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Poloniex and Breadwallet Will Support Bitcoin Cash Transfers – The Merkle

The Poloniex exchange recently announced that it will finally enable BCH withdrawals on Monday. BreadWallet, the popular Bitcoin iOS wallet, will also support BCH transactions moving forward. It will be interesting to see how things play out for Bitcoin Cash, sincethere is still a lot of negative animosity towardthis project.

It is good to see support for Bitcoin Cash growing, even though there are still people who feel itto be an abomination. The process of forking offthe main Bitcoin blockchain wasrather peaceful, though, and there is no real reason for any continued bad blood between thecommunities. However, it is perhaps difficultto see two currencies utilizingnear-identicalcode bases andsimilar names, and to not expect some degree of animosity to exist. Bitcoin Cash is an altcoin for now, and no one should haveany problem calling it one.

Whether BCHbecomes the longer blockchain of the two remains to be seen. The SegWit2x fork, potentially taking place thisNovember, remainsa point of contention. Some people feel this will be less of an issue as the Core developers have beenmaking life difficult for supporters of SegWit2x. The upcoming Core Client 0.15.0 will cut offSegWit2x nodes from the main blockchain altogether. This will likely exacerbate the tensionsand lead to another Bitcoin blockchain fork, which could have major repercussions for the network as a whole.

The decision to simply reject SegWit2x now that Segregated Witness activity haslocked in should not surprise anyone. Everybody knew the support forSegWit2x frommost Bitcoin Core supporters was simply a means to an end. SegWit will activateregardless, but the potential increase to 2MB blocks will not be supported by Core. However, the rejection of SegWit2x has already caused a fair bit of controversy.

Some of the worlds largest mining pools support SegWit2x specifically and may not necessarily back down fromthat concept anytime soon. Though itwould make economic sense for them to do so, this war of scaling solutions has been going on for quite some time now. If the mining poolsreally wanted to drive a point home, they wouldstick with SegWit2x and move their hashpower to the new chain when the Novembersplit occurs. At that point things wouldlook pretty bleak for Bitcoin Core. Do keep in mind this is all mere speculation and the end result may be very different from the waythings look right now.

On the positive side for Bitcoin Cash, Poloniex will finally enable BCH withdrawals tomorrow. It is unclear what repercussions this will have on the young cryptocurrency. It is possible we will see a BCH trading market in the future as well, although there is still no official word on that. A Poloniex trading market for Bitcoin Cash would be more than welcome, even though we do not advise that users store funds in exchangewallets for longer than absolutely necessary.

BCH support is also coming to the iOS BreadWallet app. ManyiOS users utilizethis wallet due to its elegance and powerful features. The integration of Bitcoin Cash is a major milestone for the community. Having more wallet support especially in the mobile department can only be seen as a good thing. Things are finally coming together for Bitcoin Cash.

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Bitcoin Price Flies To More Than $4100 Over Weekend – PYMNTS.com

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Bitcoin investors were in for a wild ride over the weekend, with the cryptocurrency trading below $3,700 and then an hour later trading around $4,135. This recent bitcoin price surge comes on an all-time high of $3,000 set a week ago.

While theres no one reason why bitcoin surged so much over the weekend news from TechCrunch pointed to a handful of reasons. For starters, confidence in the virtual currency is increasing after bitcoin went through a so-called hard fork without suffering, and then a few days later it installed a code modification dubbed SegWit that fixes malleability issues as well as enables more transactions to be stored in each blockchain. Because of those confidence-boosting moves, TechCrunch speculated it drove the bitcoin price up over the weekend.

Another reason for the cryptocurrency surge, according to TechCrunch, is the initial coin offering (ICO) mania that is taking hold. According to the news report, so far the amount of money startups have raised via initial coin offerings are more than what a company can raise at an early stage venture capital firm.

Filecoin raised $180 million in a few hours via an ICO, reported TechCrunch. Because investors have to convert money to bitcoin or another virtual currency to take part in an ICO, it drives the price of the digital currency higher.

Finally, TechCrunch reported there is a obsession with bitcoin on Wall Street, with story after story flooding the airwaves and the internet. Often the bulls are pounding the table about the impending increase in the price of bitcoin, which is also aiding in the price marching higher.

Two weeks ago, Bitcoin split its digital currency into bitcoin and Bitcoin Cash. According to news reports from CNBC, the split occurred when a minority of developers moved ahead with an alternative upgrade proposal. Investors that had bitcoin at the time of the split received an equal amount of Bitcoin Cash.

