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How Cryptocurrency Can Change The World

How Cryptocurrency Will Change The World

How Cryptocurrency Will Change The World

Wow, what a wild year it was for cryptocurrency. After the seeing the initial price surge in April/May, I did my research and saw the obvious game changer in the technology. I bought in during June, but I didn’t really start taking it seriously until the second big explosion in November/December. Now I’m practically obsessed with the stuff, so I’d thought I’d share with you my view on how cryptocurrency will change the world. I still think most people don’t see the big picture, and are either: 1. Completely ignorant and sitting on the sidelines, or 2. Have invested in crypto but only thinking about the monetary gains. As you’ll see when you continue reading, there’s a lot more to crypto than meets the eye. So without further adieu, let’s just jump right into it by starting with what cryptocurrency actually is. In it’s most basic definition, cryptocurrency is simply encrypted code that exists on the internet. It is used as a store of value and medium of exchange, which can be sent to anyone in the world, nearly instantly and fee-less. As the tech became more popular, many more cryptocurrencies have been created which all have different visions on the most effective way of building the future. Furthermore, each network is spread out amongst everyone who uses said cryptocurrency, which means there is no central source of power. This equates to decentralization, making it seemingly impossible for anyone including the government to eliminate the network and squash the free market. Now you might be thinking, “Ya that sounds cool and all, but don’t we already have money? What’s wrong with the dollar? What’s wrong with the banks?” And to that I say to you – What isn’t wrong with the banks? I highly recommend you read the post that I linked abov Continue reading >>

How Bitcoin Can Change The World

How Bitcoin Can Change The World

By Shobhit Seth | March 26, 2015 — 4:21 PM EDT “The future of money,” “drug dealer’s dream,” “transformative,” “disruptive”– Bitcoin has been called many things. Beyond its anonymous nature, bitcoin has the potential to change the way we bank, make transactions, and view money. Let’s examine bitcoin’s potential and its challenges. One can earn money (dollars/pounds/euros) by working, selling things, or exchanging other currencies. Similarly, one can earn bitcoins by mining (working in virtual world), getting paid in bitcoins for selling goods, or purchasing bitcoins by exchanging existing currencies (like US dollars). Earned or purchased bitcoins reside in safe wallets, which are online secure bitcoin storage provided by bitcoin service providers. Wallet owners can use bitcoins for any transactions where the counter party accepts bitcoins. Every transaction gets recorded onto the bitcoin network (through block chains), which authenticates the transaction. (See Related: How Bitcoin Works .) Any currency's primary usage is for transaction-based trades, i.e., buying and selling things. Bitcoin is not yet widely accepted by buyers or sellers, and its valuation has been a speculative game. The use of bitcoins for illegitimate purchases (like drugs and gambling) can make buyers pay a premium due to nature of goods or services involved (See Related:  How Bitcoin Casinos Work ?). Moreover, anyone purchasing legitimate goods or services through bitcoins would make a comparison with the dollar equivalent, and opt for the cheaper option. In the last quarter of 2013, bitcoin was trading above $1200. Since then, it has seen a steady decline. From around $800 in January 2014 to $330 in December 2014 and to yet another low of $170 in early 20 Continue reading >>

"bitcoin Can Change The World," Said The Former Us Senator Geekxplore.com

Senator and former Governor of New Hampshire Judd Gregg expressed the opinion that bitcoin would change the world attitude towards the currency as a whole. In an article published inThe Hill, Gregg described why people believe in bitcoin, how it can be used and what it can mean for the world economy,Coindeskwrites. Comparing bitcoin with gold, Gregg noted that the latter has value, because it is small and it is accepted by banks, while bitcoin is supported primarily by the faith of its owners.The main difference is that bitcoin is not the property of central banks, he wrote. Since bitcoin is not controlled by any nation, government or central bank, Gregg said: It sounds so good, as if it does not happen in our world.Bitcoin can completely change the scope of commercial transactions. If people have sufficient confidence that bitcoin has real value, then it can enter a new era, said Gregg, who will give him staggering potential and the opportunity to become a world currency. Nevertheless, Gregg also noted the importance of the dollar in todays global economy, saying that it is difficult to predict when the dollar will cease to be a major element of world trade. The comments of the ex-senator are not the first example of how American politicians support the technological and financial possibilities of crypto-currency and lock-up. Continue reading >>

