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.
The decentralized autonomous organization (DAO), built around the virtual currency, has suffered a huge hacker attack, losing millions of Ether.
We have prepared the list of most possible reasons for such a significant bitcoin surge.
Project Bletchley represents a set of tools enabling development of a new ecosystem of enterprise applications on the basis of blockchain.
MUFG Coin developed by Bank of Tokyo-Mitsubishi UFJ aims at facilitation of converting between local and foreign currencies.
Lisk’s founders Max Kordek and Oliver Beddows admit that now their startup is in the most advantageous position with no competitors on the market.
BitLicense was granted after a thorough study of Ripple’s standards by New York Financial Watchdog.
The upcoming halving event next month and Chinese yuan weakening have considerably boosted the bitcoin price.
Certificates issued on the basis of the blockchain can be used peer-to-peer and verified as authentic.
An American from the state of Washington, who helped to trade drugs and other illegal goods through the Silk Road successor, was sentenced to eight years in US prison.
Bitcoin price has increased by 10% since last week and now makes up $581.
Newcomers to cryptocurrencies will now be able to purchase bitcoin through Buy Widget, aa new product developed by the California-based bitcoin wallet provider.
Now, the AIA Group will join a group of world’s leading financial organizations collaborating on the development of blockchain-based applications.
Two Australia-based tech companies have launched a new initiative that will make bitcoin available for everyday consumers around the country.
As Chinese exchanges control around 95 percent of all bitcoin trading, this country has a significant impact on bitcoin operation all over the world.
Japanese banking group is planning to grow its financial technology business through new acquisitions. Meantime, regulatory authorities in Abu Dhabi are working on establishing fintech ecosystem in the UAE.