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Why is Bitcoin worth more than gold? – Independent Online

CAPE TOWN - What is Bitcoin?

Bitcoin is a digital currency that is not linked to the operations of a bank or government and allows its usersto send money anonymously.

According to Quora, The coins are created by users that create an algorithm which is known as Mining Bitcoin. When using Bitcoin, it is decentralised, meaning that large banks cant control the money putting users at ease.

Recently, one Bitcoin traded for $1,734.65, according to Coinbase, a company that helps users exchange bitcoins. Bitcoin value is worth more than an ounce of gold, which trades at less than $1,230.

Bitcoin was launched in 2009 by a person or group of people operating under the name Satoshi Nakamoto.Nakamoto disappeared asBitcoinbegan to attract attention. Inthe beggining, people were not too excited about Bitcoin but Techies found it to be a great innovative solution to convert their currency and not have it controlled by large banks.

Fin24 reported that Bitcoin, for the first time surpassed $4 000 by growing optimism, due to faster transaction times which will hasten the spread of the "cryptocurrency".

Events that made it possible was that a bitcoin-clone called Bitcoin Cash was created. Unfortunately, itreceived less attention than most people expected. A few days laterBitcoin developed SegWit, a code modification that allows for more transactions to be stored as it frees up space in the blocks.

These two code-related developments have helped boost confidence in Bitcoins future.

The main reasons that make Bitcoin popular:

1. A Bitcoin account is easy to create than even setting up a bank account.

2. Anonymity is key, you are allowed to have multiple Bitcoin accounts and they will not be linked together

3. Transaction fees are lower than banking fees.

4. Payments show in a matter of minutes, which is as soon as Bitcoin processed it.

- BUSINESS REPORT ONLINE

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Quantum computing comes of age – Alphr

Quantum computing has come a long way since its theoretical birth in the 1980s, with the works of Paul Benioff, Yuri Manin, Richard Feynman and David Deutsch. We still dont have functional, large-scale, universal quantum computers, but it might not be too much longer before we do.

Currently the domain of large companies such as IBM and Google, and physics research labs in universities, the search is on to find the best approach to building one. Leaving aside the work of Canadian company D-Wave Systems, which uses quantum tunnelling effects to solve problems, the two most successful methods for performing quantum computations are through the use of superconductors and trapped ions.

Superconducting computers make use of a Josephson junction: two superconducting electrodes with a barrier down the middle, which exhibits quantum effects when cooled to near absolute zero. Trapped-ion computers, on the other hand, suspend charged particles in magnetic fields to create their quantum gates and induce the desired effects.

These quantum effects include being able to enter a superposition of states. A silicon computer bit can be on or off (0 or 1), but a quantum bit, or qubit, can be 0, 1 or both at the same time. Its mind-blowing, but it works, and when fed the right algorithm it could achieve in an afternoon what it might take a classical supercomputer a billion years to compute.

Thats pretty revolutionary, and the term quantum supremacy was introduced by Caltechs John Preskill to mark the moment quantum computers will exceed the processing power of conventional silicon. That point comes when we have a processor operating at around the 45-50 qubit mark, and some pretty big names think it might be approaching fast.

Earlier this year, Google announced it was planning to run a 50-qubit computer by the end of 2017, and IBM has plans to hit that mark soon too. Its latest machine, a superconducting model weighing in at 17 qubits, is still in the lab, but a five-qubit machine is running and available to the public, with a 16-qubit computer in beta testing. The IBM Quantum Experience has more than 50,000 users who have executed code more than 300,000 times, publishing their results in 17 scientific publications. Theres even an API and code on GitHub to help you get started.

Something you need to keep in mind is they should be perfect qubits, says Dr Stefan Filipp, a quantum computing scientist at IBMs research facility in Zurich, Switzerland. Thats qubits without any influence from the environment, without any noise properties. Theres a grey zone around how many qubits you need to outperform classical computers, but 50 qubits is the first threshold. What we want to make is a universal quantum computer, and that requires perfect qubits, but were realistic enough to know that you dont find perfect qubits.

(Above: Dr Stefan Filipp, Credit: IBM Research)

Whats needed is some form of error correction. We know now that if we have 100 or 1,000 imperfect qubits, we can distill from them one perfect qubit. says Filipp. So if you want to have 50 perfect qubits, depending on how imperfect the real ones are, we have an overhead of 1,000 or even more qubits.

