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.
MasterCard explains its investment in Digital Currency Group by the profound interest in the blockchain.
The World Economic Forum 2016 in Switzerland is expected to concentrate on the topic of fintech revolution this year.
The test is a huge step forward in adopting the blockchain for financial sector.
The UK’s Chief Scientist and Advisor Sir Mark Walport explained in this report that blockchain has the potential to help governance to politicians and leaders of authority.
China’s central bank on Wednesday announced that it will try to issue digital currencies ‘as soon as possible’ to cut the costs of circulating traditional paper money and boost policymakers’ control of money supply.
The acquisition will allow Kraken to offer its exchange service to most Americans and Canadians.
BitGo offers full compensation if the transaction is not ultimately confirmed in the blockchain.
This proves the commitment of bitcoin supporters to hold up the cryptocurrecy.
Hearn comments on the negative feedback he has got on his article.
Bitcoin Classic has already been backed up by most bitcoin mining pools, companies, and experts.
Now, customers can use their bitcoins to buy the 21 Bitcoin Computer, the tool allowing developers to build various Bitcoin-related apps.
In his post Hearn announces his leaving the bitcoin industry and explains why.
In his article “The resolution of the bitcoin experiment” Hearn reveals the reasons for bitcoin failure.
Digital Asset Holdings, the blockchain-focused startup run by Blythe Masters, has announced it will open an office in London and hire two new executives.
Cryptsy published a blog post with step-by-step explanation of conducted cyberattack.