How Cryptocurrency Is Changing The World

How Cryptocurrency Is Changing The World

Cryptocurrency enables true peer-to-peer transactions through an electronic system without needing to go through a bank or payments company. This allows people to engage in frictionless, borderless transactions for the first time and enables 3 billion people to have access to the financial system. Continue reading >>

How Bitcoin Could Change The World -- Even If It Crashes

How Bitcoin Could Change The World -- Even If It Crashes

How bitcoin could change the world -- even if it crashes The price of digital currencies like bitcoin, litecoin, ethereum, ripple and others have been all over the map in recent months, soaring over 1,000 percent before falling sharply amid government intervention in Asia. The get-rich-quick appeal of "cryptocurrencies" has everyone from flashy music stars and Hollywood actors to Wall Street and average investors climbing aboard the craze. Within what many experts see as a classic market bubble, however, lies a potentially revolutionary innovation. That technology, saddled with the unfaddish name "blockchain," could change everything from how people make payments online, to how countries fight corruption, to the very relationship between government and citizens. The upshot: If the price of bitcoin were to crash to earth tomorrow, blockchain would likely outlive it -- and continue to reshape the world in myriad other ways. "Blockchain is the technology, and bitcoin is one application of the technology," said Jen Schwartz, a senior features editor at Scientific American.  At its simplest, blockchain is a way of structuring data -- a framework. The creator of blockchain, a person calling themselves "Satoshi Nakamoto" whose identity remains anonymous, invented blockchain in order to create a currency that is independent from a central authority. But in the process, Nakamoto invented a way to securely transmit data in a way that it is indelibly recorded. "Blockchain technology can be used to keep track of and transact any data beyond bitcoin," said Schwartz, who edited the magazine's recent issue on the future of money . "The idea is that instead of intermediaries deciding if something is valid and keeping it secure, math and machines are taking on that role." To understan Continue reading >>

How Blockchains Could Change The World

How Blockchains Could Change The World

Ignore Bitcoin’s challenges. In this interview, Don Tapscott explains why blockchains, the technology underpinning the cryptocurrency, have the potential to revolutionize the world economy. What impact could the technology behind Bitcoin have? According to Tapscott Group CEO Don Tapscott, blockchains, the technology underpinning the cryptocurrency, could revolutionize the world economy. In this interview with McKinsey’s Rik Kirkland, Tapscott explains how blockchains—an open-source distributed database using state-of-the-art cryptography—may facilitate collaboration and tracking of all kinds of transactions and interactions. Tapscott, coauthor of the new book Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World, also believes the technology could offer genuine privacy protection and “a platform for truth and trust.” An edited and extended transcript of Tapscott’s comments follows. In the early 1990s, we said the old media is centralized. It’s one way, it’s one to many; it’s controlled by powerful forces, and everyone is a passive recipient. The new web, the new media, we said, is one to one, it’s many to many; it’s highly distributed, and it’s not centralized. Everyone’s a participant, not an inert recipient. This has an awesome neutrality. It will be what we want it to be, and we can craft a much more egalitarian, prosperous society where everyone gets to share in the wealth that they create. Lots of great things have happened, but overall the benefits of the digital age have been asymmetrical. For example, we have this great asset of data that’s been created by us, and yet we don’t get to keep it. It’s owned by a tiny handful of powerful companies or governments. They monetize that data Continue reading >>

