Tag: Cryptocur

CBDC; digital currency put forward by RBI

 The Reserve Bank of India is likely to soon kick off pilot projects to assess the viability of using digital currency to make wholesale and retail payments to help calibrate its strategy for introducing a full-scale central bank digital currency (CBDC).

India is already a leader in digital payments, but cash remains dominant for small-value transactions, he said, stressing that an official digital currency would reduce the cost of currency management while enabling real-time payments without any inter-bank settlement.

“Every idea has to wait for its time, perhaps the time for a CBDC is here,” RBI Deputy Governor T. Rabi Sankar said on Thursday. “Like other central banks, we have also been exploring the pros and cons of this since quite some time,” he added. A high-level inter-ministerial committee set up by the Finance Ministry had recommended the introduction of a CBDC with changes in the legal framework including the RBI Act, which currently empowers the RBI to regulate issuance of bank notes.

Transacting with CBDC would be an instantaneous process as the need for inter-bank settlement would disappear as it would be a central bank liability handed over from one person to another, Mr. Sankar pointed out. Moreover, foreign trade transactions could be speeded up between countries adopting a CBDC. “India’s fairly high currency-to-GDP ratio holds out another benefit of CBDC — to the extent large cash usage can be replaced by CBDC, the cost of printing, transporting and storing paper currency can be substantially reduced,” Mr. Sankar said at a discussion hosted by Vidhi Centre for Legal Policy. CBDC will be India’s sovereign currency in an electronic form.

According to the RBI deputy Governor, since CBDC is a currency that does not pay interest, its impact on bank deposits may “actually” be limited.“Depositors that require CBDCs for transactional purposes are likely to sweep day end balances to interest-earning deposit accounts,” he said.

However, he said that CBDC is not comparable to the private virtual currencies that have mushroomed over the last decade. He said, “Private virtual currencies sit at substantial odds to the historical concept of money. They are not commodities or claims on commodities as they have no intrinsic value; some claims that they are akin to gold clearly seem opportunistic.”

Complements fiat currency?

Sajai Singh, Partner at J Sagar Associates, said, “RBI is moving in the right direction with regard to digital currencies. Any RBI backed digital currency will come with a promise of less volatility and greater security for the bearer of the same. This will be very different from cryptocurrencies, like Bitcoin and Ethereum, which are rather popular, but carry innumerable risks. Also, RBI’s support to a digital currency will ensure its financial stability. It will be similar to say a potential digital Euro and digital Yuan.”

FaTE of crypto’s

According to Patel, CBDC’s might have a negligible direct impact on private digital currencies such as Bitcoin, Matic, Doge, etc. These private cryptocurrencies are based on ‘decentralization’. “The sovereign digital currencies are in stark contrast to decentralization, as the central banks govern and control them. However, as and when CBDCs start gaining more adoption, people would get to learn more about private cryptocurrencies as well. It would indirectly act as a catalyst to creating awareness of the practical usage of cryptocurrencies. That is when the crypto markets would start getting increased retail participation as well,” he told FE Online.

Dogecoin

 Dogecoin (DOGE) is a cryptocurrency that is taking the world by storm with over 129.5 billion coin in circulation. In 2013, Jackson Palmer and Billy Markus created this open source cryptocurrency as a sarcastic meme coin. Even though it was started as a joke, Doge’s blockchain still has a lot of merit as it is derived from Litecoin’s technology. Dogecoin can be merge mined with Litecoin, meaning miners can mine both cryptos simultaneously using the same work. Essentially, practically everyone who mines Litecoin chooses to mine Dogecoin as well, because merge mining Dogecoin increases profits. Dogecoin has the image of a Shiba Inu dog as its logo and has a loyal community of supporters who trade it and use it as a tipping currency for social media content. This group has banded together to support a variety of charitable endeavours and other ventures. They were also able to fund a NASCAR race.

Billy Markus thought that by branding it as a more lighthearted coin, it would have a greater chance of going mainstream, as opposed to coins like Bitcoin and Ethereum. Dogecoin’s casual presentation suited the mood of the burgeoning crypto community. Its scrypt technology and unlimited supply was an argument for a faster, more adaptable, and consumer-friendly version of Bitcoin. Dogecoin is an “inflationary coin,” while cryptocurrencies like Bitcoin are deflationary because there’s a ceiling on the number of coins that will be created. Although Dogecoin is nowhere near the scale of Bitcoin, the meme currency’s market cap has risen from more than $1 billion in early January to $47 billion in May according to CoinMarketCap.

Celebrities like Elon Musk and Snoop Dogg have been supporting Dogecoin, which is driving its price up. There are even rumours that Tesla will begin accepting dogecoin soon. Elon Musk’s tweets once even caused the price to rise from a 24-hour low of 0.062 dollars to 0.078 dollars, a 20% increase. A strange combination of factors, including Elon Musk’s apparent endorsement for the coin and overwhelming support from Robinhood dealers, has propelled Dogecoin into the mainstream. Many have even started calling Musk “The Dogefather”. DOGE liquidations topped Bitcoin (BTC) at one point during the market mania, demonstrating the asset’s great demand.

