It’s been over 8 years since the bitcoin first came into circulation. However, the general public and press are still confused as to what is Bitcoin and how to use it. The result of this is numerous myths about the currency.
Bitcoin is a digital currency. It’s different from traditional money in many ways, due to which it is often considered to be a difficult subject to grasp because it requires a basic understanding of many different areas of study such as cryptography, economics, and computer science.
In this post, we have discussed five popular myths about Bitcoin that still spark a debate in 2017.
Is Bitcoin Anonymous:
In spite of the fact that Bitcoin is regularly referred to as the currency to make anonymous transactions, the correct word to use would be “pseudonymous”. Meaning that a user can have one or multiple identifiable addresses. However, nobody essentially knows who is behind each address.
With Bitcoin, each transaction is stored on a public ledger and anyone can view this ledger on Blockchain. This ultimately makes the transactions more transparent for the users.
It’s Used by Terrorists:
Our media has completely ruined the image of Bitcoin. Whenever the currency is brought up in a television show or movies, it’s almost always being used by some kind of serious criminal or terrorist.
Although the user anonymity may account for some illegal transactions, there is no confirmation of terrorists using Bitcoin on a noteworthy scale.
The Currency Is Dead:
One of the most common myths about Bitcoin is that it’s dead or no longer in use.
In reality, Bitcoin is currently going through its most successful phase in history – at least according to the number of daily transactions on the network, which keeps on growing each day.
At the time of writing, one bitcoin was worth $1095.
Think the currency is dead? Think again!
It’s 100% Transparent:
Another myth about Bitcoin is that it’s completely transparent. But this is absolutely not true.
The true identities of bitcoin users – be it individuals or an organization – are kept secret and never publicized.
Also, there are several privacy-enhancing-services, for example, JoinMarket, which permit clients to upgrade their security on the blockchain.
If someone asks what is bitcoin, the perfect description would be: it’s not completely transparent nor anonymous. It’s somewhere in between the two extremes.
Bitcoin Is Useless Due to Its High Volatility:
Because of high instability in value, Bitcoin is frequently thought to be useless by a majority of the population. While Bitcoin has had a significant volatile history, the currency has undoubtedly been moving towards stability since the mining of first blocks in 2009.
Having said that, relatively few individuals are attempting to utilize Bitcoin as a unit of account at this point. It is rather viewed as a store of value by those who hold it.
These are some common myths about Bitcoin. If you go into the market and dig up the details, you will realize that most of them are completely false and has no solid base to stand on.
In all, Bitcoin is a safe currency. The use of it increasing each day as several corporations, banks, retail stores, and outlets are starting to accept Bitcoin as a payment. This, as a result, has seen an ultimate rise in the value of the currency.
NEW YORK – April 25, 2017 – CapitalWave, Inc., a leading global provider designed to deliver highly engaging training for the financial markets, announced the official launch of The Blockchain Academy, a new institution offering online video training courses to professionals seeking to have a greater understanding of the impact of blockchain and its most famous use-case Bitcoin.
The Blockchain Academy offers progressive courses to increase the understanding of someone fresh to the blockchain network. It includes everything, from foundation to immersive courses that provide a thorough understanding of each aspect of the technology. Blockchain Academy prepares businesses to reach their internal targets and better serve their employees and customers.
Blockchain Academy courses prepare students to:
- Understand the disruptive impact of blockchain
- Learn how Bitcoin, mining, and cryptocurrencies work
- Get a deep and thorough understanding of the concepts that underpin how blockchain works.
- Discover where this technology is headed and the changes this will mean.
- Understand the basics of virtual currencies, with a focus on adoption and use within the financial sector.
Current Blockchain Academy Courses
- The Blockchain Foundations
- Blockchain Intensive I: Bitcoin and Blockchain
- Blockchain Intensive II: The Financial Sector
“We anticipated the need for alternative eLearning solutions to serve both large and small businesses with an easier, more efficient process,” said Bryant Nielson, the Executive Director of both CapitalWave and The Blockchain Academy. “The needs of companies are constantly evolving and we have successfully expanded our training course offerings to meet and exceed these demands.”
Each course is designed to provide companies the edge in understanding FinTech by learning online with engaging, self-paced e-Learning modules. Being one of the first learning organizations to provide a truly dynamic educational simulation training platforms. Their goal is to be the preeminent provider of training platforms, financial simulation and competitions for the Corporate and University markets.
About CapitalWave Inc.
With offices in New York and London, CapitalWave is a leading global provider of financial training solutions in the capital & wealth markets. In addition to delivering courses in Equity Fundamentals, Fixed Income programs, Investment Management, Investment Banking, Forex, Commodities & Energy, Wealth Management, Risk Management, Asset & Liability Management, CFA programs and more. The company’s headquarters in New York.
