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Is Blockchain Technology Overhyped YES or NO?

Is Blockchain Technology Overhyped YES or NO?

Blockchain Technology Overhyped

Continue reading Is Blockchain Technology Overhyped YES or NO? at E-Crypto News.

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Blockchain Technology Overhyped Yes or No

No. Blockchain technology isn’t overhyped. Blockchain technology is next-generation technology. People that think that blockchain technology is overhyped are those who can’t do without legacy systems.

Let’s face it. Legacy systems have brought us this far. Things that weren’t possible a decade ago are now occurring faster than the speed of light. The sole reason that seemingly made blockchain technology overhyped is the fact that it is still very young.

That will change soon due to several reasons.

The first of them is that the perception of those who think that blockchain technology is overhyped is based on a centralized perspective.

Most millennials were born into a world where everything worked off centralized models.

blockchain technology overhyped

COVID-19 is a Black Swan Event

As such, everyone is used to everything getting centralized. It’s 2020 (at the time of writing this article) and, we have had a decade of black swan events. This year, the COVID-19 pandemic has changed various patterns of behavior. It has also led to the collapse of several technological and economic ecosystems.

People are now starting to question the accuracy of claims about centralized technologies being the ultimate thing that there is.

It is also the reason that people are now considering the first use-case scenario of blockchain technology: cryptocurrencies.

Bitcoin (BTC) prices for the first time since last year crossed the $10,000 mark. It indicates a new influx of investors into the first of the digital assets. It also shows that as things continue to go topsy-turvy, more people will continue to put their trust in the world’s trustless assets.

blockchain technology overhyped

Inflation has Set In

More governments have pumped paper money into their economies to keep them afloat. Various kinds of stimulus measures are already keeping several economies from tipping, though they are teetering.

By the time the COVID-19 vaccines come through, we will be looking at massive runaway inflation in the world’s economies. The smart investors have seen this and have considered why cryptocurrencies aren’t subject to inflation.

They have also jumped on the cryptocurrency bandwagon. It is an indication that everyone will be paying curious attention to the underlying technology that has aided cryptocurrencies to thrive.

blockchain technology overhyped

Centralized Technologies Weaknesses has Outwardly Made Blockchain Technology Overhyped

Secondly, things have reached a peak with centralized technologies. The various disadvantages that occur with centralized technologies have come to a standstill. Their insecurity, the expensive nature of maintenance, their mutability, the lack of neutrality and, others.

The rise of distributed ledger technologies (DLTs) is antithetical to single ledger systems. Central ledger systems have as one of the foundational basis of computing for one reason: they are simple and easy. The perception

It is this ease of use that made them gain traction. As such, everyone decided to work with such models even when they have proven to be unworkable and unprofitable in the long term.

It also left the control of information flow in the hands of a few people. It has left the flow information subject to manipulation by anyone with the right access credentials.

No matter how cryptographic technologies advance as far as centralized systems are concerned, there will still be loopholes that bad elements will exploit.

blockchain technology overhyped

Hackers Always Exploit Centralized Systems

Hackers and their kin always find ways around the various centralized technologies that are currently holding sway. It is a matter of time before someone figures out how exactly such encryption systems work. As long as the information flow is in one direction, there will always be problems. Everyone will attack the final destination of the information flow.

If information is flowing in many different directions in a seemingly uncrackable manner, it makes things difficult for these bad guys.

It is one of the reasons that has made blockchain technology overhyped. Cracking the information on blockchains once they have achieved public use-cases has proven to be a nightmare for hackers.

The best they do is to fight the intersections of blockchain technology with central systems. It is why attacks on centralized exchanges, blockchain oracles, and other such mechanisms are always at risk.

Even then, the rise of new decentralized methods of protecting such mechanisms will prove to be another headache for the bad guys!

blockchain technology overhyped

Corporate Centralized Systems are on the Decline

Thirdly, the corporate bodies that evangelize centralized technologies know that their time has come to an end. They see that the new DLTs are everything that they aren’t. As such, every effort is being made to stifle the growing consensus movement about DLTs.

