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According to a Bloomberg report, CEO of Square Inc. and Twitter, Jack Dorsey, expressed sanguinity about the role of cryptocurrency in the future. Dorsey said:

“The internet deserves a native currency — it will have a native currency.”

On Wednesday, Dorsey shared the idea of cryptocurrency enthusiasts — at the Consensus conference and cited virtual currencies as the future of a legitimate way of global crypto payment. He also said, he doesn’t know whether it is going to be Bitcoin or any other cryptocurrency though he said:

crypto payment system

“I hope it will be.” He also added:

“This technology is a fundamental shift in our world and can have so many positive outcomes. We have to do the work to educate regulators and educate the SEC why this technology is important.”

Square Inc.

A developer of payment and financial services solution, Square, permitted traders to accept Bitcoin in 2014. It made the availability of Bitcoin trading for almost each and every user of its Cash App. Everyone at Square doesn’t share the same enthusiasm as Dorsey, though he said, it was quite combative to move in the company. He also added, there are still many discussions and arguments over this topic, but according to Dorsey, many of the board of directors of the company are also robust to the idea of cryptocurrencies — crypto payment system.

Square reported low profits at the beginning of May — in the first quarter for the trading of Bitcoin, which amounted to only $200,000. The trading of Bitcoin made a 5% revenue overall, which was almost $34.1 million, and $33.9 million has been spent by the company in order to purchase tokens.

The recent speech of Dorsey reiterates his previous comments that the leading cryptocurrency, Bitcoin, is going to become the single currency of the world within a decade.

He said:

“The world ultimately will have a single currency; the Internet will have a single currency. I personally believe that it will be Bitcoin.”

At this time, Bitcoin seems to be sluggish and inflated, which makes it even more hard to use as a medium of exchange. Future on Bitcoin — Dorsey also added:

“As more and more people have it, those things go away

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What Are The Best Altcoin To Invest in 2017?

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Here are some suggested best Altcoins you might consider to invest in 2017:

Ethereum:

Vatalik Buterin stated in late 2013, this blockchain based, public, and open source distributed computing platform is the great rival of Bitcoin. The Ethereum’s main target was to program required agreement into the blockchain that led to the introduction of a new smart contract hallmark. It has gone from $8 to $130 1st of January to 17th of June and its worth is $235.91 at the time of writing which is impressive.

Litecoin:

Litecoin is a peer-to-peer virtual currency which allows flash and almost zero cost subsidies to anyone who is producing it. This digital currency is a global remittance and an open source channel which is totally decentralized without any major credit. Math defends the arrangement and offers the people to regulate their own investment. The main features of Litecoin include advanced storage capacity and high-speed transaction verification times than the other digital currencies.

Dash:

Dash is the first decentralized and independent system which offer their users all that Bitcoin has to offer. It also presents their users some advanced capacities which include private transaction, instant transactions, decentralized governance. Dash offers the users the solutions for applying increased time to confirm a transaction, double spending dilemma, and secrecy concerns etc.

Ripple:

Ripple is a technology which allows the banks to send real-time payment worldwide across the network. It’s also a solution which exclusively relates to securing real-time payment among the banks at low cost, low risk, and a great speed. Some international banks such as Mizuho Financial Group, Siam Commercial Bank, UBS, and Fidor Bank have joined hands with the Ripple which show the remarkable potential of Ripple.

Primecoin:

Primecoin is an altcoin, produced by Sunny King. It finds the prime chains composed of Cunningham and the Bi-twin chain for proof-of-work, which may drive to some useful byproducts. These prime number chains consider being very important for the mathematical investigation.

Peercoin:

This digital currency does not have an inflexible limit on the possible coins like Bitcoin and Litecoin. Peercoin has designed to grow an annual inflation rate of 1 percent. If you have got a device which works for Bitcoin network then the same device will also work with Peercoin.

Dogecoin:

Dogecoin introduced on December 8, 2013. It made its online community rapidly and lead at a capitalization of 60 million USD in January 2014. Dogecoin project has a large number of the coin which is lower in value and suitable for transferring out the small transactions. It provides faster transaction and it’s also extremely cheap.

Feathercoin:

Feathercoin offers borderless transactions by using an end to end technology. It has enough uniqueness to bypass banking and it is one of the best features of Feathercoin. Conflicting to other digital currencies, it revives on regular basis to combine additional features and developments and providing a safeguard for the fork.

Monero:

Different from other digital currencies which are challenging to Bitcoin, Monero base on the CryptoNote protocol. It occupies basic algorithm irregularities and restating to the blockchain complications. It offers the characters with the Ring Signatures and Stealth Addresses. Monero has also a discreetly fleet production arcs.  Monero with a smaller inflammation of 12% per year is already acceptable and it’ll surely a risk for the Bitcoin rank in DarkNet markets.

Antshares:

Antshares is the newest platform to make a call on the market with a shouting cap of more than $7 million at the issuing time. It has produced some serious partnership with different chief multinational companies in the world as Alibaba.

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Ethereum Sustains Momentum While Crypto-Market Still Remains Unstable

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According to a report, the cryptocurrency market has struggled to sustain its momentum, yet failed to do so, and dropped to $463 billion. Similarly, other major cryptocurrencies including the top cryptocurrency, bitcoin, has struggled to record gains.

