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Crypto to revolutionize business and money evolution, Ripple co-founder

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The medium of exchange during the days of barter trade included precious metals, gold, and things considered valuable. Next came flat currency, banknotes, cash, things that have value because they are backed by governments and legal frameworks. Today there are math-based currencies! Currencies that are controlled by protocols and algorithms only. Now indeed, accepting and utilizing the power and potential of these new math-based currencies is going to be the big story in finance and the future of transacting.

In 2017, most of the top news featured included an article about cryptocurrency and Bitcoin’s enthusiastic rise and fall. Bitcoin’s value per unit rose from $900 in January to approximately $20,000 in December, according to CoinDesk. However, after a few days later, the cost of Bitcoin dropped by about 30 percent.

Despite such fluctuations in the crypto market, Chris Larsen, co-founder of Ripple, in a recent visit to his alma mater, predicted that blockchain and cryptocurrency technology would radically renovate and transform global business.

He argues that Bitcoin is making this revolution possible by kicking down doors and opening people’s eyes. Hard currency has always presented technical problems. For instance, how should a person track value in a way that is reliable and useful to extended networks of other individuals? Bitcoins are proving that computer protocols are as effective as institutional procedures in handling reliability and security.

Larsen speaking to students in Assistant Professor Shengle Lin’s Alternative Investment class, on April 9, highlighted that daily trading of digital currency isn’t as attractive as “the internet of value” being introduced by blockchain technology. The internet of value is an efficient system that allows money transfer to be made as quick and easy as an email, text message, or a phone call. The way it works is, if a person owes you $10, they initiate the transaction. The vast community of miners, who have powerful computing resources, verify and authenticate that the operation was done.

Larsen said,

“In the present time, if a person wants to wire money from their bank account to another country let’s say the U.K, it could take three to four days to reflect and would cost a fortune in transaction fees”

He further states, there is no fundamental infrastructure to send and receive money across borders instantly. This is the big problem that needs to be solved. This is where cryptocurrency and digital coins have hijacked the system in regards to enacting available, advanced, and fast transaction procedures that guarantee a swift and safe transaction.

Continuing with his thoughts, Larsen explained to the students that Cryptocurrencies exist on ledger networks, also known as decentralized networks. These networks aren’t controlled by financial institutions or governments; instead of having a central bank to process and record each transaction, every computer in the network records every transaction. The advantages of using cryptocurrencies are that they aren’t under the mercies of exchange or interest rates or transaction fees, and all in all, users have the ultimate control over their digital funds.

Alongside having numerous advantages, cryptocurrencies have their fair share of limitations too. Every ledge network has a unique set of attributes that makes it hard to apply on a global level, Larsen adds.

Subsequently, some digital currencies are not accessible. Bitcoin can only perform seven transactions per second, taking large amounts of power and resources to complete even a single transaction. That is due to all the computers in the network have to process each transaction. Larsen noted. Larsen also hinted at the fact that Bitcoin network consumes the same amount of energy annually as the whole population of Denmark.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of 【Kelly D Photography】 via Flickr

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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