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 Binance Smart Chain has also witnessed a 7% increase in the number of addresses engaging with its dApps over the past 30 days.
In addition to top executives stepping aside from the board of directors, Grayscale Investments also filed an updated spot Bitcoin ETF application with the SEC on Tuesday.
Bitcoin holds the losses at $42,000 as investors await the approval of spot Bitcoin ETF which is around the corner. The level of interest in Bitcoin post the ETF approval remains uncertain.
The extended wait for repayment has been a source of frustration for Mt. Gox creditors, and the delay has led to speculation about its potential impact on the crypto market.
Aside from Hong Kong, another country that has contributed significantly to the growth of the Asian crypto economy is Singapore.
In 2023, the Bitcoin hashrate has surged by a staggering 130% which shows growing competition and reduced profitability for miners.
The timing aligns perfectly in 2024 for a spot ETF approval to have already attracted significant investment, and then the halving decreases Bitcoin’s supply right when demand shoots higher.
Gensler disclosed that the SEC is actively reviewing rules that could potentially hurt the crypto industry.
According to analysts at Bitfinex, crypto is undoubtedly gaining more traction globally. Moreover, considering the current state of the crypto market, especially with asset prices, it appears that even more global acceptance is on the way for crypto.
Following a spike in demand, Solana has canceled some orders of Saga mobile phones due to shortages. Demand rose due to the free 30 million BONK tokens that come with the phone.
In a strategic move to propel the growth and adoption of Polkadot (DOT), Parity Technologies, the driving force behind the innovative blockchain, made three key appointments to its leadership team on November 25.
Following the devaluation of its local currency and years of inflation, Argentina now legally recognizes contracts that stipulate Bitcoin as its currency of choice.
The legislative overhaul attracts the philanthropic foreigners keen on contributing to the economic, social, and cultural development of El Salvador through Bitcoin donations.
During the recent rapid surge in Solana’s value, significant players appear to have been offloading their holdings.
Coinbase has officially received a license in France and can offer French users trading, custody, and several other related crypto services.