On a year-to-date basis, the token has climbed approximately 7,000 percent. DOGE achieved its all-time high of $0.73 on 8 May 2021, driven by Elon Musk as well as its cult following. At this rate it just might become a viable currency. Doge to the moon!

Blockchain Network

 Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.

A blockchain is esstenially a digital ledger of transactions that is duplicated across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distrributed Ledger Technology (DLT).

Blockchain is a type of DLT in which transactions are recorded with an unchangeable cryptographic signature called a hash. This means if one block in one chain was changed, it would be immediately apparent it had been tampered with. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain.

There have been many attempts to create digital money in the past, but they have always failed. The prevailing issue is trust. If someone creates a new currency called the X dollar, how can we trust that they won’t give themselves a million X dollars, or steal your X dollars for themselves?

Bitcoin was designed to solve this problem by using a specific type of database called a blockchain. Most normal databases, such as an SQL database, have someone in charge who can change the entries (e.g. giving themselves a million X dollars). Blockchain is different because nobody is in charge; it’s run by the people who use it. Bitcoins cannot be faked, hacked or double spent – so people that own this money can trust that it has some value.

Dogecoin Part-2

 Dogecoin, evolved just as a meme and fun factor now got more attention. It became the fourth- largest cryptocurrency in the world. After Bitcoin, Etherium and Binance. The biggest question is how is it possible? How did a coin made as a joke gain such popularity? Why are people buying it?

The first and foremost reason is Reddit website. People on Reddit started using it as a joke initially. Whenever someone liked a post or a comment on Reddit, people would award some Dogecoins to the OP as a tip. It was known as the DogeBot tip. Usually, this was a tip of 5 Dogecoins. And at that time, the value of Dogecoin was 0.0002¢. It was a very small amount. But using Dogecoin as a tip started gaining popularity on Reddit. And this expanded over years. Dogecoins were used so much and exchanged so many times that their value started increasing rapidly. In September 2018, the CEO of Tesla, Elon Musk noticed it. Elon Musk met Jackson Palmer on the issue of Twitter scambots. The fake Twitter accounts that scam people using the guise of cryptocurrency. Elon Musk wanted to take them down because his name was being used to run these scams.

So he asked Jackson Palmer to help on this. That was when Elon Musk came to know about Dogecoin. After 7 months he tweeted “Dogecoin might be my fav cryptocurrency. It’s pretty cool”. In March 2020 he tweeted “Dogs rock. They are the best coins”. So in the coming months and years he tweeted about Dogecoin several times which indirectly or directly promoting Dogecoin. And because Elon Musk is so famous, and perhaps the most renowned and liked billionaire in the world, every time he tweeted, it sent the value of Dogecoin by 25% to 50%. Eventually 2021 followed 2020. And now the value of Dogecoin has exceeded 50¢. At its peak, Dogecoin had almost touched the valuation of $80 billion. Though its price has fallen a bit in the last couple of days, the supporters of Dogecoin aim to drive its value to $1. It means that the value of 1 Dogecoin would be equal to $1. Currently it is around 50-60¢.

And what is the process to buy Dogecoin?

It is the same as buying any other cryptocurrency. You have to use cryptocurrency exchange platforms.

Talking about the real life use of Dogecoin, the community of Dogecoin have donated to several charitable causes. Their first donation was to a Jamaican Bobsleigh team of $30,000 in Dogecoins. So that the team could participate in the 2014 Russian Winter Olympics. After this, for some water conservation projects in Kenya and for helping some special needs children, the Dogecoin community donated.

Who are the community of Dogecoin?

Basically there is a subreddit on Degecoin where the users who buy and promote Dogecoins come together and make such donations.

But overall friends, now Dogecoin has become a culture trend now. The value of Dogecoin goes higher, higher and higher and one day it will reach its peak. Then, it will start decreasing. There is a very high possibility for this to happen. 

Dogecoin

 

Part-1

We all know about Rupee coin and Bitcoin. Now there is another similar thing getting noticed and goes spoken more. That is Dogecoin. The value of rupee is based on Dollar currency and Bitcoin is based on Blockchain that promises to revolutionise the monetary systems around the world. But this Dogecoin is based on a meme. This coin was made in jest. In this blog, let’s see about this Dogecoin.

Someone took the Doge meme, the meme of this dog was quite famous at some time and a coin was made out of it. It’s like taking a ‘Akshay Kumar meme’ and creating a Akshy coin. It’s easy. Anyone can create it. Because cryptocurrency is so decentralised that any person can develop their own coin. They will need basic coding knowledge to do that. But the thing is that Dogecoin became so famous that, elite people like Elon Musk started buying it and promoting it.

