For the average millennial or at least anyone that pays attention to the business world, the term “cryptocurrency” would not seem like such a strange word. If that is, then the terms Bitcoin, Ethereum or at least Blockchain should ring a bell. One might wonder, why are these terms suddenly so prevalent, especially cryptocurrency news? Computing is getting rather pervasive and the society is leaning towards digital services. The finance world too isn’t spared as the disruption of technology into this sector has fostered the birth and development of Fintech organizations.
These Fintech organizations look to digitize payments and transactions, offering the same services that are currently in existence but in a better, efficient and more effective way.
Blockchain is the network upon which most of these cryptocurrencies operate on. The history of blockchain and bitcoin, in particular, does not have a definite story. In 2009, an individual or group of individuals known to be “Satoshi Nakomoto” developed and published the technology to allow people make digital payments between themselves anonymously without having an external party to verify or authorize the transfer of the currency being exchanged.
Although technologies like this might seem rather complex, understanding how Blockchain works is quite easy, given that one has a basic idea of how networks work. Blockchain is simply a database shared between several users, containing confirmed and secured entries. It is a network, where each entry has a connection to its previous entry.
This technology affords a very secure model whereby every record in the database cannot be tampered with. Apart from the stellar security that this network offers, the transparency and speed at which the network operates give it an edge over the conventional way of conducting transactions.
In simple terms, cryptocurrencies are just monies in digital form, transacted via digital means and over a digital network. The transfer of these currencies is utilized with cryptography and the aforementioned blockchain network. Up until the 2010s, cryptocurrencies were not really known until Bitcoin made its breakout and this gave rise to the birth of new cryptocurrencies.
Cryptocurrencies have had their fair share of bullish and bearish trends, going to show how unstable they can be. The latest cryptocurrency news reports lots of people predicting prices for various cryptocurrencies in the years to come but no-one can say for sure.
Blockchain, on the other hand, is making its way into pervasive computing, especially IoT, giving way for the development of new solutions that embrace data security and transparency.
Bitcoin declines by over 6% in the last 24-hours while the overall cryptocurrency markets lost over $20 billion.
Coinbase says that only those customers who have completed the ID verification process on the exchange can avail the facility of increased daily purchase limits.
The dominant bitcoin miner and mining chip designer plans to strengthen its presence in the U.S. The company does not want to gum up the works: the mining facility is expected to be completed in the beginning of the fourth quarter of 2018.
![Weekly Blockchain Industry Report [July 28 – August 3,2018]](https://www.coinspeaker.com/wp-content/uploads/2018/08/blockchain-industry-report-july-august-2018.jpg)
This week, the whole crypto currency market experienced slight decline after the BTC ETF got rejected by SEC. Among top 5 crypto currencies, EOS experienced greatest loss of nearly 17%.
The wealth managing firm believes that SEC will take all its time it can, instead of falling for the market euphoria, and extend the decision till March 2019.
The Japanese Virtual Currency Exchange Association wants to become a certified business association. A detailed proposal has been already submitted.
The state of West Virginia is going to provide troops serving abroad with a mobile voting app for the midterm elections.
Continuing its bearish momentum, EOSUSD price might go down this week. However, this is a short-term ranging movement in the given context and a situation may soon change.
The launch of crypto-custody service by Goldman Sachs will help to instill more confidence among investors and may even drive big players to participate in the cryptocurrency market.
Led by an experienced team of Silicon Valley technologists and innovators, StatX enters blockchain and crypto scene to offer information-centric messaging app designed to satisfy community’s needs.
Now crypto trading app Robinhood offers its clients an opportunity to invest in Ethereum Classic without paying any commission.
T.OS blockchain startup aims to bring cryptocurrency adoption to the new level going so far as to introduce two separate cryptos for this end.
Fred Schebesta, one of the founders of a tech project Finder.com, has revealed his plans to launch the first Australian crypto bank.
Named after the second most solid gem on Earth, the platform of Ruby-x provides transparency and unbreakable security level for both crypto and technology exchanges.
A Starbucks spokesperson said that they won’t directly accept digital token payments but will help their customer spend their holdings at the outlet.