy cryptocurrency directly from ATMs and cryptocurrency loans will be provided as well.

Swift processing:

Source: mybloggertricks.com

Process of buying things online or sending money to your loved ones across the world, there will not be any processing time. Your loved ones or anyone won’t have to wait for 3 to 5 days to get their hands on the money you sent. With cryptocurrencies, all the processes will be swift. You can make small or substantial transactions without worrying about the transaction fee because the fee will be low as compared to traditional means of money transfers.

Crypto Trading

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Bitcoin is the most popular and profitable cryptocurrency to date. New currencies are coming into existence. Some of the existing ones are emerging and becoming more famous day by day, Cryptocurrencies like Ethereum, Litecoin, Ripple, and Steller. There is going to be a significant rise in their value, and eventually, their prices will go high as bitcoin.

With the increase in cryptocurrency value, traders see a profitable bright future in crypto trading. With the growth in the value of these currencies, exchanges with one another are happening doing well in life. More often. People are buying and selling them, some people have become full-time crypto traders.

Blockchain and CryptoCrypto as a solution:

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As more and more industries are seeing blockchain as the ultimate solution for securing their data. With blockchain comes crypto currency, if you can become a licensed cryptocurrency minor, in future, you may be able to support entrepreneurs with loans, saving them from massive interests and lengthy processes of the bank loans. Although some developments still have to take place, we are talking about the future and the possibilities cryptocurrency is going to present.

Adaptation by the Government authorities:

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In the next ten years, countries will start adapting cryptocurrencies for governmental transactions under the SEC instructions. Blockchain is capable of simplifying the process of inter-agency or inter-authorities confirmation. Currently, every agency must maintain its database and then wait for the other one to process and give it a trough.

Date management and sharing of resources and distributed ledger will simplify and speed up the process, taking away all kinds of delays. To manage the cash flow in the country, cryptocurrencies will be chosen, and once they are implemented, this will empower the technology even more.

IOT & Crypto:

Source: freecodecamp.org

IoT is already ruling the world with its offerings, and some experts are very positive about these two techs are to serve the society by the joined venture. The first goal is to use a blockchain for secure and scalable communication between IoT abled devices and to provide stability to allow micro-investments in an efficient way for smart devices. I will only make the article complex and lengthy if I started talking on this topic. So let’s keep it to the point for now.

The $1M Claim:

Source: freecodecamp.org

An expert has predicted that by the end of the year 2020 bitcoin closing price will be $1 million. An extreme claim, but if we take a look at bitcoin’s growth in the past 2-3 years, this claim is believable. If the bitcoin can hit the $1 million mark, it will take over the world’s economy, making the dollar knight of the past.

Everyone will be paid in CryptoCrypto:

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Some of the freelance workers and developers are already being paid in CryptoCrypto. Many of the world’s big companies have started to pay by using bitcoin and some other cryptocurrencies for the services they acquire from the internet (freelancers).

As no intermediary or bank transfers involved, this benefits both the service providers and service buying company as well in terms of transaction fees, and it removes delays as well. However, these transactions are only possible for the countries that have legalized the cryptocurrencies.

Volatility:

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Many measures are being taken to remove the volatility factor in cryptocurrencies. The regulation of the markets and country are factors behind. Once the cryptocurrency trading reaches the peak, these factors will go away, eventually taking away the only fear concerned with cryptocurrency.

Cryptocurrencies:

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The new cryptocurrencies are going to emerge, as bitcoins, Litecoins, and Ethereum have made a powerful impact and impression on the world. And they are the first products provided by the blockchain. There’s a high chance there will be more innovative cryptocurrencies will be invented in the coming years.

Conclusion

Cryptocurrencies and blockchain are the technology of the future. If you adapt or start learning them now, you can be part of changing the world’s financial curve. They are the alternatives of every technology being used to secure and store data and to open new ventures to support the innovative foresighted entrepreneurs.

Bitcoin And Cryptocurrency : A Comprehensive Introduction

Bitcoin and cryptocurrency technologies have considered being obscure and widely unused even just five years ago and now has become one of the most flourishing technologies in the world. These technologies are being researched throughout the academic field and flourish throughout the world businesses.

Now we will take an intense dive into what bitcoin and cryptocurrency technologies are, what give them value and what cryptocurrency is.

An Early Introduction To Cryptocurrency:

Cryptocurrencies firstly came into existence in 2008 when an anonymous called “Satoshi Nakamoto,” published a research paper called Bitcoin whitepaper.