After the popularity of Bitcoin, several people bought up its disadvantages. Like the long transaction time of Bitcoin. It that the whole process of Bitcoin mining consumes a lot of energy. And that is not good for the environment. That’s why some people considered making their own coins. These coins are called Alt-coins. i.e. Alternative coins (Named because they are alternative to Bitcoins). And they try to counter the disadvantages of Bitcoin. Examples: Etherium, Litecoin. But after Alt-coins had been developed, people realised that everyone can create their own coins. So people started creating their own coins for fun. But there was no advantages in their coins as compared to Bitcoin. Some scammers created their own coins and fooled people to invest in those coins. To drive the value of the coin, they followed Pump and Dump scheme. That is many people would put in their money and then the scammers take away their money. Then the people would suffer heavy losses and the scmmer would gain many. Some coins are created just for fun. These coins which were created without any reason are called as Shitcoins. Because they add no value to the world. They are not bringing any improvements to the process.

Some people believe that Dogecoin is also a Shitcoin. It was not created to scam people but just to make prank on people. It’s only for jokes. This doge meme was at the peak of its popularity in 2013. Jackson Palmer, an Australian marketer and Billy Markus, a software developer at IBM developed this Degecoin together then. Palmer says that he thought up this idea as a joke to combine two most popular things on the internet. Cryptocurrency and Doge meme. The code of Dogecoin is based on Litecoin. Litecoin is an Alt-coin that does have a few advantages over Bitcoin. Like lesser processing time and lower transaction fees. But the surprising thing is that the market valuation of Dogecoin has already surpassed that of Litecoin. If you look at the largest cryptocurrencies in the world, Dogecoin has become the fourth -largest currency.

Let’s discuss about this more in Part-2. Bye.! #stayhomestaysafe

Exploring Bitcoin: The Quintessential Cryptocurrency

 

Bitcoin, the name synonymous with cryptocurrency, has become the default thought for most people when they hear about digital currencies. It is the pioneering cryptocurrency that brought the concept of decentralized, digital money into the mainstream, offering a medium of exchange that exists entirely in the digital realm. Invisible and intangible, cryptocurrencies like Bitcoin have altered our perceptions of what money can be.

The Origins of Bitcoin

Bitcoin was introduced to the world in a 2008 white paper by an individual or group of individuals using the pseudonym Satoshi Nakamoto. The true identity of Satoshi Nakamoto remains one of the digital age’s most intriguing mysteries, with theories about their identity ranging from a Finnish sociologist to an Irish mathematician. Despite numerous investigations and speculation, Nakamoto’s identity remains undisclosed, adding an element of mystique to Bitcoin’s origin.

The Mechanics of Bitcoin

Bitcoin operates on a technology known as blockchain, which is essentially a public ledger that records all transactions across a network of computers. Blockchain technology ensures that every transaction is securely encrypted and virtually impossible to tamper with, providing a high level of security and transparency.

Bitcoin is created through a process known as mining. Contrary to what the term might suggest, this mining is purely digital and involves solving complex mathematical puzzles using powerful computers. Successful miners are rewarded with new bitcoins, contributing to the gradual increase in the total supply.

Decentralized Nature

One of the core features of Bitcoin is its decentralized nature. Unlike traditional currencies, Bitcoin operates independently of a central authority. This decentralization means that no single entity, including governments, has control over it. The decentralized structure not only enhances security but also eliminates the need for intermediaries such as banks in financial transactions.

Transaction Speed and Efficiency

Bitcoin transactions are known for their efficiency. A typical transaction can be confirmed within about 10 minutes, regardless of the geographical locations of the parties involved. This speed, coupled with the absence of intermediaries, makes Bitcoin an attractive option for many users worldwide, especially in regions where access to traditional banking is limited or non-existent.

The Impact of Bitcoin

Bitcoin has paved the way for thousands of other cryptocurrencies, each with unique functionalities and purposes. As the progenitor of this revolutionary technology, Bitcoin remains the most well-known and widely used cryptocurrency. Its introduction has spurred debates about the future of money, privacy, and the role of sovereign currencies in an increasingly digital world.

In conclusion, Bitcoin is not just a currency but a groundbreaking technology that has challenged the traditional financial systems and introduced a new era of decentralized digital assets. Its ongoing development and the dynamic ecosystem it has inspired continue to influence various sectors, including finance, law, and technology.

Introduction to Block chain technology

 Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.

A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralised database managed by multiple participants is known as Distributed Ledger Technology (DLT).

Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.

This means if one block in one chain was changed, it would be immediately apparent it had been tampered with. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain.

Blockchains such as Bitcoin and Ethereum are constantly and continually growing as blocks are being added to the chain, which significantly adds to the security of the ledger.

There have been many attempts to create digital money in the past, but they have always failed.

The prevailing issue is trust. If someone creates a new currency called the X dollar, how can we trust that they won’t give themselves a million X dollars, or steal your X dollars for themselves?

Bitcoin was designed to solve this problem by using a specific type of database called a blockchain. Most normal databases, such as an SQL database, have someone in charge who can change the entries (e.g. giving themselves a million X dollars). Blockchain is different because nobody is in charge; it’s run by the people who use it. What’s more, bitcoins can’t be faked, hacked or double spent – so people that own this money can trust that it has some value.

