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Benefits and Drawbacks of Digital Currency in 2024 https://ift.tt/NSipDk1 One kind of virtual or digital money is a cryptocurrency. They may be used to conduct safe online transactions without the need for middlemen since they are protected by cryptographic protocols.  The term "crypto" describes a variety of cryptographic methods and encryption algorithms, including public-private key pairs, elliptical curve encryption, and hashing functions, that aid in the security of these data. The Indian government does not support cryptocurrencies; investors need to be aware of this.  The Indian government does not support the current cryptocurrency market; instead, it is testing its own virtual money.  How does cryptocurrency work? Since there is no central government body in charge of regulating cryptocurrencies, the government cannot interfere with them. A lot of cryptocurrencies are decentralized networks built on top of blockchain technology.  A cryptocurrency is a kind of virtual money that runs on a network made up of several computers. The decentralized nature of cryptocurrencies allows for quicker and less expensive money transfers.  It doesn't break down at one particular spot. Aside from the fact that cryptocurrencies lack a governmental guarantee or permission, some of the main obstacles to their adoption include their price volatility, suspected usage in illicit activities that may be difficult to trace, and excessive energy consumption during coin mining.  Cryptocurrencies serve as a means of exchanging or storing wealth. All of this is dependent on a form of public ledger technology known as "blockchain." It logs the information and monitors the network transactions. Blockchain is a digital series of blocks, each containing a collection of related data and a set of transactions. After the data is added to the chain, the block becomes immutable, meaning that it cannot be deleted or modified.  Cryptocurrencies are governed via a contributor network called nodes. The nodes in the network carry out a variety of tasks, such as validating and storing transactional data. They are in charge of overseeing the database and validating newly entered transactions. The finest feature is that there isn't a single point of failure, therefore the blockchain ledger won't be impacted if one node fails.  What Benefits Does Cryptocurrency Offer? Globally, cryptocurrency has grown in favor among investors. Industrialization and technical advancement have given digital currencies—like Bitcoin—a competitive edge over others. The use of cryptocurrency makes money transfers simple and eliminates the need for banks and other financial organizations.   Let's examine a couple additional benefits of it: Protection Against Inflation Many currencies lose value as a result of inflation. Many people believe that cryptocurrencies provide inflation protection. There is a hard limit on the total quantity of Bitcoin coins that may be produced. For instance, th...

Demystifying Crypto: Beyond the Hype Cryptocurrency, or "crypto" for short, is a hot topic, but what exactly is it? While a quick Google search might tell you it's a digitally encrypted payment method, understanding its true nature requires diving a bit deeper. Let's break it down and explore how it compares to traditional money. Money 101 Let's start with the basics. Money, as we know it, serves as a medium of exchange, allowing us to trade goods and services without resorting to cumbersome barter systems (trading chickens for shoes). It holds value because society collectively agrees to assign it worth, and governments regulate its circulation to maintain stability.   Enter Crypto Cryptocurrency, on the other hand, represents a digital evolution of money, but unlike traditional currencies, it's not controlled by a central bank. It's secured by complex cryptography and exists on a digital ledger called a blockchain, a transparent and secure record of transactions. Bitcoin is the most well-known cryptocurrency, but there are many others.   But how does digital currency acquire value? At its core, value is derived from trust and utility. People assign value to cryptocurrencies based on factors such as scarcity, utility, and market demand. For instance, Bitcoin's limited supply capped at 21 million coins contributes to its perceived scarcity and, consequently, its value.   Moreover, cryptocurrencies offer practical advantages over traditional money. They facilitate faster and cheaper transactions, eliminate the need for intermediaries like banks, and provide greater financial autonomy to users. However, these benefits come with significant risks.   The cryptocurrency market is notorious for its volatility, with prices experiencing wild fluctuations in short periods and security breaches. Recent years have witnessed several high-profile attacks on cryptocurrency platforms, resulting in substantial losses for users.   For example, in 2023, DeFi platform Euler Finance lost nearly $197 million in a flash loan attack, highlighting vulnerabilities in decentralized systems. Similarly, exchanges like CoinEx ($70 million loss) and HTX ($115 million loss) fell victim to hot wallet exploits, exposing the inherent risks of storing digital assets online.   Despite these challenges, the allure of cryptocurrency persists, driven by its potential to revolutionize finance and empower individuals worldwide. While the future of crypto is uncertain, it offers a glimpse into a potentially more efficient and transparent financial system. However, it's crucial to stay informed about security risks and the inherent volatility associated with cryptocurrencies. In conclusion, cryptocurrency represents a groundbreaking innovation with the power to reshape the financial landscape. By understanding its underlying principles, potential benefits, and associated risks, individuals can navigate this evolving ecosystem with greater confidence and caution.

