Kuper Sotheby’s International Realty is a Texas-based real estate firm that just made its first sale of a property using Bitcoin.
Bitcoin is gaining a massive amount of media coverage the past few years and has become the world’s most popular digital currency. For starters, it was just buying everyday items. This later expanded to purchasing flight tickets and online games and now you can buy luxurious items such as yachts, a suite, and a custom-built home.
While the price of the home hasn’t been revealed, the buyer focused more on the ease of the transaction. He simply transferred the coins to the seller’s wallet, who converted them to U.S. dollars.
“In all of my 33 years of closing transactions, I honestly couldn’t have expected something so unique to go so smoothly,” said Kuper Sotheby’s Sheryl Lowe, the buyer’s agent, in a press release. “In a matter of 10 minutes, the bitcoin was changed to U.S. dollars and the deal was done!”
This shuts the comments made about bitcoin being “a fraud.” Moreover, it shows that more and more people are now beginning to accept cryptocurrencies and applying them in their day-to-day life.
News Credits: futurism.com
Image Credits: OWLbtc.com
Tags: bitcoin in Texas, bitcoin Texas, bitcoin news
Cryptocurrency or digital currency is a well-known term now a day. We are now a part of the digital era. In addition, we have more 3000 cryptocurrencies right now. Moreover, like someone says that we are going to replace paper money with digital money.
Are all cryptocurrencies treating equally?
what is the reason behind the creation of these digital currencies? Everyone want to know the reason. Accordingly, Some of them were created as a joke or “just because”. Few were a part of a scheme. Whereas, the worth or value of any cryptocurrency is because of its user’s demand.
Same like other useful assets like oil, stock, property etc. Accordingly, digital’s currencies’ value also faces the rise and fall in its value. By creating a scary situation in form of risky investment and rise, fall in its values.
Why we need the digital currencies
Here, the question is why we people need these digital currencies. First, government or other exchange charge a heavy amount for routine transactions. where the international transactions become costlier. Moreover, digital currency invention brings the revolutionary change in routine transactions. people do the transaction without any heavy fees. And, the most important thing is, users are allowing to do the transaction without the middle person. They are free to do transactions, where they want in the world. This is the first and foremost reason, why we need digital currency.
Main characteristics of digital currencies
A cryptocurrency should fall on some characteristics are as follows:
Capitalization and trading volume
Market capitalization is the total of all cryptocurrencies. While the high market capitalization indicates the real worth of the cryptocurrency and its availability. The most important thing in the capitalization is its daily trading volume. Which is directly change due to exchange percentage. Whereas, the healthy economy of the transactions is because of trading volume.
The main feature of the cryptocurrencies is verification process. The old method is proof of work. A computer has to enhance its energy and time by solving the trike mathematical problem. Whether downside of this method is that it needs massive energy to operate. In addition, the system with less processing power and handsome out is proof of stake. This proof of stake system is used to solve these problems.
If you don’t carry out the transactions with cryptocurrency means it has no acceptance in retailer market. Meanwhile, it’s important to do transactions with digital currency and make it sure that currency has market acceptance and market values as well.
Above all are some characteristics of the digital currencies. Now, we will discuss the top 10 cryptocurrencies of the world.
Top 10 digital currencies
There are more than 500 digital currencies but we will discuss few of them.
First and foremost, cryptocurrency anonymously created by Satoshi Nakamoto in 2009. Bitcoin has the biggest market capitalization around $10 million, the prominent capitalization as compare to other cryptocurrencies. Read all about bitcoin
A cryptocurrency platform who has the ability to execute peer-to-peer, smart contact. Ethereum was created by Vitalik Buterin in 2015. And, split into two parts Ethereum and Ethereum Classic due to DAO attack. Whereas, with the confidence of next generation platform, Ethereum has around $1.1 market capitalization.
Now, the next is the ripple. Which is gross time settlement process? The cryptocurrency released in 2012. To reduce the cost, this system is integrated into few banks.
Charles Lee introduces the litecoin in 2011. Accordingly, has the roughly market capitalization $180 million, litecoin also used in sale and purchase process.
A digital currency that focuses on the privacy terms and decentralization is Monero, launched in 2014. Whereas, It is totally based on the cryptonote protocol and algorithmic differences directly relating to the blockchain. By using ring signature technology Monero keeps focusing on the privacy of the users. With around $138 market capitalization Monero has increasing users’ percentage.
A technology built or use by anyone is ethereum classic, run on blockchain technology. It is an open source project built by the public. No one has the authority to control ethereum classic. In addition, it is not famous enough but has the market capitalization $575,782,074.
Dash is basically a digital cash, which has the ability to use anywhere. In addition, It is a peer-to-peer cryptocurrency which offers private transaction as well as instant transactions. Accordingly, It is also known as Darkcoin or Xcoin with the market capitalization $664,377,178, in 2014.
