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Cryptocurrency Market – Explained

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Expected to reach almost 1 - 1.5 trillion dollars by end of 2018.  Let us try to decode various terminologies commonly used in the cryptocurrency market.

Deciphering some of the keywords of the cryptocurrency market.

Introduction

The cryptocurrency market seems to be too unusual for some people, and they try to decipher a range of keywords related to the cryptocurrency market, which have possessed raging popularity on a number of news portals. While some of them have the notion that cryptocurrencies are the future of the globalized currency, some of them consider it to be a goldmine for money laundering and criminal activities. Nevertheless, the cryptocurrency market is growing at a very rapid pace and is expected to reach almost 1 – 1.5 trillion dollars by end of 2018.  Let us try to decode various terminologies commonly used in the cryptocurrency market.

 

Cryptocurrency

The whole cryptocurrency market revolves around the Cryptocurrencies. A Cryptocurrency is nothing but a digital currency which incorporates Cryptographic principles to maintain the sanity of the currency. The cryptocurrencies are even known to provide higher amounts of anonymity in the transactions, where the centralized authority is completely eliminated. Thereby the transactions are processed by the nodes of the network itself in a distributed manner. It is worth mentioning that the cryptocurrencies are not controlled by the government but governed by a consensus mechanism which is entailed in the currency itself. The cryptography and the consensus mechanism are incorporated to enhance security in the cryptocurrency market.

 

Why did we need one?

The cryptocurrencies were developed predominantly to solve the double spent problem. With its distributed Ledger Technology they make sure that the coins are not double spent. It’s another main intention was to globalize the whole financial economy by reducing the transactional costs, which was in turn reduced by eliminating all the Centralised authorities. Also, transferring the ownership of our funds to another Centralised authority was not a viable option, as it became self-evident during the financial crisis of 2008. Hence the decentralized nature of cryptocurrencies gave the users a complete ownership of their funds.

 

Blockchain Technology

The Blockchain Technology is the backbone of the cryptocurrencies, without which they are like any other digital currency. In a Blockchain technology, all the transactions that occur with respect to a particular cryptocurrency are recorded on a ledger whose copy is distributed to each and every individual using that cryptocurrency. Also, the ledger is immutable that means once the data is entered, it cannot be removed at any cost. This collection of transactional record forms a block. The transactions on the network are processed and a collection of records in the form of a block is added on to the Blockchain which is secured which is in turn secured through Time Stamping and Hashing.  

 

Initial Coin Offering

Another major domain of the cryptocurrency market is the ICO. An Initial Coin Offering is nothing but a digital version of Initial Public Offering. In its case, as it is an online way of raising investments from various people for the creation and development of a certain project. Since the process is completely online and real-time, the investments can be availed from the investors all over the globe. Hence enabling the entrepreneurs to a wide range of possibilities. They are one of the major sectors in the cryptocurrency market and have managed to raise unimaginable amounts of funds in the recent years.  

 

Cryptocurrency wallets

The cryptocurrency market is highly vulnerable to attacks and thefts and therefore one needs their crypto finds to be stored in a safe place.  Cryptocurrency wallets are nothing but which provides security to it. They are of two types, software or website wallets and hardware wallets. The software wallet is nothing but a place where the funds are stored on a Centralised server in a secure manner. On the contrary, the hardware wallets store the funds on a specific hardware device similar to that of a Pendrive. The hardware wallets are highly recommended over the other one, due to its incredible security.

 

Conclusion

The cryptocurrencies are considered as the future of a globalized financial economy, as they effectively have proven to reduce the costs of the transaction between different countries. Its online and real-time nature has also rendered it to have faster transaction confirmations than the traditional money transfer processes. Therefore it is no surprise that the cryptocurrency market is booming more than ever.

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#Blockchain

Can France become the Blockchain Nation?

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French MPs have recently put our a proposal trying to make France become the Blockchain Nation. This is a raft of 20 different proposals.

French MPs have recently put our a proposal trying to make France become the Blockchain Nation. This is a raft of 20 different proposals all aimed at trying to make France the number 1 Blockchain Nation specifically citing that they do not want to miss the train on this like they did the internet.

MPs in France are proposing to have a 500 million euro investment fund in order to stimulate the blockchain industry in France. They are focusing on trying to get public institutions to get into blockchain. The proposals include the Central Bank of France issuing their own cryptocurrency and providing subsidies for cryptocurrency miners.

Recently we did have legislation coming out of France that they want to make it much easier to have ICOs in France. They are aiming to attract teams from all over the world o come to France and have their ICOs.

 

Writers thoughts:

The central bank of different nations are planning to issue their own crypto assets but it recreates the problem that we are trying to solve with cryptocurrencies.

Giving subsidies to cryptocurrency miners is not actually good for the crypto community as the mining industry should remain competitive. The government of different nations should not be giving them preferential energy rates especially in France where it is mostly a nuclear-powered nation.

