What a Crypto Currency

A cryptocurrency is a digital or virtual form of currency that uses cryptography for secure financial transactions and control the creation of new units. Unlike traditional currencies issued by governments and central banks, cryptocurrencies operate on decentralized networks based on blockchain technology.

  1. Decentralization: Cryptocurrencies are not controlled by any central authority, such as a government or financial institution. Instead, they rely on a decentralized network of computers (nodes) that validate and record transactions on a public ledger called the blockchain.
  2. Security: Cryptocurrencies use cryptographic techniques to secure transactions and control the creation of new units. This makes them highly secure and resistant to fraud or counterfeiting.
  3. Anonymity and Transparency: While transactions are transparently recorded on the blockchain, the identities of the users involved are typically pseudonymous. This provides a level of privacy for users, but it also means that transactions can be traced and audited.
  4. Limited Supply: Many cryptocurrencies have a capped supply, meaning there is a maximum number of coins that will ever be created. For example, Bitcoin has a maximum supply of 21 million coins, which makes it a deflationary asset.
  5. Digital Nature: Cryptocurrencies exist purely in digital form and have no physical counterparts like coins or banknotes.
  6. Global Accessibility: Cryptocurrencies can be accessed and transacted by anyone with an internet connection, regardless of geographic location, which makes them borderless.
  7. Volatility: Cryptocurrencies are known for their price volatility. Their values can experience significant fluctuations over short periods, leading to potential high returns but also high risks.

The most well-known cryptocurrency is Bitcoin, which was created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. Since then, thousands of other cryptocurrencies have been developed, each with its own unique features and use cases. Some other popular cryptocurrencies include Ethereum, Ripple (XRP), Litecoin, and Cardano, among others.

Cryptocurrencies can be used for various purposes, including online purchases, remittances, investment, fundraising through Initial Coin Offerings (ICOs), and as a means of transferring value across borders with lower fees and faster processing times compared to traditional financial systems. However, due to their relatively young and evolving nature, cryptocurrencies also pose certain risks and challenges, such as regulatory uncertainty, security vulnerabilities, and potential use for illicit activities. As such, potential investors and users should exercise caution and conduct thorough research before getting involved with cryptocurrencies.


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Importance of blockchain

Business runs on information. The faster it’s received and the more accurate it is, the better. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members. A blockchain network can track orders, payments, accounts, production and much more. And because members share a single view of the truth, you can see all details of a transaction end to end, giving you greater confidence, as well as new efficiencies and opportunities.


Blockchain defination

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.


What is blockchain technology

A blockchain is a type of distributed database or ledger one of today’s top tech trends which means the power to update a blockchain is distributed between the nodes, or participants, of a public or private computer network. This is known as distributed ledger


What is Blockchain

In a few words, a blockchain is a digital ever-growing list of data records. Such a list is comprised of many blocks of data, which are organized in chronological order and are linked and secured by cryptographic proofs.

The first prototype of a blockchain is dated back to the early 1990s when computer scientist Stuart Haber and physicist W. Scott Stornetta applied cryptographic techniques in a chain of blocks as a way to secure digital documents from data tampering. The work of Haber and Stornetta certainly inspired the work of Dave Bayer, Hal Finney, and many other computer scientists and cryptography enthusiasts – which eventually lead to the creation of Bitcoin, as the first decentralized electronic cash system (or simply the first cryptocurrency). The Bitcoin whitepaper was published in 2008 under the pseudonym Satoshi Nakamoto.

Blockchain transactions occur within a peer-to-peer network of globally distributed computers (nodes). Each node maintains a copy of the blockchain and contributes to the functioning and security of the network. This is what makes Bitcoin a decentralized digital currency that is borderless, censorship-resistant, and that does not require third-party intermediation.

Although the blockchain technology is older than Bitcoin, it is a core underlying component of most cryptocurrency networks, acting as a decentralized, distributed and public digital ledger that is responsible for keeping a permanent record (chain of blocks) of all previously confirmed transactions.

As a distributed ledger technology (DLT) the blockchain is intentionally designed to be highly resistant to modification and frauds (such as double-spending). This is true because the Bitcoin blockchain, as a database of records, cannot be altered, nor can it be tampered without an impractical amount of electricity and computational power – which means the network can enforce the concept of “original” digital documents, making each Bitcoin a very unique and un-copyable form of digital currency.

The so-called Proof of Work consensus algorithm is what made it possible for Bitcoin to be built as a Byzantine fault tolerance (BFT) system, meaning that its blockchain is able to operate continuously as a distributed network, even if some of the participants (nodes) present dishonest behavior or inefficient functionality. The Proof of Work consensus algorithm is an essential element of the Bitcoin mining process.

The technology of blockchain may also be adapted and implemented in other activities, such as healthcare, insurance, supply chainIOT, and so on. Although it was designed to operate as a distributed ledger (on decentralized systems), it may also be deployed on centralized systems as a way to assure data integrity or to reduce operational costs.

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Binance Failing to Get US Exchange Listings for BNB Is Yellow Flag for Crypto Analysts

The BNB token, with a market cap around $40 billion, has failed to win a listing on major U.S. crypto exchanges – except on Binance.US. Crypto analysts say it might be due to risks that BNB could be deemed a security by U.S. regulators.

Crypto Adds Unsavory Footnote to Dreadful 2022: Year of the Rug Pull

Fraudsters deployed over 117,000 scam tokens from January through Dec. 1, a 41% increase over the full 2021, according to study from Solidus Labs.


Revolut to add crypto payment feature starting next month

Fintech firm Revolut plans to roll out a “spend from crypto” feature on Nov. 1.

Customers will get 1% back “for a limited time” by paying with their Revolut cards using crypto, an email from the company said.

The cash back promotion is only available to users in the United Kingdom, according to company terms.

Revolut introduced 29 new tokens to its crypto offerings in September, including SOL, AVAX and shiba inu. The firm plans to add its own native token along with a non-custodial wallet. 

Last month, the UK’s Financial Conduct Authority (FCA) added Revolut to its cryptoasset register.


Exchange Outflows Shows Bitcoin, Ethereum Accumulation Trend Continues

Bitcoin and Ethereum outflows from centralized exchanges have been pointing toward a growing accumulation trend among investors. This saw billions of dollars worth of coins leaving exchanges weekly as investors moved them out. Even now, the exchange outflows have continued despite the recovery in the price of bitcoin and Ethereum, showing that investors are not slowing down their buying.

Bitcoin, Ethereum Net Flows Still Negative

The exchange net flows for the past two weeks have been coming out negative for both Bitcoin and Ethereum. The same has been the case on a daily basis where outflows continue to exceed inflows, leading to negative net flows.

Data from Glassnode shows that for the last day, the net flows for bitcoin reached as high as $158.5 million. There had been a total of $498 million worth of BTC flowing into exchanges, but more than $656 million had flowed out.

Ethereum saw a similar net flow trend where $170.7 million flowed into the exchanges and $212.7 million flowed out of the exchanges. This led to a negative net flow of -$42 million over the 24-hour period. On a 7-day rolling basis, ETH net flows had remained negative, but only by a small margin, according to data from IntoTheBlock.

A Recovery On The Horizon?

The crypto market has been consolidating for a while but indicators point to a possible end to this trend. Tether (USDT) inflows into centralized also point towards this. Net flows for the stablecoin remain positive, which suggests an end to the sell-offs and a beginning of a buy trend in the market. However, it remains hard to pinpoint exactly when a significant recovery since the net flows for the last day were around $77 million.