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US Officials Commend Blockchain Surrounded by ICO Distress

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On Wednesday, a message was broadcasted by U.S. government officials at the DC Blockchain Summit in Washington-even as securities officials cautioned exchanges who offer ICO tokens trading. James Sullivan (Deputy Assistant Secretary of services at the Commerce Department’s International Trade Administration) remarked during his address;

“We cannot make policy in the abstract” and concluded by saying;

“I would welcome all of you in the audience to reach out … and to hear your recommendations”

There’s no doubt that Sullivan showed support for the use of blockchain inside the trade finance chain, especially for smaller companies with hardly any resources, as he stated;

Blockchain

“The companies that are usually hit hardest by that gap of trade finance are small- and medium-sized businesses”

Attendees who talked to CoinDesk, turned out to be more divergent on the question of blockchain’s use in government and also on the the subject of cryptocurrency regulation, which was the greatest concern at the event as well. Scepticism was also expressed by one of the employees of a major blockchain startup that the U.S. officials would seriously obligate to utilize this tech, conflicting that agencies might be served a lot better, seeing at the advances of tokenization.

Chief data architect of OPM (Office of Personnel Management), Marcel Jemio, alongside Mark Fisk, who’s an IBM Public Service Blockchain partner stated that blockchain could be utilized in order to aggregate government employee information in a more efficient and well-organized way.

Fisk stated;

“I think blockchain in a lot of cases is going to be an enabler of solving the problem, but not necessarily with solving the problem only with blockchain”

Jihan Wu, co-founder of Bitmain also revealed that the bitcoin mining hardware giant wants to invest in startups and looking forward  to make a “private central banks” that utilize cryptocurrencies. Wu thinks that tokens on the market today will eventually come to be viewed as securities under traditional meanings.

CoinDesk was told by conference attendees that they’d definitely appreciate regulation, specifically relating to ICOs, whereas others asserted that these emerging regulations at this time would probably lodge businesses into inflexible models ill-suited for such a quick moving situation. Attendees also showed their concern about the unreliable treatment of cryptocurrencies by the U.S. government, specified that the IRS considers bitcoin as property and the CFTC views it as a commodity.

But at the same time, two members from a cryptocurrency services company said that they believed such dissonance could eventually profit the industry, with the lack of agreement by the SEC, the CFTC and the IRS, eventually imposing further discussion on the finest way onward.  Brian Quintenz, a commissioner for the CFTC, was also seen at the event, firmly encouraging more self-regulation in the cryptocurrency space. Quintenz even told the audience that cryptocurrency platforms should come forward and self-regulate.

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Cryptocurrency Ecosystem and Altcoins

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Cryptocurrency Ecosystem and Altcoins

When we start our conversation about cryptocurrency ecosystem, bitcoin considered the only player in a digital market. Where bitcoin has the dominate value in the market as compare to other cryptocurrencies. 500 cryptocurrencies trading are in a market with symbols, with their identities.

Altcoin is using to describe the cryptocurrency that shares the core building blocks. The best example of altcoin is litecoin.

Cryptocurrency Ecosystem

Basically, there are 150 to 500 altcoins in total. There are five altcoins with the market capitalization of $10 million each.

The revolutionary logic about altcoin is, “altcoins serves two purposes “. Antonopoulos says. “First, they test new tech features, showing whether they work and whether the market will accept them.”

Variations

The proof of work who keeps securing the transaction records and distribution of currency. In addition,

Variations include those allowing a currency to be processed by different equipment than bitcoin (Litecoin, current market cap $330 million), those purporting to use less energy (Peer coin, $47 million), and those that offer faster transaction confirmation times (many, among them Feather coin, $5 million). Other crypto coins claim more idiosyncratic variations, such as the demurrage built into Frei coin ($2 million), which loses value if it is held without being spent. There’s even a currency that uses its proof-of-work algorithm to search for new prime numbers (that currency is named, of course, Prime coin, $6 million). Those features that prove attractive and compatible after ‘testing’ by an altcoin, Antonopoulos says, will likely be incorporated into Bitcoin.

Strength of Bitcoin

Any of the altcoin fails to displace the dominant place of bitcoin. As the bank of America points out that is, bitcoin’s dominance is the guarantee of altcoins. Without bitcoin strength, may be some of the altcoins will disappear.

Where Antonopoulos describe the second purpose of altcoins whose lessons will strengthen the survivor. Which is demonstrate spectacular failure modes.

Antonopoulos contains 80 to 85% of all cryptocurrency capitalization. Whereas remaining altcoins offer the release value for those who think, that bitcoin is the most expensive cryptocurrency. One feature has been more efficient as compare to other. Altcoin built-in process needs honest, transparent and relatively selfless behavior by its developers.

Charlie lee lead developer of litecoin gives the easiest and transparent ways to mine. As he says,’’ I released the source code a week before the launch [in October of 2011], so people could prepare [to mine].”

Because of this struggle, Now, litecoin is the second digital cryptocurrency after bitcoin. After which, peer coin is at the third number of cryptocurrency, its creator sunny king releases source code nine days before its mining. Lee says “I haven’t seen any other coin roll out with the same level of transparency.”

The most important thing for the cryptocurrency is the community acceptance. Bitcoin and other cryptocurrencies are acceptable in societies. Which clearly means that the developers want to provide the transparent and trustworthy transaction system. Ellis says,” Banks are operating a tollbooth economy.” “Banks want 10% of revenue for credit cards,” a cost that cryptocurrency is distributing. Altcoins, Ellis says, “anyone with sufficient will and devotion and time to nurture the community”.

Now we can earn money?