Setting up a legal framework for ICOs is exactly what is needed in terms of regulation.

Along with all of this, there is also a formal taxation policy which is coming up in France and all of this coming together is quite awesome. This is regulatory clarity and this is what a lot of companies and institutions are desperately asking for. This is the main reason why more and more companies are moving to nations such as Malta, Japan, and Switzerland as they have regulatory certainty. France which is one of the world’s biggest economies is hopping on board with the new proposals, the recent announcements about ICOs, taxation, tobacco shops to sell bitcoin from next year and recently setting up something called the ‘Mediterranean Seven’ which includes Spain, Portugal, Cyprus, Italy and Greece led by France with the mission to improve education in usage of blockchain technology in industries such as healthcare, transport, land, company registry, shipping and much more.

 

What are your thoughts on the above? Tell us in the comments section below.

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#Blockchain

Blockchain and Oil Industry: IBM partners with ABNOC

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IBM is teaming up with the Abu Dhabi National Oil Company to create a blockchain supply chain system. The blockchain solution is currently in pilot phase.

IBM is teaming up with the Abu Dhabi National Oil Company or ABNOC to create a blockchain supply chain system. The blockchain solution is currently only in its pilot phase but this is no small announcement for ADNOC as ADNOC has a daily output of about 3 million barrels of oil in 10.5 billion cubic feet of natural gas. ADNOC’s digital unit manager had the following to say about the blockchain pilot:

“Blockchain is a game changer. It will substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes. It will strengthen the marketing and trading of our products and create long-term sustainable value.”

 

Blockchain for Oil

The blockchain solution will also enable the ability to track every molecule of oil and its value from well to the customer. Also reducing the time to execute transactions between ADNOC’s operating companies and increase operational efficiencies and provide even greater transparency to the industry. The blockchain solution will surely increase the revenue for ADNOC and it may increase the efficiency of delivery and hopefully reduce waste.

The oil industry is currently attempting to extract a little bit more wealth before the renewable revolution takes place. But even though we have a boom in renewables, the infrastructure is lacking in many places globally and oil is here to stay with us at least for some time in the coming future. This is the first oil blockchain solution which will surely attract more oil blockchain solutions in the coming future.

 

The third industrial revolution will surely be not an oil-based revolution. The renewable revolution will basically be unstoppable. What do you think about the future of blockchain and oil industry? Tell us in the comments section below.

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#Bitcoin

CoinMarketCap is now on Telegram and very community-driven

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CoinMarketCap, a platform that has been serving the cryptocurrency community since 2013, now has an official Telegram group to educate the community

CoinMarketCap, a platform that has been serving the cryptocurrency community since 2013, now has an official Telegram group to educate the community about latest happenings in the world of cryptocurrency & blockchain with market updates, relevant news, and educational content.

 

CoinMarketCap

CoinMarketCap is the most used websites amongst the crypto enthusiasts, having a great user experience. The platform provides a comprehensive breakdown of the current price of more than 2000 cryptocurrencies in the market. The price is calculated by averaging the prices of top cryptocurrency exchanges weighted by volume. CoinMarketCap offers essential data such as historical price charts, coin information, ranking, the market capitalization of each cryptocurrency, circulating supply along with the 24-hour volume for the millions of cryptocurrency enthusiasts.

 

CoinMarketCap for Traders

CoinMarketCap is also an excellent tool for traders for viewing the hourly, 24 hours or 7-day percentage change of a particular coin. The information on the platform is updated in real time. CoinMarketCap fetches real-time data from top cryptocurrency exchanges and ranks the top 100 exchanges for traders to choose from and decide which one is the best suitable for them. In summary, CoinMarketCap can be called a solution for all cryptocurrency related data that anyone needs for investing, trading or understanding cryptocurrencies. CoinMarketCap now offers a pro API plan which provides more robust data endpoints for subscribers.

 

CoinMarketCap Community Group

CoinMarketCap has recently announced the launch of their official Telegram group which aims at connecting the entire crypto community with market updates, relevant news, and educational content. It’s also a great space to bond, share and learn about crypto related topics with the peers in the community.

 

How do you join the group?

To join, simply download Telegram Messenger onto your mobile phone or desktop.

Telegram Messenger also works on the web: https://web.telegram.org. Once you have successfully registered on Telegram, you can search “CoinMarketCap Community” in the search bar. Users can also click on the following link to join the group instantly: https://t.me/CoinMarketCap

 

CoinMarketCap Chat Bot

CoinMarketCap also has an interactive chatbot: @CoinMarketCapBot which will allow you to have an interactive experience through choosing your own adventure on market updates, latest cryptocurrency news, and educational content.

This is a great new way of receiving quick updates in the crypto market. The whole thing only takes a few minutes and the interaction with its sassy bot is not only informative but also quite entertaining!

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