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Cryptocurrencies Are Not The Future

Will Cryptocurrencies Replace Fiat Money In The Future? | Fiat Currency - Quora

Will Cryptocurrencies Replace Fiat Money In The Future? | Fiat Currency - Quora

Will cryptocurrencies replace fiat money in the future? WePower - blockchain based green energy trading network. WePower token is backed by green energy. Token grows with platform expansion. Backed by biggest funds. Originally Answered: Is cryptocurrency the future of money? These years cryptocurrency is growing so fast. So it is truly possible that it can be the money of the future. To find the answer let`s talk more what is cryptocurrency. Check our blog for more info What is cryptocurrency? A cryptocurrency is a form of payment which is similar to the currencies commonly used such as United States Dollar or the British Pound. However, unlike these currencies, cryptocurrencies are decentralized. There is no central government to print more of them out to cause inflation. In fact, cryptocurrencies have been formulated to gradually decrease in production as time goes by. Bitcoin, for instance will never have over 21 million coins in dissemination. Cryptography is used to ensure the security and privacy of transactions and exchanges, and to regulate the creation of new coins. Cryptography was developed during the Second World War, after the need for secure communication arose. It has undergone many development with elements of computer science and mathematical theory, and now it is used in financial system for decentralized currency. Many other digital cash before bitcoin had the problem of users double spending the same coin, which was why they had a central server. However, since bitcoin is decentralized, it needs consensus. Cryptocurrencies employe the use of a decentralized system which allows users to make safe and secure transactions and store their currency. Once the transaction is recorded, there is no going back, it is settled in the blockchain. In fact, no one Continue reading >>

Buffett's Cryptocurrency Predictions Are Scary. Here's How To Cope

Buffett's Cryptocurrency Predictions Are Scary. Here's How To Cope

Here's how to keep calm on the cryptocurrency roller coaster: Bitcoin's volatility is part of what makes it irresistible, said Willemien Kets, associate professor at the University of Oxford's Department of Economics. "We know from social psychology that the best way to get people hooked on something is to give them a reward on a very uncertain time frame," Kets said. Don't fall into the trap. Checking the value of cryptocurrencies constantly is unproductive, Kets said. "You can't do anything about the price movement itself," she said. Instead she recommends people decide on a price point at which they'll sell say, if the asset drops below $10,000 and set their phone to alert them at that threshold. Andrey Rudakov | Bloomberg | Getty Images An attendee wearing a t-shirt decorated with a bitcoin rocket illustration and the words 'To the Moon' checks his smartphone at the CrytoSpace conference in Moscow, Russia, on Friday, Dec. 8, 2017. Jack Tatar, co-author of "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond," pointed to another reason why constant phone checks are futile. "It's very hard to realize the gains you see on your phone," Tatar said. "These markets are not as liquid as the stocks and bond market. You can check your phone and see you're up to $30,000, but if you wan't to realize that gain, you probably won't be able to do that." That's because it can take days for a cryptocurrency transaction to complete, during which the value can change substantially. Despite his advice, Tatar admitted he, too, can't look away. "My son has tried to tell me to take a few days off," he said. "But I just can't." When people buy and sell in a dizzied cycle, they miss the bigger picture of cryptocurrencies and the blockchain technology on which it's traded, sa Continue reading >>