Blockchain technology is the first of the DLTs. It is proof that we can run things from a decentralized perspective. The good thing is that people are thinking up new ideas night and day.

So much is happening so fast. The covert muffling of the voices that should call humanity to this new set of technologies is about to end.

The reason for this is simple. As the world goes into chaos, the only lights in the eye of the economic storm will be DLT-based systems. It will make people start asking the right questions.

Suddenly the notion about made everyone ask “is blockchain technology overhyped?” won’t exist for one simple reason: mass acceptance of blockchain technology by humanity.

Source: https://e-cryptonews.com/is-blockchain-technology-overhyped/

Blockchain

Spanish Banking Giant BBVA to Launch Bitcoin Trading and Custodial Services in Switzerland

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After conducting tests for several months, the Swiss branch of the large Spanish bank – Banco Bilbao Vizcaya Argentaria (BBCA) – has announced plans to release two services related to the cryptocurrency industry.

  • According to the official statement, private banking customers based only in Switzerland will have the option to trade bitcoin and other digital assets starting from Monday – June 21st.
  • BBVA’s second service will enable its clients to store their digital assets on a regulated platform, and both initiatives will launch simultaneously.
  • Nevertheless, the entity has no plans to offer advice or actively manage any funds related to cryptocurrency investments.
  • Alfonso Gomez, CEO of BBVA Switzerland, explained that these services come after an extended trial period and enhanced customer demand.
  • “This gradual roll-out has allowed BBVA Switzerland to test the service’s operations, strengthen security, and, above all, detect that there is a significant desire among investors for crypto-assets or digital assets as a way of diversifying their portfolios, despite their volatility and high risk.” – he added.

  • The services and a bitcoin management system will also be available in the bank’s mobile application. Users will be able to use to review their investments and track their performance.
  • The bank will provide a personalized digital wallet, which will enable customers to convert BTC and other digital assets to euros or other fiat currencies, and vice versa. The process will be automatic, “without delays and without the illiquidity that affects other digital wallets or independent brokers.”
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Source: https://cryptopotato.com/spanish-banking-giant-bbva-to-launch-bitcoin-trading-and-custodial-services-in-switzerland/

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Secret (SCRT) and Injective Protocol (INJ) Technical Analysis: What to Expect?

Secret (SCRT) and Injective Protocol (INJ) Technical Analysis

Rate this post Injective Protocol and Secret prices are holding up above key support levels. Still, INJ/USDT may crash towards $5 as SCRT/USDT buildup towards $2.5. Secret (SCRT) SCRT is the native currency of the privacy-centric focus enabling private and secure computation. Past Performance SCRT/USDT prices remain under the weight of sellers. However, the whipsaw of June 17 with markedly high trading volumes may provide a cushion for hopeful bulls. SCRT is relatively strong at press time, adding seven percent against the USD. Trading volumes are up 36X on the last trading day, buoying buyers. Day-Ahead and what to Expect Reading from the daily chart, SCRT/USDT is deep in bear territory. However, there are signs of strength as June 17 gains may lead the way. Technically, every low may be a loading opportunity for buyers expecting a surge towards $2.5 in line with gains of late May 2021. SCRT/USDT Technical Analysis SCRT bulls are back in contention, which is net bullish. Thus far, SCRT/USDT prices are in range, flattening out following losses of May 21. However, as long as SCRT prices are firm above $1 and May 2021 lows, every low may be a loading opportunity for bulls targeting $2.3 in the medium term. Losses below $1 invalidate the uptrend. Injective Protocol (INJ) INJ primes the protocol. Its creators look forward to truly decentralized solutions explicitly allowing users to trade various assets, including CFDs and derivatives. Past Performance of INJ INJ prices are mainly in range inside a tapering wedge with clear resistance and support lines. On the downside, INJ found support at $8, while the middle BB is a notable resistance line, as the price action of the last month shows. At spot rates, INJ is stable, losing versus the USD but posting minor losses against BTC and ETH. Day-Ahead and what to Expect Technical candlestick arrangements favor bears in the short term. Sellers are pressing lower, unwinding gains in a bear trend continuation pattern, as June 17 bar reveals. Nonetheless, a close above the middle BB may rejuvenate bulls, injecting them with momentum for the next phase higher. INJ/USDT Technical Analysis Technically, every high below the middle BB is a liquidation opportunity for opportunistic bears. In that case, $8 is the next target. Further losses in sync with May losses below the minor support trend line may force INJ/USDT towards $5 or $3 in the medium term. An unexpected surge above $9 ignites demand building up for $11.

