Bitcoin and Ethereum are the two most popular cryptocurrencies out there. While Bitcoin is merely a cryptocurrency, Ethereum is much more than that. It is a ledger technology that allows organizations to create a broad array of programs. If Bitcoin was version 1.0, Ethereum is 2.0, enabling the development of decentralized applications (dApps) on it. Simply put, it promises a new age of innovation.
The entire platform is decentralized, which means that it doesn’t come with a single point of failure – a common problem in centralized solutions. Therefore, all the applications built on Ethereum will always stay online. In addition, the cryptographic security implemented in Ethereum protects it against a myriad of possible fraudulent activities and hacking attacks.
Ethereum is not unlike any other cryptocurrency platform. In fact, it receives support from the Enterprise Ethereum Alliance, a group of Fortune 500 companies that have agreed to collaborate on smart contracts, Ethereum’s blockchain-based technology.
A smart contract is a piece of computer code that allows users to make a transaction involving anything – gold, company shares, property, and of course, money. Here are the core benefits of Ethereum:
- Transactions on Ethereum are immutable, meaning no one can tamper with the data, even the uploader.
- The consensus mechanism in Ethereum prevents the need for an intermediary. That is also why smart contracts are independent.
- Since there are no third-party fees involved, Ethereum provides faster and cheaper transactions.
Over the last years, Ethereum has proven itself as a stable and safe platform. Applications built on it have been running exactly as envisioned, without any fraud or downtime. These apps are disrupting several industries, include real estate, finance, and insurance. These apps include:
Need more details on Ethereum’s applications? Reach out to us right now. cryptocapers.com
The Rise of Cryptocurrency
A cryptocurrency, a digital currency or crypto coins is a digital asset structured to function as a virtual medium of transaction where public coin ownership information is stored in a distributed ledger usually in a trust model. This ledger is controlled by a network of individual servers all over the world that act as intermediaries to facilitate the safe, instant, and reliable transfer of funds. The major benefit of cryptosystems is the security properties that make them immune to hacking, fraud, and other threats that may come from a volatile banking system. The system is highly secure because it requires multiple backups to each and every public coin ownership so that in case of a disaster one copy will still be functioning.
There are several different types of cryptosystems including Litecoin, Dogecoin, Nxt, Peercoin, Terracoin, and Bitshares. Unlike traditional cryptocurrencies that use Proof of Work (POW) to award new coins, a Cryptocurrency is based on a Proof of Stake (POS). The POS system is an agreement among diverse individuals that govern the distribution and sale of their stake in the market capitalization. The distribution of this stake is done through what is called “exchange pools”. The advantage of these systems compared to centralized cryptocurrencies is that it is less prone to outside influences like a centralized organization. In the event of a decentralized system being hacked, unlike the case with a POW system, most of the exchanges can self-correct without having to resort to a voting process.
Unlike other forms of Cryptocurrency like stocks and shares, which have limited supply, Cryptocurrency is traded globally and there is a high demand for it. The demand for Cryptocurrency is attributed to several factors including its high-profit potential, its high volatility, and its fast speed. The fastest and highest profit potential of any Cryptocurrency is seen in the buy and sell cryptosystem called “bitfinex”. Other Cryptocurrencies like Dash, Zcash, Monero are much slower and have lower trading volumes. Despite the large gaps in terms of volume and profit potential, all cryptosystems are volatile in nature and tend to follow the trend of the market, increasing in value and decreasing in value over short periods of time.
Like any other type of market, Cryptocurrency markets tend to exhibit “trend overlaps” with other markets. This is where two cryptosystems, such as the Dash and cash, tend to follow the same trend as the Dogecoin market. This is because both of them have built their business on the same premise – to empower ordinary people to participate in the economic activity of the country. Both Dash and Zcash are popularly traded over the Internet. There is also a close relationship between Dash and PIVX, another well-known tokenized Cryptocurrency. The two currencies almost seem to swap the role of the major players in the Cryptocurrency market, with each one taking advantage of the other’s network effect.
