Block Chain Crypto

How will Blockchain Technology Change The Business World?

Blockchain technology – especially with Bitcoin – is the leader in the digital space. This new way of thinking and doing things is still in its early stages, but we look forward to experiencing the full impact that it has on us. As soon as some successful businesses start utilizing the technology, things are going to change. It’s possible it will take on a similar effect to what e-commerce was in the early 2000s.

What makes blockchain technology unique?

The blockchain is a type of ledger that records who owns what without any central authority to manage the network. It’s made up of blocks that are constantly added, so you know exactly what happened from the beginning. Thanks to built-in encryption algorithms, the data on a blockchain can’t be changed by anyone. This is a big difference compared to conventional systems, where any administrator has access and could change something in the database.

With digitization, there’s a greater need for data that can’t be tampered with. This could be vital for things like automation processes. A lot of people think blockchain is so different from the banking system because it doesn’t need our current institutions that we rely on for transactions. As an example, think about eBay and Amazon.

Blockchain technology lets us bypass central nodes and middlemen, making an economy that’s less dependent on them. Record companies or GEMA won’t be necessary and they’re expensive to maintain

Read also: How To Keep Crypto Currencies Like Bitcoins Safe?

Is it possible that companies like banks, Paypal, and more might lose out on their businesses once the power shifts over to blockchain tech?

Banks aren’t disappearing because of the blockchain. If they don’t evolve with technology, they’ll be forgotten. As part of this adjustment, banks are now participating in cryptocurrency exchanges like ByBit. Known banks like Standard Chartered, Banks of Wells Fargo, and others were reported to have invested in the crypto market.

Blockchain is new, which leads to lots of obstacles. Some projects (like Ethereum and IOTA) still have a long way to go before the public really takes notice. But many companies are adapting just fine by moving into the new digital era and doing things like digitizing their old methods (which is what Amazon did famously).

We can maximize the benefits of cryptocurrencies and change how we do business by doing not just what is needed now but also planning for near-future needs. This will have a broad and lasting positive effect on society. The blockchain will most likely be an important service in the digital society 20 years from time. In the meantime, the majority of changes caused by blockchain technology will happen in the B2B sector. These changes will happen over the next decade or so.

Bitcoin has been around for a while, and there are new cryptocurrencies popping up all the time. Some of them may have more potential than others, but it’s hard to tell which ones are worth investing in.

  • Bitcoin was designed to be a payment option but is also used as a way of storing your money and has become the basis for other cryptocurrency networks. Making any changes to the system is difficult and typically takes up a lot of time or energy. It’s impossible for the network to come up with any changes beforehand
  • Ethereum goes a step further than Bitcoin, as it doesn’t store the coins themselves but rather the program codes on its blockchain database. These are what we call smart contracts which run automatically – an unchangeable and cheap solution that is also easy to use.
  • China’s NEO is another thing. They’ve also got digital assets and digital ID tied into their smart contracts. You can use these services to store different types of property, such as real estate or ID cards. The Neos goal is to make cryptocoin transactions as secure as possible. They make this happen by securing information behind blockchain technology.

What is the future of Blockchain Technology?

It’s hard to say what the future will hold but I’m sure blockchain-based societies will still make use of modern technologies. The question is more about how they’ll be used.

Decentralization can give people more control over their privacy, leading to a more autonomous lifestyle where they are able to connect with like-minded individuals. It might also lead to the formation of self-governing communities. If you live in a region with neighboring states, you might want to start trading electricity or lend money to one another. The blockchain would make these activities much easier and more efficient.

The way we think about ownership is different from blockchain-indexed tokens. Anyone can technically become owners of a company, their neighborhood wind farm, or a small startup with these assets. The prerequisite for this is of course a legal basis; other areas are also becoming easier and cheaper for the average consumer with the blockchain. Cashless payments are easier to do and have less risk of fraud when it comes to protecting personal assets. Blockchain technology can be used to easily and securely measure someone’s total assets. Even voting could take place on the blockchain and become more accurate and fraud-proof. Democracy would be more transparent.

In general, crypto will have a day-to-day impact in many different areas. Blockchain can simplify whatever you do and make it more convenient.

Posted by Lyndsey Annabel in Block Chain Crypto, Crypto

A Great Way To Diversify Cryptocurrencies

Cryptocurrencies are a form of electronic money. It only exists in virtual form. So there are no coins or notes. You can pay with its cash, but digitally without the need for a bank or other third party. Bitcoins and other cryptocurrencies such as Ethereum, Dash, Ripple, Litecoin, and Monero do not have 1 owner but are owned by everyone who uses them. The underlying, secure technology that makes all of this possible is called Blockchain. If you are interested visit this site ()

Success Stories

So you can pay with cryptocurrency, but most stories in the media are about people who have invested in it. To illustrate: anyone who bought Bitcoins for $50 in 2009 – the year they were first offered – is now a multimillionaire. But even those who ‘only’ started at the beginning of 2017 will have a profit of almost 2000% (!) in the digital wallet a year later.

