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As reported by The Telegraph, the Bank of England may support the production of a state-supported digital currency within a year. Just a year ago, the bank declared that it had commissioned a hypothetical money, RS Coin, which could be utilized by national banks to settle payments.

Currently, England’s national bank is raising the stakes, hoping to make its hypothetical idea into a feasible reality.

A research group vetted by the Bank has been examining the likelihood of a national bank-issued cryptographic money since 2015. So as to avert the unpredictability that has come to characterize Bitcoin, the digital money would be supported by the Bank of England and fastened to the pound sterling, Great Britain’s national cash. The Bank expects the research group to report back at some point in 2018 with their discoveries.

Prior to the Christmas, Dr. Stamp Carney, Governor of the Bank of England, put forth the defense for a national bank-sponsored crypto money to England’s Treasury Select Committee. Shielding the thought, he expressed that “The underlying technology is really of a fair bit of interest. We are working with it at the Bank of England.”

“I have taken an interest in discussions with the significant national banks on this issue,” he kept saying that such talks would continue in the new year. He also revealed that, over the summer, the Bank successfully executed a transaction with another bank using blockchain technology.

The Governor added that the Bank and its exploration unit are “restrained” in their approach. “In case we will apply something to the core of the system, it will need to meet five sigma quality rating.”

If the trials are successful, a digital currency banking option could make the way for instant payments for cars, houses, land, and other key assets.

However, Dr. Carney was still careful to address the confinements of a national bank-sponsored digital currency. One such frail point, he admits, is dissolvability if the currency was introduced on a public scale.

England – The Next In Line?

This disclosure makes England the most recent in an extending rundown of countries that have either engaged or endorsed their own cryptographic money.

Recently, Israel declared its own plans for the advanced shekel, the Israeli national bank’s answer for battling bootleg market purchases that include a little more than 20% of Israel’s GDP.

Back in October, Vladimir Putin put Russia on the map as the main country to declare official plans for its own particular state-issued cryptographic money, the digital ruble. Evidently, Russia is engaging the cryptoruble as a way to go around international sanctions.

Venezuela has also declared their own digital money in a comparative endeavor to moderate the effect of approvals from the United States.

 

Story credit: ccn.com

Image: Google Images

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A Beginner’s Guide on Bitcoin – The Cryptocurrency

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A Beginner’s Guide on Bitcoin

Bitcoin is a type of cryptocurrency that is autonomous to the government, central bank or financial authorities. In other words, it’s a virtual currency which is only the controlled by those who own it.

Is Bitcoin Different from Traditional Currency?

In terms of usage, both currencies are same. Both can be used to buy goods and services and there are many merchants who accept Bitcoin as payment.

But going deep, we realize that there are some huge differences between the two currencies.

  1. Bitcoin is decentralized
  2. The currency is peer to peer and is only managed by users around the world
  3. Bitcoin transactions leave no traces behind which gives its users complete anonymity
  4. Bitcoin transactions do not need to go through a clearing house like Government, Visa Network, MasterCard, the central bank, etc. which means low transaction fees.
  5. Bitcoins are generated through Bitcoin mining – a process in which miners around the world assemble blocks and work on solving mathematical algorithms to generate new coins.
  6. Bitcoins are finite.
  7. Bitcoins are stored in a Bitcoin wallet and are protected by private keys.
  8. If lost, bitcoins are irrecoverable. The cryptocurrency is not insured or protected by any regulatory authority which makes it impossible to recover in case the coins are stolen or lost.

Who Created Bitcoin?

Bitcoin first appeared on the radar in 2009 and was created by a programmer called Satoshi Nakamoto. The inspiration behind the invention was to produce an electronic currency that would be independent of any third-party influence.

Considering the current situation and ever growing popularity, it’s safe to say that the goal is pretty much achieved.

Is Bitcoin Printable?

Bitcoin guide: I is a virtual currency and is not printable. The only way to generate bitcoins, as mentioned above, is Bitcoin Mining where individuals from different countries form a network which is open to anybody around the world.

The network also facilitates bitcoin transactions, making the cryptocurrency guide its own payment method.

Can We Create Unlimited Bitcoins?

There are specific rules and specification to create bitcoins. It has been decided that the maximum limit for bitcoins would be 21 million and this number is impossible to achieve until the year 2140.

