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The Genesis of Cryptocurrency

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The Genesis of Cryptocurrency

Before Bitcoin, Ethereum, litecoin, and other cryptos, there already existed some digital currencies tracing it way as far back to the 1990s. This included digicash and bitgold but these were centralized and didn’t last for long. Cryptocurrency came with a new trend, thus its decentralized nature running with no interruption from an outside entity.

Necessity they say is the mother of invention, so many times people had wanted to create some online digital cash system but to no avail as a result of issues with centralization.  With this in mind, the first Cryptocurrency was created by a group or person named Satoshi Nakamoto, (identity still unknown). His primary motive for creating this Cryptocurrency was to develop an electronic peer to peer cash system which was decentralized. The fantastic thing about the cryptocurrency is that even though it was not intended to be invented, the rise of bitcoin on the online market gave rise to the birth of other Cryptocurrencies. Now we can count more than 1000s of these currencies which are towing the way of the bitcoin.

In 2008, bitcoin was birthed and launched on 2009 where mining of the currency began. The bitcoin started with a value less than a dollar, but by December 2011, a bitcoin was selling for $11, 500. The price of bitcoin kept on increasing from the year it was launched to date making it the most valuable cryptocurrency now. Even though the currency saw lots of fluctuations, it kept on surprising the market by surging drastically in price.

As mentioned earlier, other cryptos were developed with the aim of offering more flexible terms as compared to bitcoin. In 2011, litecoin was created by Charlie Lee. Litecoin did so well on the market after some few years making some people think it was competing with bitcoin. Litecoin seeking to attract more of the masses became more dynamic and flexible regarding its mining. This was followed by Ethereum which was created in 2015. Ethereum has provided a platform for initial coin offering (ICO). Other currencies include ripple, digibyte, dash, zcash, monero, Eos to mention but few.

The interesting fact about all these currencies is the fact that they are not controlled by any central government. It provides security to it owners and protect their identity. Cryptocurrency, from the look of things now has come to stay. People are supporting it by investing in it and in turn making lots of money.

Cryptocurrency

Is Ethereum Battling For A Bullish Breakthrough?

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Is Ethereum Battling For Survival?

With the level of cryptocurrency awareness currently on the increase and a lot of new projects coming up with better positions to displace the old ones, there is a need for the second largest cryptocurrency in terms of market capitalization Ethereum (ETH) to fight for its life.

ETH is presently moving towards the $150 after weeks of leaving this price mark. It has shown that it is a force in the market by reacting positively to the positive volatility in the market. The present market is experiencing an increase in price bullishness and ETH is also among the altcoins that are gaining against Bitcoin and USD.

However, the presence of complement sites has shown that ETH is out to do all things to remain relevant. These projects are offering alternatives to what the Ethereum blockchain could attain. The Tron blockchain has now been officially listed as the number one dapp blockchain ahead of Ethereum. So, maintaining a continuous price change ahead of TRX, the Tron token could restore the confidence of Ethereum investors.

Also, the attitude of Ethereum cofounder Vitalik Buterin who does not give out free Ethereum to the public had changed after the launch of Tron Arcade that provides seed fund for developers with its investment of $100 million in the project.

The controversy surrounding the release of Ethereum Constantinople last month and how it was postponed as a result of the position of some developers that other hard forks would be launched. With the understanding of what this could cost the Ethereum network, it was postponed to avert what happened to Bitcoin Cash during its hard fork in Nov 2018 from happening to the coin.

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Cryptocurrency

Factors that Promotes the Surge in Crypto Crime

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Factors that Promotes the Surge in Crypto Crime

One of the reasons why some governments and private investors fight against the adoption of crypto as a financial instrument, irrespective of its increase in adoption is because of its anonymous nature and the possible use of it in crime related activities.

This fear could be seen as real since data had shown that the rate of crypto theft had surge by more than 7 times between 2016 and 2018. However, there are factors that have encouraged it which includes:

1) Patronage of dark and deep web: most of the private data that one could never imagine could be accessed easily through the activities of sellers in the dark and deep web. This has given hackers an easy access to information that could make an operation successful.

2) The inadequate laws for crypto crime offenders: most countries do not have sufficient laws that could be used to prosecute a cryptocurrency crime offender. This has made offenders in most cases to admit the crime, since the penalties could be lower when compared to a crime committed with fiscal cash.

3) Delay in accessing the right information: the anonymous nature of cryptocurrency could make a victim, to pay hackers and remain quiet till the money had been removed from the market. The continuous possibility of creating an unlimited number of accounts with decentralized exchanges makes it hard for the offenders to be caught easily.

4) An avenue to make quick money: some of this data could be sold by an insider since research has shown that more than 15% of hacking activities are due to information that an insider sells to outside users. Cryptocurrency makes such transaction to remain anonymous and the seller could keep the money raised for some time before cashing out.

5) Rise in knowledge: some people want to test the viability of the knowledge they had acquired on real products. This quest makes it easier for people to continuously involve in crypto crimes.

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