In the meantime, altcoins are in a bumpy ride. Antonopoulos says “99% of them will expire in the process of creative destruction”. “And that’s fine because every once in a while, something unique and amazing will pop out’’.

Tags: Bitcoin Disadvantages.

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Bitcoin Market Cap Hits $52 billion for the First Time Ever

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Bitcoin investors get apprehensive as Bitcoin’s value surpasses $3000, hitting a new record within a week after the split.

According to CoinDesk.com, Bitcoin climbed to $3,360.87 on Saturday and by Sunday, it had settled down to $3,286.87 while pushing bitcoin’s market capitalization past $50 billion for the first time ever. It’s market cap now lies at $52.3 billion at press time.

The reason behind these price jumps is the launch of Bitcoin Cash, which is a new version of the cryptocurrency. While Bitcoin’s price did have a 5% drop during the initial days of the new currency, it rapidly recovered. Previously in June, Bitcoin had hit the $3000 however, it fell 20% soon after.

As expected, market volumes have increased along with the price due to the increase in trade volume within the past couple of days and by the looks of it, Bitcoin is back and better than ever.

 

bitcoin image via atlanticbase.com

rocket image via Science Learning Hub

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Buying Bitcoins with PayPal through Paxful and Cryptonit

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Paxful and Cryponit are two of the best platforms to buy Bitcoin with PayPal. The process of buying Bitcoin with Paypal through Paxful and Cryptonit is almost similar to buying from LocalBitcoins. LocalBitcoins is a platform for purchasing/selling bitcoins with the lowest exchange rates and reliable users.

 

Buying Bitcoins with PayPal through Paxful and Cryptonit

 

The sellers have to pay a 1% commission fees to the platform that facilitates this exchange.

Like other P2P platforms, it follows a set of sales rules as well but, if you have a good user reputation, these requirements are lower.

Before you purchase anything, it’s better to make sure that the user has good reviews from other buyers.

The process of buying Paxful bitcoins is simple:

  1. Create an account
  2. Choose your amount and a payment method
  3. Select your seller- You can choose one yourself or let Paxfuldecide the best one for you.

Next, you’ll be sent to an online chat room with the seller to finalize your deal. The seller’s bitcoins are sent to Escrow and soon after you mark that the payment has been made, the bitcoins are released into your account. However, you must seal the deal within the time limit given or it is auto-canceled.

Buy Bitcoins With PayPal Through Cryptonit:

Cryptonit is another platform that enables you to buy Bitcoin with PayPal instantly. Cryptonit is a UK-based company and was founded in 2012. It is a cryptocurrency exchange that allows you to deposit money using PayPal, Visa/MasterCard, Skrill Western Union, MoneyGram, and many other options.

However, it requires a verification process in order to qualify for PayPal deposit to buy bitcoins.

The steps following the process are:

  • A copy of the government issued photo id.
  • An address verification document such as utility bill or rental agreement.
  • A photo of you holding these documents/ skype video call with someone from Cryptonit.

Verification will take around 12 hours on weekdays. After it is completed, just go to the “trade” tab, choose the suitable currency pair, and enter how much you want to buy.

Buying Bitcoins with PayPal through Paxful and Cryptonit

Final Word:

All in all, Cryptonit is a trustworthy option. It offers a safe environment so that you can serve your needs and minimize the risk of theft.

Please take a look at the following infographic for a better understanding.

 

 

 

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The cryptocurrency market is growing

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Today, Bitcoin is number one in the cryptocurrencies’ race. But, the recent data shows that crypto market’s share may drop significantly coming year.

There is rising consensus:

More than 900 cryptocurrencies inventions, introduce the transparent and crystal-clear payments process. Few had the work on cryptocurrency border market and on its evolving, special thanks to Abeer ElBahrawy who explores that crypto-market is getting more complex and mature. This market’s growth also bears a notable similarity to an evolution of networks in different areas. By providing insight into digital market’s way, might have changed in future.

Big challenge:

The most important challenge of the cryptocurrencies is to avoid illegal copying. For that purpose, digital currency uses two mechanisms to avoid.

Public record:

The system put out each transaction in the public record. And, store the copies of these transactions online. This allows its users to compare updated accordingly. These prevent the double spending.

Protection of the ledger:

In the second mechanism, the ledger is protected cryptographically. Each update gathers the new coming transactions and adds to the existing ledger. Accordingly, the earlier ledger is frozen and encrypted.

Block:  

This ledger new version creates the block, which holds the copies of the earlier ledger. You have the option to copy the encrypted data to generate a number that has the ability to check the reliability of the block. But its hard to generate that number. This feature makes the system more secure by providing an easy check of the blocks but tremendously tough to copy.

Crypto-analyses:

ElBahrawy do an analysis of the 1500 digital currencies appeared in 2013 and now more than 600 are alive. According to him, the digital market is going in the phase of exponential growth. In addition, its current cost is $54billion out of $60 trillion, the total amount of money of the world.

Distribution power law:

While, when the crypto market is rising speedily. ElBahrawy and his team show the stable aspect of it. Like, if all the digital currencies are alive same as in 2013 as has the market share distribution. This distribution has the ability to reproduce the standard model of evolution. It is a process where currencies’ rates are figured out and die away.

In addition, This law is occurring in almost all the sectors like the same law has to describe the religion in the world, languages of different areas, birth rate and death rate as well. ElBahrawy says, “The fit with the data shows that there is no detectable population-level consensus on what is the ‘best’ currency or that different currency are advantageous for different uses.”

Except for this external significant manipulation of this market, there will be noteworthy multiplicity in crypto-market for foreseeable future.

 

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