The History Of Money & The Future Of Bitcoin And The Cryptocurrency Economy

The History Of Money & The Future Of Bitcoin And The Cryptocurrency Economy

The History of Money & the Future of Bitcoin and the Cryptocurrency Economy This article is an examination into the historical and current use of money and how Bitcoin and/or other cryptocurrencies can fit into the the future of money. This is not a price-prediction piece, nor are the arguments implied as a guarantee of the future of cryptocurrency. Money was created many times in many places. Its development required no technological breakthroughs it was purely mental revolution. It involved the creation of a new inter-subjective reality that exists solely in peoples shared imagine. Money is not coin and banknotes. Money is anything that people are willing to use in order to represent systematically the value of other things for the purpose of exchanging goods and services. Bitcoins value proposition is not digital currency 90% of existing money only exists as digital currency; Bitcoins value proposition is its methodology in guaranteeing the trustworthiness of digital currency. Supposedly, it began with hunting and gathering , which dominates over 90% of modern human history. During that epoch, humans were considered a jack-of-all-trades, learning all necessary skills for survival. Arguably, the image of the earliest supposed form of trading comes to mind: a cave man trying to initiate a trade by giving away his rabbit fur in exchange for what he really wants, some boar meat. Today, that exchange practice is called the barter system, and it is well-accepted as the earliest form of transaction. I say well-accepted because anthropologist David Graeber argues that the earliest supposed predecessor of money, bartering, didnt actually exist before money. But even if the barter system did exist, it wouldnt have been practical as a sustainable daily practice like the exchan Continue reading >>

Bitcoin Is Not The Currency Of The Future

Bitcoin Is Not The Currency Of The Future

Bitcoin Is Not The Currency Of The Future There seems to be no end in sight for the Bitcoin bubble. This comes close to the great bubble developments that we have known in history, including the tulip bulb bubble in sixteenth century Holland, the South Sea bubble in the eighteenth century, and many others. These bubbles and todays Bitcoin bubble are always driven by an excessive optimism about the value of some asset and an expectation that the price of that asset will continue to rise in the distant future. But each time these bubbles came to an end and the prices collapsed. The expectation that the price of Bitcoins will continue to rise in the distant future has a lot to do with the belief of many people that Bitcoin, and other cryptocurrencies, are the money of the future. Nothing could be farther from the truth. In fact, the Bitcoin is an archaic currency like gold used to be. Archaic currencies are created by using scarce production factors. Gold had to be digged deep in the ground by using a lot of labor and machinery. Keynes called gold a barbaric relic. The same can be said of Bitcoin. Bitcoins are made (mined as it is called in Bitcoin terminology by analogy with gold) by using large amounts of computing power. The computers needed to mine Bitcoins use a lot of electricity and thus large amounts of scarce energy sources (crude oil, coal nuclear energy, renewable energy sources). According to some estimates, the energy needed to produce Bitcoins for one year is equivalent to the energy consumption of a country like Denmark. A phenomenal cost, if we also take into account the external costs, such as the CO2 emissions, associated with the production of electricity. Although Bitcoin is perceived as the currency of the future, it is in fact, like gold, a currency Continue reading >>

Like It Or Not, The Future Of Cryptocurrency Will Be Determined By Bureaucrats

Like It Or Not, The Future Of Cryptocurrency Will Be Determined By Bureaucrats

Like it or not, the future of cryptocurrency will be determined by bureaucrats Digital coins dont fit traditional regulatory definitionswhat policymakers do about that will determine where the technology goes from here. Denizens of the cryptocurrency world ought to get used to rubbing shoulders with regulators. The dark underbelly of the bonanza in initial coin offerings , rising concerns about the security of cryptocurrency exchanges , and a rush of Main Street investors to the scene have helped convince bureaucrats across the globe that cryptocurrency markets deserve a lot more attention. As a US Senate hearing illustrated this week, however, the question of how best to apply that attention is head-achingly complicated. This piece appears in our new twice-weekly newsletter, Chain Letter, which covers the world of blockchain and cryptocurrencies. Sign up here its free! Why you should care: The stakes are high, and not just because billions of real dollars are on the line. Many think the blockchain technology underlying cryptocurrencies can be as disruptive as the foundation of the internet . Decisions by policymakers will influence whether and how the promise unfolds. South Korea has banned ICOs and anonymous trading. Japan has introduced a licensing regime for cryptocurrency exchanges. Gaps: Regulators are still wrestling with how to define cryptocurrency, which is partly why there are still big holes in oversight. A self-driving Uber has killed a pedestrian in Arizona In the US, for instance, cryptocurrencies are classified as commodities, which makes them the purview of the Commodity Futures Trading Commission. But the agency lacks the authority to directly oversee cryptocurrency exchanges, J. Christopher Giancarlo, CFTCs chair, told the Senate committee (pdf) at t Continue reading >>