Most of the Cryptocurrency players are based in China, Japan, South Korea, and Hong Kong. In terms of market capitalization, four major Cryptocurrencies – ETH, BTC, BNB, and Tether. Some of the lesser-known Cryptocurrency such as SRK is worth less than a dollar each. Some of the more volatile and profitable Cryptocurrency is still relatively new on the marketplace and also face high trading costs and are thus not traded on major exchanges.
There are several forms of Cryptocurrencies that are currently being traded on major exchanges. Most of the tradable Cryptocurrencies follow the same principle of supply and demand. There are very few exceptions to this principle. One of the few exceptions is Monero, which is not actually a Cryptocurrency but rather a digital currency that was designed by a group of computer geeks. This type of Cryptocurrency is difficult to obtain and not recognized by most central banks.
Cryptocurrency is going to be a democratizing force for the world because it allows anyone with a computer and an internet connection to get access to financial services. The mission of Coinbase is to create an open financial system for the world.
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Bitcoin’s emergence as a global digital currency has been as revolutionary as it has been erratic. But while fledgling investors obsess over every fluctuation in the cryptocurrency market, nation-states are more interested in the underlying blockchain technology and its ability to revolutionize how business is done on the internet and beyond. VICE’s Michael Moynihan travels to Russia with Vitalik Buterin, inventor of the ethereum blockchain, to get a front-row seat to the geopolitical tug of war over Internet 3.0.
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How to Assess the Current Cryptocurrency Scene?
After Satoshi Nakamoto changed the world forever with his invention, Bitcoin, the cryptocurrency market saw a massive rise. While Ethereum, Litecoin, and Ripple were some of the most popular cryptocurrencies after Bitcoin, while the total number of cryptocurrencies was more than 2,000. By 2017, the industry touched its peak as Bitcoin surpassed the $20,000 figure – a watershed considering it was not even $1 in 2010. However, then came the bloodbath…
However, after a crash occurred, following which the prices of Bitcoin and all other cryptocurrencies took a severe beating. In the midst of this, there were some projects that were exposed as scams. Some cryptocurrency exchanges were hacked, resulting in loss to many cryptocurrency owners. Hence, skeptics came forward with the million-dollar question: is cryptocurrency dead?
Is Cryptocurrency Dead?
Quite contrary to the general view, cryptocurrency is nowhere dead. Although prices took a nosedive in the last two years, volatility is slowly fading away. This may not excite the speculators; it is a great sign for the institutional investors – those who hold the key to take the cryptocurrency adoption to the next level. Some analysts believe that this institutional money will only grow over the next few years. There are also talks on moving cryptocurrencies to the Nasdaq, a move that can bolster the credibility of Blockchain greatly, and position it as an alternative to present financial options. There are calls for ETFs (exchange-traded fund) too, which is expected to simplify investment in Bitcoin and other cryptocurrencies.
Moreover, the foundational technology of cryptocurrencies Blockchain is becoming popular with real-life impact all over the world. Major tech firms, banks, and many businesses are already working with cryptocurrencies. If you are worried about regulations, then keep in mind that once a critic of cryptocurrency, China, is now competing with the U.S. by issuing digital money to streamline its government services. Last month, President Xi Jinping signaled that the Chinese Government viewed Blockchain as an important piece of the puzzle – one that can elevate the country to become a high-tech superpower.
Moreover, it is expected that Blockchain will be integrated with other modern solutions like IoT to address a slew of problems. For instance, it can provide a secure method to protect customer data. This can especially contribute a lot in healthcare institutions where privacy is highly critical. Similarly, the transparency cryptocurrencies offer can revolutionize the supply chain industry where machine learning can be used to generate real-time information about goods and create optimized routes.
Don’t judge the cryptocurrency market with their prices. These crashes have in fact cleansed the industry off weak platforms and have allowed better ventures to make a difference. These are the platforms that have highly-skilled teams who are dedicated to resolving centralization issues with their innovative solutions. As governments and industries are ramping up their adoption strategies for digital assets, cryptocurrencies clearly are here to stay.
Coinmine One Review – Plug and Play Comes to Cryptomining…. with a Catch.