Ethereum and Bitcoin:

Only Bitcoin, Ripple, and Bitcoin Cash are the ones amongst the 5 most valuable cryptocurrencies in the global market that have managed to record daily gains. Native cryptocurrency of Ethereum, Ether, has shown a slight upsurge in its value and has increased by 4% after seeing a plunge below $820. Ether still remains in the cryptocurrencies that have shown some upward momentum.

Ether has tended to follow the bitcoin price trend throughout its recovery time. However, in some periods, Ether moved in a different path from other cryptocurrencies including bitcoin. When the price of bitcoin hit the value of $12,000 last week, ICO tokens/ ERC 20 tokens and Ether didn’t perform well. But, Ether has performed a lot better than other cryptocurrencies this week, by moving in a diverse direction to the most leading cryptocurrency in the market.

ethereum momentum

Bitcoin is still priced above the $10,000 mark, and many experts have labelled it as the psychological threshold for both buyers and sellers. It is quite hard to assess the short-term trend of bitcoin at this time when bitcoin, the most leading cryptocurrency in the market, is experiencing massive ups and downs on a regular basis.

Bitcoin price doubled from its yearly low at $6,100 just one week ago and then breached the $12,000 mark later. Even in some regions like South Korea, bitcoin price surpassed the mark of $13,000. But today, the price of bitcoin is valued at $10,769, which shows signs that it would recover back to the $12,000 mark.

A cryptocurrency that is funded by the US dollar, Tether, is an imperative indicator of the short-term performance of the crypto-market. Many investors on most important cryptocurrency exchanges like; Bitfinex and Binance use Tether to hedge the cryptocurrencies worth during the time of volatility, especially when the market commences to drop.

The daily trading volume of Tether is $2.684 billion, on 27th February, which makes it the second most liquid cryptocurrency after Bitcoin. This large daily trading volume of Tether shows that a lot of traders are ambiguous about the short-term trend of most important cryptocurrencies, and are also evading the price of cryptocurrencies in the crypto-market to the US dollar.

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Upcoming hub for blockchain development

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After April 28, Rising center of blockchain technology, the city Hangzhou is going to establish itself. The government of Hangzhou is going to establish China’s first blockchain park. In addition, that park will be with preferential policy support.

Hangzhou????

Hangzhou is the capital of china’s province Zhejiang. This place is famous for its southern terminus of the ancient grand canal waterway. Now, this place is going to be the hub of this new technology.

An event of G20 summit in 2016, brings the Hangzhou to the stage of economics and politics. Moreover, along with Shanghai and Beijing, Hangzhou is rising city in china which is going to be dynamic and a big supporter of innovations and technologies even in transformative industry.

CEO and founder of the imToken states about his new company, “We have decided to move our team to the Blockchain Industrial Park. The government of Hangzhou has promised companies moving into the park subsidies for office and talent recruitment, tax deductions and government funding support. However, the supportive attitude of the government matter[s] more to us than that of subsidies. I believe this active approach from the government will enable Hangzhou to stand out as a financial technology city.”

Direction from banking sector

Central banks around the world are trying to move their infrastructure to blockchain technology. Because this technology has enough power to renovate the banking industry and directly create an impact on a current mechanism. In that scenario, People’s bank of China has completed the trial version of its own digital currency. In addition, the bank is going to be the first central bank which has the ability to issue digital currency. Interestingly, the bank of Hangzhou and China’s A-share companies also attend the summit.

Head of e-banking Hu Feihua states, “Bank of Hangzhou is always trying to keep abreast of the most updated technologies beneficial to banks. For blockchain, not only will we try to support the blockchain industry by providing an easy access to loans to startups, but we ourselves have a special team focusing on the research and development of blockchain. As a matter of fact, Bank of Hangzhou is one the members of a banking think tank that have to contribute to PBOC’s digital currency.”

Furthermore, “This is an interesting question. Job cuts seem inevitable when it comes to technology innovation. But for Bank of Hangzhou, we actually expect our staff to update themselves in their thinking and skills so that they can offset the risks of being sacked. On the other hand, banks will still be important and there are always rooms for us to use our workforce to increase our standard of service. Therefore, layoffs will not impede us in developing blockchain technology.”

China’s strategy

According to the official report of Hangzhou’s government, Hangzhou is now going to host 12 blockchain startups, which is a number crossed by Shanghai and Beijing.

Blockchain technology market trends are promoting by the central government of the China and its local government. Therefore, the reason is, users of China’s three exchanges Huobi, OKCoin and BTCC are not allowing to withdraw bitcoins. Which is directly the reflection of China’s aim of social and financial stability. That should never fall weak in front of market strategies, which place them at risk.

In 13th five-year social and economic program blockchain became as an important direction to innovations seekers. Because this plan is the most important strategy to the social and economic sector of the China. Plan for 2016-2020 set by this program.

Therefore, Hangzhou ‘s summit of this year proves that China’s strategy is to implement this plan to make it accessible for the locals. China’s capital will exceed in terms of funding, talent and wisdom. As a result, cities like Hangzhou and other cities will hold the summit next.

In the middle of June, Hangzhou and other countries will hold a high-level blockchain summit. In addition, china is going to be a strong entity in the digital world. Thus, a large number of people believes that China is the driving force of fifth industrial revolution.

 

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