How Cryptocurrencies Will Inevitably Change The World...for The Better

How Cryptocurrencies Will Inevitably Change The World...for The Better

As of this writing, the price explosion for Bitcoin and Ether has brought many newcomers. The primary reason is greed. There is nothing like the smell of free money from a ground-level investment. Even though at $2000+ BTC, some still see this as at least the second floor, and certainly not the roof. I will forego discussions about Ether and the other cryptos in order to focus on the bigger picture. So which ever crypto(s) you think will survive the shakedown, then replace that in your head for now. The initial attraction to Bitcoin et. al., was the free movement of non-inflatable value across the planet at minimal cost, transaction permanence and privacy. Clearly, these are somewhat etherial values, of deep interest only to a few. Coupled with its high dependence on the physics of encryption and less than idiot-proof comfortability with the various software tools and websites required, the masses stayed away from it. The first scoffing, scares, government harassment and scandals have passed. Not that they are over. Reliable purchasing sites and easy to use smartphone apps now have opened the gates to crypto, the way that AOL opened the internet to the nontechnical user in the old days. KEK. Here we are: Profligate central bank spending, e.g, by the US Federal Reserve, has continued to erode the purchasing power of USD. The other world fiat currencies are not much better. This is evidenced in worldwide sovereign debt counted in the trillions of USD. There is a timeless economic principle that good money drives out bad, and people will get rid of their bad money and buy other money or things that will retain value. That is what is happening now. Whether most people (or you, dear Reader) understand hashing, Merkle trees or cryptography, it doesnt matter. Smart people are Continue reading >>

How Cryptocurrencies Will Change The World - No Bullshit Conference #1

How Cryptocurrencies Will Change The World - No Bullshit Conference #1

HOW CRYPTOCURRENCIES WILL CHANGE THE WORLD. FIRESIDE CHAT WITH PIERRE NOIZAT, FOUNDER OF PAYMIUM. Pierre Noizat is one of the visionaries who has been leading the cryptocurrency community in France and in Europe. In 2013, he starts Paymium, the first Euro-Bitcoin exchange platform and it has succeeded in thwarting every cyber attack so far. In 2018, with this experience, he is about to launch a brand new exchange which will allow users to trade multiple cryptocurrencies. We will chat with him about this state-of-the-art technology, the link between Bitcoin and the Blockchain, and the potential of newly-developed protocols. Newfund is inviting you to attend a "no-bullshit" Q&A session that will help you better understand what is behind the hype. Seats are limited so please make sure you sign up now to avoid disappointment. This session is part of the "No Bullshit Conference" Series hosted by Newfund and will take place in the Junior Stage @ Station F. Continue reading >>

10 Ways Cryptocurrency Will Change The World11 Min Read

10 Ways Cryptocurrency Will Change The World11 Min Read

So now we know what a cryptocurrency is, let us move on to how cryptocurrencies will change the world. How Cryptocurrencies Will Change The World Faster and more cost-efficient bank transfers There is nothing more annoying than having to pay extortionate fees just to transfer money between banks, mainly if the transaction is a cross-border one. In honest terms, the way that banks still transfer cash is archaic – they can take up to a week, sometimes more and they involve clearing houses and correspondent banks making the process unnecessarily complicated. When using a cryptocurrency, all of these obstacles are removed, and both national, and cross-border transfers can be made instantly and without having to pay any fees. In fact, the technology used to facilitate the smooth transfer of cryptocurrencies – the ledger – can be used to transfer traditional currencies, in the same way, meaning that the need for banks involvement becomes somewhat obsolete. This technology means that series of transactions between foreign exchange traders can all be confirmed and enacted instantly and simultaneously. Did you know that every year, migrants from the third world and developing countries that have moved to western countries, send home over $500 billion in remittances to their families? This is a figure that far exceeds foreign direct investment, and with fees for international transfers between 6-10%, this is a tremendous burden on some of the world’s most vulnerable and less privileged people. Cryptocurrency and ledger technology can save them a fortune every year by allowing them to make instant and fee-free transactions. By using a digital currency, users could even send transfers directly via a mobile phone and only have to pay minimal fees on currency exchanges. With Continue reading >>

How Bitcoin And Blockchain Will Change The World

How Bitcoin And Blockchain Will Change The World

How bitcoin and blockchain will change the world Digital currencies are the future of money, but bitcoin probably isn't the ultimate winner. Bitcoin climbed in value from less than $1,000 at the beginning of 2017 to $14,000 by the end of the year. A coin of Ethereum was worth $8 on Jan. 1, 2017, and $843 one year later. Who would not be intrigued with the idea of owning something that appreciated thirteenfold, or even a hundredfold, in one year? Even the least sophisticated investors are wondering if cryptocurrency is a real thing or just a bubble of speculation. The real revolution is not the currency but the system that supports it. Digitization and commercialization of trust In the late 1990s, many were sucked into the dotcom bubble as the internet revolution brought unimaginable valuations to businesses with a technology bent. But the companies themselves were not as valuable as the platform they were all being built on: the internet. Cryptocurrencies like bitcoin and Ethereum are no different; they are the shiny objects capturing everyone's attention. But the real industry changer is blockchain, the technology they are built on. Why? Because just as the internet digitized geography and made the world smaller, blockchain does something unimaginably valuable: it is the digitization of trust. It makes transactions trustworthy and safe. Here are some questions to consider in the emerging world of digital logs: 1. Will digital currencies dominate the future? Digital currencies are absolutely the future of money. However it's unlikely that bitcoin is the ultimate winner. Regardless of the coding oddities that make it an inefficient vehicle (the mining code used makes it a colossal waster of electricity and processing power), the idea is simply too big for one platform t Continue reading >>