The post Secret (SCRT) and Injective Protocol (INJ) Technical Analysis: What to Expect? appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Injective Protocol and Secret prices are holding up above key support levels. Still, INJ/USDT may crash towards $5 as SCRT/USDT buildup towards $2.5.

Secret (SCRT)

SCRT is the native currency of the privacy-centric focus enabling private and secure computation.

Past Performance

SCRT/USDT prices remain under the weight of sellers. However, the whipsaw of June 17 with markedly high trading volumes may provide a cushion for hopeful bulls.

SCRT is relatively strong at press time, adding seven percent against the USD.

Trading volumes are up 36X on the last trading day, buoying buyers.

Day-Ahead and what to Expect

Reading from the daily chart, SCRT/USDT is deep in bear territory.

READ  SushiSwap (SUSHI) and NEAR Protocol (NEAR) Technical Analysis: What to Expect?

However, there are signs of strength as June 17 gains may lead the way.

Technically, every low may be a loading opportunity for buyers expecting a surge towards $2.5 in line with gains of late May 2021.

SCRT/USDT Technical Analysis

Secret Price Daily Chart for June 18

SCRT bulls are back in contention, which is net bullish.

Thus far, SCRT/USDT prices are in range, flattening out following losses of May 21.

However, as long as SCRT prices are firm above $1 and May 2021 lows, every low may be a loading opportunity for bulls targeting $2.3 in the medium term. Losses below $1 invalidate the uptrend.

Injective Protocol (INJ)

INJ primes the protocol. Its creators look forward to truly decentralized solutions explicitly allowing users to trade various assets, including CFDs and derivatives.

Past Performance of INJ

INJ prices are mainly in range inside a tapering wedge with clear resistance and support lines.

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On the downside, INJ found support at $8, while the middle BB is a notable resistance line, as the price action of the last month shows.

At spot rates, INJ is stable, losing versus the USD but posting minor losses against BTC and ETH.

Day-Ahead and what to Expect

Technical candlestick arrangements favor bears in the short term.

Sellers are pressing lower, unwinding gains in a bear trend continuation pattern, as June 17 bar reveals.

Nonetheless, a close above the middle BB may rejuvenate bulls, injecting them with momentum for the next phase higher.

INJ/USDT Technical Analysis

INJ Price Daily Chart for June 18

Technically, every high below the middle BB is a liquidation opportunity for opportunistic bears. In that case, $8 is the next target.

Further losses in sync with May losses below the minor support trend line may force INJ/USDT towards $5 or $3 in the medium term.

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An unexpected surge above $9 ignites demand building up for $11.

