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Digital Currencies on the Rise

Bitcoin has been on the climb to sky-rocket since the currency split into two a week ago, with its total market value standing at around $55 billion, it seems as there’s no place the cryptocurrency would rather be.

It is now standing at $3260.80 per coin after experiencing it hit $3344 for the first time ever.

 

 

Bitcoin Cash, meanwhile, is back up 28% valued at $271.71 after its drop from $727 on August 2.

Trading platform eToro’s analyst, Mati Greenspan says Bitcoin Cash’s dip and Bitcoin’s surge are likely correlated.

Greenspan wrote in an email on Monday morning: “All that money that seemingly came out of thin air to pump up the value of Bitcash is now being fed right into Bitcoin. Bitcash has fallen from its peak of $12 Billion all the way down below $4 Billion this morning. Bitcash sought to replace the original form of digital money but the miners never embraced it. As it was seen by many as something for nothing, many users are now dumping.”

Related: Buy Bitcoin Online

This is how Bitcoin had performed last year, this proves that we’re now on record-breaking grounds.

 

News and Image Credits: businessinsider.com

 

 

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IBM’s Affordable Blockchain ‘Starter Plan’

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The IBM Blockchain is a hot topic these days. No doubt, blockchain technology is an ingenious invention which allows digital information to be distributed without allowing to it to be copied or modified. Though it was invented by Satoshi Nakamoto in its initial form but uptill now it has evolved itself into a digital giant. That’s why every person somehow related to the internet technology has asked the question:

IBM blockchain

What is blockchain?

In short, blockchain is the backbone of a new kind of internet technology. In its original form, blockchain was being devised specifically for the cryptocurrency, Bitcoin. It is also known as the distributed ledger technology as it maintains a flawless record of digital transactions. Due to its credibility, blockchain has also been used by the tech community in various other ways. Furthermore, IBM Blockchain technology is a much more refined form of this digital platform.

As we all know, IBM is on the top of the list as it has been working with Blockchain technology since 2015. The credit of bringing blockchain to mainstream also goes to IBM. It was in 2016, when IBM started to use Blockchain technology in their own company.

And now IBM has presented the concept of an affordable Blockchain Starter Plan especially designed for small scale businesses.

IBM’s business blockchain network

At an initial stage a beta version of Blockchain Starter Plan will be launched in order to facilitate the use of Blockchain in all sorts of businesses. For that purpose, in 2016 IBM launched a test Blockchain program in partnership with Walmart.

This starter plan will be free for the duration of its beta version. After completion of the beta version duration a 30-day free trial will be offered once the plan becomes applicable in its full form.

How will all this work?

To be precise, business blockchain network uses the so called distributed ledger technology in order to make sure a secure transfer of business assets inside that network. The beauty of this process is that these assets can be both in physical or digital form. Members of this network would use a concord mechanism instead of depending upon a bank or other such institute for the validation of their transactions. It will automatically not only improve the processing speed of transactions but will also become the first step towards transparency across the business network.

According to Marie Wieck, the general manager of IBM Blockchain, the company currently has over 250 active blockchain networks. She further stated that this new plan will suit pilot projects and will be perfect for those who want to build solutions on the IBM blockchain platform.

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Circle Plans to Make $60 Million Expansion in China

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We share content, information, messages and routine life on the internet. Money should also work in the same way as for transfer of information. Secure, worldwide, free, open without any central authority and most importantly, transfer of money with fun. In that case, we have an option chinese circle on vision, that we should be able to exchange values.

The main vision is to connect the world’s largest currency zones. That is why a foundation for this purpose has been established in US and UK. The foundation will transact Euro, Dollar, Pound, and other large currencies to blockchain technology.

Customers in the UK, US, and soon in Europe can soon perform these transactions. They will be able to do transactions in a secure and freeway through Circle’s social payment app.

With the rising of this technology, Circle is going to introduce this technology to its Chinese customers.

The Circle has launched a company in China manufacturing, raising $60 Million from Chinese investors. The company is keen on expanding into world’s second largest economy. Chinese firms including Baidu, CICC Alpha, Everbright Investment, IDG Capital Partners, and Beijing-based tech investment have reportedly made the latest funds.

Allaire says, “We’re not aiming to compete with the domestic market as that would be a suicide mission given the strength of local players like Alipay and WeChat, but we can connect Chinese consumers with the euro zone and dollar markets”.

Strategy in Financing:

IDG Capital Partner, the prolific Beijing-based VC led the $60Million strategic finance.

Along with IDG, Breyer Capital and General Catalyst Partners, we have brought on a powerful syndicate of major strategic partners in China, including Baidu, CICC ALPHA, China Everbright Limited, Wanxiang, and CreditEase.

These strategic partners make it sure that they will create an open, global, and free model of social payments. That will be enabled for the consumer in China, US, UK, and also in Europe.

Circle’s China Unit:

Circle’s China unit works as the local incorporate company. Allaire says,” Circle’s China unit has not launched any product. Whereas, there are already many pending deals with banking partner and legal license to operate.”

In payment process, Circle allows payments to countries in which this technology has not launched yet. Whereas, payments have transferred in Bitcoin within few minutes via blockchain network. Once the process of payment completes, the Bitcoin transfers to the currency. Circle’s aim is to connect China trading consumers with new global means of payments.

People’s Bank of China wants to launch its own digital currency. Basically, they want to decrease the cost of traditional paper money and boost policymakers. That is why they are in support of digital revolutions like Bitcoin.

Allaire finished with: “The company now adds the support for euro-denominated payments in Spain as the first step of a broader euro rollout.”

