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India planning to launch its own cryptocurrency?

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In the wake of blowing hot and cool on bitcoin, the government of India is thinking about drawing out its very own cryptocurrency.

In the wake of blowing hot and cool on bitcoin, the government of India is thinking about drawing out its very own cryptocurrency.

 

A board comprised by India’s finance ministry suggested that the nation launch a government-backed cryptocurrency.

“We are assessing the government-backed cryptocurrency and crypto-token,” said a senior government official conscious of the dialogs of the board. “Furthermore, we are hoping to create and empower our own innovative work of blockchain technology,” the authority included, alluding to the digital foundation on which cryptocurrencies are based.

The fund service board was set up in December 2017 under Subhash Chandra Garg, secretary, bureau of financial undertakings, to recommend measures to direct cryptocurrencies. The board should present its report by July, which was later pushed to the year’s end. An email sent to the back service looking for affirmation remain unanswered.

Its arrangement, be that as it may, is by all accounts pair with the Reserve Bank of India’s (RBI) proposition made prior. The national bank has comprised a multi-division board of its own and has been contemplating the achievability of launching government-backed digital coins.

Meanwhile, the government and the RBI have been moving to diminish cryptocurrency exchanges for some time now.

 

What prompted this?

Indeed, even in its past gatherings with bitcoin exchanges, government delegates were attempting to see how a government-backed digital currency would work, said a man from the cryptocurrency community aware of the points of interest of the gatherings.

 

“In the event that a virtual currency will be backed by the government then it conflicts with the entire grain of such coins,” said the executive, asking for obscurity. “These are basically decentralized records, and if the government or the RBI is endeavoring to control it, at that point it loses its importance.”

 

What’s more regrettable is that the government may likewise slaughter or ban the presence of other digital currencies if a government-backed cryptocurrency is taken off.

 

“The board is additionally talking about change of the Currency Demonstration to make ownership of any cryptocurrency, not affirmed by the government, a culpable offense,” said the government official.

 

This comes after the Reserve Bank of India has just descended vigorously on bitcoin and its kind nearly gagging the ecosystem. Since July, the national bank has barred banks from maintaining any business association with cryptocurrency exchanges and traders, including maintaining reserve funds bank accounts.

As anyone might expect, trading is hit.

For example, from its pinnacle when bourses were signifying 300,000 new clients a month about a year back, augmentations have now lessened to simply 1,500-3,000, cryptocurrency exchanges told Quartz. Since April, the exchanges have occupied with a fight in court against the Reserve Bank of India in various high courts and the case achieved the supreme court in May this year. Be that as it may, there are no indications of a conclusion to it.

The circumstance is grim to the point that Zebpay, one of India’s biggest cryptocurrency exchanges, shuttered a month ago.

Like the Reserve Bank of India, even the government isn’t happy with virtual currencies, despite the fact that it needs to push the blockchain technology, a digitized and decentralized open record for cryptocurrency exchanges. The government has additionally communicated worries that these currencies might be utilized to launder cash or trick simple investors. In this way, it is looking for control.

Be that as it may, the possibility of a digital currency backed by the government isn’t new in itself.

 

Going the Petro way?

Venezuela, the world’s second-biggest unrefined petroleum maker, launched Petro, the world’s first government-backed digital currency, not long ago. The Venezuelan government possesses and controls this cryptocurrency, the price of which is proportional to a barrel of oil.

Indeed, even Iran is hoping to launch its very own virtual currency.

The Reserve Bank of India has reportedly wanted to likely name its digital currency Lakshmi, after the Hindu goddess of riches. “This will be notwithstanding the paper currency that we have. It likewise holds the guarantee of lessening the expense of printing of notes,” Reserve bank of India deputy governer BP Kanungo, said at a gathering in April.

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Can Cryptocurrencies be the solution for the 2020 predicted US Recession?

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JPMorgan Chase has predicted a 60 percent chance for the next US recession to happen by 2020. Can crypto be a viable solution to existing stores of value?

JPMorgan Chase has predicted a 60 percent chance for the next US recession to happen by 2020. In a global market crash, can crypto be a viable solution to existing stores of value?

“The probability of a U.S. recession inside one year is right around 28 percent, and rises to more than 60 percent over the next two years, researchers wrote in a note this week. Over the next three years, the odds are higher than 80 percent, as indicated by the note,” Bloomberg reported.

 

Why Do Experts predict a Recession?

As indicated by the Federal Reserve Bank of New York, there exists a mere 14.5 percent chance of a recession happening before the end of 2019.

