On 14 august 2016, Swiss non-profit World Economic Forum conducts a study about bitcoin, the worldwide reputed currency. Of course, they accept bitcoins worth and assure that bitcoin is going to reshape the financial service including infrastructure.
Changing of infrastructure
With the supply of 21 million, bitcoin continually change the payment/ transaction system all over the world. Whereas, it already crosses the price of Gold and competes for Ethereum on daily biases.
Just imagine for a while that a country takes a risk of its financial sector by applying a new digital technology, it’s weird. In other words, it’s totally insane. In the same way, if people of any country get authority to change the weather, they can. That is why bitcoin asserts itself and largest countries of the world do investments through bitcoin. Countries including Sweden, Denmark, the United States of America, South Korea The Netherlands, Estonia, UK, Canada, Australia and much more do the heavy transaction through bitcoin.
It is basically a cryptocurrency and a payment system is using by the peoples of the world. Bitcoin was trending in 2013 between $10 to
$15 and then it exceeds to $1163 within the same year. Which means it grows day by day. A good software takes 10 years to get used to it. Whereas bitcoin was properly launched in 2009. Which means, this is the early age of the bitcoin.
Worldwide central banks are looking toward the bitcoin process of transactions between the countries. The study shows that up to 2040, currency may change its structure. And bitcoin is at the top of the list. Which allows doing transactions faster and more secure with low cost.
Bitcoin technology is going to directly affect the financial sector. No doubt, when you are adopting a new technology. You become, use of that technology. In the same way, bitcoin deals with the people in the transaction with low cost. They get more relax as compare to other cryptocurrencies. More than 80% banks are going to launch the new system regarding bitcoin.
If you know how to generate money, then you can easily maintain a good bitcoin account. It is an open transaction system, everybody can see the payment process.
As Bill Gates states about the future of finance,
in the future, financial services ltd will eventually “be digital, universal and almost free.” Bill Gates will push the Microsoft to use bitcoin in payment form or weave cryptocurrency in company’s nascent payments.
This thing is crystal clear that if people of any country get authorized, they can easily change the situation. They will use new technology, even use digital technology on their own behalf.
Tags: future finance company
Digital Currencies Need Regulation:
Digital currencies need regulation, without regulation, there might be a wild swing in the prices of digital currencies. The chief of BTCC says Chinese regulator isn’t cracking down on Bitcoin.
The head of a leading Chinese Bitcoin Exchange warned on Tuesday that Digital currencies should be regulated otherwise they have the risk to go out of control if more individuals invest in these digital assets.
Bitcoin and Ethereum are two most popular digital currencies. They have seen a rapid price swing in recent months. In May, 19% price fall for Bitcoin noted nearly $4 billion in the value wiped off. Last month, the Ethereum price crashed as down as 10 cents from about $319 on the GDAX digital currency exchange. Because there is a bullishness in the market, as some predict that the price of Bitcoin to climb as high as $100,000 in a decade.
Bobby Lee, the CEO of Bitcoin exchange “BTCC”, he told to CNBC’s that “I think regulation for digital currencies is much needed because it will run amok from the society”.
He also said in Hong Kong that the major challenge is how to craft the rules and regulation around this new technology. He added I think it is taking the regulators and lawmakers some time to come up with the suitable rules and regulations to govern companies.
Efforts of People’s Bank of China:
Regulators are discovering ways to regulate the digital currencies. People’s Bank of China stepped up some efforts to regulate the market earlier this year. The bank set up a task force to conduct an inspection and ensure Bitcoin exchanges had realized anti-money laundering systems, and they also warned many exchanges against violating rules.
Image Credits: CoinTelegraph
Some noticed the moves from PBOC as a try to crack down on Bitcoin but Bobby Lee disagreed. He said it is not really a crackdown. Lee added, previously the Central Bank was not well aware of the details of Bitcoin usage and trading.
He described that the upsurge in the price of Bitcoin coincided with the huge capital outflows from the China and exchange rate changes for the renminbi against the dollar.
Lee said Central banks should admit the fact that Bitcoin is the new currency that is actively operating in China and around the world. It is a new thing that the Central bank must pay attention and figure out what the regulation should be.
Story Credits: cnbc.com
We all know that our beloved miners are the ones that keep the Bitcoin network spinning. Using complex computers to mine a block on which the transactions are made. According to data collected from blockchain.info, the value of transaction fees paid to miners has gone as high as $2.3 million. Woah!
Miners solve complicated mathematical equations to mine a block. As a reward, they get 12.5 bitcoins for unlocking the block. Along with that, they are let to keep the transaction fees users pay when the payment is made with the cryptocurrency.
Back in the days, miners only got a couple of dollars in Bitcoin transaction fees, however, on Wednesday, miners received an enormous $2.3 million.
“That’s on top of the millions of dollars they received in their bitcoin rewards,” said Aaron Lasher, the chief marketing officer at Breadwallet. He made an estimation that miners were rewarded a total of 1,800 bitcoins or $7 million.
Transaction fees dropped from $1.7 million on June 6 to $205,000 on July 31st. Aaron explained that the reason behind the dip was likely dude to a decline in bitcoin transactions nearing the fork date.
Related: Bitcoin Hard Fork Explained
“Once the fork completed on August 1, people began using bitcoin again,” Lasher said. “But now that Segwit has activated, we should see some easing over the coming weeks and months.”
News Credit: businessinsider.com
2017 is the big year for Bitcoin. The highest value, disappointment from SEC ‘the Winklevoss twins and the price higher than the gold.
But other digital currencies are also growing in volume. Ethereum is the just like Bitcoin but more complex. Earlier of this month ethereum approaches against the bitcoin in its daily volume.
So, do I know about Ethereum?