The value of Bitcoin can be divided into several smaller portions. The smallest it can go is one hundred millionth of a coin and is called “Satoshi” – named after the creator of currency.

Final Word:

These are some of the characteristics and general facts about Bitcoin. Putting in a nutshell, the cryptocurrency is growing in popularity and the number of merchants accepting it as a method of payment is increasing each day. So, it’s safe to say that bitcoins will be playing a huge part in future transactions of money and goods.

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Who will be the ‘Amazon Of Sharing Economy’?

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Each day companies are becoming more and more dependent upon blockchain technology applications. Now it is in the news that a company is going to build its own system to get rid of separate portions of the sharing economy scattered here and there. This will obviously be a blockchain based system activated with the help of a single app that will provide the users access to any sort of rent, borrow or share assets available within the network.

blockchain based system

That company is known by the name of ShareRing. It claims that the current market is no more convenient for consumers as it was in the past. The reason behind this inconvenience is that though there are numerous companies available in the online market but most of them are specialized in one particular service for instance office space or transportation etc. due to that reason the user has to go through the laborious task of registering multiple accounts. Even after that there is no guarantee of satisfaction as the things you want to buy or borrow would be available near your locality as these kind of business parties only operate in heavily localized areas. That is where ShareRing has decided to utilize its blockchain based systems to facilitate its users as well as the small business parties.

The Goal behind This Sharing Innovation

ShareRing has an aim of becoming the “Amazon of the sharing economy”. It will provide an ease of access to its users to lease a large number of assets through a single smartphone app. All these users would be interconnected with each other as well as nearby individuals who have items to share. The beauty of this system is that the rental companies would also be able to develop their own “mini” app. This app will provide them the facility to reach a much greater numbers of targeted customers within the share ring. For this purpose ShareRing is already considering deals with big brands, progress of these deals will probably be shared on its website.

Some of the areas in which the ShareRing technology may prove to be useful are:

  • Renting cars, trucks and trailers
  • Co-housing
  • Car sharing
  • Booking delivery drivers
  • Sharing gardens
  • Swapping books
  • Social dining etc

How will the App Work?

The ShareRing’s system will have full support of an integrated smart app which will use geolocation to show users which services are available near them, thus it will also be participating in growing the ecosystem. The company is quiet optimistic about its progress and hopes that soon there would be available one million assets ready to share around the world.

 

ShareRing’s token sharing event going to be launched in May, in the meantime the company is planning to run token hunts and several other campaigns to raise awareness of the project.

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Bitcoin technology is going to save environment

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Bitcoin technology is going to save environment

If you know about the bitcoin. which means, you clearly know about this technology. People use digital currency in the sale or purchase of any commodity or in term of service. Actually, this technology chain is wide and control by the computers forming blockchain.

Now, blockchain is also going to help in saving the environment difficulties. An ecologist at the university of the Agriculture sciences in Riddarhyttan is confident that this growing technology will also help to save the environment.  Science and he have a discussion about the future of the money, government trends and trust of the public as well.

The blockchain is a procedure to maintain the immutable ledger of the transactions. Which decentralization the supercomputers. Accordingly, because of the lack of trust, the environmental problems emerge. Whereas, environmental crisis grows in a fruitful ground. Which is directly the multiplication of intermediaries. For example, if you buy a ring from the supermarket. Here, you just buy a ring, not even know where it comes from. The supply chain of this ring is very long. It is possible that even retailer has not enough information, where the ring came from.

In the same way, the blockchain base supply chain would mean that you buy a ring by scanning QR from your mobile phone. Where you are able to see each step and positive thing is it cannot be falsified.

How blockchain help the environment?   

Blockchain has the ability to change the nature of the ownership. Moreover, in most of the developing countries land rights are not properly distributed as they are in documents. Where the government or a reputed company can easily claim, a land owned by a local community. Whereas, if we put the registry of the same land to the blockchain, which will be immutable. In addition, the real owner of the land will have complete freedom to do whatever with a land.

Blockchain has directly created an influence in policy making. While voting by the blockchain is the secure and organized way to the elections. Now, if you are going to manage an election regarding how to control natural resource. Whether it is a fishery or a forest. You need planning, instruments, ballot boxes and most important thing is to prepare the public to cast vote on the election day.  On the other hand, if you do this procedure of voting through blockchain technology. you’ll free cast a vote from your smartphone with your cryptography identity and strong security.

