If you are a newbie, you must have heard your high-sounding friends talk about blockchain and cryptocurrencies or better still “Bitcoin” which is more common place. Most people heard the buzzword “Bitcoin” even before they heard about the technology that enables it – Blockchain technology. Essentially, Blockchain is a glorified distributed DATABASE “copped” on several computers at the same time. Technically, it is an incorruptible virtual ledger of transactions. It can be programmed to register just about any valuable thing.
Because I overshare, I’d go on to explain this technology in a simpler form. Really, the tech is a more proficient medium of saving or storing pieces of information. The good thing is that it stores the information based on everyone’s knowledge, agreement and point of view, not just one participant’s POV. Let us use the tiktok video as an example. When you make one tiktok video and share it with your friends. I want to believe that it is the exact same video you make that is viewed by your fans. Now in relation to Blockchain, this technology makes sure that the data stored by a participant is what is accessed by the other participants without giving the opportunity of tampering with it. In a lot of words, this means that two parties sharing a piece of information or document will always be handling the exact same copy of that information or document. This technology offers an audit trail that all participants can see live.
The innovation of this nascent technology originated from the combo of multi-disciplinary fields to wit: software engineering, cryptographic science, distributive computing, and economic game theory. Frankly, you do not need to have technical knowledge of the above before you can take good advantage of Blockchain, especially in our present world where paradigms are shifting at the speed of thought.
That being noted, I’d go straight to how you can maximize this technology in your everyday business be it a small, big or middle sized business.
Credible Employee Background Check
The hassles that come with employing the wrong person due to inadequate information can be extinguished with the use of this technology of trust. An Employer may use this nascent tech to ascertain a would-be employee’s work history. If indeed he or she has worked where (s)he said (s)he has. The employer can directly go on to ascertain job titles, tenures and other important issues. If you are a business owner who has had to work with difficult employees who lied about their qualifications, you know how much of a breakthrough this is!
Authentication of Title Deeds:
This is good news to those in the Real Estate sector; with the application of blockchain, problems of ownership, title, and search of who has interest in land will almost be nonexistent. One real estate company that has delved into using Blockchain in this sector is UBITQUITY. UBITQUITY offers a really user-friendly experience for securing, tracking and transferring deeds. It also enables real estate, title and mortgage companies benefit from a clean record of title, ownership, and also reducing time of searching for title. The UBITQUITY product fosters transparency and confidence.
There really is no need for the current use of papers to register information about landed properties anymore. With Blockchain, a real estate company has the luxury of being able to sell its shares on a Cryptocurrency exchange. Landlords may now sell portions of their properties to the public via new blockchain innovations. By using “smart contract”, property owners may now sell off their properties with far lower chances of fraud.
Credible Supply Chain Management.
The use of Blockchain here will enable business owners to ascertain every contributor to a business supply. Essentially, you get to know who your supplier’s suppliers are and every hand that your supply passed through. The use of Blockchain ensures transparency by giving a business owner credible information about every company that’s had a hand in innovating, developing, or producing any component of a commodity it sells or service it renders. This way you know who a risk falls on when an injury occurs. Also, a company can also prevent buying counterfeits by employing Blockchain. A good illustration for this is a Lipstick product that has gone viral for using only natural products. Your company can trace every single process involved in the production of the lipstick if it is registered on a blockchain (aka Distributed Ledger Technology). In a lot of words, Blockchain will allow you to verify the authenticity of the representations of your suppliers.
Media and Content Distribution:
Good news to Artistes, authors and creatives! Problems of Copyright violations are mitigated when Blockchain is used in this sector. A very good example of a product taking advantage of this technology is Ascribe. Ascribe helps artists and creatives to attribute digital art with the use of Blockchain. Ascribe generates digital editions of the Artwork with a unique identity and a virtual certificate of authenticity. The product also allows receiving of consignments from artists and transferring digital works to collectors with all the terms and conditions that apply.
Blockchain technology is definitely a game changer and can be used in every sector of the economy. It has enabled faster payments methods, more credible identification and authentication processes, e-voting, provided a more inclusive capital market participation and if this technology is disrupting the world as we know it, I bet you want your business to hop on this train too so as to be relevant in the coming years.
Greece’s former Finance Minister says Bitcoin is not suitable to replace money
Yanis Varoufakis, Greece’s former finance minister has published his views on why Bitcoin is unfit to replace fiat money. He did in a reply to Ben Arc on Monday, 27th July, 2020. He started by giving his enthusiastic views on the blockchain technology on which bitcoin operates. But he stressed how he hasn’t been fascinated by any of Bitcoin’s ability. –
“I remain enthusiastic on blockchain’s capabilities and as unimpressed by Bitcoin’s ability to help us either civilize or (as any socialist dreams of) transcend capitalism.”
Varoufakis proceeded in his letter to Ben by saying that Bitcoin lacks necessary mechanisms to stop capitalist crises from resulting to “depressions that benefit only the ultra-light”. He included that bitcoin is community based; democratic protocols will do almost insignificantly to “democratize” economic life.
