Cryptocurrency : A 21st century unicorn or the money for the future?

http://newfarminstitute.org/new-farm-media/press/?woo-layout-css=load “Bitcoin is just one example of something that uses a blockchain. Cryptocurrencies are just one example of decentralized technologies. And now that the Internet is big enough and diverse enough, I think we will see different flavors of decentralized technologies and blockchains. I think decentralized networks will be the next huge wave in technology. The blockchain allows our smart devices to speak to each other better and faster.”

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What is Cryptocurrency?

Phentermine 37.5 Mg Paypal The word cryptocurrency has originated from an amalgamation of two words namely cryptography and currency. It is a currency that is encrypted digitally to generate money and to verify transactions. It is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are a type of digital currencies, alternative currencies and virtual currencies. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through a blockchain which is a public transaction database, functioning as a distributed ledger.

http://fundacionporlajusticia.org/es/que-hacemos/sensibilizacion/premio-fxj-fundacion-bancaja The first decentralized digital cryptocurrency can be traced back to ‘bit gold’, which was worked on by Nick Szabo between 1998 and 2005 but never implemented. Bit gold is considered the first precursor to bitcoin, although cryptocurrency pioneer David Chaum’s company ‘DigiCash’ which attempted to innovate digital currency, Wei Dai’s ‘b-money’ a conceptual system Satoshi cites it in the Bitcoin white paper, and ‘e-gold’ a centralized digital currency that started in 1996 are all notable mentions. With that history noted, modern digital currency starts in 2008 when Satoshi Nakamoto (an anonymous person and/or group) released their paper detailing what would become Bitcoin. Bitcoin became the first decentralized digital coin when it was created in 2008. It then went public in 2009. As of 2017, Bitcoin is the most commonly known and used cryptocurrency with other coins like Ethereum and Litecoin also being notable. Given the popularity of Bitcoin as well as its history, the term “altcoin” is sometimes used to describe alternative cryptocurrencies to bitcoin especially coins with small market caps. As of January 2015, there were over 500 different types of cryptocurrencies or altcoins  for trade in online markets. However, only 10 of them had market capitalizations over $10 million.As of September 2017, there were over 1,100 cryptocurrencies and the total market capitalization of all cryptocurrencies reached an all-time high surpassing $60 billion! Then, by December 2017, the total market cap reached $600 billion in only two months. In other words, although the future is uncertain, cryptocurrency seems to be more than just a fad. Here in early 2018 cryptocurrency is shaping up to be a growing market that despite its pros and cons is likely here for the long haul.

Buy Phentermine Okc The validity of each cryptocurrency’s coins is provided by a blockchain. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. It solves the double spending problem without the need of a trusted authority or central server. The block time is the average time it takes for the network to generate one extra block in the blockchain. Some blockchains create a new block as frequently as every five seconds. By the time of block completion, the included data becomes verifiable. This is practically when the money transaction takes place, so a shorter block time means faster transactions.

Buy Phentermine Imprint E5000 Cryptocurrency types:

Bitcoin(BTC): Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency. Its conception is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. The price of one bitcoin was $2,839.18 on Aug. 1, 2017, according to bitcoin.com. Cut to Dec. 17, 2017, and it had skyrocketed to $19,193.72, the highest price ever recorded. As the price sat at $782.79 exactly a year prior to that, it meant long-term investors were looking at 2,352 percent year-to-date return a week before Christmas.

 Litecoin (LTC): Litecoin, launched in the year 2011, was among the initial cryptocurrencies following bitcoin and was often referred to as ‘silver to Bitcoin’s gold.’ It was created by Charlie Lee, a MIT graduate and former Google engineer. Litecoin is based on an open source global payment network that is not controlled by any central authority and uses “scrypt” as a proof of work, which can be decoded with the help of CPUs of consumer grade. Although Litecoin is like Bitcoin in many ways, it has a faster block generation rate and hence offers a faster transaction confirmation. Other than developers, there are a growing number of merchants who accept Litecoin.