Stephen Stanley, the chief economist at Amherst Pierpont, suggested that 2020 could be considered as a premature period for the next US recession to happen yet he echoed a comparative sentiment to JPMorgan in that while the US economy remains solid with low unemployment rate and a bull market, the danger of a recession in the years to come exists.

Generally, the larger part of economists in the US forecast a recession to happen in the next a few years. David Altig, Federal Reserve Bank of Atlanta research director and NABE’s survey chair, disclosed that 66% of business economists in the US expect the market to crash before the end of 2020, for the most part, due to trade issues.

“Trade issues are clearly influencing panelists’ views,” Altig stated, expressing that trade issues and high-interest rates imposed by the Fed leave US markets vulnerable to a mid-term crash.

 

Is Crypto the solution?

Amid a period in which numerous economists forecast a market crash and a noteworthy recession in the next two years, the demand for crypto has increased quickly.

While not portrayed by the prices of significant cryptocurrencies, financial institutions, for example, Fidelity, Goldman Sachs, and Citigroup have established the infrastructure to target institutional investors intending to invest in the advanced asset market.

Banks and investment firms have prevented from establishing businesses in the cryptocurrency sector due to the absence of regulatory certainty in the market. Experts have stated that the suddenly emerging trend of major financial institutions entering the crypto market suggests the demand for crypto from investors in the traditional finance sector has increased quickly in the previous several months.

As Jim Hamel, portfolio manager at Craftsman Global Opportunities Fund explained, the computerized payments industry has experienced exponential development in recent years, which could normally lead investors to cryptocurrencies.

“There are a number of tailwinds adding to this trend. In the first place, we’re seeing fast development in e-commerce, which requires that customers be able to make secure advanced payments. The development in cross-border transactions and the general effect of an increasingly globalized marketplace are helping accelerate this trend.”

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Bitcoin Core Client Controvercy, BitMEX vs Bitcoin Core Client

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The Bitcoin Core client has always been in the news for its controversies or bottlenecks. Therefore, it is a fantastic step taken by Bitmex.

Why do we need updates concerning Bitcoin clients?

Bitcoin has many controversies revolving around it, and so does Bitcoin Core Client. However, history has been evident that the one which is the most valuable is also the most controversial one. To keep up with the changing times, many upgradations have been done to the Bitcoin skeleton. Many updates regarding the Bitcoin transactions. size of the Bitcoin blocks etc, to keep the Bitcoin network viable enough to be used.

 

What is Bitcoin Core client?

A Bitcoin client is a node which is required by every user who wishes to join the Bitcoin network. He or she is enabled to initiate transactions on the network as the client provides a Bitcoin wallet. There are various versions of Bitcoin clients which have been developed until now, and Bitcoin Core is the third in the list. Initially designed by Wladimir van der Laan, it requires the availability of the entire Bitcoin ledger to use its services which approximately accounts to 155 GB. However, this particular Bitcoin client has been under constant controversies for various reasons, since its inception.

 

Hardships faced by the Bitcoin Core client

Bitcoin core client was initially known as just Bitcoin. To avoid confusion, its developer decided to rename it as Bitcoin Core, but he faced a lot of criticism as people believed that this was against the idea of decentralization. Nevertheless, many Bitcoin enthusiasts supported the idea. Although Bitcoin Core governs the consensus rules of the Bitcoin network, it is not as powerful as it seems. One can very quickly shift to other Bitcoin repositories if the client becomes inefficient. This was evident when many Bitcoin enthusiasts, slipped from Bitcoin Core to Bitcoin UASF, in 2017 during the block size war.

 

Bitcoin Bitmex Research to dethrone Bitcoin core client

Bitmex has come up with a unique idea of initiating a dedicated Bitcoin client to compete with the Bitcoin Core. In their official blog post, the company also explicitly mentioned that it was solely doing it to eradicate the belief from the minds of people that Bitcoin Core controls the Bitcoin network. Specifically, it is a soft fork of the Bitcoin Core implementation. Therefore, the users need not worry about, the Bitcoin Core getting tampered, as subsequent improvements can be initiated with the new Bitcoin Bitmex research. Bitcoin Core client was considered as an excellent influencing authority which controls the market price of Bitcoin, but it is the end users to manage the Bitcoin network as designed by Satoshi Nakamoto.  

 

Lethargic attitude of developers of the Bitcoin Core client

The Bitcoin Core client is highly inefficient as the network requires the synchronization of the entire blockchain, which is enormous. Therefore, many users have been complaining in this particular regard, as it took some of them, days together to complete the process. More recently in September 2018, the Bitcoin Core client was once again in the LimeLight for it’s a critical bug which was discovered two years back, in November 2016. The problem was so delicate that would have led to a complete crash of a particular node if left unchanged. The developers took the matter seriously only now, and have updated the version by fixing the bug, from versions 0.14 to 0.16.3.