A New World Order? Cryptocurrency Winners Speak Out On The Future Of Alternative Money

A New World Order? Cryptocurrency Winners Speak Out On The Future Of Alternative Money

A new world order? Cryptocurrency winners speak out on the future of alternative money Whether its all built on sand or not, the cryptocurrency castle has risen. Nellie Bowles meets the lucky, and often paranoid, few who are reaping the rewards of investing early A new world order? Cryptocurrency winners speak out on the future of alternative money Recently the founder of something called Ripple briefly became richer than Mark Zuckerberg . Another day an anonymous donor set up an $86m(61m) bitcoin -fortune charity called the Pineapple Fund. A Tesla with a BLOCKHNnumber plate was spotted. Theres a surge in people looking to buy bitcoin on their credit cards. After the Long Island Iced Tea company announced it would pivot to blockchain, its stock rose 500 per cent in a day. In 2017, the cryptocurrency bitcoin went from $830 to $19,300, and now quivers around $10,000. Ether, its main rival, started the year at less than $10, closing out 2017 at $715. Now its about $1,000. The wealth is intoxicating news, feverish because it seems so random. Investors trying to grok the landscape compare it to the dot-com bubble of the late 1990s, when valuations soared and it was hard to separate the Amazons and Googles from the Pets.coms and eToys. The cryptocurrency community is centred around a tightknit group of friends developers, libertarians, Redditors and cypherpunks who have known one another for years through get-togethers, crypto conferences and internet message boards. Over long hours in anonymous group chats, San Francisco bars and Settlers of Catanboard game nights, they talk about how cryptocurrency will decentralise power and wealth, changing the world order. Bitcoin value remains steady after recent slump The goal may be decentralisation, but the money is extremely concen Continue reading >>

Millennials, Here's How Cryptocurrency Could Transform Your Future

Millennials, Here's How Cryptocurrency Could Transform Your Future

Millennials, Here's How Cryptocurrency Could Transform Your Future I write about millennials following nontraditional paths Opinions expressed by Forbes Contributors are their own. To be completely honest, conversations about finances and investments usually tend to put me to sleep. But for some reason, all of this buzz about cryptocurrency really has my attention. Some call cryptocurrency the digital gold rush, magnetizing thousands around the world to invest in digital currencies like Bitcoin and other alternative coins like Litecoin and TRON. Although skeptics have their concerns, theres no denying cryptocurrency has an exponential growth trend that appears to be steadily rising. For millennials, cryptocurrency could be the investment opportunity of a lifetime. Not to mention, its ushering in a tidal wave of technological innovation. The biggest barrier to entry for most? Decoding all of that tech jargon. Its about time someone explained cryptocurrency to you in a language you can actually understand. Thats why Ive just launched one of the worlds first online crypto and blockchain summits, where 21 industry-leading experts will be sharing everything you need to know about cryptocurrency over the course of three days. This week on the Unconventional Life Podcast , I spoke with a cryptocurrency geek whos done all of the heavy lifting for you. Meet Michael Graziano, the founder of Global Degree, one of the largest online communities for millennial travelers worldwide. Hes racing to become the youngest North American male to visit all 193 countries in the world, documenting all of his adventures online. Across his social channels , and including collaborations with Discovery Channel and MTV, Graziano has a combined reach of 50 million+. Ive been to over 100 different co Continue reading >>

