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.
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Developers building on the Polkadot blockchain and its canary network Kusama should have an easier time of it with the launch of an all-new Substrate Marketplace that’s part of a bigger update to the Substrate Developer Hub.
Central American country El Salvador has now almost made a culture out of buying Bitcoin at every possible opportunity.
JPMorgan believes that the worst of the crypto market is over and expects Bitcoin to show potential upside along with the S&P 500.
In a recent lawsuit, the CFTC has revealed what it considers the single largest Bitcoin fraud case, involving South Africa’s MTI.
American multinational technology company Meta Platforms has commenced the testing of its Non-Fungible Token on its flagship social media platform Facebook.
The Ethereum Network’s Gray Glacier implementation has delayed the difficulty bomb till November, the tentative target for the switch to PoS.
The fund will look to back crypto fund managers with experience in non-fungible tokens (NFTs), gaming, decentralized finance (DeFi), Web3.0 and the metaverse.
Crypto exchange Coinbase has agreed to sell geo-tracking data to Immigrations and Customs Enforcement (ICE).
USDC issuer, Circle Internet Financial, has released Euro Coin (EUROC), a euro coin stablecoin backed by full reserves.
German luxury and commercial vehicle automotive brand Mercedes is planning to launch its non-fungible token (NFT) collection on FTX.
Bitcoin (BTC), the cryptocurrency industry’s premier digital asset has slipped below its major support level and is currently trading below $20,000.
According to the Pentagon report, the blockchain is vulnerable. It says only 2 and 4 participants can disrupt BTC and ETH, respectively.
Crypto exchange Coinbase will handle all the technicalities and will simplify things for users without having them go through the difficulty of staking tokens individually.
The latest news follows rumors that FTX was in talks to acquire a stake in the cryptocurrency lender, which this month entered into a $250 million loan deal with FTX.