Here's Why Blockchains Will Change The World

Here's Why Blockchains Will Change The World

Here's Why Blockchains Will Change the World As early as 1981, inventors were attempting to solve the Internets problems of privacy, security, and inclusion with cryptography. No matter how they reengineered the process, there were always leaks because third parties were involved. Paying with credit cards over the Internet was insecure because users had to divulge too much personal data, and the transaction fees were too high for small payments. In 1998, Nick Szabo wrote a short paper entitled The God Protocol. Szabo mused about the creation of a be-all end-all technology protocol, one that designated God the trusted third party in the middle of all transactions. His point was powerful: Doing business on the Internet requires a leap of faith. A decade later in 2008, the global financial industry crashed. Perhaps propitiously, the pseudonymous Satoshi Nakamotowho may or may not be an Australian entrepreneur named Craig Wrightoutlined a new protocol for a peer-to-peer electronic cash system using a cryptocurrency, or digital currency, called Bitcoin. Cryptocurrencies are different from traditional fiat currencies because they are not created or controlled by countries. This protocol established a set of rulesin the form of distributed computationsthat ensured the integrity of the data exchanged among these billions of devices without going through a trusted third party. This seemingly subtle act set off a spark that has excited, terrified, or otherwise captured the imagination of the computing world and has spread like wildfire everywhere. Courtesy of Penguin Publishing Group, a division of Penguin Random House LLC Theyre like, Oh my god, this is it. This is the big breakthrough, said Marc Andreessen, the co-creator of the first commercial Web browser, Netscape, and a bi Continue reading >>

Will Cryptocurrency Really Change Theworld?

Will Cryptocurrency Really Change Theworld?

Will cryptocurrency really change the world? You may be reading this and wondering, “What the heck is cryptocurrency? Shouldn’t I know about this thing that may or may not change the world?”. Right now, Bitcoin is the most used cryptocurrency — you are probably more familiar with Bitcoin. Cryptocurrency is a method of moving money securely over the Internet, and it can even be done anonymously if desired. Bitcoin does just this, it transcends identity and national currencies by establishing itself as a self-regulating worldwide currency. Cryptocurrencies can vary quite a bit; since Bitcoin is the current standard, I will use it to explain a type of cryptocurrency. Bitcoin was set in motion by one or more individuals operating under the moniker Satoshi Nakamoto via a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. In this paper, Nakamoto describes a peer-to-peer system in which the users are the exchange system, i.e. no third parties are involved in any transactions, which makes it the first system that is considered “decentralized”. Rather than a federal mint printing out cash, Bitcoins are also generated by the users through what’s known as a hashing algorithm. In short, the output of a highly complex mathematical function is made public, and users known as Bitcoin “miners” use their computers to test possible inputs. The number of possible inputs is in the billions, so being the first miner to determine the correct input is highly rewarded. As of this writing, the miner receives 12.5 Bitcoin, which is almost $20,000! Their correct input is tacked onto what is known as the “blockchain”, which is a decentralized ledger recording all transactions that have occurred over the Bitcoin network. The benefits of a decentralized currency go Continue reading >>