Bitcoin lacks necessary shock absorbers
He argued that bitcoin lacked some necessary shock absorbers to react to certain economic situations. While citing the example of the 2008 crisis and the recent Covid-19 crisis, he underscored the importance of central banks as they had the ability to produce trillions of dollars, euros, pounds, yen among others. On the other hand, bitcoin users will not agree to the massive increase in the supply – since it will devalue their holdings. Bitcoin supply is limited to just 21 million.
Yanis went on to say nothing will make the bitcoin community agree to increasing the supply as they will probably succumb to the “Prisoner’s dilemma”. He explained that bitcoin ownership is unevenly distributed and the “bitcoin rich” will have the leverage of restricting money supply (if bitcoin replaces Fiat money) supply since it would boost their holdings at the expense of the public.
Bitcoin will not democratize economic life
Yanis based his second argument on the fact that bitcoin will not democratize economic life. He argued that the only that will change if peradventure bitcoin replaces fiat money is that Central bank will cease to exist and money supply power will be subject to bitcoin users. He included that Jeff Bezos will still retain his capitalist power amongst others at the firm level as bitcoin will fail to “democratize capitalism”.
He went on to make it clear that depression is imminent and the crisis in the first argument is bound to happen when Central banks cease to exist. –
“in short, not only will the democratization of money via bitcoin fail to democratize capitalism but it will also give an almighty boost to the forces of regression”
Yanis summarized the letter by comparing the monetary system to a dog’s tail that can’t “wag the capitalist dog” by itself. He included that replacing fiat with bitcoin with take us back to the modern version of the 19th century America in which private bankers funded private individuals that were referred to as Robber Barons during the era. Democratizing money by that means of monetary commons will only make capitalism uglier, nastier and more dangerous for humanity, he said.
He concluded by saying – “a monetary common (that may very well rely on something like the blockchain underpinning bitcoin) will, I have no doubt, be an essential aspect of a democratized economy; of socialism”.
But can blockchain be isolated from bitcoin?
Is the Current Ether Bull Run Really the Same with the 2017/2018 ICO Market Boom Conditions?
The current prices of Ether (ETH) suggest a bullish field day for ethereum investors and the crypto market at large. In fact, it is showing an exceptionally high performance which can be compared to the 2017-2018 ICO market explosion. The positive turn of events for ETH can be said to be because of the recently announced upcoming Ethereum 2.0 upgrade and the ongoing bullish sentiments surrounding this and the whole of the second biggest crypto by market capitalization.
For those that do not understand, a bullish run is simply the state of a financial market in which prices hit an all-time high, or prices are expected to rise. It is characterized by stock prices rising by 20% typically after a 20% drop in prices and also before a 20% decline. Take note that this current surge in prices may not be the best statistics to evaluate Ethereum. In fact, the most recent study (attach hyperlink to study) from Xangle insinuate that since the prices have failed to rally in the second quarter, investors should be wary of using this yard stick to assess Ethereum.
A 2nd-Quarter July Report from Xangle Research on Decentralized Finance (DeFi) depicts that on-chain size of transaction on Ethereum surged by approximately 62%, around a 52-week high on June 23. Research analyst Jehn Kim highlighted that the on-chain statistics “partially resemble the spike seen during the bull run in 2017-2018,” during this period, ETH was valued a whooping $1,396.
Kim continued that:
“Ethereum’s on-chain indicator activity needs to be reconsidered,” in fact, ETH was just $230 in the second quarter, although we had very similar on-chain activity.”
At the moment, ETH is valued at $323.62 with a 37% increase this present week. The transaction fees also surged to about 688%. A closer observation shows that although there may be good reasons to compare the present ETH bull run with the 2017-2018 market boom, the conditions of both periods are significantly distinct.
Five Weird Conspiracy Theories About the Bitcoin Inventor
It seems the world has birthed the most conspiracy theories during this era than ever before. Almost every activism and event has been attributed to some scheme planned out by manipulative humans and groups of people.
Recently, we have had different philosophies pop up as reasons for the BLM (Black Lives Matter) movement to several theories about the cause of the Corona virus. Bitcoin is not exempt from this influx of assumptions especially as regards its inventor- Satoshi Nakamoto.
Up till date, no one exactly knows who Satoshi is or what that name stands for. It remains baffling why the inventor of one of the most disruptive technologies in the world will rather remain anonymous. This is especially considering the fact that humans love to get credit for the work they have done; talk less of a world transforming technology like Bitcoin.
Bitcoin is an 11 years old network that enables digital money as the new cash for the worldwide web. It is interesting that regardless of how successful this network is, the masses are left to go on a wild goose chase in search of who or what the inventor is.
The mysterious identity of the pseudonymous Satoshi Nakamoto has warranted a number of conspiracy theories; most of which seem improbable. But, in as much as the real identity of Satoshi Nakamoto has not been ascertained, it is a good idea to consider some of the theories.
So Let us plunge right in:
- The United States Created Bitcoin
This seems like the most implausible out of all the theories considering that the United States’ government has all but been totally receiving of Bitcoin.
