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.
German Fidor Bank integrated Ripple payment protocol into its transaction infrastructure.
Chinese bitcoin exchange FXBTC is set to be closed on May 10th due to the growing restrictions from the People’s Bank of China.
The California Department of Alcoholic Beverage Control (ABC) has given the green-light for bars and other alcohol-serving establishments and allowed them to accept Bitcoin as a form of payment.
Bitcoin ATM company Robocoin has announced that this summer it will introduce online banking and convert their ATMs into ‘Robocoin bank branches integrated with Robocoin Online Banking.’
Dark Wallet developers Amir Taaki and Cody Wilson have lunched a new hyper-anonymising version of bitcoin wallet.
Charlie Shrem, the former Bitcoin Foundation Inc. vice chairman, denied charges that he tried to launder more than $1 million in the virtual currency in a case tied to the illicit online bazaar Silk Road.
Buyers of digital currency mining hardware developer KnCMiner’s ‘Super Jupiters’ are reporting serious problems with shipments.
The group of U.S. investors seeking to buy and revive Mt. Gox has pulled another unexpected tactical move aimed at blocking liquidation of the failed bitcoin exchange and instead getting a rehabilitation plan accepted by the Japanese bankruptcy court.
Last month, members of /r/Dogecoin, a subreddit dedicated to the meme-inspired cryptocurrency, helped raise more than $50,000 for NASCAR driver Josh Wise
The State of Ohio canceled the use of bitcoin for buying and selling alcohol.
BTC China, the country’s largest bitcoin trading platform, has halted deposits to accounts at China Merchants Bank, as lenders close tie-ups with bitcoin exchanges amid rising government regulations.
Coinality, a job board for digital currency, in cooperation with Andreas M. Antonopoulos will be hosting the world’s first ‘Bitcoin Job Fair’ on Saturday, May 3rd at the Plug and Play Tech Center in Sunnyvale, California.
Bitcoin prices fell after PBOC issued warnings to banks and other payment institutions to restrict interactions with bitcoin exchanges.
Lookout, a mobile security app, has recently discovered five wallpaper apps that carried bitcoin mining malware program BadLepricon.
Bitcoin wallet provider Xapo has announced the launch of a bitcoin debit card – a new product it is lauding as the first to allow virtual currency users similar spending freedoms to traditional debit cards.