Its still the case that we need to build a system thats actually capable of outperforming a classical computer. We are quite certain that we can do this, but its not clear whether this will be this year, next year or in five years.

Not everyone sees this model of quantum computer as the best way forward, however. Winfried Hensinger, professor of quantum technologies at the University of Sussex, has published a plan for building a quantum computer today, using existing trapped-ion technology.

Trapped ions are a very attractive candidate [for quantum computing] because they can work at room temperature, he says. To solve really interesting problems, you need millions or billions of qubits, so imagine being able to cool all those quantum bits down to such a low temperature. Were talking 0.01K, or -273C, remember.

The method to implement quantum gates with trapped ions has been to use pairs of laser beams, Hensinger explains. They have to be focused to a precision of one-hundredth of the width of a human hair. That can be easily done if you have only a few ions, but imagine you want to build a quantum computer with millions and billions of qubits. The engineering requires you to have millions and billions of laser beams.

Weve been thinking about this for a long time, and developed an entirely different approach involving applying voltage to a microchip to do exactly the same thing. We can now replace millions and billions of laser beams with voltages. In a way its exactly how a classical computer works the transistors in a microprocessor work the same way. You apply a voltage, and that executes logical operations.

(Above: Prof Winfried Hensinger, Credit: University of Sussex)

Sad as we are to see the back of quite so many lasers, at least the finished computer might be impressively large. A quantum computer, because of the way it operates, cant be very small because its unbelievably complicated to isolate the ions in such a way that the quantum effects arent being destroyed by things around them, and thats where you get headlines about computers the size of football pitches, says Hensinger. The machine will need to be modular, with many smaller processors linked together using another innovation connectivity using electrical fields, a sort of incredibly fast quantum Bluetooth. We could start building it today, but it could still take ten years to build a large machine.

Yet even if such a machine were built, what would we do with it? IBMs Quantum Experience has seen experiments geared toward figuring out what works on a quantum computer and how you write an algorithm for it. In the future, we could see applications in quantum chemistry, as Filipp explains: To describe an electron system, you need two complex numbers. For 100 electrons you need 2100 such numbers, and it would take all the data storage available at the moment to even store these. But a quantum computer can handle it, because you dont have to store this information in a bitstream, but in real physical objects. And these quantum objects are described by quantum mechanics, so they have these numbers already intrinsically in them.

Hensinger has a slightly different view. A quantum computer isnt a fast conventional computer, he says. One interpretation of how it works is it makes use of computations across parallel universes and you can already see how mind-bending that is.

It can solve certain problems in maybe a few hours that even the fastest supercomputer in the world would take billions of years to calculate. At the moment an example is breaking encryption, but for every problem you want to solve, you need to write a new algorithm that makes use of this strange ability to do things in multiple parallel universes. Were not going to take some software, run it on a quantum computer and it will run very fast. Thats a misconception.

Hensinger draws an analogy with the Colossus computer created by Alan Turing and Tommy Flowers to crack Germanys teleprinter codes during World War II. In terms of conventional computers, quantum computers are right now in the 1940s, he tells me. Were very impressed by them, but we dont yet know what they can do.

And whats run on them needs to be tailored to their abilities. There are about 50 people in the world, at most, writing quantum computer algorithms, says Hensinger. The key problems are those a conventional computer could never solve; it would take forever. Its disruptive technology it can change an entire sector of business by adding capability that was previously not available.

This certainly sounds remarkable, but Hensingers huge machines and Filipps absolute-zero cooling systems dont sound very consumer-friendly. Will we all end up owning one? Filipp isnt sure. I think when we have quantum computers that are capable of replacing a laptop, the cooling requirements will be solved, but its not in the near term that quantum computers will replace desktop or laptop computers, he says. Our vision of a quantum computer can do anything a normal computer can do, in principle, but you wouldnt use it for that because its too complicated at the moment.

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When altcoin life imitates art – FT Alphaville (registration)


FT Alphaville (registration)
When altcoin life imitates art
FT Alphaville (registration)
A couple of weeks ago bitcoin, the decentralised cryptocurrency, experienced a splintering event in a bid to address its network capacity constraints. The event saw a rival version of Bitcoin spawned, now known as Bitcoin Cash, which is capable of ...
Bitcoin Cash is now Trading on the Poloniex ExchangeLive Bitcoin News
Poloniex and Breadwallet Will Support Bitcoin Cash TransfersThe Merkle

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Despite end to end encryption, apps like WhatsApp, Messenger are still vulnerable to hacking: Study – Firstpost

Do you know that despite the end-to-end encryption provided by popular messaging platforms like Facebook Messenger, WhatsApp, and Viber, your sensitive information is vulnerable to hacking?

