Connect with us

Bitcoin

Blockchain is changing the world – 7 reasons why

Published

on

blockchain changing world

Blockchain is a cryptographic technology. Blockchain is used to deal with data,transactions,their storage and their protection. All the sectors in our day to day life involve data and transactions and wherever there is data and transactions we can use blockchain technology to manage them. Blockchain can influence every industry and take them by a storm. Blockchain can change the way we look at things.

 

The features of blockchain technology are:

Public ledgers: Millions of copies of a database that is continuously updated by anybody connected to a network. It is a giant public spreadsheet that everybody has access to. The spreadsheet contains digital records of the value of a currency, files like PDFs or images, or even a historical list of different transactions. Whenever the spreadsheet is modified on one computer it is replicated, shared, and synchronized so that the changes are saved to all the other computers connected to the network.

Peer-to-peer transactions: A network of computers that lets devices combine their power to complete more tasks faster.

Cryptographic algorithm: A type of encryption software. A hash takes the record of a transaction, randomly scrambles it into funny looking code, and makes it virtually impossible to decipher without the private key.

Immutability: a security feature that makes it impossible to change or alter data without permission.

Anonymity: Lets the consumers decide whether they want to remain anonymous or share their identity with others on the network.

It is these features of blockchain that can make considerable impact in all the fields it is used.

Such that it can disrupt the entire way in which business is conducted, the public institutions we rely on, and in the very system of government.

 

Reasons: How blockchain is changing the world

1. No Third Party involvement:

Now that consumers have a secure way of transacting with consumers directly, they no longer need to rely on platforms owned by third-parties like banks to conduct transaction. This will make consumers more self-sufficient.

 

2. Revolutionize healthcare:

Blockchain gives patients more control over their sensitive medical information, a hospital’s ability to streamline and share it, and everybody’s ability to protect it. Indeed, this much is true for any industry involved in compiling and distributing sensitive information about individuals between practitioners or departments.

 

3. Employee compensation:

will make it easier to pay employees, and circumvent costly fees often associated with paying teams that work overseas. That means that companies will have fewer financial barriers when it comes to international expansion, making it increasingly likely that you’ll work with people and departments from all over the world.

 

4. Improve Voting System:

Even good governments are prone to corruption, rigged voting, and an ultimate disillusion of democracy in the eyes of its citizens. Blockchain potentially allows us the ability to vote in a manner that’s impervious to outside meddling or the influence of corruption.

 

5. Internet of Things:

Today the Internet of Things (IoT) includes cars, buildings, doorbells and even refrigerators that are embedded with software, network connectivity and sensors. However, because these devices operate from a central location that handles    communications, hackers can gain access to the car you’re driving or to your home. Blockchain has the potential to address these critical security concerns because it decentralizes all of the information and data. This is increasingly more important as IoT capabilities increase.

 

6. Improve Communications:

Blockchains can enable faster, safer and more reliable automated communication. Automated or digital communication based on pre-built algorithms is already occurring at scale in some industries. Examples of this include emails, system alerts and call notifications. While a lot of communication is currently automated, this type of communication is generally non-critical and asynchronous. Blockchains can shift the playing field to allow authorized, bi-directional communications and transactions that occur more freely in an automated environment and produce an immutable record of communication. This will greatly enhance the safety and reliability of our communications.

 

7. Rentals and Ride-sharing:

The car rental platform owners are in complete control of the network and naturally take a fee for their service. Blockchain can create decentralized peer-to-peer ride-sharing apps and can allow car owners to auto pay for things like parking, tolls and fuel.

 

Blockchains can help ensure that your money gets exactly where you need it to go. Bitcoin-based

charities are already creating trust through smart contracts and online reputation systems and allowing donors to see where their donations go through a secure and transparent ledger. Thus Blockchain can affect and change the world for good.

#Exchange

5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

Published

on

Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

Continue Reading

#Bitcoin Price Analysis

BTC to USD: Bitcoin Price Analysis, BTC going to rise?

Published

on

Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

Technical Indicators:

Support Levels: $5200, $5150

Resistance Levels: $5350, $5400, $5500

 

Key Points:

  • Bitcoin price is currently trading well above $5200 support level.
  • BTC is gaining momentum and trying to move over the $5350 resistance zone.
  • A bullish pattern is being formed with support around $5200 on the hourly chart.
  • Bitcoin price is currently in a bullish momentum and might move towards $5400 and $5500 resistance levels soon.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

 

This week, bitcoin price maintained a slow bullish pace after rising over $5100 level. BTC was able to maintain its position above $5100 and $5200 support levels after breaking through the major resistance around $5200. BTC was able to close over the 100 hourly SMA. After falling up to $5190, bitcoin price was able to recover sharply to over $5300.

 

Bitcoin price spiked up to $5365 before correcting downwards. The support around $5250 proved strong enough to stop further declines and BTC was able to maintain its position above the 100 hourly SMA. Also, a bullish pattern is being formed with support around $5200 on the hourly chart.

 

BTC will most probably experience some dips, however, it remains strong support around $5200. The current target for bitcoin is $5350 above which it might test $5400 and $5500 resistance levels.

 

BTCUSD Price Chart 20 April

BTCUSD Price Chart 20 April

 

The chart shows that bitcoin price is currently trading with a bullish force above the $5200 support level. Until BTC remains above this support, there are high chances of BTC testing the $5400 and $5500 resistance levels. However, if the support level is broken, Bitcoin might fall down to $5150 and $5100 supports.

Continue Reading

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

Published

on

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

Continue Reading

Keep up with Bitcoin & Blockchain Technology Trends

Simply enter your email address in the box below and sign up for emails from Coinnounce regarding trending cryptocurrency, bitcoin & blockchain topics and offers.

This information will never be shared with third parties.