According to Fintech Finance reports, Smart Package, which is an application of US trade giant Walmart, has been released by the US Patent and Trademark Office (USPTO) on 1st March. Smart Package patents employ a tool, based on blockchain to track down the location, environmental conditions, package contents, and other details. The main purpose of such blockchain applications is to be used in the latest technologies like unmanned drones etc.
Such blockchain applications help in recording the main addresses like; seller private key address, a buyer private key address and a courier private key address. According to this application, the current tracking instruments don’t offer such coveted functionality yet. Fintech Finance also reported that Smart Package application was first filed by Walmart in August 2017. This application isn’t the first one, in which Walmart has utilized Blockchain technology because, Walmart merged with IBM, back in 2016.
UPS, which is a US shipping company joined BiTA in November 2017 because, blockchain technology is quite popular among delivery and shipping companies. Publication of a non-conditional patent application occurred almost 18 months before its initial precedence date in the US. Once it’s published, USPTO can use a patent application to reject the third-party patent applications for the correlated technology.
Bitcoin is a digital currency, world’s famous cryptocurrency. Who creates Bitcoin? Its answer is not that much easy. while the identity of the creature of bitcoin is still a mystery. In last of 2008, someone going from the username Satoshi Nakamoto, release a white paper to cryptography list. The 9-page paper was entitled” Bitcoin, peer-to-peer electronic cash system”. That day and today, we do not know the creature, is a personality or a team work???
With pseudonym creature, bitcoin asserts itself. In the meantime, Bitcoin creates a strong impact on users of the cryptocurrencies’ world.
Now, here I am going to share bitcoin price history, its origin and how its start work, and rises as a star in cryptocurrency world.
Basically, working on bitcoin concept was started in 2007. If we consider, that Satoshi Nakamoto is a legend. He starts working on this concept to provide fair and free transaction system. While he was on record as living in Japan.
August 15, 2008:
The allege originator of Bitcoin concept denies the connection with Satoshi Nakamoto. Even so, Neal Kin, Vladimir Oksman, and Charles Bry file an application for an encryption patent application.
A great silence…………………………
August 18, 2008:
18 August 2008, anonymousspeeches.com register a domain, named bitcoin. A site, allows users to join and do transactions. This was the birth of Bitcoin in the real world.
October 31, 2008:
Nakamoto publishes the design white paper in cryptography list. Whereas, the paper includes that the bitcoin currency is going to solve the issue of currency being copied.
January 3, 2009:
The first block was mined on January 3, 2009. It was,” Block 0, the genesis block, is established at 18:15:05 GMT.
January 9, 2009:
Version 0.1 released. It includes the generation system which creates 21Million bitcoins through 2040.
January 12, 2009:
Version 0.1 of bitcoin released on this date. Compiled
with Microsoft visual studio for windows. In which, bitcoin generation system will generate 21Million bitcoin through the year 2040. In addition, at the end of this year, on 16 December 2009, 0.2 version of bitcoin released. Whereas, 0.3 version released on July 7, 2010.
0.3.13 version of bitcoin released on September 29, 2010.
A Brief Look at Bitcoin History – First Bitcoin Transaction:
First bitcoin transaction takes place between Satoshi and Hal Finney on 12 January 2009.
Born of currency exchange:
First bitcoin market established on 6 February 2010 by doing dollar as Bitcoin currency exchange.
10,000 BTC spent on pizza:
Florida programmer, Laszlo Hanyecz pay 10,000 bitcoins for pizza. That was the real-life transaction takes place in cryptography world.
On September 18, 2010, bitcoin pool mining was introduced. Furthermore, several users work together and enjoy the benefit together.
No doubt, the most important year of the bitcoin. This year, Bitcoin wrote its history. In 2013, its market capitalization reaches $1bn. China bans this technology first. But today, 80% of bitcoin transactions are processed in China and become the largest trader of Bitcoin in the world.
In 2014, first and most progressive treatment to bitcoin was held by HMRC. Who classified bitcoin as the asset or private money.
The biggest change comes from banks and industries. Most of the banks trying to change their infrastructure. Whereas, industry executives talking about Bitcoin and some of them do transactions.
Therefore, it is too early to tell you about the story of Bitcoin in 2016. It reaches heights and sometimes faces loses.