The Future Of Cryptocurrency

The Future Of Cryptocurrency

A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography. Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April 2013 when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months. Bitcoin sported a market value of over $2 billion at its peak, but a 50% plunge shortly thereafter sparked a raging debate about the future of cryptocurrencies in general and Bitcoin in particular. So, will these alternative currencies eventually supplant conventional currencies and become as ubiquitous as dollars and euros someday? Or are cryptocurrencies a passing fad that will flame out before long? The answer lies with Bitcoin. Bitcoin is a decentralized currency that uses peer-to-peer technology, which enables all functions such as currency issuance, transaction processing and verification to be carried out collectively by the network. While this decentralization renders Bitcoin free from government manipulation or interference, the flipside is that there is no central authority to ensure that things run smoothly or to back the value of a Bitcoin. Bitcoins are created digitally through a mining process that requires powerful computers to solve complex algorithms and crunch numbers. They are currently created at the rate of 25 Bitcoins every 10 minutes and will be capped at 21 million, a level that is expected to be reached in 2140. These characteristics make Bitcoin fundamentally different from a fiat currency , which is backed by the full faith and credit of its government. Fiat currenc Continue reading >>

Bitcoin And Cryptocurrencies What Digital Money Really Means For Our Future

Bitcoin And Cryptocurrencies What Digital Money Really Means For Our Future

Bitcoin and cryptocurrencies what digital money really means for our future Digital currencies such as bitcoin have caused a financial frenzy. Alex Hern explains what they are and whether this is the end of real money Last modified on Mon 29 Jan 2018 12.01EST Bitcoin the currency of choice for online drug dealers and cybercriminals.Photograph: Guardian Design Team What is a cryptocurrency? Is it like bitcoin? In a word, yes. Bitcoin was the first cryptocurrency, and is still the biggest, but in the eight years since it was created pretenders to the throne have come along. All of them have the same basic underpinnings: they use a blockchain, a shared public record of transactions, to create and track a new type of digital token one that can only be made and shared according to the agreed-upon rules of the network, whatever they may be. But the flourishing ecosystem has provided a huge amount of variation on top of that. Some cryptocurrencies, such as Litecoin or Dogecoin, fulfil the same purpose as bitcoin building a new digital currency with tweaks to some of the details (making transactions faster, for instance, or ensuring a basic level of inflation). Others, such as Ethereum or Bat, take the same principle but apply it to a specific purpose: cloud computing or digital advertising in the case of those two. What exactly is a bitcoin? Can I hold one? A bitcoin doesnt really exist as a concrete physical or even digital object. If I have 0.5 bitcoins sitting in my digital wallet, that doesnt mean there is a corresponding other half sitting somewhere else. What you really have when you own a bitcoin is the collective agreement of every other computer on the bitcoin network that your bitcoin was legitimately created by a bitcoin miner, and then passed on to you through a s Continue reading >>

Cryptocurrency: How It Will Look In The Future | Money

Cryptocurrency: How It Will Look In The Future | Money

The cryptocurrency market, which trades various digital-based coins, can look exciting, scary, and mysterious all at once to the casual observer. Its pioneer, Bitcoin, dramatically surged in value and steeply dropped (before picking back up) in recent months. ICOs (initial coin offerings for new cryptocurrencies), meanwhile, are emerging at a head-spinning rate. While some financial advisers remain skeptical, its hard to ignore the massive amount of money invested in the field. We talked to two leading futurists, who study and predict technology trends, about where they see cryptocurrency headedand why you should pay attention. Cryptocurrency Will Replace National Currencies by 2030. Cryptocurrency is very much here to stay, said futurist and author Thomas Frey , noting that hes speaking to the Federal Reserve in September on the topic. He predicts that cryptocurrencies are going to displace roughly 25% of national currencies by 2030. Theyre just much more efficient, the way they run. The rise of cryptocurrencies over the past couple years represents the legitimization of a new asset class emerging alongside the traditional global economy, according to Dr. James Canton of the Institute for Global Futures . Id say you can expect an exponential increase of new investment vehicles to come from cryptofinance. Some money will be lost in the cryptocurrency market, to be sure, but Canton believes theres also possibility to earn vast riches. Cryptocurrency is in some ways a misnomer. Tied to a secure blockchain on the internet, a digital coin is free of the relationships to nations that traditional currencies have. Canton likes to call it the blockchain economy. The IRS currently treats cryptocurrencies as property, rather than actual currency. Bitcoin is a lot like selling re Continue reading >>