In this paper, he explained a new type of financial asset that was digitally-based and not held by any institution. Instead, they collectively shared, owned, and possessed by all of the globe dispersed participants of the network.

Uses Of Cryptocurrencies:

Source: pioneeringminds.com

The first cryptocurrency is the Bitcoin, and it is used for two objectives: firm price and facilitating the transfer of value.

Ethereum was firstly introduced by Vitalik Buterin in 2013, in the Ethereum white paper. It  was the first massive cryptocurrency to bring entirely new methods to cryptocurrency technologies and to the market place.

In the present era, there are more than 5,000 cryptocurrencies and many trading platforms like thebitcoinsystem.io, each with its applications, target market, or spin on paths to select Blockchain tech.

What are the factors about cryptocurrencies that offer them value?

  • Pseudo-Anonymity

Source: studystreak.co.uk

Cryptocurrency provides the best facility of taking back control of the financial privacy of people from around the globe by relating only a wallet address to transactions despite KYG- proven identification details like name, address, and date of birth.

Few cryptocurrency technologies like Monero have taken it one step ahead and worked to produce completely anonymous currencies that protect the identities of those contributed in transactions.

  • Low Fee Charges

While using PayPal, Western Union, and Banking system to make money transactions may incur charges depending on the situation and is the second massive draw card for cryptocurrency technologies.

  • Permissionless

There are so many people across the globe that isn’t able to use the mainstream financial process also due to wide range of various factors, and one of the central tenants of crypto, when it produced, was that having no one controlling organizations means that all are easy can use the network if they want.

  • Quickest Transfer Of Money

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International money transfer systems can take more than four days. Few banks don’t transfer money on two days of the weekend, PayPal also sometimes take time to move.

Surprisingly, Bitcoin is one of the laziest cryptocurrency with the transfer rate of 30 minutes.

What Is Bitcoin?

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Bitcoin is known as cryptocurrency, a form of electronic money. It is called decentralized digital currency completely independent from banks and sendable from user to user on the peer to peer bitcoin Blockchain system without the requirements for intermediaries.

Bitcoin was firstly emerged in 2008 just after occupy wall Street accused huge banks of illegal use of borrowers’ money, corrupting the system, duping the clients, and charging boggling fees. Bitcoinpioneers wished to keep the seller in charge, excluding the middleman, to cancel payments of interest, to make the transformation of money transparent, to ban corruption, to produce organic network value, and to deduce fees. They made a decentralized system, where you could store your amount and know what was going to happen without depending on the banking system.

Source: pixabay.com

Bitcoin has appeared far relatively short time. Across the globe organizations, from REEDS Jewelers, a huge jewelers chain in the United States, to a private sector hospital in Warsaw, Poland accepts its currency. Substantial money businesses such as Expedia, Dell, PayPal, and Microsoft do, too. Sites encourage it, publications like bitcoin magazine on air its news and value actions, platforms discuss cryptocurrency and business its coins. It possesses its application programming interface, value index, and exchange rate.

  • A Deep Dive Into Bitcoin

Bitcoin is either virtual currency or reference to the technology. You can perform transactions by checks, cash, or wiring. Furthermore, bitcoin can be used, where you suggest the purchasers to your signature, which is a lengthy line of security codes encrypted with 16 various symbols. The buyers decode the security code with his cell phone to attain your cryptocurrency. On the other hand, cryptocurrency is an ax m exchange of digital information that offers you the purchase of or sell goods and services. The security of transactions gains trust by running on a peer to peer network process similar to Skype, or BitTorrent, a type of file-sharing system. Nakamoto leveraged Blockchain technologies to offer Bitcoin to attain decentralization, full transparency, and immutability.

  • Launching Of Bitcoin

The launch of Bitcoin came into existence, when the resentment and repercussions of the world financial crisis were still fresh. All the people were still unfortunate at the world economic upper class for, at best, letting the disaster happen, and worst, producing it.

The following are a few Bitcoins transactional features:

  1. Irreversible features
  2. Fast and across the globe
  3. Pseudonymous
  4. Safe and secure
  5. Permissionless abilities

What Is The Genesis Block?

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The genesis block is the first collection of transactions of any cryptocurrency that is formally accepted into its Blockchain.

The genesis block date of any cryptocurrency thought of as its birthday, and it is the first moment that crypto is basically in operation, and that the network utilized to do transactions recorded in its Blockchain.

The genesis firstly mined on the 3rd of January 2009 at approximately 16:15 am UTC for bitcoin. This milestone marked the real beginning of the life of Bitcoin. At the time when genesis block for bitcoin mined, the node that won received 50 BTC.

