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 R3 innovation group has announced a partnership with Japan’s largest financial group to explore the blockchain technology.
Homestead follows the first version Frontier praised by world’s leading financial institutions and banks.
Yesterday’s information about Microsoft no longer accepting payments in bitcoin has been removed for the website and called incorrect.
The first real estate has been acquired for digital currency in Denmark.
RSCoin, developed in cooperation with two researchers from the University College of London, allows central banks maintaining complete control over monetary supply while providing strong transparency and auditability guarantees.
Microsoft has ended its 15-month work with bitcoin but didn’t explain the reasons.
Developers will now be able to trade digital items for bitcoin through the globe’s first micropayments marketplace.
Greg Medcraft, a known supporter of the distributed ledger technology, urged global regulators to consider the challages of the blockchain to reach its widespread adoption.
The new report of Deloitte describes how the blockchain technology can disrupt traditional financial industry.
BBVA has recently acquired another online banking startup – a Finnish company Holvi that specializes in providing online current accounts and related services for small businesses, freelancers, and entrepreneurs.
People lose money buying tickets for the London Bitcoin Forum – an event that has never existed.
One of the largest manufacturers of cash machines now lets customers to buy bitcoin at stores using Flexepin vouchers.
Online bullion dealer JM Bullion is planning to attract more customers by starting accepting bitcoin.
The companies have developed a blockchain-based system to shorten the time of cross-border securities transactions settlement.
The Canadian stock exchange has appointed the director of the Bitcoin Alliance Group as its chief digital officer.