GROWTH OF DIGITAL PAYMENTS IN INDIA

 

The evolution of digital payments in India:-

  • India is a massive cash dependent economy with a 13% cash-to-GDP ratio to the global average of 2.5 to 8%. This invites many illegal transactions and black money within the system. The government hence, figured out that going cashless can be a solution to reduce these money laundering transactions, and a fair play in the economy of the country will persist.
  • In 2005, a tax named ‘Banking Cash Transaction Tax’ was one of the steps taken towards the removal of black money by the then finance minister, P.Chidambaram of UPA government, which levied a tax of 0.1% on withdrawals of cash above 10,000 rupees. But this mainly focused on the banks, while blurring the cash users like merchants or businessmen.
  • Demonetization was the next major and effective step taken by Prime Minister Narendra Modi to evacuate black money and embrace digitization on 8th of November, 2016. Elimination of 500 and 1000 rupee notes shook the entire economy of the country and paved way for digital transactions with open doors.

Present situation :-

  • Since the attack of demonetization by the government has been taken, digital and online transactions have had a steep up-rise in its graph. The rate of digital cash users is increasing exponentially day by day. Mobile transaction applications like PayTM says that there has been a 200% increase in its mobile app downloads in recent times and a 250% increase in their recent transactions. Applications like MobiKwik, Oxigen and UPay also reports the growth of digitization in their statistics after the widespread of demonetization.
  • The plan of using the Aadhar card details as a key or the pincode for monetary transactions has been going on. The Aadhaar enabled payment system (AEPS)  uses the biometrics of an individual, like the fingerprints, as a personal identification number instead of passwords and pincodes for transactions. This system will also serve the security purposes as the biometric of an individual is unique.
  • India has showcased a massive progress on going cashless in a very small amount of time. The Digital Evolution Index 2017, which is a joint study conducted by the Fletcher School at Tufts University with Mastercard has categorized India under the “break out” segment among the top 60 countries worldwide for going cashless.
  • In spite of all these achievements, a security threat remains all over the system. Cyber bullies and hackers have not left behind a single scope to invade databases of banks or companies or personal accounts and emails of politicians, businessmen, journalists and other prominent people for personal fetishes. According to the 2015 data breaches study by IBM and the Ponemon Institute, India is the most targeted country for data breaches. Be it the big, famous brands like IBM, Hitachi or renowned banks like ICICI and HDFC, they all faced cyber attacks.
  • With the abundant availability of higher denomination notes, cash transactions are increasing again.

Steps taken by Indian Government :- 

  • Demonetization is the biggest and the most effective step taken so far by the Indian government towards digitization. The dumping of 500 and 1000 notes has triggered the wealth of black money holders massively. Though the economy country-wide has dropped, the black money and big-fat illegal cash transactions have also been minimized greatly.
  • New portals for online digital transactions have been opened on a wide-scale, encouraging more customers or users of cash to dump the old techniques and go cashless.
  • For better security reasons and backing up the after-effects of demonetization, the Ministry of Electronics and Information Technology will be issuing a Request For Proposal (RFP) to set up a common e-governance platform for end-to-end transactional experience for a citizen, businesses as well as internal government functions.

What still needs to be done:- 

  •  The government must propose more secure and tight algorithms to stop the intervention of cyber attacks on top security databases for big companies, governments and systems, as well as on personal accounts for the public.
  • Apart from the digital security, the public also needs to be aware of cyber threats and phishing that take place on a daily basis. Falling as a prey for cyber attacks can be a nightmare for the common people, as well as the big industries and governments. People who do not know much about handling money in a digital way can be fooled easily by asking for their account details or lending information over fake calls, all in the name of digitization. Thus, it is of primary importance that the public is aware of such misleading.
  • The security departments of every system must be well equipped with behavior analytics and pattern analysis to identify suspicious activities and prevent them then and there. Identification of frauds and fake apps which serve monetary transactions has to be the main motive of the security departments. 

Best practices worldwide :-  

  • A worldwide digital payment system and a cryptocurrency, which is the first decentralized digital currency is the Bitcoin. This system works without a central repository or a single administrator. The transactions here, are verified by network nodes, and takes place between users directly and the record is kept in a public distributed ledger.
  • Mobile applications like PayTM, for instance, is certified under the Payment Card Industry Data Security Standard (PCI DSS) 2.0 certification, which is the current industry security standard set by American Express, Visa International, MasterCard Worldwide and a few other international dealers. This is an essential certification for companies that store credit card information. PayTM and other such companies also use 128-bit encryption technology to crypt any information transfer between two systems. 

BITCOIN AND THE BITCOIN BLOCK CHAIN

 Bitcoin is a virtual monetary unit and therefore has no physical representation. A bitcoin unit is divisible and can be divided into 100 million ”Satoshis” the smallest fraction of a bitcoin. the bitcoin blockchain is a data file that carries the records of all past bitcoin transactions, including the creation of bitcoin units. it is often referred to as the ledger of the bitcoin system. the bitcoin blockchain consists information about new bitcoin transactions. the average time between bitcoin blocks to 10 minutes. the first block was created in 2009 and at the time of this writing was appended as the most recent block to the chain. because everyone can download and read the bitcoin blockchain, it is a public record, a ledger that contains bitcoin ownership information for any point in time.

