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News about generating blockchain funds by a Chinese company are in the news right now. But before discussing about that news, we must have a watch on the history and importance of blockchain. Designed in 2008, blockchain is the backbone of Bitcoin and all the other cryptocurrencies. Blockchain system works by taking in digital transactions and storing them in pieces of digital information called blocks. These blocks are in turn linked together to form ledgers. In case of blockchain, such ledger can be defined as a list of digital transactions. Each time you wish to change the data inside a blockchain database, the software adds a block to the chain containing all the information required to verify the changes. The block will have a unique identifier (a hash) and can be encrypted depending on the underlying software use-case for it.

blockchain funds

Importance of Blockchain Technology in other industries

Blockchain has also a serious impact on various other industries. Even IBM has started work on their own blockchain projects. The main reason for it is that blockchain has played an important role in maximizing the technology’s capabilities, such as autonomous records and easy to access contracts. Even the Pharmaceutical giants are planning to use blockchain to prevent frauds and secure their transaction records. Now let’s come to the point and elaborate why blockchain funds have become so important for China to show active participation in it.

Why China is interested in Blockchain Funding?

Due to such an important role of blockchain in digital transactions, especially cryptocurrency, it has been reported that a government-led investment firm known as Investment Association of China (IAC) is going to establish a funding center to strengthen the blockchain development in China.

This news leaked out when a document related to that entity was circulated by IAC on the internet. IAC reports directly to China’s National Development and Reform Commission.

Later, vice chairman of the IAC, Liu Ren confirmed the document’s authenticity. He further explained that IAC had to take an initiative in this regard due to the growing importance and popularity of blockchain in cryptomarket. That’s why their association decided to provide fundings and maintained standards for the good of cryptocurrency industry.

However, he did not disclose that whether the funding will be provided from the state or private sectors.

This new blockchain funding center will also seek further working with overseas blockchain projects to generate further investment options. It will also provide consultation services to those persons or firms that are interested in blockchain investment. In short, Chinese government is quite serious in its efforts to develop investment plans for the domestic as well as foreign blockchain industry. Chinese Ministry of Industry and Information Technology recently announced that it will soon launch a committee in order to set national standards for blockchain technology.

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How To Buy Bitcoins With Credit Card/Debit Card | LocalBitcoins Tutorial

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Importance of Blockchain Ecosystem to Give Unbanked Access

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The Blockchain Ecosystem

In the latest digital time, everyone or most people know about cryptocurrency. Many people in the world are investing in the cryptocurrency and earn the profit. Bitcoin is started by a man named Satoshi Nakamoto in 2008 and its changed everything. Sometimes some people called bitcoin is e-cash means digital cash. This currency operates on a set of interconnected computers called peer-to-peer networks. There are many benefits of blockchain which we would discuss in next points.

benefits of blockchain

And there is Blockchain Ecosystem for bitcoins. We can also exchange cryptocurrency with our currency in cryptocurrency exchange market.

There are many types of cryptocurrency like:

1.Bitcoin

2.Ethereum

3.Ripple

4.Dogecoin

5.Dash coin

6.Litecoin

7.Monero

These are the normally known cryptocurrency or digital currency. And there is blockchain ecosystem for cryptocurrency and in these ecosystems, there are many stakeholders are interaction with each other and the outside world. The stakeholders are:

1.Users

2.Investors

3.Miners

4.Developer

Users

There are many users of cryptocurrency firstly comes an alarmist who is very conscious about this sometimes they like cryptocurrency, sometimes they are very hurt with the decrease in currency. Then comes the man with “connections” they use their connections in all world jurisdictions, the CIA, the law courts, and also with some presidents. Then comes a Believers they invest in cryptocurrency not only to earn profit but also to trust in their team and project. Than reseller came they have only 1 aim that when digital currency price rises they sale their crypto currency and when its price is decrease than buy. They are also connected with cryptocurrency exchange market

Investors

Many investors were interested in investing in cryptocurrency. Because in the mid of December 2017 price of bitcoin was $19177. In that times investor are investing millions of dollar in cryptocurrency and some people were working in buying and selling of cryptocurrency. But now the price of bitcoin $6000 that’s why many investors withdraw their investments.

