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Tangem Debuts Bitcoin Bank notes in Singapore

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Tangem has announced that they are launching Bitcoin bank notes. The digital asset smart banknote manufacturer recently launched bitcoin banknotes at a Megafash Suntec City store in Singapore. The aim is to make owning and circulating cryptocurrencies as easy as using paper money. The company which will make the currency  available in denominations of 0.01 and 0.05 BTC says it “is delivering the first shipment of 10,000 production notes to prospective partners and distributors around the world for commercial pilots.”

Tagem explains that the Tangem Smart Banknotes are “Comparable to a well-protected paper banknote” and “Cheap enough to hand over.” The banknotes are also easy to use as the company says there is “No special infrastructure, no complicated applications – just touch the banknote with an NFC-capable smartphone to be 100% sure it has valid assets.”

Transaction with the notes is anonymous and instant.  According to the company, you can “Physically hand over the whole wallet together with the blockchain private key. No transaction fees, no need to await confirmation blockchain.”  The banknotes are also well protected as they are equipped with “high-grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets.”
They are however not really made of paper; they are hardware storage units with a S3D350A chip manufactured by Samsung. But they are similar to with banknotes because they represent one set value and can be physically given as payment at an outlet. In essence, these notes are self-contained wallets with their own private key. Tangem refers to them as “uncopiable cold wallet[s].”Tangem also revealed that the chip technology used for the notes is tamper-proof, addressing “all known attack vectors on hardware and software levels.” They also revealed that the  “cost of hacking a single banknote [is] uneconomical”.

The notes have an advantage over online transactions because payment is instant and does not incur a fee. They will, of course, share the disadvantages of all physical transactions as compared to online transactions, that is, security, distance, and convenience.

 

 

What do you think about the Tangem paper money? Share your opinion with us in the comments section below.
Image Credit: PRNews

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Nigeria’s Crypto Market Stake Down by $300 million Naira

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The crypto market is bearish at the moment and the downward trend still continues. However, the down slide of the market is taking a toll on investors in Nigeria. The West African country has the largest crypto market in Africa and the price tumble is beginning to affect crypto participation. The year 2017 marked a remarkable year in the crypto boom that spread to Africa and earlier this year, the growth of participants in bitcoin grew to an encouraging amount. However, Nigerians are faltering and cutting their losses in cryptocurrency as the market stake dropped to N1.09 billion as against N1.51 billion as at July this year.

Bitcoin is an attractive option to Nigerians considering the high inflation the country suffers and the instability of the Naira. However, bitcoin is losing the appeal it once held for Nigerians as it made almost N300 million fall difference between the end of July and mid-September. A lot of reasons have been postulated as to why Nigerians are pulling out of the market drastically. It is notable that the fear of a market crises is serving as a stimulant to the withdrawal. The withdrawal reaction to the crypto market is not peculiar to Nigeria alone as across the continent crypto investors are becoming sceptical of the market slump.

Although some crypto enthusiasts are optimistic about the rise of the market, figures prove differently. After celebrating a market stake of N1.7 billion in July, the market lost almost $40,000 as traders hurried out of the market. Bitcoin is not the only crypto affected by the bearish tendency as Ethereum is currently trading at $226.81 and Bitcoin Cash at $458.78. Despite the downward trend of the market, some crypto enthusiasts are hodling and not letting go.

 

What do you think about the reduction in the amount of crypto investors in Nigeria. Share your opinion with us in the comment section below.

Image credit: pixabay

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The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

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The Unseen Face Behind Bitcoin

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Since the inception of Bitcoin in 2009, the big nut that we have been unable to crack still lies on the identity of Satoshi Nakamoto. Who is he? So many assertions have been made concerning his identity but none has revealed to the world, the man or men behind the name. There is no doubt that the development of bitcoin has been traced to him but doubts surely abound as to his identity.

Claims of Being Satoshi

Several attempts have been made to unveil the personality or personalities behind the development of Bitcoin. However, these attempts have been frustrated by the involvement of various individuals in the implementation of cryptocurrencies like Hal Finney, Nick Sabo, Dorian Nakamoto and many others including Craig Wright who publicly claimed to be Satoshi Nakamoto. Ian Grigg thereafter asserted that Satoshi Nakamoto is not one human being but a team.

The identity of Satoshi Nakamoto can only be traced to the invention of bitcoin and the implementation of the first blockchain. Whoever Satoshi Nakamoto is, he remains an unsung hero. He is the first crypto billionaire and holds more than five per cent of bitcoin in circulation. Satoshi brought the Bitcoin network into existence on January 3, 2009, by mining the first block of the ledger. He encoded a text within the block that said, “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks.” At that time, there was a global financial situation and it was likely that he was alluding to it.

Prior to 2008, there was no record of a programmer named Satoshi Nakamoto. Also, people have been unable to track the email address and website that he used to one source. Some speculations claim that the creation of Bitcoin was a collaborative effort due to the fact that the bitcoin whitepaper was well crafted in both economics and computer programming.