The word ledger has to be qualified here. there is no single instance of the bitcoin blockchain. instead every participant is free to manage his or her own copy of the ledger accounts. instead there is a predefined set of rules and the oppurtunity for individuals to also has to be qualified because the owners of bitcoin units usually remain anonymous through the use of pseudonyms. to use the bitcoin system, an agent downloads a bitcoin wallet. a bitcoin wallet is software that allows the receiving, storing, and sending of bitcoin units. the next steps is to exchange fiat currencies, such as the U.S dollar, for bitcoin units. the most common way is to open an account at one of the many bitcoin exchanges and to tranfer a fiat currency to it. the account holder can then use these funds to buy bitcoin units or one of the many other cryptoassets on the exchange. due to widespread adoption of bitcoin, the pricing on large exchanges is very competative with relatively small bid ask spreads. most exchanges provide order books and many other financial tools that make the trading process transparent. a bitcoin transaction works in a way that is similar to a transaction in the yap payment system.

for a virtual currency to function, it is crucial to establish at every point in time how many monetory units exist, as well as how many new units have been created. there must also be a consensus mechanism that ensure that all participants agree about the ownership rights to the virtual currency units. in small communities as with the yap islanders everyone knows everyone else. the participants care about their reputation and conflicts can be disputed directly. in contrast within the bitcoin system the number of participants is substantially larger, and network participants can remain anonymous.

Block Chain Technology

 Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participants ledger.

The original Blockchain is open-source technology which offers an alternative to the traditional intermediary for transfers of the crypto-currency Bitcoin. The intermediary is replaced by the collective verification of the ecosystem offering a huge degree of traceability, security and speed.

Blockchain: What It Is and Why You Should Care

By leveraging blockchain technology, smaller businesses can operate with more autonomy and efficiency.

You’ve probably heard of blockchain technology, but you might not know that it’s quickly revolutionizing the way the world shares information and does business.
Blockchain technology has already been adopted by many prominent institutions. According to IBM, 91 percent of the world’s banks plan to invest in blockchain solutions by 2018. Today, most small to mid-size business owners and future employees are aware they should know a thing or two about this new technology, but they don’t know where to start.
Let’s break down what blockchain is and why you – as a future entrepreneur, business owner or employee of a large corporation – should care.

So, what is blockchain?

Blockchain is a decentralized, digital public ledger – or record – of transactions. Blockchain was originally developed to record transactions of the cryptocurrency bitcoin, but today it offers many important opportunities for businesses of all types and sizes.
Blockchain technology is an effective, business-friendly way to structure data, allowing information to be shared easily and securely from business to business. As a result, large companies can automate processes and scale operations more easily.
Small businesses and entrepreneurs can benefit from blockchain technology, too. By leveraging blockchain technology, smaller businesses can operate with more autonomy and efficiency.
Here are the three ways blockchain technology could affect operations for small business owners and entrepreneurs:

1. Automate HR processes

Using blockchain technology, a company could verify the identity and employment background of potential hires. This could save businesses a huge amount of time and resources by eliminating the extensive research and background checks typically conducted by an HR department.

2. Develop “smart” contracts

Blockchain technology could help businesses potentially automate legal agreements and contracts between clients and customers. Since blockchain is a “smart contract,” meaning the information is instantly verifiable and accessible, small businesses could use blockchain to streamline certain legal or administrative processes and free up capital for other business areas.

3. Improve security

Managing large amounts of consumer data is a risk for businesses that could be the target of a cyber-attack or data breach. Today, many consumers are wary of exposing their personal information, whether they’re shopping online, swiping their card in the store or filling out a form for more information. With the enhanced security enabled by blockchain, businesses can rest assured that their customers’ sensitive information is encrypted and safe from hackers and cybercriminals.
Blockchain technology is already changing the business world. By familiarizing yourself with this new technology – and its applications to a variety of businesses and industries – you can prepare and position yourself to be a forward-thinking future business leader.

Know about Dogecoin

  Dogecoin is a name that you’ll recognize even when you’re blindfolded. This cryptocurrency has been continually trending on Reddit and Twitter, making it extremely popular. Even though it was the first “meme coin,” Elon Musk praised it and even accepted it as payment for Tesla. What began as a joke evolved into one of the most obvious ways for bitcoin users to tip creators online, make online purchases, and interact with one another. For more information on bit alpha ai click here.

Dogecoin is not a cryptocurrency that has resulted in technological advances and has yet to achieve anything noteworthy. Dogecoin was designed solely to mock the other altcoins that were available at the time. The money eventually evolved into much more than a simple spoof. 