This Coinmine One Review is going to be very interesting. That’s because we think the idea is brilliant but in its brilliance are its limitations. Let’s put this right out there: The Coinmine One should not be considered for serious cryptomining. The specs make serious cryptocoin mining impossible. According to the official Coinmine website here’s what’s under the hood in a Coinmine One: RX580 8GB GPU, Intel Celeron CPU, 8GB RAM
Any serious crypto miner will tell you those specs are basically meaningless compared to a serious cryptocoin mining rig.
The Coinmine One has four great features as reported on their website:
- It’s only $699.
- It’s super-simple to setup. We’re talking plug-and-play simple. No cables. Just Wifi.
- It consumes VERY little power. This is because it’s simply enough power for a low-spec PC.
- It’s small and quiet. Compared to a conventional mining rig or an ASIC miner it’s almost silent.
The conclusion of this Coinmine One review: The Coinmine One is great for hobbyists who want to dabble in cryptomining with no intentions of making any serious amounts of money. Especially Bitcoin.
Coinmine One Discount from CryptoCapers.
FULL DISCLOSURE: This Coinmine One review was conducted without physical access to an actual miner.
Facebook Libra Legality – Congress Needs to Understand History, not Libra
Facebook Libra legality is being determined in US Congress hearings next month based on the understanding gained by US k=lawmakers during these hearings. As I see it, that’s the wrong way to go about it. Facebook is widely regarded as a monopoly in business and media quarters and given their unique market position that is above and beyond dominance, I agree.
Facebook is a monopoly nearly as powerful as Standard Oil and AT&T. The subject of Facebook Libra Legality cannot be limited to the coin itself and what it might be used for. The questions members of congress need to ask is: What happens when a powerful global monopoly has its own monetary system?
Answer: We don’t WANT to find out.
I’m the last one you’d think is a conspiracy theory nut but… WHAT IF the Facebook Libra legality issue is part of a bigger play to protect Facebook from a government-mandated breakup?
Either way, Facebook Libra legality must be denied. To allow Facebook to get its hooks into a significant amount of global monetary transactions is too dangerous.
New research, carried out by U.S. brokerage eToro, has found that while 58% of the U.S. adults have heard of bitcoin, the first and largest cryptocurrency, Facebook’s libra is already known by 16% of people—just a month after it was unveiled.
Here’s the scary part — Bitcoin has been around for TEN YEARS. The only safe way I see to Facebook Libra legality is to divest Libra from Facebook as a condition as it being approved as a viable stable crypto coin. So much power allowed to be in the hands of a single entity is too dangerous. That’s why AT&T and Standard Oil were forced to break up; to protect consumers through the balanced dispersal of concentrated corporate power.
Bitcoin Price Buoyancy – Don’t Bet Against Bitcoin
Bitcoin price fluctuations over the past week only go to show that Bitcoin price buoyancy over time is real. Anybody who watched the latest 60 Minutes heard (or reheard – this story has become as historical as it has notorious) learned of the sad tale of Laszlo Hanyecz who paid 10,000 Bitcoin for some Papa John pizza.
When he bought that pizza almost nine years ago to the day — on May 19, 2000 – he ended up paying $800 million for that pizza at today’s current market price for a single Bitcoin. Repeat this until it sinks in; Bitcoin Price Buoyancy – Don’t Bet Against Bitcoin.
Looking at this sad story as a cautionary tale HODL takes on a new, deeper meaning.
As to current Bitcoin Price Buoyancy let’s look at what happened at the end of last week; Bitcoin rocketed up to nearly $8,000 USD then plunged by nearly $1,000 to roughly $7,000 in the blink of an eye. And then it rebounded back to the $8,000 level within a few hours. Buoyant indeed!
The most feasible explanation for the sudden drop of Bitcoin late last week is best explained here. As usual, Bitcoin recovered. And quickly. Some say that Bitcoin is poised to return to the $18,000-$20,000 in very short order. We’re optimistic yet skeptical. Nobody can truly know what Bitcoin will do – or why – in the short term. Studying all of the charts ever generate on Bitcoin won’t help. Nor will predictions of future financial markets or indeed even analyzing the current status of any financial market anywhere in the world.
Nine years on the only thing certain is that Bitcoin price buoyancy is real. There’s years of history behind this. In the long term we see Bitcoin as going nowhere except up. Who can say when or how is a mystery to even the smartest of talking heads.