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.
A blockchain startup R3 CEV is going to raise $150 million in its first funding round and some of its original members have already expressed their intention to invest.
![The Inevitable Blockchain [Infographic]](https://www.coinspeaker.com/wp-content/uploads/2016/11/inevitable-blockchain-infographic-thumb-02.png)
The technology behind bitcoin is expected to transform traditional business models in the financial industry, according to Sopra Banking Software.
Around 150 merchants are expected to take part in Bitcoin Black Friday 2016 offering a wide range of products from video games, diamond jewelry, cryptoart to new computers.
Morgan Stanley can follow Goldman and Santander that have recently unveiled their plans to leave R3 consortium.
A new payment service called Amazon Direct allows Amazon users to pay for purchases in bitcoin.
Siemens to take part in a new project with the US-based blockchain startup that will enable energy transfers through the distributed ledger technology.
R3 CEV is starting fundraising with most of consortium participants expressing their interest in investing.
The Internal Revenue Services sent Coinbase a summons asking for information on all users basing on three isolated cases when people used bitcoin to evade taxes.
Bitcoin micropayments startup is closing its platform, a few months after its employees were acqui-hired by accommodations company Airbnb.
The offering of ViaBTC can strengthen the position of Bitcoin Unlimited against Bitcoin Core.
Overnight, the Yuan dropped to the lowest point since December 2008, and experts predict further declines.
The pilot project aimed at adopting blockchain for interbank payments will also involve the country’s stock exchange and eight local and foreign banks.
One of the leading consulting services companies has developed a new platform that will enable digital assets to be used for a range of services, including everyday commerce, banking, and other personal currency and asset related services.
The initiative is expected to professionalize and legitimize bitcoin as a financial asset.
The billionaire investor who supported Donald Trump as a candidate for US presidency will have his ear on tech issues.