Photo by RODNAE Productions on Pexels.com

What is the source of all this success? What makes Dogecoin so appealing to investors? Let’s take a closer look into Dogecoin’s antics and understand its history and what makes it unique among cryptocurrencies. There is a wealth of data on Dogecoin available in this article.

  • Historical Perspective 

Jackson Palmer and Billy Markus created the digital currency Dogecoin in December 2013. They had a more casual, optimistic view of the bitcoin market, which is more widespread now. 

In a couple of hours, Markus had invented the token as a parody of Bitcoin, the current leading cryptocurrency. As the crypto community has evolved from its former elitist and aristocratic state, the joke is intended to poke fun at the past. This is why the Dogecoin developers want to create a friendly, welcoming, and lighthearted neighborhood.

At the time, Billy Markus was a software engineer for IBM in Portland, Oregon, and Jackson Palmer was a product manager for Adobe Inc. in Sydney, Australia. Palmer created the token. Once Markus learned about it, he contacted Palmer to ask permission to create the software that runs it. 

Dogecoin initially provided block miners with a randomized payment. That situation changed when Dogecoin implemented a fixed payment to miners of 10,000 DOGE tokens in 2014.

Even if Bitcoin’s price only fluctuated by about $1,000 in 2013, many more individuals started to take cryptocurrencies seriously—possibly a bit too seriously. The Shiba Inu dog meme was chosen as the two artists’ mascot after brainstorming something intriguing together. The internet was intrigued by this unique approach to cryptocurrencies, given its presence. 

  • Its creation

They created the Dogecoin cryptocurrency using the Scrypt-based Proof-of-Work (PoW) consensus algorithm employed by Luckycoin. PoW is a technique for determining who updates transactions on a blockchain network, and it is often tied to the computational power miners or nodes contributing to transaction validation. 

Although Luckycoin (LKY) was an innovative open-source P2P money that used cutting-edge cryptographic techniques for security, it has now become obsolete. As with Litecoin, Luckycoin relied heavily on that cryptocurrency’s codebase. 

For online payments, Charlie Lee, a former Google developer, launched Litecoin (LTC) in 2011.

  • Its Popularity

This “meme coin” sparked a flurry of interest throughout the internet and now boasts one of the world’s largest crypto communities. It is regarded as a welcoming and beginner-friendly coin and is also well-known for its charitable contributions and support of numerous other worthy causes.

Shibes are members of the Dogecoin community. They have their language, which you must see for yourself to understand. In general, the community is most interested in having a good time. What a blast! (Shibe dialect)Since Dogecoin has grown in popularity, let’s consider what makes it tick.

  • Its Features

Dogecoin, like practically every other cryptocurrency, is built on blockchain technology. The blockchain is a massive database that maintains transaction information, known as a public ledger. Miners must solve a cryptographic challenge to validate transactions and receive rewards.

After that, every transaction you perform using Dogecoin is recorded on the Dogecoin blockchain network. It’s worth noting that the blockchain isn’t stored on a single hard disc or a single central server; instead, it’s distributed across thousands of computers known as nodes. This is what makes DCNs so unique and desirable. They are not centrally located but rather scattered around the world.

Conclusion

The fact that Dogecoin is the newest cryptocurrency is common knowledge. It has not yet attained a level of acceptability that constitutes a critical mass. Even still, business magnates like Elon Musk have hailed the concept. 

If a person of such prominence and accomplishment can see the potential in this novel monetary system, it is destined for greatness. Let’s wait and see whether it gains traction in the future since, right now, it’s not very popular. 

The present situation of Bitcoin in the UK and US

  There is no doubt that Bitcoin has turned out to be one of the most efficient, trustworthy, and popular cryptocurrencies on the planet right now. It does not have any physical existence as it is a digital currency. Nevertheless, one will be guaranteed online safety, accountability, and transparency while making use of Bitcoin as a mode of payment. It is because bitcoin used some latest technologies to make its network more secure and the most vital is Blockchain technology that offers bitcoin cryptocurrency a decentralized network where no data could be altered or deleted. Bitcoin has already attracted many entrepreneurs, global investors, beginners, as well as financial experts.

Photo by Alesia Kozik on Pexels.com

Bitcoin is a significant digital currency:

It is a fact that Bitcoin investment will allow you to manage the highest target since the prices are changing constantly on the market these days. The inventor of this cryptocurrency introduced blockchain systems into Bitcoin to gain the trust of the audience, attaining some safety factors, as well as maintaining transparency, efficiency, and consistency. 

Though, the question might arise in our minds regarding who will be responsible in the event of something unusual happening because of governmental factors.

It is also important to get rid of the bugs and viruses that might affect online platforms right now. This is because many of these platforms consist of bugs, viruses, and intermediaries these days. Fixing these glitches will result in the seamless functioning of the online platforms without any problem whatsoever.

Investing in Bitcoin in the UK:

. In case you are residing in the UK, then the simplest way to invest in this cryptocurrency will be to buy it from a crypto exchange like Coinbase, eToro, or Uphold online.

