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What is the Halvening? (Hint: It’s a BIG deal)

For crypto enthusiasts, the Bitcoin “halving” is a big deal. There are countdown clocks and endless predictions and analyses, all leading up to a critically pivotal event for Bitcoin. While the “halving” has an ominous tone, it’s actually a rare event in the cryptocurrency world. So, what is the halving? And why is it so […]

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For crypto enthusiasts, the Bitcoin “halving” is a big deal. There are countdown clocks and endless predictions and analyses, all leading up to a critically pivotal event for Bitcoin. While the “halving” has an ominous tone, it’s actually a rare event in the cryptocurrency world. So, what is the halving? And why is it so important?

The halving cuts production of Bitcoin in half

Part of Bitcoin’s brilliance is the system in which Bitcoins are released into the market. A block is produced approximately every 10 minutes, awarding a specific number of bitcoins. At its origin, one block produced 50 Bitcoins.
This system changes after every 210,000 blocks is released. Approximately, this comes out to every four years. After each set of 210,000 blocks, the number of bitcoins awarded in one block is cut in half—or, the halving.

Halving production slows the rate of inflation

This halving slows the rate of inflation of Bitcoin. And in 2020, Bitcoin’s inflation rate will fall to 1.8%—below that of the U.S. dollar.

The halving event, occurring on a regular, predictable schedule, removes a lot of uncertainty that plagues the traditional market. At the same time, it creates more scarcity over time. As demand continues to increase, supply continues to decrease. While these values will remain constant and predictable, it’s worth noting that the supply of the U.S. dollar has nearly tripled in the last 20 years.

Bitcoin was built by its mysterious creator, Satoshi Nakamoto, in part as a rebuke to the role governments and financial institutions play in controlling the value of their currency. It is believed that Satoshi Nakamoto is a staunch libertarian, and that Bitcoin was perhaps created as a response to the 2008 financial crisis.

In a state-issued currency, supply can vary with the economy. For example, the U.S. Federal Reserve can add or remove dollars from circulation on an as-needed basis to respond to economic indicators. This can cause frequent inflation and deflation of the value of the dollar.

However, Bitcoin not only has this schedule set, but there will only ever be 21 million Bitcoins in existence. Once the last one enters the market, there will be no more. Because there is a limited supply, a Bitcoin is more like a gold bar than a dollar bill.

Gold, for example, has defended itself as an international store of value and medium of exchange for over 6,000 years. However, unlike gold, Bitcoin can be exchanged effortlessly and doesn’t impose much of a physical burden to transport or store.

Anyone can do the math: Slow inflation rate + predictable schedule + limited supply = a winning combination.

The history of Bitcoin’s halvings

Based on the halving schedule set forth at the beginning of Bitcoin, these events have occurred approximately every four years:

  • 2009: Blocks 1-210,000 received 50 BTC
  • November 8, 2012: Blocks 210,001-420,000 received 25 BTC
  • July 9, 2016: Block 420,001-630,000 received 6.25 BTC
  • May 12, 2020: Blocks 630,001-740,000 will receive 6.25 BTC
  • 2024: Blocks 740,001-950,000 will receive 3.125 BTC
  • ~2140: All 21 million bitcoins will enter into the market

 

Historically, the halving triggers a bull run

Historically, the halving event has triggered a bull run—it reduces supply. And as you can see in the previous halvings, they have each preceded a meteoric rise in price. However, it’s important to note that this increase is merely a correlation, and we are not 100% certain that these increases are a direct result of the halvings.

Additionally, these major increases did not occur overnight. The dramatic price increases occurred over the course of several months following the halving. While this historical data is important as you determine your own investment decisions, keep in mind that each halving event will be different.

Bitcoin continues to grow in popularity, and in the last few years, it has become a household name. As these events gain more widespread media coverage, the perception of Bitcoin’s value and its recognition will continue to change rapidly.

This type of awareness and media coverage alters analysts’ predictions. Because a large spike will be anticipated following a halving, this could lead to major increases in purchases just before the halving occurs—this could spell different results than the previous events have yielded.

The future of halvings

In 2009, Bitcoin essentially existed within the confines of an esoteric community of programmers and innovators. In 2012, Bitcoin started to gather enough users to make transacting a somewhat viable option. In 2016, Bitcoin was still steadily growing, but far from its popularity today.

Today, Bitcoin has already experienced enough bull and bear markets, massive trading spikes, international regulatory attention, and media coverage to make the 2020 halving a major point of focus.

As Bitcoin marches, slow and steady, toward its destination of releasing all 21 million bitcoins into the market around the year 2040, each halving will have significant consequences for the value of Bitcoin. And with each event, we will gain a deeper understanding of the true penetration of Bitcoin as a digital currency and its value in the market.

