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How Cryptocurrency Is Changing The World

3 Ways Cryptocurrency Will Change The World

3 Ways Cryptocurrency Will Change The World

Time to move on to more basics on cryptocurrency. Today we'll talk about how it will change the world as we know it. But first, let's talk a little more basic stuff about why they call it "cryptocurrency". Cryptocurrency is basically electronic money that is designed to be used safely and securely, and with privacy in mind because it is anonymous. It's predominately used online, and it uses cryptography in order to convert information on purchases, transfers, and balances into an impenetrable code. It involves using computer science, math theory, and also computer languages to transfer cash, communications, and information over the internet in the most secure and unhackable way. Governments, regulatory agencies, and banks can't get in the middle of it because the transactions can be made completely anonymously. That's the big draw. Enough of the new basics. Now let's talk about 3 areas where cryptocurrency will change the world in the very near future... The way banks transfer money from one to another is ridiculously archaic. It can take upwards of a week to complete a transaction. The system is old as dirt. Have you ever had an experience where you tried to "wire" money to a friend or family member? If you did, you'd know how awful the process is. Those days are about to be over. Cryptocurrency can be sent to anyone with an electronic wallet (i.e. an app on your phone) in as little as 4 seconds. There's no more need to go stand in line at Western Union, and wait 24 hours for money transfers to clear. In fact, you don't even need a bank or other go-between to send cash to someone on the other side of the world. Crypto changes the entire ball game. The arrival of cryptocurrency has major implications when it comes to the potential shift of power from the governmental i Continue reading >>

How Cryptocurrency Is Changing The World

How Cryptocurrency Is Changing The World

Home » How Cryptocurrency is Changing the World Every generation is defined by distinctive advancements and achievements. Generation X (1965-1980) brought us the Internet – the ability to connect and interact globally. Millennials (1981-1998) recognized the unlimited potential of the Internet and bent it to their will, building behemoths Google, Apple, and Amazon, and forever transforming information services, communication, and retail respectively. In 2009 a new technology was implemented – a technology with so many disruptive possibilities that it will effortlessly dwarf the Internet and everything in between. In retrospect, it will be recognized as giving birth to its own idiosyncratic generation – Generation Crypto – and it will span a century. Blockchain is the technology. It’s father; Satoshi Nakamoto. Satoshi Nakamoto is a pseudonym used by the blockchain designer. The name has never been tied definitively to anyone, and the question remains if Nakamoto is even a single person or an entire developmental group. Nakamoto’s Bitcoin address is known and believed to hold as many as 1 million Bitcoins, giving him a current net worth of $4.5 billion USD. For an individual of such notoriety, what could possibly motivate such staunch resolve to remain anonymous? Perhaps to perpetuate the idea of absolute anonymity as it applies to blockchain? To avoid becoming the target of hacks and attacks? Or (and this is likely his motivation) to avoid reprisal stemming from the incredibly disruptive goals of the project. After all, the intent was to combat the hegemony of central banks, oppressive economic policies of nation-states, and unsustainable fractional reserve lending practices. By doing this he was assaulting the dominance of the wealthiest and most powerful m 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 Cryptocurrency Will Change The World

How Cryptocurrency Will Change The World

Cryptocurrencies like Bitcoin and Ethereum have taken off this year, attracting investment from all over the world and achieving mainstream adoption. Blockchain technology is attracting interest from many industries, with the surging price of Bitcoin and Ethereum’s first mainstream application  CryptoKitties  two recent standouts. MyBroadband spoke to cryptocurrency expert Simon Dingle about the effects of cryptocurrency and blockchain applications on traditional markets, with financial systems a prime target for disruption. An increasing number of people are becoming involved in cryptocurrency, valuing the decentralised digital cash above traditional investments. “Right now, Bitcoin is attracting a lot of younger people away from traditional investments,” said Dingle. “A recent survey in the USA revealed that 30% of investors between the age of 18 and 34 would prefer Bitcoin over company stocks or government bonds.” Dingle believes the increased interest and investment in Bitcoin will continue, as it is a store of value, while other cryptocurrencies will put pressure on traditional markets. This is especially true of Ethereum, which aims to revolutionise the asset exchange, legal, and finance industries with its potential as a decentralised world computer. Dingle believes that banks will adopt blockchain technology, but that the real change will happen when users forgo traditional banking in favour of decentralised systems. “Like all big corporates, large financial institutions are playing at innovation while adopting a wait-and-see attitude and engaging with charlatans at large consulting firms and enterprise software companies,” said Dingle. “Like newspapers 10 years ago, they’ll only realise that the carpet has been swept from under them once it Continue reading >>

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 >>

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 >>

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