A research report has highlighted the importance of what is called an 'authentication ceremony' to help mitigate the risk.

Researchers from Brigham Young University (BYU) at Utah in the US found that most users of popular messaging apps like Facebook Messenger, WhatsApp, and Viber are leaving themselves exposed to fraud or hacking because they are unaware of important security options like an 'authentication ceremony'.

The 'authentication ceremony' is a security practice to ensure the members involved in a communication are authentic. It is done by identifying the message recipient before sending out any sensitive or confidential information.

But because most users are unaware of the 'ceremony' and its importance, "it is possible that a malicious third party or man-in-the-middle attacker can eavesdrop on their conversations", said Elham Vaziripour, Computer Science student at BYU who led the study.

The researchers conducted a two-phase experiment in which they prompted participants to share a credit card number with another participant. Participants were warned about potential threats and encouraged to make sure their messages were confidential.

Only 14 percent of users in the first phase managed to successfully authenticate their recipient. Others opted for ad-hoc security measures like asking their partners for details about a shared experience.

In the second phase, after researchers emphasised the importance of 'authentication ceremonies', 79 percent of users were able to successfully authenticate the other party.However, the participants averaged 11 minutes to authenticate their partners.

"Once we told people about the authentication ceremonies, most people could do it. But it was not simple, people were frustrated and it took them too long," noted Daniel Zappala, Professor, Computer Science, BYU.

Most people don't invest the time and effort to understand and use these security measures because they don't experience significant security problems. But there's always a risk in online communications.

The researchers are now working to develop a mechanism that makes the 'authentication ceremony' quick and automatic.

"If we can perform the authentication ceremony behind the scenes for users automatically or effortlessly, we can address these problems without necessitating user education," said Vaziripour.

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Cloud Storage Works Better With Cloud Secure! – MustTech News

Cloud storage is now being considered as the next big thing of the current century. This option can store countless gigabytes of data without maintaining any portable device like USB or flash drive. Cloud storage simply lets you store whatever you want and access it wherever you want.

There is no restriction on the location as you may access your cloud account(s) with the help of your credentials. The top-most cloud storage accounts are Dropbox, Google Drive, OneDrive and Box Account.

This app is specifically designed to cater the basic human need of recovering your data in case of any loss. So if in any case if you lose your hard disk, cell phone, memory card, etc. you may easily recover the data from these cloud accounts. However, to recover the data, one must have created a backup of it on the above mentioned cloud accounts.

So far, it seems like cloud storage doesnt really have any negative side. It sounds like a win win situation, doesnt it? Well, its not really that simple. Remember, there are always two sides to a coin and the same case applies to cloud storage as well.

These cloud accounts are filled with some data that is not so important and wouldnt really affect us if it lands into the hands of the prying eyes. However, some of the users feed in confidential data into these accounts and it would be a disaster if such data gets into the wrong hands.

There it is, the ugly side of cloud storage. It sounds easy, effective, friendly, but one must also know the other way around.

So in any case, an additional security layer over a cloud account seems like a good option that would make these cloud accounts free from all the threats and weaknesses. An app called Cloud Secure is an improved cloud security software that is beyond imagination. Instead of being worried about the on-going threats of the modern era, Cloud Secure simply locks your Cloud Folders.

This app lets you lock cloud folders with a password so that no one can access them on the desktop. This is a major relief as usually cloud folders are easily traceable and accessible to the prying eyes and may result in a regular data loss or data leaks. These cloud folders are usually filled with private photos, videos, audios, documents, and files worthy of backup. Hence, Cloud Secure is enabled to lock cloud accounts in just a few seconds.

Download now: Cloud Secure NewSoftwares.net

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Ripple Price Forecast: Factors Suggest XRP Cryptocurrency …

By Gaurav S. Iyer, IFC Published : August 9, 2017

While most headlines in the cryptocurrency space involve Bitcoin or Ethereum, an increasing number of investors are thinking about investing in Ripple, the bank-focused blockchain company that is taking the crypto world by storm. With that in mind, Ive put together this report with a complete Ripple price prediction in 2018.

I know the names, tokens, and details can become overwhelming. Blockchain technology is widely misunderstood in part because the industry is so young; so the articles explaining it are still technical and full of jargon. Ill do my best to fix that.

But theres another reason that blockchain is so hard to understandit is radically different from anything thats come before it.