The post What is the Halvening? (Hint: It’s a BIG deal) appeared first on Bitcoin IRA | Official Bitcoin Retirement Account Investment.

Source: https://bitcoinira.com/articles/what-is-the-halvening-hint-its-a-big-deal

Blockchain

How Digital Signature and Blockchain Technology Can Help the Growth of Businesses?

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Businesses today are quickly adapting to digital transformation. Whether it is something as simple as having a website or something as complicated as hosting applications over the cloud, business leaders are leaving no stone unturned to grow along with the evolving technology.

Inculcating digitization in business activities not only vouch for the proactiveness of the organization but at the same time lead to improved productivity and enhanced customer experience. From going digital to adapting to a cashless mechanism, organizations are gearing towards a whole new level of automation.

A major influence of the involvement of technology in day to day business operations has been the elimination of paperwork and replacing mundane arduous activities with automated tools. Sharing documents, papers, agreements, and getting them signed is fundamental to every business organization, and has become a bit complex in the business world during COVID-19 pandemic.

To date, all of these were done manually. Meaning that managers or employees would generate documents, sign them, and then send it to the other party. Upon receiving the document, the party would print the document, validate the same, and scan it back to the sending party. This process isn’t just consuming a great deal of time but also straining out energy from both ends. Not to forget the fact that manual processes are prone to errors.

We may take an example of CocoSign here. It does everything related to e-signature that a business might need to do.

Keeping all of this in mind, organizational leaders are now eyeing upon advanced tech to streamline the above process. The amalgamation of digital signatures and blockchain is an ideal example of the above.

Now, this is where we introduce the concept of digital signatures. But what are digital signatures?

What is a digital signature?

Unlike the traditional method of sending documents and getting them signed physically, digital signatures are powered as electronic signatures that can be accessed from any device and across the globe. Put simply, if you are the manager of a company sending an agreement say a sales agreement to a company named ABC. They can access and view the document online over the laptop or smartphone. In addition to the above, they can also sign the document electronically without having the need to print or scan them.

To know more about it, you may also read further details from CocoSign website.

Softwares that allow you to sign digitally come with multiple choices starting with the ease to simply type your name, or draw a sketch of the signature or even upload a photocopy of the original physical signature. Either way, you are relieved of the need to manually sign the document.

But that’s not the only advantage of using digital signatures as a replacement for manual ones. When a document is signed electronically it gets stored in the cloud for easy access and quick management. Now anytime a change is made to the document, both of the intervening parties are notified about the same and an alarm is raised. This ensures that under no circumstances is the document tampered or the content compromised.

In legal offices where every paper holds as much importance as the other, digital signatures serve the need for security as well as simplicity. Considering the fact that all of the documents are stored in the cloud, it further eliminates the need to stack piles of paper. The turnaround time reduces and productivity increases.

Fascinating, right?

This was digital signatures working alone. When this tech is fused with the blockchain technology, it further adds another layer of verification to the entire system. No doubt that e-signatures add authenticity to the document. With blockchain into play, organizational leaders can have much more flexibility over the document.

Ethereum, one of the most popular open-source platforms of blockchain technology is being used along with digital signatures. It adds am evidence to the document pinning the date and time when the document is signed. Leaders can easily gain access to the Ethereum public blockchain when faced with the need to confirm a document signature.

Additionally, blockchain also renders additional security to the document with encryption and protection protocols. The use of the hash algorithm makes it difficult to tamper a document without getting noticed. No wonder why the tech has garnered such huge attention.

Conclusion

Having said all of the above, it is pretty obvious that the fusion of digital signatures and blockchain technology will transform the way businesses validate agreements. If you are looking for a similar solution, contact a genuine e-signature service provider such as CocoSign.

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President Maduro: Venezuela Seeks Opportunities To Use Cryptocurrency For Global Trade

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  • Venezuela’s cryptocurrency story continues as the country’s President Nicolas Maduro has presented new use cases. 
  • A recent report informed that the South American nation is studying the possibility of using digital assets in trades alongside the national Petro. 
  • President Maduro has presented new anti-sanctions law in the Constituent National Assembly. In a recent speech, he asserted:

“The anti-sanctions law is the first response to give new strength to the use of petro and other cryptocurrencies, national and global, in domestic and foreign trade, so that all cryptocurrencies of the world, state and private, could be used. This is an important project that is under development.”

