Bitcoin
Understanding The Core Concepts Behind QTUM
The launch of cryptocurrency is considered one of the major breakthroughs of our time but the breakthrough is not in the cryptocurrency such as Bitcoin but in the underlying technology known as Blockchain and now there is a new breakthrough technology adding to the effectiveness of cryptocurrency and it is known as QTUM.
What is QTUM?
To understand the concept of QTUM and the reasons why it was created, it is important to first understand the technology and drive behind Blockchain and cryptocurrencies. One of the reasons why cryptocurrencies did not come sooner is the problem of double spending which arises due to the fact that any code can be copied and thus currency would have been easily copied. The technology has accountability and trust built into the system and technology led to the creation of many other cryptocurrencies. However, the major ones were created for special use.
The second thing that is necessary to grasp in order to understand the need for a platform such as QTUM is that each of the major currencies is designed to tackle a specific need. For example, Bitcoin was built as a store of wealth, Monero and Zcash focus on privacy while Ethereum focuses on executable commands.
The problem of having cryptocurrencies with different points of focus is that their platforms have to be different, thus meaning they cannot be operated together. However, QTUM was created as a solution aimed at eliminating this problem through interoperability. It is a blockchain technology that originated from Singapore and it is designed to not only facilitate the interoperability of major cryptocurrencies such as Ethereum and Bitcoin but also to make smart contracts more secure and easier to handle. To put it into a simpler perspective, QTUM combines the best qualities of different cryptocurrencies in a hybrid platform.
QTUM is also optimized for blockchain on mobile platforms. It takes into account that most people access the internet using mobile devices. However, most cryptocurrency platforms are still desktop-oriented. QTUM thus aims to bridge the gap to provide easier access through mobile platforms.
The fact that it also combines the advantages of smart contracts with the stability of Bitcoin’s blockchain means it will reach a wider demography. Developers believe that this new technology will most likely enable the creation of the next generation of future contracts.
QTUM is a vital addition to blockchain technology for numerous reasons. The major one is that it is a key component or vital infrastructure for the development of the future cryptocurrencies. The technology is also not limited to cryptocurrencies. Blockchain technology has a lot of utilities for example for institutional and business purposes. It can thus be used to implement tools and smart contract options that will make it easier for institutions.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Luke Descryptive via Flickr
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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