10 Ways Cryptocurrency Will Make The World A Better Place

10 Ways Cryptocurrency Will Make The World A Better Place

10 Ways Cryptocurrency Will Make The World A Better Place January 16, 2018, 09:49:32 AM EDT By Due.com Cryptocurrency is becoming better-known and more popular throughout the entire world. However, being relatively new, you may not be familiar with it or why it’s even a big deal. It’s time to learn how cryptocurrency will make the world a better place.  Basically, cryptocurrency is electronic money stored in e-wallets or computer files.  Also, cryptocurreny is transferred and tracked by using  blockchain technology.  This technology tracks every update or transfer chronologically. Then, it stores the information cryptically so that anyone can see it. However, existing data cannot be changed. Bitcoin is one of the most well-known cryptocurrencies out there. Additionally, there are thousands of different cryptocurrencies available. Not all cryptocurrencies serve the same purpose. While some are for general use, others solve specific problems and/or serve specific industries.  Cryptocurrency may seem like a technology of the future. It has, and will, revolutionize the way we store money, pay for goods and services, and do business. Additionally, there are other ways that cryptocurrency will make the world a better place. Fraud is one of the biggest concerns when it comes to almost anything relating to money. Whether it be transferring funds or simply using a credit card on an insecure site, the possibility of fraud is there and a big concern for everyone. This is especially true for those who’ve been the victim of fraud in the past. Because it is not associated with your bank account or cash funds and is transferred electronically and  securely with the blockchain  recording all transactions, cryptocurrency will play a big part in reducing fraud which will al Continue reading >>

Cryptocurrencies: Will They Change The World?

Cryptocurrencies: Will They Change The World?

Cryptocurrencies: Will They Change the World? Cryptocurrencies are one of the hottest topics of 2017 in both finance and technology, but what are they? Cryptocurrencies, like Bitcoin, are a form of decentralized digital cash and can be used to purchase anything from a pizza to a car. There is no central regulating body to govern a cryptocurrency. Every single transaction or record made must be verified and confirmed by everyone else. For the user, this means transactions are fast, secure, anonymous, and irreversible. While there are many pros and cons to this system it is undoubtedly a marvel of technology. Cryptocurrencies were invented by the mysterious Satoshi Nakamoto, with the release of Bitcoin in January of 2009. Since then, cryptocurrencies have had a wild rise in popularity for a number reasons. To some they are seen as an untouchable store of value not unlike gold, while others believe a decentralized currency is the way of the future. However, the new startup trend in Silicon Valley is the blockchain technology behind it. Blockchains are a way to safely and securely store or transfer information. In the case of bitcoin, every transaction is stored in the blockchain and every peer on the network can view this blockchain. It is impossible for a hacker to attack a single location and corrupt or change any information in the blockchain, because it is verified simultaneously and continuously by everyone. To understand how this works, we need to dig into the name itself. The crypto in cryptocurrency comes from cryptography, the art of writing or solving codes. For a Bitcoin transaction to be confirmed, it must be validated by an algorithm. This validation is completed by nodes, which is the technical term for computers connected to the network. These computers, wh Continue reading >>

Cardano Wants To Beat Bitcoin And Ethereum By Starting From Scratch

Cardano Wants To Beat Bitcoin And Ethereum By Starting From Scratch

On Oct. 1, 2017, an unusual event caused a collective gasp in the world of cryptocurrencies. A little known cryptocurrency called Cardano or ADA, as its corresponding coin is called showed up on crypto-tracking sites with a market cap of about $600 million. At the time, it was unusual to see a new coin appear out of thin air with such a high market cap. But Cardano is different. It's an incredibly ambitious product with a strong team and tons of buzz. By year's end, the market cap of Cardano was more than $10 billion, despite the fact that the project was in a fairly early stage. In January, it briefly soared to more than $33 billion before receding back to roughly $10 billion as the overall cryptocurrency market shrunk. It is currently the sixth largest cryptocurrency by market cap, behind Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. SEE ALSO: After a monster run, Ethereum is the number two cryptocurrency again So what makes the cryptocurrency scene so bullish about Cardano? Cardano claims it will solve most of the issues that plague well-established cryptocurrencies such as Bitcoin and Ethereum. Bitcoin isn't flexible enough, and transactions on its network are currently slow and expensive due to protocol limitations and overwhelming demand. Ethereum is far more flexible, but as prominent Ethereum developer Vlad Zamfir recently put it it's not safe or scalable yet. But Cardano, at least so it claims, has very secure code, peer-reviewed by experts and scientists. It claims to be fast and scalable, thanks to its Ouroboros proof-of-stake technology. It's written in Haskell , a programming language that's typically used in critical systems in the banking and defense industries. It provides interoperability between existing cryptocurrencies. And finally, it offe Continue reading >>

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