  • The news comes after Maduro suggested last year that his country could adopt cryptocurrency payments.
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  • Additionally, Venezuela signed a new tax agreement this summer that enabled the nation to start collecting taxes and fees in the Petro.
  • A study reported by CryptoPotato revealed that digital assets already play an essential role in the country’s struggling economy. Venezuela’s intensifying financial crisis has catalyzed significant interest in cryptocurrencies as people seek opportunities to escape the devaluating national currency.
  • The Bitcoin peer-to-peer volume exemplifies the growing interest in the primary cryptocurrency within the country. As per data from coin.dance, the BTC P2P volume on LocalBitcoins has been continuously surging in the past several months.
Bitcoin P2P Trading Volume LocalBitcoins. Source: coin.dance
Bitcoin P2P Trading Volume In Venezuela on LocalBitcoins. Source: coin.dance
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Source: https://cryptopotato.com/president-maduro-venezuela-seeks-opportunities-to-use-cryptocurrency-for-global-trade/

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Leader That Allowed Scams: TRON’s Justin Sun Responds to Claims by Ex-Employees

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Yesterday The Verge published an elaborate article portraying a picture of Justin Sun’s leadership at BitTorrent post the peer-to-peer file-sharing site’s acquisition by the TRON foundation.

Sun later responded to the ‘false-claims’ made by TRON/BitTorrent’s ex-employees in the article with ‘An Open Letter to Anyone Who Cares to Read’ on Medium.

Claim: Megalomaniac Leader; Response: True Libertarian

In the supposedly expose piece, author

Refuting the above portrayal of his leadership, Sun, in his response, stated that he has devoted his entire life ‘to being a responsible, global citizen’. Adding to this, Justin said that is a true champion of libertarian principles for a significant portion of his life.

I have devoted myself to being a responsible, global citizen throughout my entire life, spending significant portions of my personal and professional life to activities promoting universal values of respect, liberty, equality, and kindness.

The TRON and BitTorrent chief impressed further on his ‘global’ approach to things. He explained that the TRON Foundation harbors a ‘global team of talented contributors and developers’. And that he takes ‘pride in working’ with this global community to make TRON ‘one of the greatest decentralized blockchain protocols’.

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Claim: Freedom Suppressor; Response: Upholder Of Human Rights, Individual Values

Dunaway reportedly engaged in conversations with folks who are/were associated with the TRON brand and the work culture. From what he gathered, Justin enforced a draconian company culture, with employees officially following the ‘9-9-6’ norm.

According to the article, TRON’s HR had Slack replaced with its Chinese counterpart DingTalk. The communication platform had an in-built surveillance mechanism that would use ‘Apple Health to count people’s steps’. Also, DingTalk used to ping employees literally all the time.

To this, Sun responded by saying that he has left no stone turned in, establishing a work culture that respects.

diversity and individuality through a culture that cherishes fundamental human values freedom of speech, user privacy, intellectual property protection, kindness, a diversified working environment, and compliance with legal standards.

Justin went on to comment that TRON and BitTorrent operate with a ‘globally collaborative team’. One that upholds and respects the ethos of cross-culture teams. Sun claimed that the folks at TRON folks have ‘worked hard’ to create a collaborative work culture. One that values freedom of speech and individual privacy.

Claim: Suppressed Criticism, Allowed Scams; Response: No Control Over Protocol Functioning

The Verge piece mentioned that ‘decentralization’ was just a facade for what was happening behind the curtains. Justin Sun and his core officials exercised strict control over content moving about and within the TRON network.

This involved allegedly paying a Redditor to ‘erase negative posts’. Which later drew the ire of the community.

Free speech is part of the ideology of decentralization, where ideas flow without gatekeepers. Tron started deleting any post it wanted.

The article also claimed that TRON’s administration team was silent and allowed the perpetration of scams on the network. While this happened, scammers and the scammed continue to grow in numbers while the management did nothing to interfere.

Justin, in his Medium post, said that he and the entire TRON administration team function sans control. Even though the team at TRON works to upgrade the platform, they do not exercise any censorship/regulation.

…we have no control or discretion over what applications use the protocol, what data is transmitted, or how its community members use it.

Sun went to add that he and his team are proud of TRON and BitTorrent’s achievement over the years. He went to quote that both have collectively ‘served 2 billion users around the world. These include ‘numerous enterprises, universities, and governments’.

Lastly, the TRON and BitTorrent boss struck down all claims made by ex-employees Lucasz Juraszek, Richard Hall, and Cong Li. Justin declared that the TRON foundation’s legal counsel has submitted all the requisite proofs and evidence pieces to the court. “We believe the decision will speak for itself”, he said.

BTT and TRX’s price didn’t seem to undergo any correction following the release of the bitterly scathing Verge piece. On the contrary, BTT is actually up 2.3% in the last 24 hours.

Featured image courtesy of QZ.com

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Source: https://cryptopotato.com/megalomaniac-leader-that-allowed-scams-trons-justin-sun-responds-to-claims-by-ex-employees/

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