Cryptocurrency Terms and Meaning The cryptocurrency space can be overwhelming, filled with technical jargon. In this post, we will be breaking down some key terms to get you started in your crypto journey: Altcoin A cryptocurrency that functions similarly to but not exactly the same as bitcoin. Typically, founders will detail in their whitepaper how their project’s altcoin is distinct from bitcoin. Airdrop: It is basically “free money”. The distribution of cryptocurrencies to a pre-defined set of blockchain addresses that’s generally free of charge. Airdrops can generate awareness of the cryptocurrency being airdropped, helping drive adoption. Alpha The active return of an investment relative to the return of a suitable benchmark index. Appchain Short for application-specific blockchains, appchains are blockchains that are customised to operate a single app. Beta A measure of how a given asset moves, on average, when the overall market increases or decreases. Bitcoin A peer-to-peer network of nodes that maintain a blockchain-based distributed ledger of bitcoin balances. The cryptocurrency native to the Bitcoin network is bitcoin. Block A discrete group of valid transaction data that is cryptographically tied to the previous block; collectively forming a chain of blocks (i.e., a blockchain). BEP-20 The technical standard used to issue tokens on Binance Smart Chain (not to be confused with Binance Chain). BEP-2 The technical standard used to issue tokens on Binance Chain (not to be confused with Binance Smart Chain). Bear Market A sustained decrease in prices encouraging a negative outlook on the market. WAGMI WAGMI, on the other hand, stands for ‘we’re all gonna make it.’ The acronym is widely used by the crypto community to inspire both positivity and confidence in a project. It is also used to encourage the community to support each other and not lose hope. NGMI NGMI stands for ‘not gonna make it.’ In crypto, it is often used as a prediction of future failure as the result of a poor decision (such as selling the bottom despite all market indications that a token’s value is on an upward trend). It can also be used as a label to ridicule people who have taken a stance against crypto or who fail to understand basic crypto concepts. KYC KYC stands for ‘know your customer’ and is used by financial institutions to verify the identity of individuals using their services. In the crypto space, KYC is commonly used by major centralised exchanges and is a standard practice amongst many institutions. In the context of crypto, it typically means being asked for a full legal name and government-issued identification documents when signing up for a platform. This can be a passport, driver’s licence, or other similar forms of identification. Follow Blockchain Namibia Group for more advanced cryptocurrency terms in part 2! Let us know what other terms you'd like to know! #bng #cryptoterms #namibia

Bitcoin Madness in March: A Rollercoaster of Price Surges and Plunges With Bitcoin reaching new highs, the cryptocurrency bull run is in full swing. BTC continues to push its limits, climbing to new thresholds. The recent price of BTC has surpassed the ambitious $69,000 mark, causing a wave of speculation. With analysts making new predictions about BTC soon reaching $70,000, a new sense of fear seems to engulf cryptocurrency enthusiasts. A series of new economic events are expected to take place in March, which could soon impact the current price increase of BTC. March is an important month for the U.S. economic landscape. With a range of fundamental economic events set to take place, analysts believe that these events could soon push Bitcoin to new lows. Will Bitcoin rise or fall in March? Wu Blockchain, a notable cryptocurrency analyst on X, has outlined an interesting realistic view on this platform. The analyst notes how cryptocurrency enthusiasts should prepare themselves for what March brings. He shares that March could be quite critical for BTC in terms of pricing and valuation. Sharing a timeline of upcoming important economic events in March, Wu Blockchain has shared detailed information about the events. He reiterates that BTC could either rise or fall in this month. The analyst’s assessment is based on the outcomes that these scheduled meetings and events could create. Starting the event timeline, the FED’s BTFP meeting begins on March 12. On the same day, the CPI data release is also planned, which could have a significant impact on the USD exchange rate. The Ethereum Duncan upgrade is planned for March 13. This update could provide support for ETH to achieve significant momentum while other cryptocurrencies are seeking a stable platform. Similarly, March will also come with the associated litigations regarding Ripple and XRP, with the SEC filing a summary judgment. This development could “potentially” impact the price of XRP to a certain extent. Other notable events include the Federal Reserve interest rate decision along with the Nvidia GPU conference. These events have the potential to influence the current momentum of the cryptocurrency market to a certain extent. Final outcomes for Do Kwon and Sam Bankman-Fried The end of March will also see certain definite news related to TerraLabs’ founder Do Kwon and FTX’s Sam Bankman-Fried. Do Kwon’s trial is scheduled to take place on the 25th of March. This development could also drive activity on the Terra Luna network. Similarly, FTX’s SBF trial is next on the list, signaling a potentially heavy month for the cryptocurrency market to go through and experience. However, considering the strong bullish momentum of cryptocurrencies, these events can either materialize or not materialize as expected. The cryptocurrency market is highly volatile and carries unpredictable signs in all of its vertical industries. The post Bitcoin Madness in March: A Rollercoaster of Price S...