Future Prediction of Bitcoin:
As bitcoin reaches the price of gold, and compete with many more cryptocurrencies. Which makes its strength in the financial market. Looking at the Bitcoin value history, future can be easily predicted. And my prediction is that coming era is bitcoin era.
Michael Spencer, CEO of NEX Group Plc, a financial expert, sees bitcoin’s value achieving $20,000 before reversing steeply, joining the unit of financial pioneers who claim bitcoin is just a bubble.
Spencer revealed to Bloomberg TV’s Guy Johnson in London that he has no clue if bitcoin’s cost will twofold before it halves, yet said it could hit $20,000 “truly damn rapidly.”
Spencer admitted that digital forms of money are here to stay, but also said that bitcoin is just a bubble.
In July, Spencer said he lean towards Ripple and Ethereum to bitcoin and that he may present NEX trading platforms for cryptographic forms of money. The issue with any bubble, he stated, is that you don’t know whether it will double up before it halves.
Buyer markets usually hit a point where everybody is bullish, he stated, and he doesn’t think bitcoin has achieved this point. , acknowledging that bitcoin has wide energy, Spencer said there are signals that it isn’t an ideal time to put resources into it just because others are doing so.
However, He Gave Thumbs Up To Blockchain:
Spencer, in the same way as other bitcoin naysayers, is optimistic about blockchain’s future, taking note of that it has enormous implications that reach out past the financial markets.
He said blockchain could be used to provide constant settlement of securities transactions.
The fact that an innovation has implication in numerous industries where it can enhance efficiencies does not mean the positively trending market “can’t move on a bit,” he stated, hinting bitcoin.
Spencer additionally addressed the unpredictability of stocks, Brexit, and other money-related themes. NEX Group’s offers tumbled before in November after the asserting economic situations were making challenges for its post-trade administrations and electronic trading.
The point of using a digital currency is that it’s completely decentralized and disconnected from any government control. Yet, some exchanges completely defeat the purpose of digital currency by placing it into third-party systems. It is essential to understand that we no longer have to give up our control over our assets and shouldn’t be dependent on governments to protect them.
This is a review of “Tim Swanson’s” – “Eight Things Cryptocurrency Enthusiasts Probably Won’t Tell You.” Read on to know more.
Here are eight areas that require your attention:
A Hong Kong-based digital currency exchange that is known to be hacked several times in the past. A little over a year ago, $65 million dollars’ worth of bitcoins were stolen from the exchange. Till now, Bitfinex has failed to provide evidence as to how they were hacked or where those funds led to. Users were fooled by the potential for returns but in turn faced a major loss as their accounts were left empty.
2. Ransomware, Ponzi’s, Zero-fee and AML-less exchanges
A report from Xinhua was released last month that read:
China’s two biggest bitcoin exchanges, Huobi and OKCoin, collectively invested around 1 billion yuan ($150 million) of idle client funds into “wealth-management products.”
In simple words, these exchanges were functioning while charging zero-fees by using customer deposits to invest in other financial products without the customer’s knowledge. According to insiders and reporters that many exchanges in China carried out similar practices. Also, exchanges in developing countries lacking AML and KYC measures majorly benefit from scams and thefts.
3. Initial Coin Offerings (ICOs)
Many investors are chasing quick profits instead of utility. Recently, many firms are aiming towards scamming practices due to which several other legitimate ICOs are suffering. Several ICO boot camps in China were set up with past experience in pyramid schemes, this leads to not just single fraud incidents but very frequent ones as well.
4. VC-backed entities
5. The decline of Maximalism
6. Market caps
We have very little idea of what is really happening with Bitcoin transactions or any cryptocurrency for that matter. Market cap is based mainly on a company’s assets and future cash flows but with cryptocurrencies, it is completely misleading. Especially, when random meaningless coins sell a small segment of their total supply then, claim a huge market cap.
7. Buy-side analysts and con media
Many big-name media companies practice a biased reporting which mainly focus on the benefits of coins but not equally shed light on the potential risks as well. They cover basically everything and anything regarding market caps, statistics and basic buy/own cryptocurrencies articles. But what if these major companies are funding other odd companies side by side?
The point is, that if these firms want to be taken seriously, they might as well take on the best practices so they support long-term capital inflows.