#DeFi #INJ #INJ/USDT #Injective Protocol #SCRT/USDT #Secret Network

Source: https://www.cryptoknowmics.com/news/secret-scrt-and-injective-protocol-inj-technical-analysis-what-to-expect/

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Bitcoin isn’t as Anonymous as People Think it is: Cornell Economist

Bitcoin Anonymous Cornell Economist

Rate this post Eswar Prasad, an economist at Cornell University that says that Bitcoin isn’t as anonymous as people think it is. Other issues pointed out by him include Bitcoin mining being extremely bad for the environment, and that it doesn’t work well as a currency. Cornell Economist Points Out more Flaws of Bitcoin Besides Not Being Anonymous Leading cryptocurrency Bitcoin isn’t as anonymous as people think it is, according to a professor at Cornell University, Eswar Prasad, and formerly head of the International Monetary Fund’s China division. In an interview with CNBC on June 17, Prasad has highlighted the flaws of the flagship cryptocurrency. Firstly, he highlights that Bitcoin mining is an energy-intensive process and that it harms the environment and that it’s “certainly not good for the environment”. On the counterpart, he does highlight that Ethereum requires less energy than the flagship digital asset, saying: “That is going to be much less energy-intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker.” Secondly, he points out that BTC isn’t as anonymous as people think it is: “The main idea of bitcoin was to provide pseudonymity. But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.” He reminds the U.S. government’s recent success in tracking and retrieving part of the Bitcoin ransom from the Colonial Pipeline ransomware attack has increased doubts about the security and non traceability of Bitcoin transactions. Bitcoin is a “Slow and Cumbersome” Medium of Exchange Lastly, he says that BTC doesn’t work well as a currency as it’s “slow and cumbersome” to use it to pay for goods and services and that the market is very volatile, adding: “So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange” According to him, BTC has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode.

The post Bitcoin isn’t as Anonymous as People Think it is: Cornell Economist appeared first on Cryptoknowmics-Crypto News and Media Platform.

Republished by Plato

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Rate this post

Eswar Prasad, an economist at Cornell University that says that Bitcoin isn’t as anonymous as people think it is. Other issues pointed out by him include Bitcoin mining being extremely bad for the environment, and that it doesn’t work well as a currency.

Cornell Economist Points Out more Flaws of Bitcoin Besides Not Being Anonymous

Leading cryptocurrency Bitcoin isn’t as anonymous as people think it is, according to a professor at Cornell University, Eswar Prasad, and formerly head of the International Monetary Fund’s China division.

In an interview with CNBC on June 17, Prasad has highlighted the flaws of the flagship cryptocurrency.

READ  Retail Investors on Reddit are Shifting from Equities to Cryptocurrencies

Firstly, he highlights that Bitcoin mining is an energy-intensive process and that it harms the environment and that it’s “certainly not good for the environment”. On the counterpart, he does highlight that Ethereum requires less energy than the flagship digital asset, saying:

“That is going to be much less energy-intensive, and it could deliver a lot of the benefits that bitcoin was supposed to deliver. It could also make transactions much cheaper and quicker.”

Secondly, he points out that BTC isn’t as anonymous as people think it is:

“The main idea of bitcoin was to provide pseudonymity. But it turns out that if you use bitcoin a lot, and especially if you use Bitcoin to get any real goods and services, then it becomes possible eventually to link your address or your physical identity to your digital identity.”

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He reminds the U.S. government’s recent success in tracking and retrieving part of the Bitcoin ransom from the Colonial Pipeline ransomware attack has increased doubts about the security and non traceability of Bitcoin transactions.

Bitcoin is a “Slow and Cumbersome” Medium of Exchange

Lastly, he says that BTC doesn’t work well as a currency as it’s “slow and cumbersome” to use it to pay for goods and services and that the market is very volatile, adding:

“So you could take a bitcoin to a store and one day, get a cup of coffee and another day, with the same bitcoin, be able to treat yourself to a lavish meal. So that doesn’t work well for the medium of exchange”

According to him, BTC has become a speculative asset for people who hope it will appreciate in value, rather than because they want to use it as a payment mode.

READ  Grayscale Bitcoin Trust Sees Rebound as Institutional Demand Increase

#Bitcoin #Cornell University #Eswar Prasad

Source: https://www.cryptoknowmics.com/news/bitcoin-isnt-as-anonymous-as-people-think-it-is-cornell-economist/

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