‘Anti-government, anti-regulation

Proponents of Bitcoin like to draw the comparison with gold. That too has no social benefit and no economic basis. It is only worth a lot because of its scarcity. Cryptocurrencies are hot. ‘Investors feel smart. They understand things that no one else understands,” said leading economist Robert Shiller. “The Bitcoin is anti-government, anti-regulation. It’s a beautiful story.’

Cryptocurrency Risks

It is therefore not surprising that more and more people are becoming nervous, especially now that it is no longer possible to earn dry bread with savings. Of course, investing always involves risks, but with cryptocurrency, this risk is quite large. For example, if you buy a share, you purchase a part of the underlying company. Cryptocurrency lacks such intrinsic value. The value is determined only by the demand of speculators. If you step out, it can be over in no time. In addition, your wallets can be hacked online or the digital key can be lost. Then you lose all Bitcoins, or you can’t get to them anymore. After all, no banks also mean no supervisor you can turn to.

AFM advises against investing

That is why in the past both the Netherlands Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB) warned about the risks of ‘the umpteenth new Bitcoin’. According to financial regulators, these are vulnerable to deception, fraud, and manipulation. The AFM even advises consumers not to invest in new cryptocurrencies that are not under its supervision. Pieter Hasekamp, ​​director of the Central Planning Bureau, goes one step further. In an article in Het Financieele Dagblad (June 11, 2021), Hasekamp argued that the Netherlands should ban bitcoin as soon as possible.

Similarities with the stock market crash

Also, 2 former winners of the Nobel Prize in economics spoke out against Bitcoin. According to Joseph Stiglitz, the digital payment method is only popular because of the possibilities for money laundering and does not serve any social benefit. The aforementioned Robert Shiller sees similarities with the situation before the stock market crash of 1929. ‘The value is rising. Just like the stock markets in the 1920s. In the end, 1929 is reached. Then the coin comes down. Not to zero, but he will fall for sure,” Shiller predicts.

Politics tightens the reins

Cryptocurrencies are also not well on the Dutch political scene. This is evident from a bill from Minister Hoekstra (Finance) from 2019. It states, among other things: ‘The anonymity of virtual currencies also makes it possible to abuse them for criminal purposes, such as laundering criminally obtained income.’ Both the House of Representatives and the Senate have approved this bill. Companies that offer services for exchanging between virtual money (cryptos) and ‘ordinary’ money have therefore come under the Money Laundering and Terrorist Financing Act (Wwft) since 21 May 2020. That also applies to companies that offer crypto custodial wallets. This means that:

Bad for the Environment

Another argument against Bitcoins is that ‘mining’ costs a lot of electricity. Worldwide at least 40 TWh. That is as much as Hungary uses in a year. To be profitable, the special mining computers have to run permanently, which is bad for the environment.

Advice Consumers’ Association

We are not necessarily anti-cryptocurrency. But only put in money that you can afford to lose. This is no different from other forms of investment. And make sure you spread your risks. So never invest more than 10% of the assets that you have available for investments.

Posted by Lyndsey Annabel in Block Chain Crypto, Crypto, Cryptocurrency Mining

How to Identify and Avoid Cryptocurrency SCAM

There are many cryptocurrency startups and most of them are scams. The rise of blockchain and of cryptocurrency is amazing. When people see it, they become inspired by investment results showed by other people. Many are evolving trading models where people can get attracted. Many people see the positive side of cryptocurrency because it grows so fast. There are many people who earn big and many people are will to invest.  For the negative side, This is also an opportunity for scammers to strike.

How would we know this?  Here are some pointers to ponder on to avoid falling a victim to scams.

  • Know how to identify fake ISO’s. Many people do scams by marketing and creating a fraudulent primary coin offer. An ICO is one of the ways a legal business can make money using crowdfunding. Many of these ICO’s can conduct fake sale of tokens. Once you invest in these fake ICO’s, the coin has no value.
  • When a company has a great money come back promise, this is too good to be true.
  • Check is there is a legal road map for that particular token. Is there proof of concept?
  • Do they have a support who can help solve a problem?
  • Identify Cloned Fishing website. A cloned website is someone that copies an original website, they promote this until they get personal information to use for scam.
Posted by Lyndsey Annabel in Block Chain Crypto, Crypto