It is possible to purchase and sell Bitcoin from your computer, smartphone, or tablet directly with the help of crypto exchanges. After purchasing this cryptocurrency, you may do any of these two things mentioned below:

  • Your Bitcoin can be moved to a secure wallet that is owned by a crypto exchange used by you or it can be separate as well. 
  • Otherwise, it will be a sensible idea to leave the currency in the crypto exchange where Bitcoin can be exchanged for other digital currencies or fiat currencies.

Purchasing Bitcoin in the US:

It will not be difficult to purchase Bitcoin or any other cryptocurrency in the US. It is as simple as selecting a wallet and picking an exchange to purchase from. However, you need to verify your identity through a somewhat complicated KYC process. After providing your details, you need to verify your identity by providing a passport copy or a government-issued ID copy. It will be simple to purchase and sell Bitcoin once your identity has been verified by the exchange.

However, if you like to trade in Bitcoin globally, then make sure to use a powerful tool known as BitTrader. You will get more information regarding this tool from bit-trader.io

Is Bitcoin legal in the US?

There is no doubt that the US is one of those countries on the planet that have embraced the usage of Bitcoin. This particular cryptocurrency has been described by the U.S. –  Treasury as a convertible currency that can be used by individuals instead of the US dollar. 

‘The United States Financial Crimes Enforcement Network’ is providing guidelines regarding Bitcoin since 2013. As per their work is going on this crypto-

  • All entities administering or exchanging this cryptocurrency as money service businesses have been classified by them. 
  • Besides this, this organization is likewise implementing regulations intended for financial and non-financial institutions for establishing crypto tracking and reporting priorities. 
  • According to these regulations, financial institutions, crypto exchanges, and other institutions need to report any distrustful activity for immediate investigation regarding transactions.

Bitcoin asset regulations in the UK:

When it comes to the UK, it is a fact that no single document outlining the comprehensive regulatory specifications of Bitcoin exists at present. The primary target of UK regulators will be to stay away from all types of online scams related to cryptocurrencies while enticing new customers. 

Final thoughts:

According to the latest news, the trading of Bitcoin has been legalized fully in the UK and the United Kingdom along with several other countries. Many individuals are investing in Bitcoin at present and they have also been able to generate lots of money from this as well. 

Bitcoin is becoming quite popular – Why?

  Bitcoin was the first digital currency that was invented in the year 2009, and it become quite popular across the globe over the years. However, its value is never stable as of now, and right from the beginning, it is continuously fluctuating. Therefore bitcoin, as a cryptocurrency is known as a highly volatile asset amongst all. For more detail about Bitcoin Application

These days, Bitcoin is used by many individuals and companies as a method of payment instead of conventional currencies. No one can deny that this particular cryptocurrency has made trading quite simple and lots of customers are accepting it in their businesses. Let us move forward and see the reasons behind the popularity of Bitcoin right now.

  1. Low fees for transactions:

Bitcoin attracts minimal costs, unlike conventional methods of payment. In fact, low transaction fees are one primary reason that attracts more people toward it. It makes sense for most individuals, particularly while making online payments for services or purchasing items online. Many people are using Bitcoin for sending money, particularly across borders.

  • Suitable asset to make a profit:

One more reason behind the popularity of Bitcoin is the fact that there is a huge potential for making a profit. In case you purchase Bitcoin when the price is low and sell it once the price becomes high, you will be able to make lots of profit in the long run. During the last several years, almost all the investors are doing short-term bitcoin trading and earning little but multiple profits by using the same strategy.

  • It is becoming simpler to use Bitcoin:

People are becoming more aware of Bitcoin which has helped it to become more popular these days. Lots of websites are accepting cryptocurrencies such as Bitcoin as payment which will become more widespread in the upcoming days. It can be rightly asserted that the usage of Bitcoin is becoming simpler every day since an increasing number of online companies are adopting it. Here, we like to mention that the usage of cryptocurrency debit cards has also started in some particular locations.

For instance, at present, the e-Yuan currency has been introduced in China and if you like to trade this particular currency, then it will be advisable to make use of the Yuan Pay App. Visit yuanpaygroup.nl for getting more information on this particular topic.

  • Less possibility of fraud:

Bitcoin is 100% digital, and therefore, many individuals are investing in this digital currency right now. Moreover, Bitcoin does not exist physically and it offers a decentralized platform where no central authority is there to regulate the transactions. Consequently, there is virtually no risk of fraud when it comes to the usage of Bitcoin.

  • Security:

The usage of Bitcoin happens to be safer compared to fiat money which can be stolen by getting hold of your physical wallet. But, bitcoin is safer as you use your private key for safeguarding your digital wallet. No person can get hold of your Bitcoin without this digital wallet key. Moreover, you will only share the address of your digital wallet while paying with Bitcoin, and there is no need to reveal any personal info. Bitcoin will allow you to safeguard your money and identity which matters a lot for most individuals out there.