Everything You Need To Know About Cryptocurrency And Why Its The Future Of Money

Everything You Need To Know About Cryptocurrency And Why Its The Future Of Money

Everything You Need to Know About Cryptocurrency And Why Its The Future Of Money In a matter of weeks in November 2017, bitcoin surged from a fringe investment to a global sensation. In mid-November, the price was around $3,000 for a single bitcoin; on December 6, 2017, it surpassed $19,000 . At the time of publication, the value was hovering around $15,000. Bitcoin is having a moment really, its had a year. No matter if you think its a bubble about to burst, or hope your investments will pay back big in the long run, there is one clear takeaway: Cryptocurrency is changing the future of finance. Whats not yet clear is how the technology behind bitcoin, and cryptocurrencies like it, will alter our national and global financial systems. Bitcoin, like all cryptocurrencies, relies on a technology called blockchain that makes its transactions so secure that experts consider them to be virtually unhackable. And because the transactions are assured, the cost of verifying transactions is less than in a central bank though, admittedly, the cost of verifying bitcoin transactions has become fairly expensive. Cryptocurrency transactions happen directly between individuals instead of through a bank. Every time a person makes a transaction using a cryptocurrency for example, using funds stored in his or her crypto wallet to send bitcoin to someone else the transaction is recorded on a digital ledger called a blockchain. Every cryptocurrency has its own blockchain, and computers doing complex math in a large network maintain it. Once users make a specific number of transactions using a cryptocurrency, the computers group these transactions into a block. In order to send a block, adding transactions to the blockchain and winning a monetary reward, a computer has to solve a complex mat Continue reading >>

Bitcoin Isn't The Future Of Money

Bitcoin Isn't The Future Of Money

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. How should central banks proceed with cryptocurrencies? Very carefully. Photographer: Anthony Wallace/AFP/Getty Images If the Bitcoin bubble has a redeeming feature , it's that it has started some interesting conversations. One is about whether governments should get into the cryptocurrency business for themselves. The unsatisfying (though undoubtedly correct) answer: It depends . A cashless future is indeed on its way , and governments and central banks have no choice but to prepare for it. But a cashless future doesn't necessarily require government-backed digital currency. And while the technology underlying Bitcoin and other such cryptocurrencies will almost certainly have many useful applications , replacing physical cash is unlikely to be one of them. Blockchain technology gives Bitcoin two crucial characteristics -- it can be exchanged peer-to-peer without the need for a trusted intermediary, and it lets transactions be anonymous. In both these ways, Bitcoin resembles physical cash. But whereas physical cash is the liability of a government, with a central bank controlling its value, Bitcoin is a liability of nobody. This is its fatal flaw as a currency. There's nothing to stop its value from falling to zero. Granted, governments could issue their own Bitco Continue reading >>