Why Anonymity

Many theories have been postulated for why Satoshi decided to remain anonymous. First, some claimed that he might be avoiding becoming a de facto leader of the decentralized peer-to-peer payment system he was creating. Also, he might have wanted people to put their trust in the system and not in him taking his every word as investment advice. Also, it may be likely that he wanted to stay away from the radar of the authorities knowing that creating an alternate currency might likely put him in a difficult situation. For instance, Bernard Von NotHaus was found guilty in 2007 of creating a private coin that the authorities claimed was competing with official coinage and currency of the United States.

The identity of Satoshi is still yet to be discovered, however, this, however, has not deterred people from investing in the technology or building real-life projects around it.

 

 

 

 

 

What do you think about Satoshi remaining anonymous? Share your opinion with us in the comment section below.
 
 
Image credit: pixabay,
 
 
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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The Benefits of the Blockchain Technology to Africa

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The Blockchain technology is one of the hottest and most intriguing technologies currently in demand in the market. The rise of the technology is similar to that of the internet. The blockchain technology has the potential to cause a disruption across multiple industries. It is secure, makes processes more democratic, efficient and transparent. The technology has been embraced by African entrepreneurs, startup companies and governments like Kenya, South Africa and Ethiopia have identified the technology as a revolution. The technology has the ability to transform the developing continent and processes numerous benefits to the continent.

The benefits were better elucidated by Chris Maurice, the CEO of Yellowcard a decentralised gift card that allows you purchase cryptocurrencies. While speaking on the topic, “the general advantages of the blockchain”, he explains his thoughts on the potential the technology has to improve services in the continent. Here are some benefits of the technology to Africa:

Trustless Exchange
Cryptocurrencies makes the exchange of goods and services easier. Before now, it was difficult for  two parties to make an exchange without the oversight or intermediation of a third party. Banks for instance keep ripping people off with outrageous bank charges, making it difficult to carry out transaction without incurring a huge amount, beneficiary to the banks. Chris explains, “I think, one of the things the blockchain can do is to remove third parties and drive down cost for  the average person.”

Lower Transaction Costs

Chris explained that at one time he was at the bank for a specific reason when he noticed that the Kenyan man trying to send $200 to his family in Kenya but he was charged $100. But these third party intermediaries and overhead costs for exchanging assets are drastically reduced by using blockchain solutions.

Empower its Users
Instead of having the bank control your information and transactions users control these data as they are visible in their wallets. Also, by investing in cryptocurrencies, Africans have been able to change their life and situations. For instance, Eat BCH organised a charity by providing food for the people of Sudan. Also, so many Blockchain solutions and startups are helping individuals across Africa change their life.

Faster Transactions
Cross border transactions can be tasking. If someone was to receive a particular amount of money from the US, it could take a while and also incur some extra charges. But Blockchain transactions have lessened remittance problems to the African continent. Chris had a suggestion as he advises banks saying, “start supporting these currencies and the solutions provided by these currencies.”

 

 

 

 

 

What other benefit of the blockchain to Africa can you name? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Ukrainian Villagers Owns Cryptocurrency.

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According to a local media, residents of a Ukranian village of Elizavetovka of the Petrykivsky district are reported to all own some cryptocurrency thanks to an initiative by the head of the village council.

The chairman of the council, Maxim Golosnoy at a recent village council meeting of deputies was to allowed, “to carry out operations with cryptocurrency in the interests of the territorial community without attracting budgetary funds, and also “figured out how to replenish the local budget with the help of cryptocurrency,” according to Comments.ua reported.

Tsn.ua emphasized:

The village is now the first in Ukraine where the residents have become owners of digital currency. After the value of this investment went up to about 39,000 hryvnias [~$1,480], he repaid himself the 13,000 hryvnias and claims to have set the rest aside for his residents, Tsn.ua detailed, adding that “from now on, each villager is an owner of several crypto units.”

The cryptocurrency is the care of the local government with promises that the villagers can cash out their coins should they choose to do so. In addition to the publication, the residents are in no hurry to cash out as they still do not understand the technology and the principle of cryptocurrency.

Since Ukraine currently has no legal framework for cryptocurrencies, Golosnoy intends to appeal to the cabinet of Minister of Ukraine to invest the future budget money. Having invested his personal funds, he plans to show the whole country how a small investment can increase in value, therefore, saving cash from the country’s treasury.

Golosnoy pointed out that each year the village budget has a surplus of “3-4 million” hryvnia which he hopes that “at least some of the revenues could be invested in cryptocurrencies…if the supervisory authorities and the community allow,” Tsn.ua detailed.

 

Should federal and local governments adopt this initiative? or is it a risky venture? let’s have your comment and contributions in the comment section below or on our social media platforms.

 

Image Source: cryptocoremedia.com
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

 

 

 

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