  • Bitcoin is seen as the currency of the future:

According to many people, government-regulated currencies will be replaced by cryptocurrencies in the future. Bitcoin is loved by lots of individuals because of its innovativeness. Apart from this, this particular cryptocurrency also makes use of blockchain technology that has the power of transforming lots of social and economic sectors. Bitcoin is used by many people as a means of acclimatizing to technological innovation which has made it quite popular over time.

  • The simplicity of acquiring Bitcoin:

In the past, individuals were in the habit of mining Bitcoin for obtaining it. However, this process is somewhat complicated that requires one to solve math or computer problems are need high energy and highly proficient hardware. However, now it is not difficult to get Bitcoin anymore. You simply require a well-known crypto exchange for purchasing or trading this cryptocurrency.

Conclusion:

More and more traders are accepting Bitcoin these days as a convenient method of payment. Therefore, it can be rightly asserted that the popularity of this digital currency will go on increasing shortly. Moreover, Bitcoin is likely to allow individuals to preserve value, particularly when there is an economic crisis.

Factors influencing the rise of Bitcoin’s market price

  Bitcoin, the cryptocurrency that was created in 2009 gained its reputation in the year 2020 as it marked an alleged rise in value before the start of the pandemic. Bitcoin was at its lowest limit during the Covid period raking in $4,000 in value and reaching a stupendous amount of $30,000 at the end of the fiscal year. Within a few days, the value reached a peak of $40,000 and in 2021 it skyrocketed to over $65,000 for Bitcoin investors to sell them as assets and earned even billions and millions. Thus, it is essential to check the different factors involved before buying a cryptocurrency for trading purposes. Learn More

Over 18,000 different cryptocurrencies are in the existence among them Bitcoin stands tall. With the increase in the value of Bitcoins, other cryptocurrencies are also increasing in value over the longer term. However, there are several reasons why bitcoin shows such volatility and those reasons have marked the growth in the rates of Bitcoin cryptocurrency. A few of the essential factors are demonstrated below.

Factors influencing the rise of rates and values of Bitcoin cryptocurrency:

According to News reports, Bitcoin has staggered its way up from $0 in 2016 and now in 2022, it is around $20,600 as of November. Many factors are responsible for the increase in the values and rates of Bitcoin cryptocurrency. 

  1. Increase in Bitcoin investors:

The major reason for an increase in Bitcoin value and rates is because of the high increase in Bitcoin investors. Many organizations and service providers have staked in hefty amounts for buying Bitcoins for trading purposes. According to news sources-

  • companies like J.P. Morgan have invested quite heavily in cryptocurrencies. 
  • Companies like PayPal have introduced services for purchasing, selling, and trading purposes using Bitcoins. 
  • Visa has also been favorable to Bitcoins by introducing debit and credit cards for the trading platform Coinbase.
  • Many other mammoth organizations are accepting bitcoins as a payment method and also utilizing services for trading purposes. 

With the increase in investors, the Bitcoin applications such as bitcoin-prime.nl have become quite easy to login into accounts and trade over different cryptocurrencies. Digital wallets and private keys need to be kept safe from any unwanted intrusion into the Bitcoin account.

  • Inflation due to the Covid-19 pandemic:

Another increase in the value of Bitcoins is due to Covid 19 pandemic issues. This has evolved into banks printing more money and the government imposing extensive packages by driving up inflation. In the last financial year, the government of the United States deducted a 2% rise in the initial economic showdown. 

Therefore, keeping Bitcoins seems to be wiser for people. Possessing Bitcoins shortly can help investors in getting increased rates over the same. According to News agencies, the utilization of Bitcoin would go up in several folds and individuals would stick to Bitcoins for transactional purposes. Bitcoin is kept at a margin of 21 million units whereas around 18 million units of Bitcoins are been utilized to date by individuals.

  • Safe and secure cryptocurrency with strong policies:

Another important aspect of the rising values and rates of Bitcoins is that they are safe and secured cryptocurrencies utilized by many financial companies worldwide. The policy is also updated over stringent approvals where individuals have fewer chances of losing assets.

  • Some companies like Tesla and Expedia utilize Bitcoins for buying cars and booking hotels and flights. 
  • Companies like PayPal, Microsoft, and Shopify utilize Bitcoins for shopping purposes and individuals can purchase software, add-ons, mods, and even products to buy from such portals. 
  • Easily available cryptos for trading:

Another important aspect of the growing utilization of Bitcoins is that it is available to the general public easily. Bitcoins are quite volatile and prices may increase or decrease depending on the utilization of the cryptocurrency for trading purposes. Bitcoins have a really good store value and individuals can convert their cash to the bitcoin value and store it for prospects. Some even tend to buy assets utilizing bitcoins and store them for reselling purposes soon.

Bottom-line:

Thus, the above-mentioned points prove that saving Bitcoins can help with numerous advantages over the period. It is also essential to check with the different trading platforms for utilizing it in buying Bitcoins. Some trading platforms provide utilization of a decentralized process for storing bitcoins using a secure blockchain methodology. It is also advisable to check the different policies involved before buying Bitcoins for personal purposes.