DIGZAX Exchange: Can Altcoins Make a Comeback Amid A Leading Bitcoin Bull Market Recently, Rich Rosenblum, CEO and co-founder of crypto market maker GSR, shared a narrative on social media suggesting an imminent rise in altcoins. The analysis team at DIGZAX Exchange has also noted significant changes in altcoin indicators, now sharing these clear market trends with investors. Over the past month, Bitcoin has seen a surge on its market dominance, sparking expectations for a new bull market. Data reveals that Bitcoin has reclaimed over 50% of the total cryptocurrency market share in the past two months. This trend underscores the continued dominance of Bitcoin, especially as investors seek safe-haven assets. In contrast to the robust performance of Bitcoin, altcoins have shown relative weakness. However, analysts at DIGZAX Exchange believe this scenario may soon change. Rich Rosenblum on his social media post states that the team and technology are much better now, and altcoins will find a way to break through. This indicates that after a quarter of downward adjustments, altcoins may find a breakthrough in the new market environment. Regulatory changes significantly impact altcoin performance. In recent years, governments worldwide have intensified cryptocurrency market regulations, introducing new laws to protect investor interests and maintain market stability. However, these regulations have also somewhat restricted altcoin development. With clearer regulations now, altcoins may find new growth opportunities as they adapt to the new environment. DIGZAX Exchange, through in-depth research of current market trends and regulatory environments, has found that Bitcoin with its strong performance provides market confidence. Meanwhile, several altcoin indicators hitting bottom suggest a potential upward trend shortly. Many altcoin projects have achieved technological breakthroughs and innovated in application scenarios, aiming to enhance their value through practical applications. Take Solana (SOL) as an example. Dubbed the “fastest horse” by Rosenblum, this project has made significant strides in decentralized finance (DeFi) and MEME coin sectors due to its high throughput and low transaction fees. The success of Solana demonstrates the technical feasibility of altcoins and sets a benchmark for other projects. However, breaking through in the current regulatory environment is no easy task for altcoins. Many projects face compliance challenges, especially in countries with stringent cryptocurrency regulations. To thrive, altcoin projects must balance compliance and innovation, ensuring legal operations while continuing to drive technological progress and market development.

DW20 Decentralized standard currency Leave a Comment / By Peter Pan / November 20, 2023 Financial Perspective of a Cryptocurrency Novice Written earlier: I met Peter Pan in 2023 through the series of articles “Invite out Satoshi Nakamoto to welcome the new world.” He is the first reader to leave a message on our website chainless.hk. That is what the community is like, meeting friends through writing. I invited Peter to write a white paper from his perspective. He put in a lot of effort and also showed his strengths and viewpoints—a financial view of a cryptocurrency novice. That is a self-effacing statement. In fact, both the concept of cryptocurrency and financial cognition are of a high level. His writing is easy to understand, more friendly to most readers who do not understand technology, more readable, and has a larger audience. He wrote out his understanding:”For thousands of years, the ruling class has used its verdict power to invisibly exploit the working people through inflation with currencies such as pounds sterling, dollars, leather money, platinum coins, and Jiaozi. To use DW20 coins is to support ourselves and oppose tyranny and deprivation. That is the core idea of DW20 community culture.”The shouts were moving. ALTHOUGH I KNEW ALL THE WORDS when I read the Bitcoin white paper for the first time, I couldn’t understand it because it was completely different from traditional cognition. Centralization is engraved in their bones, especially for Chinese people who grew up in a unified education. The most difficult thing in the world is to defeat self. Study Multiple analysis articles of Bitcoin white papers inspired me to understand Satoshi Nakamoto’s white paper from multiple perspectives. I don’t even remember their names, so I would like to say thank you to these unsung heroes! Relying on your popularisation, let me walk into the palace of cryptocurrency. The knowledge span of cryptocurrency is too large. Based on our learning experience, we have launched a series of white papers with various authors and perspectives. There is always one suitable for you. Zhu Weisha July 16, 2023 https://lnkd.in/gXgBTiJE