According to a Financial Times report, China became the country with the most patent filings for Blockchain technology to the WIPO (World Intellectual Property Organization) in 2017. Thomson Reuters collected data from the international patent organization which shows that in 2017, overall 406 patents were filled, from which more than 225 were from China.
At this time, Tech companies from all around the world are rushing to patent their innovative systems developed by using blockchain tech, which is just like a game changer supply chain management.
Last year, patent applications for Blockchain technology got tripled. An editor at Thomson Reuters’ Practical Law, Alex Batteson said:
“Companies are moving fast in order to protect their ideas in new areas of technological development — long before the technology actually goes to market.”
From 2012 to 2017, Chinese companies held the sixth spot out of the top nine filers for Blockchain patents. Even though all patents didn’t lead to feasible products, but the data remained substantial in that as it shows activity in a particular area of industry and could produce blocks to the entry.
Filed Patents from 2016-2017
China filed 225 patents in 2017 and 59 patents in 2016, while the US filed 91 patents in 2017 and 21 in 2016. Australia in on the third number with 19 and 13 blockchain-related patents in 2016 and 2017, individually.
A patent is an essential tool for any company in order to attract investment. If we talk about the US, then MasterCard, which is a payment processing giant had filed 25 patents for blockchain at the same time. Also, Lichtenstein’s nChain Holdings, which is considered as the worldwide leader in development and research of blockchain technologies by itself has filed 18 applications.
But one thing, that should always be remembered is that not all companies patent their innovations. Also, all patents don’t result in the formation of a workable product/use case. However, according to Thomson Reuters, the patent information imitates activity in a certain sphere and produce entry barriers.
Is Chinese government taking interest in the Blockchain Technology?
The Chinese government is officially taking an interest in the development of Blockchain technology in the country. As there’ve been many reports, the Investment Association of China has approved the development of a Blockchain Development Center.
As well as, list of objectives was published by the Chinese Ministry of Industry and Information Technology on 23rd March, to boost the development and regularization of Blockchain technology.
According to a report, Eric Piscini — a former leader of Global Blockchain and a partner at Deloitte has left the company. Piscini is going to join the blockchain startup, Citizens Reserve in order to transfer supply chain networks to a blockchain.
Piscini is the one who helped in building a global blockchain practice. The startup that he is going to join is at its early-stage, and it is currently raising $300 million. This startup is a shared database, which is designed to work on all levels of a supply chain.
New Cryptocurrency — ZERV
A new cryptocurrency, ZERV has been developed within the project, using the ERC20 token. According to a report, the cryptocurrency will be used by the group members for accessing the blockchain — it will allow them to implement virtually instant borderless transactions.
- The cryptocurrency, ZERV, is also considered as a utility token.
- It allows users to exchange services within the platforms.
- This digital currency comprises a third element — it sets it apart from other ECR20 tokens.
- The reserve assets are intended to fund the token a certain value of $0.01.
- Reportedly, 100 billion tokens will be issued to the value of $1 billion.
So, let’s enlighten you about the platform — it is based on the public Ethereum blockchain with smart contracts that consist of self-executing code — which could be implemented by using multiple private blockchain solutions. However, the contracts will be limited for a long period of time and it is expected that the transactions of cryptocurrency will be conducted any time soon.
According to Piscini:
“We are building the Ethereum of supply chain… The private blockchain is more for supply chain transactions, and the public blockchain is used for payments. There is a bridge that we created that is kind of our secret sauce.”
Reports also show that 85% of the funds that were involved in the token presale will be utilized in purchasing assets that will sponsor the tokens. Out of the total funds, 30% that were raised after the round gets closed will be issued to the users through a mechanism that is designed to stimulate and encourage the creation of the new supply chain services on its platform. It is expected that the Citizens Reserve will be launched in July 2018, however, Piscini didn’t disclose the names of the related group members, as he said that Citizen Reserve is going to work with three organizations — these organizations are providing software to the defense industry supply chain at this time — in a centralized manner.
The decision of blockchain leader, Piscini, is amid an exodus of top executives from the financial companies and traditional tech to cryptocurrency and blockchain. David Marcus left Facebook and Paypal as he was appointed to the exchange Coinbase – as a board of directors.
The co-founder of Coinbase, Brian Armstrong said, the knowledge of Marcus for both mobile space and payments is the main thing that would help as a guide for the platform to go forward. The CFO of Commonwealth Bank of Australia has also quitted to join Block.one, which is an EOS token developer.