Conclusion:

Bitcoin and cryptocurrency technologies over the last 11 years have disrupted the world’s economic process and financial system by creating a payment system that is ahead of its era. They still have to cover a lot of miles. It is going to happen, very interestingly, to see where we are going to go from here.

Top 8 Technology Trends and Jobs 2020 Will Bring

Technology is developing at staggering speeds, and it is only getting faster. This evolution enables faster change and progress. Careers in tech industry do not follow as fast, but they do evolve. IT professionals tend to recognize their new or expanded roles, as they constantly learn because they both want and need. Everyone should always stay in touch with the modern technology trends today. You need to set your eyes on the future and realize which skills you will need for jobs you want to do.Let us explore eight technology trends for the year 2020, as well as the jobs they will create.

Img source: evolving-science.com

8. Artificial Intelligence (AI)

Artificial Intelligence has undoubtedly already received great attention and continues to be a trend to watch. It more and more effects how we live, work and play, and yet it is only in the early stages of development. Other AI branches also appeared as well. AI are computer systems that mimic human intelligence. They perform tasks like recognizing images, patterns or speech, and they also make. AI can actually do these tasks much faster and more accurately than humans can.

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7. Machine Learning

Machine Learning is one of the newer branches of AI. Here, computers are programmed in a way to learn how to do something they are not programmed to do. This basically means that they learn more by discovering patterns and exploring data. There are supervised and unsupervised learning, while Machine Learning also has subsets that include neural networks, natural language processing (NLP), and deep learning. Each offers different opportunities for specializing in career fields that constantly grow and improve.

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6. Robotic Process Automation (RPA)

Process Automation is another technology developed to automate jobs. Essentially, it is the use of software to automate business processes like processing transactions, interpreting applications, dealing with data, and replying to emails. RPA serves to automate repetitive tasks people used to do, to give them more time to do more important work. However, not just menial tasks are automated, as 45 percent of activities we do could potentially be automated, like the positions of financial managers, CEOs and doctors.

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5. Blockchain

Here, most people will think in relation to crypto currencies like Bitcoin. Blockchain however offers useful security in different ways. It is the data you can only add to, but not change in any other way.The fact that you cannot change it is why it is so secured.These are also consensus-driven so that nothing else can control the data. With blockchain, you do not need a third party to validate or even oversee any of your transactions.

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4. Edge Computing

Cloud computing is currently mainstream, with giants like Amazon Web Services, Google Cloud and Microsoft Azure dominating the market today. Cloud computing and its adoption are still growing, with more and more businesses moving to their solutions. It is no longer an emerging technology, because Edge is. It is practically designed to bypass latency that cloud computing causes and get data to a data center for processing. In other words, it exists “on the edge,” or closer to where the computing needs to be. Edge can process time-sensitive data in very remote locations with little to no connection to one centralized location.

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3. Virtual Reality (VR) and Augmented Reality (AR)

VR immerses the user in a virtual environment, while AR enhances the actual environment. VR has is at the moment mostly used for gaming and training. The popular Pokemon Go game is a great example of AR. Both have huge unexplored potential in education, training, entertainment, marketing, and perhaps even rehabilitation. They both could be used to train doctors, offer museum tours and experiences, enhance the theme parks and marketing, etc. The potential is next to limitless here.

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2. Cyber Security

Cyber security is around for a while, and is evolving just as any other technology. There are always new threats, so security has to keep up. The hackers want to access all sorts of data illegally, and they will not stop, but continue to develop their skills to bypass the toughest security measures. Most new technology comes with enhanced security, for example hardware authentication, cloud technology and deep learning. Data loss prevention and behavioral analytics are also great ways of security in the cyber world. As long as hackers are active, cyber security will evolve and develop to defend us against them.

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1. Internet of Things

Internet of Things (IoT) is the future. A lot of “things” are have WiFi connection, meaning that they could easily be connected to the Internet, as well as to each other. This is what IoT stands for. It enables cars, devices, home appliances, and everything else to be connected together and among themselves and exchange data over the Internet. Currently, we are in the beginning stages of IoT. The number of devices capable of this was 8.4 billion in 2017. It is actually expected for it to rise to a staggering 30 billion by the end of 2020. That is a lot of smart devices.

All You Need to Know about Blockchain

The cryptocurrency industry is relatively young and people are still learning about it. Indeed, some people already became millionaires thanks to this field of business. However, the biggest part of the worldwide society is still learning about it. They usually start with reading about different types of digital currencies. There are a huge number of them and they all seem like an attractive thing for investing. However, one of the phrases that you will read many times while researching is “blockchain”. This probably seems like a confusing phrase. Because of that, it would be good to make a detailed analysis of it.