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Introducing Blockchain-Based E-Voting system in Moscow

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It was in 2014 when Moscow’s Mayor, Sergei Sobyanin launched an innovative Active Citizen app. This app was actually an e-voting platform designed solely for the residents of Moscow to vote on municipal projects pertaining to non-political city decisions, e.g.; naming of subway stations, setting up speed limits, plotting of bus routes, replacing the building’s entrance door or even hiring a new management company etc.

The Active Citizen app was a huge success since its launch, more than 2,800 polls were being administered and over 2 million users participated via the app. But according to some critics this app grew vulnerable to manipulation with the passage of time.

That’s why, Moscow officials announced that they have piloted the Active Citizen onto the blockchain technology in order to minimize the vulnerability issue.

Usually, the term of blockchain is referred to the cryptocurrency transactions. It is a sort of a digitalized and decentralized online database pertaining to public ledger of crypto transactions and interactions. Though specific for tracking secure financial transactions of cryptocurrency, it will now also be used in the e-voting platform of Moscow.

blockchain based e voting

What makes it a safest choice?

Russia’s National Settlement Depository (NSD) has successfully tested this blockchain based e-proxy voting system. This voting system is comprised of the following steps:

  • In the first step a Bondholder will pass vote to a nominal bondholder (NB)
  • The Nominal bondholder will in turn submit that vote to the blockchain
  • The designated Counting commission will count the votes and submit their results to the blockchain
  • Bondholder can latter verify whether the votes were counted correctly or not.

Hence it can be easily concluded that the process of blockchain based e-voting will resemble the secure crypto transactions to a great extent. Once the vote will be placed, it will be listed in a ledger consisting all the votes taken place across a node-to-node fully secure network. So, there will be no chance of data loss, fraud or third-party alteration once the vote has been casted.

In other words, blockchain is becoming a hallmark of digital accountability and security. It comprises of such a complicated mechanism of digitized security that it is almost impossible for the general public to ‘’hack’’ it in their traditional way.

According to some experts the use of blockchain technology will improve the transparency of e-voting system in Moscow and it should also be tried in the general elections as well.

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Does Bitcoin Need Regulation? Top German Analyst Says It Does

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At a time when bitcoin surpasses $17,900 and its market cap nears the $300 billion mark, regulations are apparently turning into a popular way for governments to cope with its existence. Recently, A German financial specialist Clemens Fuest expressed there are “solid reasons” to control digital currencies like bitcoin while talking to CNBC.

Main Story:

Fuest, the President of the Ifo Institute for Economic Research, stated that the market shouldn’t be permitted to fly individually, as according to him there’s a case for controllers to investigate bitcoin because of financial security and monitory policy, as well as its use.

Amid a telephone call, the German market analyst brought up that, with the cryptographic money, “payments can be made with almost no supervision” and suggested that this implies the digital currency can be utilized for tax avoidance or illegal activities.

Fuest also added:

“I think there are solid reasons, beyond monetary arrangements, to regulate bitcoin more closely.”

Fuest’s words come at a time in which the stock trade administrator Deutsche Borse is apparently considering whether to make Germany the primary European nation to list Bitcoin Futures Contracts on a regulated platform, and in which regulators are cautioning investors about the potential dangers of putting resources into digital forms of money and ICOs.

A European Central Bank council member Ewald Nowotny recently expressed that national investors and administrators are peering toward digital money regulations. Nowotny’s remarks came when bitcoin was trading at a then untouched high of $8,100 and included that investors must comprehend the item as “it resembles buying shares on stock market… individuals investing in this item can suffer losses and if that happens, they simply need to acknowledge it.”

Fuest isn’t the only analyst that communicated his perspectives on bitcoin. A month ago, Nobel prize-winning financial specialist Joseph Stiglitz stated that bitcoin “should be banned” as, according to him, it “doesn’t serve any socially useful function.” Earlier this month Nobel laureate Robert Shiller anticipated a bitcoin crash, stating that it “won’t go to zero, but will come down.”

However, not everyone is bearish on bitcoin and other cryptographic forms of money. Israel’s Prime Minister, Benjamin Netanyahu, an MIT graduate and former financial expert, recently questioned whether or not bitcoin can crush banks. John McAfee, a cybersecurity pioneer, raised his bitcoin value target for 2020, making it $1 million – and even bet his masculinity on it.

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Bill Miller and Josh Brown – The Modern Wall Street Professionals to Test the Bitcoin Waters

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Some famous names in the financial or economic industry are buying Bitcoin which is a good sign for Bitcoin.

Bill Miller:

Bill Miller is one of the renowned names in Bitcoin community. According to Forbes report on Tuesday, Bill put 1% of his net wealth into Bitcoin in the year 2014. The report reveals that the cryptocurrency is one of the top properties in Miller’s $120 million hedge fund.

Showing its image of volatility, Bitcoin fell in January 2014 from a peak of $1023. According to CoinDesk, on October 2014, it was just around $287. That’s the reason which puts the return of Miller’s Bitcoin anywhere from 126% to 707% – based on the price of Bitcoin which was $2315 on Wednesday.

Josh Brown:

The other name is Josh Brown – Chief Executive of Ritholtz Wealth Management and a CNBC contributor. In a blog post on Tuesday, Josh stated that he used Coinbase to purchase Bitcoin by a “Small Amount of Money”.

He said I think I have been through proper seasoning at this point. In case it does not drop this year after the fork, the developers argue that this could split Bitcoin. He revealed that it is going to drive mainstream among financial pros. Brown said: My main thing is, this would not go away”.

If a greater number of developers don’t favor an upgrade system for the Bitcoin, the cryptocurrency may split on 1st of August. However, a majority of Bitcoin miners have started to show their support.

Lastly, the announcements of this week follow the Standpoint Research’s Ronnie Moas. Ronnie Moas purchased a small amount of Bitcoin and thinks that it could hit $5,000 within a year.

 

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