A distributed application support to crypto-market same as Bitcoin. You can shop with ethereum anyplace that accept it. Where ethereum is running on a smart contract, named as blockchain. Under the certain conditions, the system allows the trading of ethereum. Bitcoin also runs on the blockchain but don’t have an extra step for the completion of the trading process.
Ethereum can do that Bitcoin can’t????
This cryptocurrency is not an alien’s currency in this digital world. In addition, with little bit difference ether has the same features as the bitcoin has. Smart contract means you are performing something different from the daily routine such as shopping with ethereum. Furthermore, if you want to place a bet, ethereum will pay in case of Patriots wins.
By using ethereum you can arrange the crowdfunding campaign. According to the Huffington post, “Things are possible with Ethereum that aren’t imaginable with any other technology today.” Means your money will be taken over if the project didn’t meet its goals.
The smart contract has the power to replace lawyer, CEOs, and companies as well.
A Ph.D. student Benedikt Bunz says, “You don’t need to have Uber, the company, anymore,” and, “You could have the Uber contract handle the money and do the payouts.”
How use the Ethereum now?
Basically, ethereum is at its early experimental stage. Investors and speculators just keep their focus on building new applications – not working on the ethereum’s ATMs.
How can I buy Ethereum?
Just like bitcoin you need to register yourself with well-reputed company and place order for purchasing of the bitcoin.
What is the value of Ethereum?
March 24, 2017, ethereum’s values was $24 and now today ethereum’s value is $278.48.
What Ethereum already was done?
Ethereum is also used in build apps by taking the advantage of smart contract technology. Few of them use backing microfinance, build a practical world and prevent individuality of theft.
Is Ethereum is only substituted to Bitcoin?
No, there are more than 600 actives cryptocurrencies in the digital market. But, Ethereum comes with the complete different setup of the facilities.
Different risk of Ethereum
If there is something wrong with ethereum’s smart contract, the program will not crash only but it will sweep away all the money with no way to get that money back again. Bunz says, “the command could go through and would be irreversible.” Relax, it is a scary aspect but its chances are low.
How important could Ethereum actually be?
Potential is the main quality of the ethereum. Users of this technology are free to say that; this technology has the ability to replace the Uber including other varieties of service. Bunz says, “There are things that are absolutely possible that aren’t possible with mainstream currency and are not even possible with Bitcoin today,” and, “Things are possible with Ethereum that aren’t imaginable with any other technology today.”
A number of individuals are directly involved in the acceptance of the Bitcoin around the world. There is a compiled list of folks, who make sure that Bitcoin is the future of the digital world. They admitted and make investments in the bitcoin.
Satoshi Nakamoto (Father of the bitcoin)
A person anonymously created a worldwide cryptocurrency, and still, it is a mystery that who is Satoshi Nakamoto. A white paper introducing and describing the Bitcoin, published in 2008. Whereas, first Bitcoin software was released in 2009. But at the mid of 2010, Bitcoin software was conferral to the Gavin Andresen. Where the reason behind this act was the contact between Nakamoto and Bitcoin community getting fade. While other domains of the bitcoin were controlled by the other member of the bitcoin community. The rumor about Nakamoto is that he has one million bitcoins, cost over one billion dollars.
According to Bitcoin news, the identity of the real Satoshi Nakamoto is still a mystery. Some think that Satoshi is an individual while other’s think Satoshi Nakamoto is a name of a team.
Mark Karpelès was basically from France. He was started investment in bitcoin in 2011. When he took the charge of Mt.Gox at 88% from Jed McCaleb. He is one of the founding members of the bitcoin foundation. This foundation was established for the promotion and standardization of the coins.
Unfortunately, in February 2014 Mt. Gox was declared as bankrupt. And, a mark was sentenced to the jail for a year. Whereas Mark declines the claim in front of the public.
One of the successors of the Satoshi Nakamoto. He is the chief scientist of the Bitcoin Foundation. He is the person who holds the alert key which gives him the strength to send an important message to the whole community of bitcoin at once.
Roger Ver is well-known as Bitcoin Jesus. He is an early adopter of this technology and invests millions of dollars into the new startup of the Bitcoin such as blockchain.
Ver is operating an online store to purchase or sell custom discounted transceiver, hardware and memory. In addition, he introduces the different designs module use in mining devices. Which became the mainstream business later.
Ver starts an online store and sells thousands of the product with bitcoin. This was another attempt to introduce bitcoin among the people. And, today there is a number of online and land-base store accept bitcoin as a payment.
Erik is the advocate for bitcoin and move from place to place both in the US and out. Erik keeps all of his money in bitcoin and believer of separation of money and state.
Erik is the Coinapult’s founder. Coinapult is a company who transfer bitcoin through email and text messages process. In 2012, he founded a bitcoin gambling site named SatoshiDice, later this site for over 100,000 bitcoins. In addition, at that time site’s market value was $11.5 million. This was the bitcoin’s big achievement of that time. Whereas, he performed his duties as the director of the marketing at BitInstant.
Vinny is the early adopter of the bitcoin, CEO, and founder of the Gift, Yola Inc, Silicon Cape.com and NGOs in South Africa. He also served his duties on the board of ChessCube, Yahoo, Personera and SkyRove. And, he was appointed to the board of the Bitcoin in 2014.
Ivan is the CEO and founder of Casino software provider SoftSwiss. In 2013, Ivan made bitcoin payments into the software and have seen an achievement in creating bitcoin casino.
Perianne M. Boring
Perianne is the author of the Boring Bitcoin Report and also the president of the digital commerce. She is the first women within bitcoin who’s who. And, we believe that she will generate wonderful changes in bitcoin strategy plan in few parts of US by using her skills.
You can also suggest the bitcoin personality.
For further bitcoin information, check back on our blog to learn more. Goodluck!