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.
Some details about the mysterious IMMO project leaked into the media this week, no one has any official or verified information on this confidential project though.
Goldman Sachs is appointing a new CEO David Solomon, who will replace the incumbent chief executive Lloyd Blankfein in October. With the new CEO, the bank is expected to add more bitcoin and other crypto services to its portfolio.
Mastercard has filed a patent application for a method of connecting blockchain-based assets to fiat currency accounts which will help to speed up crypto payments.
The Large Credit Union Coalition (LCUC) announced that it had joined New York-based enterprise software firm R3’s global blockchain ecosystem.
Litecoin founder Charlie Lee provided some details about recent acquisition of Litecoin Foundation, and stated that he expects to receive a board position at the German WEG bank, which will positively influence further adoption of cryptocurrencies in the bank’s operations.
Bitcoin is back with a bang trading above $7400 with the good news of growing institutional involvement in the crypto space.
The new AirCrypto platform will bring all the benefits of emerging technology to loyalty programs. The partnership of an innovative technological company and a customer engagement expert has impressive scope: the initial plans include a network of 150,000 payment terminals and 50,000 merchants.
The Japanese messaging app giant has launched a crypto-to-crypto exchange available in 15 languages. Low transaction fee and progressive security solutions are expected to attract users to the new global platform.
Afther months of delays, Japan’s banking giant SBI Holdings announced their new in-house cryptocurrency exchange is now available for users.
Financial services mobile app Robinhood has added support for a peer-to-peer digital currency called Dogecoin (DOGE) on its Robinhood Crypto Platform.
CFTC tells investors that digital tokens promoted by businesses may either be categorized as securities, derivatives, and commodities, depending on how they are structured.
A crypto startup Stronghold is launching a new stablecoin in partnership with IBM. The coin is pegged against the US dollar and is now available to institutional clients.
Blockchain has received support from the deputy director of China’s Ministry of Industry and Information Technology, Xin Guobin, who urged the country to join forces to make blockchain as a “core” technology for the new digital economy.
After comprehensive review of the activity of cryptocurrency payment processor BitPay, the New York Department of Financial Services granted BitLicense to the company.
Innovative blockchain platform Module enables its users monetize unused storage on their smartphones and tablets, do smart contracts, develop apps and get paid.