Furthermore, this technology helps by changing incentives. A blockchain guarantee that an event will happen. That sounds weird, but you enter into a contract with the blockchain. You are free to enter business logics as computer code. Next, when condition met the contract will be executed automatically.

Above all discussion is about how blockchain will help in environmental issues. We need more planning to change living, these are few of them.

Good luck!     

 

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Bitcoin Surpasses $8,000 Mark and Cardano Surges by 12%

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According to cryptocurrency price news, after recording an immense buy volume in the major cryptocurrency exchanges, the price of bitcoin is currently trading at $8,089 however, the price of Cardano has risen by 12% which makes it one of the best performers of the day.

bitcoin trend line

Cryptocurrencies Following Bitcoin Trend Line

Most of the cryptocurrencies have followed the bitcoin trend line during the time of extreme volatility. Cryptocurrencies that have small market caps usually don’t perform well against bitcoin, which makes the most leading cryptocurrency in the crypto-market end up as one of the best performing cryptocurrencies of the year.

Short-Term Market Trend

When investors start to feel ambiguous about the future of crypto-market and concern about the short-term market trend, both long-term traders and day-traders tend not to allocate their funds as a highly risky and volatile assets. Basically, cryptocurrencies like bitcoin and Ethereum have performed a lot better than small-cap cryptocurrencies in the past four months.

After this cryptocurrency price news, some experts have ascribed the poor performance of Cardano to the high-demand for bitcoin from investors that perceive it as a safe asset, which is logical but, at the same time it is volatile, and has the highest liquidity.

Cardano Price Surge

Investors and traders have recently become more determined and have started to get more small-cap cryptocurrencies along with other cryptocurrencies outside of Ethereum and Bitcoin. This autonomous development of cryptocurrencies and the reluctance of traders to compete for the bitcoin’s price trend show solidity in the market, as well as it ensures that the market has started to recuperate. Over the past 24 hours, the price of Cardano has surged by 12% against the US dollar.

Bitcoin Price Trend

The price of bitcoin rose from $6,900 to $8,000 mark just within the time of 30 minutes, last week. Traders were scared that an immediate correction may occur because an enormous buy volume was noted shortly, which appeared to be out of the blue for most of the investors and traders. But, against the predictions of experts, the price of Bitcoin continued to be strong for many days and ultimately surpassed the $8,000 mark.

Due to the unexpected upsurge in the price of Bitcoin, it is still well that it recorded a slight decline over the past 24 hours. It is likely that the price of Bitcoin will surpass the $9,000 mark in the upcoming time, only if it holds up the $8,000 level over the next few days, as traders are also expecting another short-term rally for recuperating the past shortfalls.

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While We’re Living In 2017, This Indian Bitcoin Gang Is Already In 3017!

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Ever heard of Bitcoin gang?

No?

Well, it’s a thing now in India!

According to the news coming from India, a local businessman got abducted and looted by Bitcoin Gang. Probably the first ever incident of its kind.

Remember that Bitcoin is still not legalized in India and chances of it being legalized are very slim in future.

The Backstory:

So this businessman (identity unrevealed) posted a requirement of Bitcoins worth $55000 on localbitcoins.com, a site which enables P2P trade of Bitcoins/fiat in the same country. A large portion of you can already envision this is a major sum in India, equaling around INR 3594937.50. A seller then contacted this guy to sell Bitcoins. He wanted to pay online but the dealer talked him into paying in cash, by offering him a discount.

Cheeky I see!

I am certain the seller would have given him the reason of tax avoidance and protection from Govt as well!!! The seller was a young lady in her graduation, probably the biggest reason the guy went for a physical exchange.

Anyways, the soon to be victim packs his $55,000 in a briefcase and goes to meet this woman. She, alongside her boyfriend, has officially set the trap for this person. When he meets this woman, an armed gang shows up and snatches all his fiat from him!!!! Also, they gave him some great beating, punch marks, purple eyes, and life threats if he tells about this ordeal to anybody!!!

However, the good thing is that the gang was caught and the cash that had been looted was returned to the owner. But looking at the bigger picture, events like this don’t really give Bitcoin a good name. Particularly in a country where it is already struggling for legalization. A government which is apparently in no mood to legalize Bitcoin may go on putting further restrictions on Bitcoin and other cryptos.

So, let’s see what the future holds for Bitcoin India. Fingers crossed!

Tags: bitcoin news india, bitcoin india

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