LETS TALK ABOUT THE CHALLENGES OF CRYPTO Cryptocurrencies face several challenges and adversaries that can hinder their adoption, growth, and long-term viability. Regulatory uncertainty and inconsistency across different jurisdictions pose a significant challenge to the cryptocurrency industry. Governments around the world are grappling with how to regulate cryptocurrencies, leading to a patchwork of regulations that can stifle innovation, discourage investment, and create compliance burdens for businesses operating in the space. Security breaches, hacks, and vulnerabilities in cryptocurrency exchanges, wallets, and smart contracts undermine trust and confidence in the industry. High-profile incidents, such as the Mt. Gox hack and the DAO hack, have highlighted the importance of robust security measures and best practices to protect users' funds and data. Cryptocurrency markets are known for their extreme volatility, with prices subject to rapid fluctuations driven by speculation, market sentiment, and external factors. Price volatility can deter mainstream adoption and hinder cryptocurrencies' utility as a reliable medium of exchange and store of value. Scalability remains a significant technical challenge for many blockchain networks, limiting their capacity to handle large transaction volumes efficiently and cost-effectively. The energy consumption and environmental impact of certain cryptocurrency mining processes, particularly proof-of-work (PoW) consensus mechanisms, have come under scrutiny. Critics argue that the carbon footprint of cryptocurrency mining is unsustainable and contributes to climate change, leading to calls for more energy-efficient and environmentally friendly alternatives. Cryptocurrencies have long been associated with illicit activities, such as money laundering, fraud, and ransomware attacks. While the majority of cryptocurrency transactions are legitimate, this negative perception can tarnish the industry's reputation and hinder mainstream adoption by businesses, consumers, and financial institutions. The rapid pace of technological innovation means that newer, more advanced blockchain technologies and cryptocurrencies could potentially render existing ones obsolete. Projects that fail to innovate, adapt, or address scalability, security, and usability concerns risk being overshadowed by competitors and losing relevance in the ever-evolving cryptocurrency ecosystem. Addressing these challenges requires collaboration between industry stakeholders, regulators, policymakers, and the broader community to develop regulatory frameworks, security standards, technological solutions, and educational initiatives that promote innovation, protect consumers, and foster trust in cryptocurrencies and blockchain technology. Join our telegram and YouTube channels if you like this post. The links are below on the comment section 👇

Demystifying Crypto: Bitcoin and Beyond Cryptocurrency has taken the financial world by storm, but for many, it remains an enigmatic concept. This article peels back the layers, exploring the essence of cryptocurrency and its most prominent player, Bitcoin, while also touching on recent happenings in this dynamic space. Cryptocurrency: A Digital Disruption Imagine a digital form of money that operates outside the control of banks or governments. That's the core idea behind cryptocurrency. It utilizes cryptography, a complex coding method, to secure transactions and verify ownership. Transactions are recorded on a decentralized ledger called a blockchain, visible to everyone on the network. This transparency and lack of a central authority are hallmarks of cryptocurrency. There are thousands of cryptocurrencies in existence, but Bitcoin stands tall as the first and most valuable. Launched in 2009 by the mysterious Satoshi Nakamoto, Bitcoin's rise has been nothing short of meteoric. Its value has fluctuated wildly over the years, but it continues to captivate investors and challenge traditional financial systems. Recent Buzz in the Cryptosphere The cryptocurrency landscape is ever-evolving, and recent news reflects this dynamism: Volatility Persists: As of April 19, 2024, Bitcoin's price sits around $62,385 (assuming the conversion rate you provided earlier), a significant drop from its all-time high. This volatility is a defining characteristic of cryptocurrency, and investors should be wary of its inherent risks. Regulation on the Horizon: Governments around the world are grappling with how to regulate cryptocurrency. This could bring much-needed stability to the market, but it could also stifle innovation. Institutional Interest Grows: Despite the volatility, major institutions are increasingly dipping their toes into the crypto pool. This suggests a growing acceptance of cryptocurrency as a legitimate asset class. The Future of Crypto: Uncertain but Intriguing The future of cryptocurrency remains uncertain. However, its potential to revolutionize the way we think about money and conduct transactions is undeniable. Whether Bitcoin maintains its dominance or new players emerge, one thing is clear: cryptocurrency is here to stay, and its impact on the global financial landscape is only just beginning. In Conclusion Cryptocurrency offers a glimpse into a future where finance is decentralized and accessible to all. Understanding Bitcoin and the broader crypto ecosystem is crucial for anyone wanting to stay abreast of this evolving technological and financial landscape. Remember, this is a complex and fast-moving space, so it's vital to conduct your own research before making any investment decisions. #bitcoin#crypto#DigitalCurrency