Miners

There are two types of miners. Some miners are owned every single node on the network they are called private blockchain miners. But some miners make their computer as a node they are called public blockchain miner. To maintain the integrity of blockchain miners are required to hold a lot of power. And miner is using many tools for mining cryptocurrency and it is very expensive work. If you found a block on your own you would only receive a mining payout this is called solo mining. There are benefits of blockchain and miners are nearly connected with blockchain.

Developers

With the cryptocurrency, blockchain has a potential to become a lot. And developers have two types in blockchain:

1.dApp developers

2.Blockchain developers

The developers of blockchain build new blockchain with varying level of functionally. And developers of dApp can develop an application that runs on the blockchain, and with a reason to use the blockchain providing users.

This is the circle of the blockchain ecosystem. Where all stakeholder are connected with each other and gather information, invest and work.

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Altcoins to compete with Bitcoin, the world’s leading digital currency

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Bitcoin has started the month by hitting an all-time high of $1500, with maintaining its peak at $1441.39 in the month of April. The announcement of Japan officially recognizing Bitcoin as a legal payment method and that Russia’s lawmakers plan to release their ban off Bitcoin, has been extremely beneficial to Bitcoin’s new climb.

However, it’s opposing Altcoins are having their share of the spotlight as well.

 

Ethereum Cryptocurrency

Ether

Ethereum’s Ether is the second largest digital currency. It recently crossed its $15 mark and has reached its new target of $80. This has created a buzz in the cryptocurrency world and merchants might even adopt this currency side by side. Further testing and improvements, to the Ethereum’s blockchain, are said to be taking place in the future. All in all, this might give the currency an even bigger boost in the coming weeks.

Ripple cryptocurrency

Ripple

The Ripple network is being embraced by a large number of financial institutions to process domestic and cross-border payments. This has caused a sharp increase in the digital currency. It had an impressive jump from $0.0054 on March 1 to $0.054 on May 1.

Litecoin cryptocurrency

Litecoin

Litecoin was created to be the “silver” to bitcoin’s “gold”. It’s been having an impressive rally, ever since the talk of “SegWit Implementation” has begun. The price of Litecoin has jolted from $6.74, to surpass the $15 mark on April 25.

top online cryptocurrencies

Today, as we watch bitcoin alternative becoming increasingly popular, the amount of in-flight trade in goods using Bitcoin means that the value must increase in order to cover the value of the goods. As there is a limited supply of Bitcoin and the supply will only increase slowly over time to a maximum of 21 million, the increase in trade volumes will result in an increase in Bitcoin value.

While Altcoins are drawing a lot of attention towards themselves, let’s not forget that they are also riskier investments than bitcoin, because after all, they are untested and relatively unstable. Also, their prices can drop faster than they rose.

This is something to keep in mind when making your next altcoin currency in the current market state.

Tags: Largest digital currencies

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John MacAfee Bets His Manhood – Says Bitcoin to Hit $500k In 3 Years

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19 July 2017, A passionate digital currency backer says that Bitcoin is going to hit $500,000 during the next three years.

According to him, Bitcoin’s potential is not a joke, and that he is ready to take any bet to the contrary.

People were quick to respond:

One might think that McAfee is on the extreme end, but he is not the only one manifesting this much optimism for Bitcoin. Tom Lee – one of Wall Street’s biggest equity bears – also believes that Bitcoin is the new gold with a potential worth of $55,000 by 2022.

“One of the drivers is crypto-currencies are cannibalizing demand for gold GCQ7, -0.20%”, Lee wrote in a report. “Based on our model, we estimate that Bitcoin’s value per unit could be $20,000 to $55,000 by 2022 — hence, investors need to identify strategies to leverage this potential rise in crypto-currencies.”

That’s a major jump from $2530. Lee considers Bitcoin as a Gold, and the reason for this is the ever-increasing value and high demand of Bitcoin. Lee added, “Bitcoin supply will grow even slower than gold.” And, “Hence, the scarcity of Bitcoin is becoming increasingly attractive relative to Gold.” Lee also wrote, “This is a game changer, enhancing the legitimacy of the currency and likely accelerating the substitution for gold.”

Today’s value of Bitcoin is $2303.28, which reached $3018 on June 11, 2017. However, the drop is just being touted as temporary, and Bitcoin is expected to pick up the pace again in the coming days.

Story Credits: MarketWatch

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