First of All, What Is Blockchain?

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Most of the beginners in the crypto world are wondering why a complex technology would get the name “blockchain”. Well, if you look at it from its most basic level, this truly is a chain made of blocks. However, you need to forget about the traditional meaning of these two words. They are more complex than you think.

More precisely, block is a digital information and chain stand for the public database. Well, the digital piece of information is something we will have to analyze more. This sort of information has three different parts that you should know about.

The first thing that blocks store is some pieces of information associated with transactions. This includes things like time, date, amount of money, and most recent purchases. Despite that, it also collects information about the sides that are participating in the transaction. However, you are not exposing here your personal name. Instead, the system is using a unique “digital signature” that only you can use. In other words, this is some sort of username.

Finally, the third type of information might be the most complex to understand. Each block collects and stores information that distinguishes it from any other block. Each block that is developed has a unique code well-known in the crypto world as “hash”. The special algorithm is used to create each cryptographic code.

The example might make things clearer. Let’s say that you purchased an item from a webstore that accepts cryptocurrency-based payments. After you made a transaction for the current item, you realized that you need one more. The details of the new transaction will look almost the same. However, the unique code is something that is going to be different between them. In this way, it is ensured that additional problems are not going to happen.

How Does Blockchain Work?

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Well, this is probably the most difficult thing to understand for beginners. However, we will try to explain it in an easy language. Anyway, when the blocks store the pieces of information that we mentioned, they are all added to the blockchain. As you can conclude, blockchain is made of multiple blocks that come with different pieces of information. When the process ends, four different things can happen after that.

First of all, the transaction must occur. Let’s use the previous example once again. When you make the payment for a current item, the block will group with dozens of other transactions. In other words, your transaction will be packaged with the block of other users.

Despite that, the transaction is going to be verified. Without the necessary verification, your transaction would not be accomplished. However, users do not have to make any further steps. All the tasks are going to be accomplished by the computer network. It will check if the transaction details are the ones that you picked.

After that, the transaction is stored in the block. When everything is verified, the transaction that the user made is ready to go. All the necessary pieces of information are stored and it will be packaged with millions of others.

Finally, your block will get a hash. More precisely, it will get a unique code. With the unique code, the block gets the opportunity to be added to the blockchain.

We truly hope that everything we said is clear enough. You must educate yourself about this subject before making the first step in the crypto world.

Is Blockchain Safe Enough?

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The online world brings many advantages to the lives of people. Yet, it is also full of scams and people are aware of that. When the money gets involved, the only thing that people require is security. Because of that, many beginners are wondering if blockchain features safeness.

The shortest answer you can give you is “Yes, it does” and you can expect security in several different ways.

First of all, every new block is stored chronologically and linearly. As we previously said, each block is added to the blockchain’s end. Despite that, the unique code is making it even safer. It is almost impossible for a block to go back and alter the contents of the block. Each hash code is based on math functions. Because of that, every digital information becomes a combination of letters and numbers. Even if someone tries to somehow change it, the entire code will automatically change as well.

Connection Between Bitcoin and Blockchain

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Finally, is there a person in this world that hasn’t heard about Bitcoin? People that are not even planning to participate in this industry have heard about the strongest digital currency in the world. Indeed, this cryptocurrency had its ups and downs during a turbulent past. However, it remained strong enough to attract a huge number of investors and miners.

Anyway, we need to mention that the entire Bitcoin protocol is based on this technology. You have probably heard about the mysterious guy Satoshi Nakamoto. Officially, he is the creator of Bitcoin, but no one exactly knows who he is. It might happen that we are talking here about a group of people.

Anyway, he wrote a research paper as an introduction to the new digital currency. He described blockchain as the new electronic cash system that is fully peer-to-peer.

Let’s describe how the entire system of Bitcoin functions. You have millions of people using this digital currency. Imagine that only one person wants to buy new shoes with his coins. The first thing that you need to know that no one is controlling Bitcoin. Fiat money is controlled by governments and banks, but that is not the case with this currency. All the transactions are verified by the computer network. Now you understand why people say that the blockchain and Bitcoin network are decentralized.

Conclusion

Knowledge improvement is the key and that is the main piece of advice you should follow. We hope that things become clearer to you. However, if that is not the case, you might want to check usethebitcoin.com and expand your knowledge more. Go over the entire Internet, read every blog, and when you are ready – make the first investments.

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