What Will Happen Post Halving? Iran has launched an attack on Israel using dozens of drones. The crypto market reacted instantly and started crashing. As Israel braced for an attack, the tension hurt stocks and boosted havens such as bonds and the dollar. Coinglass data show about $1.5 billion of bullish crypto wagers via derivatives were liquidated on Friday and Saturday, one of the heaviest two-day liquidations in at least six months. Bitcoin made a new monthly low of $60.5k, while large caps dumped 20%-25%. Once BTC and alts started dumping, massive liquidations over $600M in longs got liquidated in just 1 hour. A wave of liquidations fueled Bitcoin's sudden drop as traders, some of whom were leveraged 50x or more, couldn't cover their positions after prices first dipped on the war news, which led to still more selloffs. Shortly after, Iran announced that it had concluded the war which caused BTC and alts to pump. Last time the crypto market dumped before halving due to COVID-19 and this time it happened because of the war situation. Pre-halving dips usually take some time to recover. BTC could recover sooner because of ETF inflows but the same can't be said about altcoins. IMO, many alt can go even lower before making a local bottom. Dips are part of the crypto cycle and have always offered great buying opportunities. Those who bought 2020 dips made over 100x and something similar could happen this time. Crypto speculators are awaiting the so-called Bitcoin halving, which will reduce the new supply of the token in half and is expected around April 20. Historically, the halving has proved a tailwind for prices, though there are growing doubts about whether a repeat is likely given Bitcoin recently hit a historical peak. Many more people are holding Bitcoin for the long term and is safe bet few of them sold or were even tempted to do so. Still, this does not change the fact that amid the latest geopolitical crisis, more people chose to sell Bitcoin than buy it. The broader market treated Bitcoin as a risky asset to flee in favor of traditional safe havens like gold, bonds, and the U.S. dollar. Even though Bitcoin, for now at least can not claim to be an economic haven, this weekend's events show that the crypto markets may serve as something else to see an early warning signal. #cryptocommunity #cryptoexchanges #cryptoexchanges #cryptocurrencies #bitcoin #btchalving #cryptocoins https://lnkd.in/dpg7RgmY

In the past decade, the rise of cryptocurrency has been nothing short of revolutionary. What started as an experiment in digital currency has now become a global phenomenon, reshaping the way we think about money, transactions, and even the concept of value itself. Cryptocurrency, often referred to simply as crypto, has garnered attention from investors, technologists, and governments alike, sparking both enthusiasm and skepticism in equal measure. So, what exactly is cryptocurrency, how does it work, and what implications does it hold for the future? Let's delve into this fascinating world. Understanding Cryptocurrency: At its core, cryptocurrency is a form of digital or virtual currency that uses cryptography for security and operates on a decentralized network called blockchain. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are not controlled by any central authority, such as a central bank. Instead, they rely on a distributed ledger technology, where transactions are recorded across multiple computers, or nodes, in a network. Bitcoin, created by an anonymous person or group of people using the pseudonym Satoshi Nakamoto, was the first cryptocurrency and remains the most well-known and widely used today. Since Bitcoin's inception in 2009, thousands of alternative cryptocurrencies, often referred to as altcoins, have been developed, each with its own unique features and purposes. Ethereum, Ripple, Litecoin, and Cardano are just a few examples of prominent altcoins. How Cryptocurrency Works: Cryptocurrencies operate on a peer-to-peer network, meaning transactions occur directly between users without the need for intermediaries like banks. When someone makes a cryptocurrency transaction, it is broadcast to the network, where it is verified by miners through complex mathematical computations. Once verified, the transaction is added to a block, which is then appended to the blockchain, ensuring a transparent and immutable record of all transactions. One of the key features of cryptocurrencies is their decentralization, which means they are not controlled by any single entity or government. Instead, they rely on consensus mechanisms such as proof-of-work (used by Bitcoin) or proof-of-stake (used by Ethereum) to validate transactions and secure the network. Implications and Challenges: The rise of cryptocurrency has brought about numerous implications and challenges, both for individuals and society as a whole. On one hand, cryptocurrencies offer the potential for greater financial inclusion, enabling people in underserved regions to access financial services without relying on traditional banks. They also provide a means of transacting securely and privately, thanks to the cryptographic techniques used to protect user identities and transactions. #SNSinstitutions #SNSDesignThinkers #DesignThinking