Nevertheless, some people still claim that the United States’ Intelligence Services is behind Bitcoin. They believe the agency created this network so as to enable financial transactions that cannot be traced.
This way, they will be able to sponsor secret missions around the globe. A while ago, Popular Blockchain proponent, Vitalik Buterin, Cofounder of Ethereum once implied in 2011 that it is very plausible that the US’ National Security Agency (NSA) invented Bitcoin. The credibility of this is yet to be ascertained as the world awaits who Satoshi Nakamoto really is.
- The Illuminati invented Bitcoin
Somehow, this philosophy has successfully weaved the concept of faith into the invention of this blockchain application.
The proponents of this theory are adamant on the opinion that this tech is fuelled by no one but the Anti-Christ. To them, bitcoin is the infamous 666 antichrist mark. They believe the inventor of this technology wants to take control of the world through manipulations that the ordinary man cannot discern.
- Bitcoin is merely a Program
This philosophy is also worthy of mention as a group of people have posited that Bitcoin is merely an Artificial Intelligence program.
They believe that although it is a product of coding, an unnamed government or group of people are responsible for it.
This theory seems improbable because right before Satoshi disappeared into thin air, he/they had been actively introducing, promoting and updating his/their ingenious creation. So, this position remains questionable.
- An Asian Initiative invented Bitcoin
This is the most hilarious of the conspiracy theories. This group of people have intelligently used a brilliant wordplay attempt to solve the Satoshi Nakamoto puzzle.
They came up with the idea that the World Big 4: Samsung, Toshiba, Nakamochi and Motorola came together to power the Bitcoin network hence labelling themselves SATOSHI NAKAMOTO after their names. Sa- Samsung, Toshi – Toshiba, Naka – Nakamochi, and “moto” – Motorola.
This theory seems brilliant but really it appears to be a brilliant wordplay awaiting concrete evidence.
- The Chinese Government backs the Bitcoin
It is ironic that a group of people will hold this opinion considering that the Chinese government has been relatively intolerant of Bitcoin. Proponents of this philosophy believe that Bitcoin is China’s way of getting back at the US government.
They posit that the end scheme is to sell off bitcoin to US dollars once it hits its peak thereby facilitating hyperinflation. This makes sure that the US dollar loses its value. Proponents of this theory also stand on the fact that a sizeable number of our planet’s computational power is gotten from China. Who else will then be responsible for such a revolutionary technology?
Although these philosophies are quite interesting, one has to be rather weary of hasty conclusions. It is however okay to be aware of these theories as one way or the other they are a step in the direction of solving the puzzle that is Satoshi Nakamoto.
3 Keys Points on how to Make the Right Crypto Investment Choice
It’s the year, 2020. The cryptocurrency industry has grown and early and enduring investors have made some massive gains. From the abundance of cryptocurrencies available on the market, some being quite original in itself to others which are knock offs, many individuals all over the world have made some fantastic profits and losses as well.
The last bull run of 2016/2017 saw the accumulation of wealth by those who were smart and less smarter. The short coin flipping time frame allowed investors to quickly grow their wealth in several zeros of percentages.
The cryptocurrency industry was growing at an unprecedented rate. Many crypto projects were coming up, each offering good use cases and some trying to solve the impossible and nonexistent problems. Some crypto project’s solutions were actually problems. Lots of money flying about from one ICO to another. Exchanges listing different shades of tokens, everything was getting tokenized. Total market capitalization was nearing a trillion dollars, then the bear came up and sent lots of crypto investors and businesses to financial ruin.
While lots of people were ruined could be attributed to several factors, all through the bear period and even prior, the wealth amassed were due to certain important reasons. Investing in cryptocurrency comes with its own challenges and making the right call is based on some important factors such as.
1. Understanding what a crypto project is about.
It’s imperative to know what you’re buying. Before investing in any cryptocurrency, it’s important as an investor you take time into researching about the cryptocurrency. You’ve to ask yourself, what type of technology are they building and what can it be used for.
At this time, building carts of horses for sale doesn’t seem right at this time. Same way some cryptocurrency projects appear to be unrealistic. A good understanding is important to truly make good judgement on whether a crypto project would be a good investment choice.
The location of the crypto project is is also important to consider.
2. Team members
Bitcoin being the first cryptocurrency has remained quite interesting considering the identity of the creator. Till today, Satoshi has remained a mystery. No one knows where or who he is. But for other cryptocurrencies, it’s not so. The identity of the creators ought to be known. A cryptocurrency whose founders or creators do not have a public presence can be a risky choice. An investor is expected to research and get to know those behind a project and ascertain if they are experienced enough to do what they intend to do.
3. Market for a crypto product
For every product that must be successful there must be a market for such a product. If the market for a particular product is too small, then the product could die off most especially if the cost of production exceeds revenues.
An investor is expected to evaluate the market of crypto projects before thinking of investing. If the market is not significant, then the tokens or shares may not increase in value or worse turn into a loss.
Cryptocurrency offers a speedy journey to the most expensive lifestyle. It also offers an even faster journey to financial hell. The choice before any investor is making the right call or wrong call.
These three points are imperative in making the right call.
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