The idea behind is to share your computers as a dropbox and google drive. It has around $4.3 market cap.
Augur has the market cap $188,505,585. While the network is working by users to contribute the storage and computing power.
It is not only a cryptocurrency but it is a blockchain product who is handling the native currency token. Market cap of Nem is $1,031,274,000.
Samsung, which is best known for manufacturing electronics is taking blockchain platform in its consideration to track the shipments of its immense global supply chain network. According to this Samsung global news, it is considering an extensive implementation of a blockchain ledger platform so that it can track its shipments, globally.
Song Kwang-woo, who is the blockchain chief at the IT subsidiary of the Samsung, Samsung SDS, unveiled it while speaking to Bloomberg that a blockchain system could cut the shipping costs by 20%. Conspicuously, Kwang-woo also ensured that SDS is currently working on the development of blockchain platform for Samsung Electronics.
Involvement in Blockchain Technology
SDS has demonstrated its involvement in the implementation of blockchain technology for the shipping industry, effectively finishing a 7-month trial-project to track and record shipping logistics of both imports and exports in the vast shipping industry of Korea by the end of the year, 2017.
Related to the blockchain and supply chain collaboration, Kwang-woo also added:
“It will have an enormous impact on the supply chains of manufacturing industries. The blockchain is a core platform to fuel our digital transformation.”
SDS introduced a blockchain pilot for a shipping industry of Korea, in May 2017, so that it could keep an eye on the imports and exports of cargo shipments in real-time by leading an association, which included:
- Korean Ministry of Oceans and Fisheries
- Hyundai Merchant Marine
- IBM, which is considered as a technology giant.
- Korea Customs Service
Also known as a member of the EEA (Enterprise Ethereum Alliance), Samsung SDS successfully accomplished its first pilot-run of a shipment that perceived the whole procedure of a shipment, as well as delivery and booking, from Korea to China. As it’s also mentioned above, SDS settled its trial by the end of 2017 that eventually intended to handle all exports and imports in Korea via blockchain.
The metropolitan government of the capital city of South Korea, Seoul, chose Samsung SDS in November 2017, to develop a roadmap and organize blockchain technology to the whole administration of the city, as a method to advance transparency and boost citizen expediency. The government of Seoul has formally announced its purpose that by 2022, it would utilize blockchain technology across the whole municipal administration.
According to the Federal Reserve Governor, Lael Brainard, the central bank is examining the intense volatility of cryptocurrencies, especially Bitcoin, however, she doesn’t think that virtual currencies stance a present threat to financial stability of US.
These remarks were made by Brainard on 3rd April, during a speech at Stern School of Business in New York. She alerted investors to be careful about speculative asset classes, like; cryptocurrencies.
“One area that the Federal Reserve is monitoring is the extreme volatility evidenced by some cryptocurrencies…. For instance, Bitcoin rose over 1,000 percent in 2017 and has fallen sharply in recent months. These markets may raise important investor and consumer protection issues, and some appear especially vulnerable to money-laundering concerns.”
“As in other highly speculative markets, individual investors should be careful to understand the possible pitfalls of these investments and the potential for losses. But it is less clear how the valuations of cryptocurrencies currently could pose a threat to financial stability. Nonetheless, we will continue to study them,” Brainard continued.
According to Brainard, the perils related to the banking sector and traditional asset classes like bonds and stocks are balanced by the past standards due to the modifications that were introduced after the financial crisis of 2008.
She also said:
“Credit growth is robust, and banks are registering strong profitability relative to their international peers.”
Jerome Powell Views
The opinion of Lael Brainard on cryptocurrencies resounded the thoughts of Jerome Powell, who is the Federal Reserve chairman.
In November 2017, Powell said:
“I have nothing against bitcoin… We generally look at some of the risks of cryptocurrencies associated with money-laundering and those sorts of issues, but we’re not broadly opposed or supportive of alternative currencies.”
Latest comments from the Federal Reserve follow the price swings of bitcoin and other digital currencies, that sustained momentum for few weeks. However, during the past four weeks, the price of bitcoin plunged more than a few times.
Although these inconsistent fluctuations in the price of Bitcoin have scared some investors, cryptocurrency “preachers” still remain bullish, as they say, that the recent slump in the market is momentary, and only the result of “sharp regulatory scrutiny” in major markets such as South Korea.
The Former COO of Skype, Michael Jackson said:
“Regulators seem open-minded and are now working to eliminate the risks for consumers…. So, I see no reason why bitcoin shouldn’t fulfil its dream. And if it does, then recent price falls will appear trivial.”
Jackson earlier said that the price of bitcoin could shoot up to $1 million, as he believes that its value as a payment method is irrefutable.