Information About Cryptocurrency

Future Of Cryptocurrency

 

Cryptocurrency is the future of global trade, writes John McDermott, Chief Financial Officer of Tulip Coin, during this week’s Keynote.

 

During the Keynote discussion on cryptocurrencies at last week’s B2B Tech Events’ Asia Summit in Singapore, Tulip Coin’s CFO, John McDermott, talked about the successes the blockchain community has had thus far, and how it is about to disrupt the market.

 

McDermott acknowledged the blockchain, and cryptocurrencies, are emerging from an ideological framework which has enabled alternative currencies to gain currency in the current market environment. It was, for instance, crypto pioneers such as Satoshi Nakamoto who raised awareness about cryptocurrency and the security it offered.

 

“These currencies have an intrinsic advantage that needs to be highlighted,” McDermott said. “We all use currencies and know that there are some situations where currencies have an inherent advantage. In these situations, cryptocurrency actually trumps currencies.”

 

It’s important to understand that cryptocurrencies are not for all. For instance, Tulip Coin’s CEO, Thomas Luber, is also a member of the Singapore Parliament. But it’s different, and arguably, more rewarding, because you are connecting with people in an authentic way.

 

Bitcoin

 

The bitcoin and bitcoin cash types are the best known of the cryptocurrency types, but there are many more cryptocurrencies out there, and they are usually grouped into categories based on how they differ from each other.

 

Bitcoin

 

Bitcoin is perhaps the best known and widely used cryptocurrency. Bitcoin is created, distributed and traded through a peer-to-peer network similar to the internet itself. Bitcoin is created and validated by computers performing complex cryptographic calculations on encrypted Bitcoin transactions.

 

Bitcoin’s cryptography works a bit differently from other types of cryptography in that the encrypted keys can be stored on a bitcoin wallet rather than on a computer. The coins are then spread across many bitcoin wallets, rather than stored only on one computer, to prevent hackers from stealing them or accessing them from one device.

 

Bitcoin’s cryptography also prevents its transactions from being reversed, or verified, by trusted third parties. For this reason, bitcoin is often referred to as “secure currency,” which is to say that because the transactions can be verified, no transactions can be reversed.

 

Bitcoin uses many of the same underlying software and applications as regular computers, and the network’s core software is open source.

 

Decentralized Cryptocurrency Exchange

 

DiscoSwap uses the ERC20 token standard to enable liquidity through a decentralized exchange. Cryptocurrency, such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin, are being used to buy and sell goods and services while an ERC20 token is a digital asset that has rights and capabilities to represent any kind of value.

 

In other words, once cryptocurrency is traded on the exchange, the transaction is transferred and stored through a distributed ledger, and all transaction information is immediately available. If a fee is required in a particular transaction, transactions can be capped using a dynamic fee structure.

 

Related: Crypto Exchange CXC Launches with Unsurpassed User Experience for Cryptocurrency Trading

 

Crypto Exchange Benefits 

The benefits of using a cryptocurrency exchange include:

 

Affordable: Cryptocurrency exchanges provide the cheapest trades of any industry

 

Eliminates fees: Paying a fee to purchase cryptocurrency is the most expensive way of trading.

 

No risk: For any trade, there is no risk as there are no funds stuck up in a bank account.

 

Simple: There is no middle man to cut through and corrupt transactions, as everything is initiated directly from the end user.

 

Simplified Trading: If you don’t understand how to buy and sell cryptocurrency then you might want to look elsewhere. Cryptocurrency exchanges have simplified trading into the digital age.

 

Access to Market Volatility

 

The crypto market has seen massive growth in the last few months, as the value of several cryptocurrencies has shot through the roof. The extreme volatility of cryptocurrencies, and the volatility of their price, are key benefits of crypto trading as investors can gain access to the market with minimal risk.

 

Blockchain Technology

 

Blockchain technology holds so much potential that even the main stakeholders of the financial services industry are embracing it.
 
Arguably the most notable example of this is the involvement of the famous IBM. Back in September 2016, the massive technology corporation launched its first virtual currency through its blockchain service, called Blockchain. IBM and the Japan Bank for International Cooperation will start working on financial contracts and other data contracts in Japan using blockchain technology.

 

Thanks to this collaboration, IBM’s cloud-based blockchain service – Blockchain Cloud Services – could help finance institutions save up to 20 percent in transaction costs. Other startups are also embracing blockchain, which could reshape a whole lot of financial services.

 

For example, the newly established cryptocurrency exchange IOU Wallet will offer people a cryptocurrency wallet that uses blockchain technology. The app will enable users to deposit and store different currencies like bitcoin, litecoin, and dogecoin.

 

This app offers several unique features like digital signatures, encryption, private sharing, and more, which makes it worth looking into. But if cryptocurrency payments are something that you’re interested in, why not check out how to buy bitcoin and ethereum using Coinbase?

 

Despite the potential use of blockchain technology, there are some lingering concerns regarding bitcoin’s price.

 

Even though it has fallen since its initial surge in the beginning of 2017, bitcoin prices have kept hitting new records. Despite this, the value of cryptocurrencies has drastically shifted since the beginning of 2017.

 

Despite plummeting cryptocurrency values, bitcoin still ranks as one of the best-performing assets in 2017. This year, bitcoin prices soared by over 500 percent, reaching over $2,500, before peaking at over $5,000. For comparison, the overall financial services market declined by around 2 percent over the same period.

 

The good news is that this latest rally is not only due to strong demand from investors and traders. This time it’s thanks to crypto-friendly governments, such as Japan and Singapore.

 

It’s worth mentioning that Japan is actually considered to be one of the top 10 most bullish markets in the world. That’s just one of the reasons why bitcoin prices could skyrocket even higher over the coming months.

 

One of the big reasons behind this bullish trend is that Japan’s regulators are stepping up their efforts to build and strengthen cryptocurrency exchanges. The goal of regulators is to enhance their consumer protection capabilities so that more people can start trading on these exchanges.

 

Over the past few months, Japan’s financial regulatory body, the Financial Services Agency (FSA) has actively engaged the industry players, providing them with detailed and open guidance.