Ripple is certainly part of this story, and not just as a Bitcoin-imitator. It is much more than that.

There are fundamental differences between Ripple and Bitcoin, Bitcoin and Ethereum, and Ethereum and Ripple. Its not enough to say Ah! Forget these crypto coins or whatever they are called! Theyre more trouble than theyre worth!

Ripple is up 3,868% from its opening price in 2013. Even in its current lull, Ethereum prices are up 5,460% in the last two years. Can you really afford to pass up these gains?

I write about investments for a living and I rarely see four-digit growth in two or three years. Those are like shooting stars on the stock market, yet they happen on a monthly basis in the crypto world.

I think the risk is potentially worth the reward, hence this investigation.

Exclusive Free Report:

The first thing to know is that Bitcoin was viewed with hostility by many banks. Bitcoin wants to eradicate them as the middlemen of transactions, which obviously represents a ton of money for the banks. They like making money every time we use a piece of plastic.

Bitcoin is fundamentally opposed to that kind of top-down control, in which the banks are at the top and we are at the bottom. Its idea is to decentralize the payments process.

Bitcoin also wants to increase transparency, which as we all know is contrary to the modus operandi of many banks. Secrecy is, and perhaps always has been, closely tied to banking.

Also Read:Bitcoin Price Prediction 2018: Should You Invest in Bitcoin?

Thats why it was so shocking to see Ripple raise $55.0 million in venture capital from a bunch of banks and other financial firms. These were the exact middlemen that looked down their nose at Bitcoinso why did they love Ripple so much?

Its about control.

In Bitcoin transactions, a record of the transaction is recorded on the public distributed ledger, which is just a fancy way of saying a universal list that is shared across the network of Bitcoin computers. Since no one person owns all the computers involved, power is distributed.

This shattering of power is essential to Bitcoin. Its an open secret that the core community of developers got on board because they lost trust in the global financial system, so the success or failure of Bitcoin is tied to a political objective.

They need to get rid of central banks. They need to remove middlemen from transactions. They need to draw on a critical mass of vendors through popular support.

That is an awfully high bar for success. Ive always said that Bitcoin hurt its own potential by aiming so high.

Ripples aims are, by comparison, much more modest, which is why my Ripple price prediction for 2018 might seem overly generous.

The company is working to smooth out the settlement process between existing banks and financial institutions (using their XRP token, of course). Plus, their system doesnt allow for the kind of anonymity that made Bitcoin popular on the black market.

In other words, there is an added measure of control in Ripple. But I dont care about the purity of the technology as much as I care about its potential to succeed in the real world.

Banks from China, Japan, India, Switzerland, Australia, America, and Canada are already working with Ripple. There are literally dozens of partners lining up to take the best parts of blockchain technology and integrate them into their firms.

To me, that looks like a successful business model. Dont throw a Molotov cocktail through someones window. Just figure out what they need, how to work with them, and then go laughing to the bank.

Like all cryptocurrencies, Ripple experienced a fierce tailwind in May. It lifted straight off the ground and took flight, reaching $0.414795 at one point. I realize that the Ripple XRP price doesnt have an impressive four-digit price like Bitcoin, but dont let that fool you.

Investing is about the percentage gain. It is a lot easier to double the Ripple price from $0.41 to $0.82 than the Bitcoin price from $1,900 to $3,800.

So dont let size confuse you. Or if you must, look to market capitalization. Its a more honest reflection of where each currency stands.

Bitcoin has the largest market cap, at $31.29 billion; Ethereum is next, at $14.03 billion; and Ripple gets the bronze, at $6.82 billion. But dont forget that Ripple has raised about $100.0 million worth of actual money from its venture capital (VC) backers.

Now, lets get to the meaty questions like Is Ripple better than Bitcoin?

Heres my take on it.

Im extremely bullish on blockchain, not Bitcoin. There is still room to the upside for BTC prices, but the incessant Bitcoin volatility suggests that it can never become a global currency. Money needs to be stable and Bitcoin is anything but stable.

So Bitcoin has a low likelihood of succeeding.

Meanwhile, Ripple is not trying to become a global currency. It is working with existing powerbrokers to become a modern blockchain-based settlement system. It has a high likelihood of succeeding, hence the high Ripple price prediction for 2018.

Faced with those two options, Im almost always going to pick the likelier outcome. Its just a matter of odds for me, not a philosophical battle about good versus evil, us versus the central banks. I have no interest in that kind of political fight.

