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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

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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