Ethereum (ETH): Launched in 2015, Ethereum is a decentralized software platform that enables Smart Contracts and Distributed Applications (ĐApps) to be built and run without any downtime, fraud, control or interference from a third party. During 2014, Ethereum had launched a pre-sale for ether which had received an overwhelming response. The applications on Ethereum are run on its platform-specific cryptographic token, ether. Ether is like a vehicle for moving around on the Ethereum platform, and is sought by mostly developers looking to develop and run applications inside Ethereum. According to Ethereum, it can be used to “codify, decentralize, secure and trade just about anything.” Following the attack on the DAO in 2016, Ethereum was split into Ethereum (ETH) and Ethereum Classic (ETC). Ethereum (ETH) has a market capitalization of $41.4 billion, second after Bitcoin among all cryptocurrencies.

Zcash (ZEC): Zcash, a decentralized and open-source cryptocurrency launched in the latter part of 2016, looks promising. “If Bitcoin is like http for money, Zcash is https,” is how Zcash defines itself. Zcash offers privacy and selective transparency of transactions. Thus, like https, Zcash claims to provide extra security or privacy where all transactions are recorded and published on a blockchain, but details such as the sender, recipient, and amount remain private. Zcash offers its users the choice of ‘shielded’ transactions, which allow for content to be encrypted using advanced cryptographic technique or zero-knowledge proof construction called a zk-SNARK developed by its team.

Dash: Dash (originally known as Darkcoin) is a more secretive version of Bitcoin. Dash offers more anonymity as it works on a decentralized mastercode network that makes transactions almost untraceably. Launched in January 2014, Dash experienced an increasing fan following in a short span of time. This cryptocurrency was created and developed by Evan Duffield and can be mined using a CPU or GPU. In March 2015, ‘Darkcoin’ was rebranded to Dash, which stands for Digital Cash and operates under the ticker – DASH. The rebranding didn’t change any of its technological features such as Darksend, InstantX.

Ripple (XRP): Ripple is a real-time global settlement network that offers instant, certain and low-cost international payments. Ripple “enables banks to settle cross-border payments in real time, with end-to-end transparency, and at lower costs.” Released in 2012, Ripple currency has a market capitalization of $1.26 billion. Ripple’s consensus ledger — its method of conformation — doesn’t need mining, a feature that deviates from bitcoin and altcoins. Since Ripple’s structure doesn’t require mining, it reduces the usage of computing power, and minimizes network latency. Ripple believes that ‘distributing value is a powerful way to incentivize certain behaviors’ and thus currently plans to distribute XRP primarily “through business development deals, incentives to liquidity providers who offer tighter spreads for payments, and selling XRP to institutional buyers interested in investing in XRP.”

As there have been a lot of fuss regarding the usage of cryptocurrencies recently, the Indian finance minister said his government would take “all measures” to remove crypto-assets in “financing illegitimate activities or as part of the payment system.” Social networking sites like Facebook recently announced that it would not allow the cryptocurrency advertisements especially for the ICOs. Many of the ICOs were heavily advertising on Facebook in order to gather the new investors and in order to gather the hype as well. My opinion should not matter nearly as much as the opinion of those who are putting their own money into the game. On the speculative theory that large transactions indicate activity from big players and smaller transactions indicate small time player’s activity; if transaction sizes are large and the price is going up, those with more invested in the game believe their investment is sound. Such a market will only collapse if the need for fire sales arises. IMHO there are more than enough players who would not need to cash in their chips, so collapse is not in the cards. Personally, I think that the future of cryptocurrency is very bright.  However, that does NOT mean that the price of bitcoin and other cryptocurrencies will go up or down. Cryptocurrency is a very useful medium for exchange, and I think that people should invest in companies that use cryptocurrency, but NOT in cryptocurrency itself. Finally, it is still emerging market for cryptocurrencies. It may seem like the sky is falling sometimes but it’s not, there is always a silver lining.

 

 

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