 

Bitcoin Bitmex research would be there to serve people

The Bitcoin Core client has always been in the news for its controversies or bottlenecks. Therefore, it is a fantastic step taken by Bitmex which has recently announced to release a dedicated client, Bitcoin Bitmex Research. This would be a great sigh of relief, as the customers would be less vulnerable to illicit activities that happen in the Crypto space leading to the losses of funds. Therefore, for the people who are looking forward to the Bitcoin Bitmex research client, some amount of patience is inevitable, as developers are still in the process of developing it.  

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Why Governments will trust Bitcoin and no other cryptocurrency ever

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Reasons as to why the government would prefer Bitcoin rather than any other cryptocurrency if it incorporates cryptocurrencies by any chance.

Comprehending the features of Bitcoin, which makes it a reliable option for the government.

Why is Bitcoin so popular, when there are tons of other cryptocurrencies?

The main intention behind Satoshi Nakamoto’s initiative was to design and radicalize a currency which wouldn’t be under the jurisdiction of any form of government or a specific financial institution. Even though Bitcoin has been left behind by various cryptocurrencies in terms of attributes like transaction fees and confirmation time, it has managed to remain as the largest cryptocurrency by market capitalization since a very long time. This might be due to the precise reason that Bitcoin is absolutely decentralized and most popular one in the domain.

However, let’s try to figure out, reasons as to why the government would prefer Bitcoin rather than any other cryptocurrency if it incorporates cryptocurrencies by any chance.

 

The technological innovation with Bitcoin could improve the lives of the poor

It is self-understood and deep seeded that the Bitcoin and various other cryptocurrencies require the usage of Smartphones or any other electronic gadget, so as to undertake transactions in a simple manner. It must be emphasized that the users need not go to any of the banks or ATM to undertake the financial transactions. Therefore, the countries which are underprivileged with respect to such facilities of banks or ATMs then Cryptocurrencies like Bitcoin must be a great sigh of relief for the entire community of that particular country. This is also self-evident as one of the blockchain based projects, Nebues assists the rural masses in order to avail loans, this is very crucial in empowering the backward community as they are always denied of loans, due to unavailability of their bank accounts.

 

Bitcoin helps in controlling corruption, in countries, where the government is corroded with it

with reference from brookings; With the initiation of Bitcoin, people assumed that it provides an anonymous way of sending money from one point to another, but sit and analyze how does it provide anonymity when the entire blockchain is publicly visible to everyone? Tracking a person’s identity through his IP address along with the public key visible on the public blockchain is not that difficult. When the government would entirely run on Bitcoin, then there would be no room for corruption, as everyone’s account could be tracked easily through the main blockchain. What more can a government ask for, when such a facility can be availed by using Bitcoin. Long story short, the government has more control and access to information, through the public Bitcoin blockchain, rather than that of bank accounts in a particular Bank.  

 

Bitcoin assists the government to bring stability to their economy

Bitcoin is inflation proof, where a centralized authority can’t control the production of Bitcoin. Even if the government undertakes the jurisdiction of Bitcoin and legalize it, they have no control over its circulation and production.  Therefore, a number of people would actively utilize the Bitcoin services and when people are satisfied intern the government is satisfied. This is one of the precise reasons that can be quoted as to why the government would incorporate Bitcoin and not other cryptocurrencies, as Bitcoin provides lots of convenience to its users.

 

There is a lot more to be developed in Bitcoin and scalability can be provided

Most of the crypt enthusiasts assume that the development and technological innovation with respect to Bitcoin has reached its saturation level but refer this. The author here beautifully represents as to how the various technological innovations have been developing over time and the curve for Bitcoin relative to all the other technological innovations stands at a very small scale. Also, significant advancements can be expected in the future. Governments have understood the potential of Bitcoin and therefore have been providing attractive incentives and set of regulations in order to harness its power.

 

Decentralized nature of other altcoins

Bitcoin is preferred over other cryptocurrencies, as it is absolutely decentralized with no controlling authority. Other cryptocurrencies no matter how much ever decentralized they deem to be, have a particular owner and a governing organization (according to an article published on bitcoin.com) but Bitcoin is the odd one out. Ethereum has Vitalik Buterin, EOS has Dan Larimer, Litecoin has Charlie Lee, and so on. Therefore, the actions of these people can also trigger some of the other kind of reaction, in the respective Crypto space, but whom will you instigate to fluctuate the Bitcoin prices? The undercover Satoshi Nakamoto prefers to be anonymous.

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