I just want to make money. Right now the XRP price looks deliciously favorable to that objective.

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US Foreign Sanctions Bill Mandates That Governments Monitor Cryptocurrency – Bitcoin News (press release)

President Trump recently signed a foreign sanctions bill into law that included provisions mandating that governments monitor cryptocurrency transactions. The bill was passed by the U.S congress last month and is directed at Russia, Iran, and North Korea.

Also Read:Homeland Security Injects $2.25 Million Into Distributed Ledger and Blockchain Surveillance Startups

President Trump has signed a controversial foreign sanctions bill into law that mandates the Iranian, Russian, and North Korean governments must monitor cryptocurrency circulations as a measure to combat illicit finance trends.

The bill requires that governments develop a national security strategy to combat the financing of terrorism and related forms of illicit finance. Governments will be required to monitor data regarding trends in illicit finance, including evolving forms of value transfer such as so-called cryptocurrencies.

Although the new legislation indicates the U.S governments desire to monitor cryptocurrencies, at this time making no indication that a more aggressive cryptocurrency crackdown may be imminent.

Yaya Fanusie, a former CIA counter-terrorism analyst for the CIA, has presented a balanced account of the threat posed to anti-terror authorities by bitcoin and alternative cryptocurrencies. The national security concern is not that criminals will use this type of technology they use all technologies, Mr. Fanusie said. The policy question is: How do you deal with something that governments cant control?

Fanusie previously identified the first verifiable instance of bitcoin being used a vehicle for fundraising by a terrorist organization, and continues to conduct analysis for the Center on Sanctions and Illicit Finance at the Foundation for Defense of Democracies. In an interview with the Washington Times, Fanusie recommended that U.S government work closely with cryptocurrencies in order to ensure that they are not used for illicit financing. Bitcoin is like a rebellious teenager, it wants to do its own thing, he said. So what do you do? Do you ban it? No, you want to have a good relationship with it and influence how it develops.

According to the bill, an initial draft strategy is expected to come before Congress within the next year, and will see input made by US financial regulators, the Department of Homeland Security, and the State Department.

Do you think that sanctioned governments will adhered to the U.Ss provision relating to the of monitoring cryptocurrency transactions? Share your thoughts in the comments section below!

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What Would Happen if Cryptocurrency Became More Popular Than Cash? – Futurism

In BriefIt's not outlandish to think that our current financial system will soon be replaced by cryptocurrency, and the shift will bring about some big changes to the global economy.

For a time, Bitcoin seemed unassailable in its dominance of the cryptocurrency market,being the first digital currency to really take root and establish itself in the mainstream. Since then, a host of worthy competitors have emerged, and theres a real possibility that the balance of power could flip.

Many who have been regularly followingdevelopments in the cryptocurrency market refer to the tipping point where one digital currency supersedes another as the flippening We almost saw this occur in May 2017, when Ethereums market cap approached Bitcoins amid a surge in popularity.

When individuals have significant amounts of money invested in one cryptocurrency over another, its no surprise that tensions run high when they go head to head. However, these squabbles over which coin is best might be distracting us froma more pressing issue.

Some observers would argue that the true flippeningisnt a case of competition between two different forms of cryptocurrency at all. Thesea of change yet to come could have more far reaching consequences, if and when digital currency as a whole becomes more popular than conventional fiat currency.

There would be some major advantages to an all-cryptocurrency future: its value cant be manipulated as easy as fiat currency, and it lends itself to the concept of universal basic income.In fact, several different programs, such as uCoin and Cicada, are already using cryptocurrencyto distribute UBI.

In a future where our transactions with shops and services are likely to be handled by automated systems, cryptocurrency removes many of the intermediaries that would take their own cut. There are many benefits for the individual, but the flippening stands to pose some major challenges for the global economy in its current form.

Should cryptocurrency manage to jump ahead of fiat money in terms of usage, cash wont be able to close the gap. Thats the trick to the flippening once changeover takes place, the losing party loses value and cant do anything about it.

If everyone begins using cryptocurrency, infrastructure would need to bedevelopedwith that in mind. It might not take too long for cash to become incompatible. At this point,it remains to be seen whether established financial institutions could pivot to that new status quo in time.

At the highest level, governments will be hit hard, as they will no longer exercisethe same level of control over the countrys currency. The idea of printing more money has been raised time and time again in response to financial turmoil, but that option disappears once currency has to be mined.

The flip from fiat money to cryptocurrency is a very real prospect, and it could well change the face of how our society spends and saves.

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