Why The Bitcoin Bubble Is Bursting, But Cryptocurrency's Future Is Still Bright

Why The Bitcoin Bubble Is Bursting, But Cryptocurrency's Future Is Still Bright

Why the Bitcoin Bubble is Bursting, but Cryptocurrency's Future is Still Bright Bitcoin and other cryptocurrencies have lost billions of dollars in value this week, but Blockchain is still leading the way to tomorrow. Eric Mack writes about what's coming next in science, technology, and other areas of innovation. He's reported from around the world for NPR, CBS News, Wired, AOL, and many others since the turn of the century. He's also a speaker, a radio producer, a podcaster, an author, a husband, a father, and a charter school co-founder. He feels physically weak when he's away from the Rocky Mountains. It sometimes seems it's hard to hold two thoughts to be true at once when it comes to all the hype and hate around Bitcoin , Blockchain and cryptocurrency : Either Bitcoin is a bubble or it's the beautiful unicorn that we'll all ride to a future filled with rainbows.  When Bitcoin first crossed $10,000 a few months back, it seemed clear to me that it was past time to put on the brakes. I put out the warning that it probably wasn't best to start buying in to Bitcoin when its price was up 1,000 percent in less than a year. Some folks may have bought in at $10,000 and cashed out at the all-time high of over $19,000 in December. If you timed it perfectly, good for you. Plenty of others are still holding that purchase of holiday season Bitcoin and no doubt feeling anxiety watching the price slip below $9,000 for the first time since November . The current carnage is even worse in the so-called alt-coin market. Had you bought a thousand dollars worth of China-based crypto token Tron at its peak, it would only be worth around $200 today. But keep in mind that at the height of the crypto frenzy in December, the going prices for alt-coins were doubling or tripling on a d Continue reading >>

Wong: The Future Of Cryptocurrency

Wong: The Future Of Cryptocurrency

Notorious instability, high fees and rampant scams are just a few issues which prevent cryptocurrencies from mainstream adoption The realm of cryptocurrency and the technology underlying it could prove to have benefits for society. of their world-changing possibility, there is little reason to believe that cryptocurrencies will one day replace the modern-day financial system. , digital assets that are constructed to function as a medium of exchange, premised on the technology of cryptography, to secure the transactional flow, as well as to control the creation of additional units of the currency. These digital currencies utilize the blockchain, a publicly accessible which have affected the financial industry in recent years would have no effect on cryptocurrency adopters. Despite these theoretical benefits, proclaiming cryptocurrency as the so-called currency of the future capable of overturning established financial institutions or even bringing forth a ending support for Bitcoin payments in recent months. Bitcoins alternatives have proven no more stable, either. Tether, which Cryptocurrency exchanges, which allow people to trade their cryptocurrencies for other currencies or legal tender, have proven themselves to be as vulnerable and volatile as the currencies they transfer. Hacks against marketplaces like , which shut down in January 2018 after receiving cease and desist letters from security boards in Texas and North Carolina. The realm of cryptocurrency and the technology underlying it could prove to have benefits for society. However, the theoretical benefits of cryptocurrencies thus far have lived up to their name theoretical. Rampant volatility and exorbitant transaction fees have made cryptocurrencies anathema to major retailers and marketplaces the field fac Continue reading >>

What We Can Expect From Future Cryptocurrency Regulation Worldwide

What We Can Expect From Future Cryptocurrency Regulation Worldwide

What we can expect from future cryptocurrency regulation worldwide Experts explore the current global regulatory landscape and how the cryptocurrency craze is impacting traditional finance. The cryptocurrency market is in constant flux, regulators worldwide are grappling with ways to control trading, and traditional banking systems are far from isolated from the global phenomenon. Cryptocurrency, developed through the backbone of Blockchain technology, was once only associated with sales in the underbelly of the Internet. By design, it is difficult -- although not impossible -- to track transactions made through Bitcoin (BTC), Ethereum (ETH), and other popular virtual currencies. IBM, Visa partner to make the Internet of things commerce friendly In direct opposition to traditional financial systems, cryptocurrencies do not rely on central authorities to govern transactions and regulate exchanges. While this makes transactions and investments anonymized to a degree, this also means that investors in cryptocurrency and those participating in Initial Coin Offerings (ICOs) will have little protection should their digital wallets be compromised, cyberattackers steal funds from trading posts, or exit scams occur. It is estimated that cyberattackers managed to steal close to $400 million from investors participating in ICOs since 2015. With exchange after exchange becoming compromised due to lax security and the operators of fraudulent startups touting non-existent Blockchain solutions and scam ICOs being unmasked on a monthly basis, the marketplace is risky business. Cryptocurrency is beginning to indirectly impact traditional exchanges, too. Interest in cryptocurrency and the Blockchain is high enough that any mention of these technologies can cause a surge in share price . Continue reading >>

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