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Quick Guide on Mechanics of Bitcoin Trade

There have been distinct modes of trading from the time humans lived in caves, started cultivating fruits and vegetables, to recently using physical and/or digital currencies. Using Bitcoin while trading could be perceived as an up-gradation to the utilization of credit or debit cards. Doing financial transactions through Bitcoin or its alternative is still niche […]

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There have been
distinct modes of trading from the time humans lived in caves, started
cultivating fruits and vegetables, to recently using physical and/or digital
currencies. Using Bitcoin while trading could be perceived as an up-gradation to the utilization
of credit or debit cards. Doing financial transactions through Bitcoin or its
alternative is still niche as the overall schema is gradually becoming popular
and utilized across the world. It’s quite early to predict whether
decentralization trading would become the norm in the short-term or long-term.
But the probability of shifting completely to digital fiscal trading is very
much on-the-cards (metaphorically speaking).

Blockchain Ledger

A ledger has been
one of the crucial building blocks in maintaining financial balance. As the
error frequency increased with time in almost every transaction (irrespective
of size and nature), adding up the decentralization aspect has become somewhat
mandatory. There’re numerous benefits of imbibing a blockchain ledger while
trading, and more specifically via bitcoin. One is the decline in error
frequency. Another is a low probability of data leak. This piece of research indicates that utilization of ledgers in bitcoin
trading which run on proof of work besides digital signatures aid in
safeguarding and heightening up the robustness of the activity. In layman
words, employing a blockchain ledger makes the overall activity more transparent,
simplistic, and decreases the chances of hacker(s) taking control over it
easily. The protocol uses a couple of ways for ensuring utmost security at all
times like multicasting, the random oracle, synchrony, etc.

Irreversible transaction along with Trust

Besides
decentralization, trust is another crucial factor assisting in making bitcoin
trading become mainstream just like a Dollar, a Yen, a Pound, a Renminbi, etc. So
far, it has been successful in a few industries. With more appropriate
alterations, attaining an ideal digital currency wouldn’t be much of a hassle. According
to this piece of research, trust can be built in two ways. One is through
intensifying the transparency between people and technology. The second one
being, trust in people who’re interacting with the technology. Constant
modifications to the hashing algorithms is a big factor for users having reliability on
bitcoin while using it for trading purpose or even for storage purpose.

Combining quantum
mechanics along with bitcoin is like eating a chocolate-vanilla ice-cream
instead of eating separately. Intermixing the functionalities of quantum mechanics and bitcoin would assist in replicating complex computational
techniques with a decentralization feature being intact. As proof of work is
employed to get authentication for proceeding to bestow block data, the
probability of a specific network or complete grid getting hacked minimizes. It
might be hard to believe but people started experimenting with quantum
mechanics way back in the 1970s. Working on a subject like that in such a
period was like trying to fix a Honda car engine inside a Rolls-Royce automobile.
In the quantum bitcoin framework, the blocks include the details of freshly
added quantum bitcoins. The transactions are not included as they’re finalized
locally. It should be kept in mind that blockchain, bitcoin, and quantum
mechanics all came into existence recently. So, a lot of research and
experiments need to be undergone to reach near-perfect functioning
capabilities.

A few technical
experts in bitcoin and quantum mechanics have been suggesting that quantum mechanics might be
somewhat dangerous for blockchain developers. But credit to their
proactiveness, they changed their potential threat to an opportunity by mixing
their frameworks. By altering the computing power available in the grid and by
confirming the proof-of-work, some degree of protection can be intensified. Hashed
based schemes also help in avoiding hindrance from third party hackers.

The usage of bitcoin, while trading can also be examined through variations, is its
utilization. in this piece of research, the findings suggest that at the
moment, people prefer to store and save it for future use rather than using
regularly. One reason for it could be that it’s slowly and gradually picking up
the pace when it comes to the consumer base. Another factor for velocity
variations in bitcoin trading is how the user perceives it ethically and try
and imbibe it within their daily practical lives.

A potential future challenge – Pseudo-anonymous Transaction

Just like any
product, service, or a platform that’s famous and used widely (in the 21st
century) went through hurdles, Bitcoin and similar technical architectures are
experiencing similar hurdles. Let’s state the facts as they are. Bitcoin is not completely pseudo-anonymous, rather partially pseudo-anonymous. It
has many characteristics among which is ownership of money being implicitly
anonymous, but its flow is visible worldwide. To have some clarity in regards
to pseudo-anonymousness, it’s appropriate to distinguish three types of models
for financial activities:

  1. A
    scenario where parties and transactions are ambiguous.
  2. A
    scenario where both the parties and transactions as well are known (for example
    PayPal).
  3. A
    scenario where parties are wrapped with uncertainty, but the transactions made
    are known (for example Bitcoin).

The Unique Selling
Proposition (USP) of a Bitcoin is that it’s a chain of activities from one
owner to its successor. The owner is located via a public key, which acts as a
pseudonym.

Another factor that
arises up due to anonymity is regular fluctuations in the value of cryptocurrencies. A better-equipped tool is like a sword. It’s double-edged.
Depending on from which side one holds, the result may vary accordingly. Like
in the entertainment industry, political environment, stock market, etc, the
media majorly have showcased the questionable effects of bitcoin trading. But
if accurate algorithms are written, the small percentage of loopholes present
in the bitcoin trading will get wiped out as well.

Need some help?

We at PrimaFelicitas will be able to offer a nuanced perspective as our team members are experts in technology and know the inside-out of marketing/business strategy. Our offices are located in those parts of the world where constant innovation is the norm irrespective of industry. As we have been in the bitcoin/blockchain area for over 5 years, and have seen the rise and downfall of ICOs and STOs (to name a few), you shouldn’t hesitate in receiving some help if you’re new to the industry and require some guidance.

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Blockchain

Bitcoin dominance is an irrelevant metric unless…

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The volatile cryptocurrency market has given way to multiple metrics for the market observers to analyze and predict what’s coming next. One such metric has been Bitcoin dominance, but as per Su Zhu, it should not be relevant to you unless you are a billionaire.

How so?

The CEO of Three Arrows Capital opined this after noticing the trend of the newcomers avoiding Bitcoin and Ethereum and opting for risky crypto tokens. When the largest digital asset was stuck in a wider correction period, altcoins like Dogecoin [DOGE] grabbed much attention. This was possible due to the hype created by Tesla CEO or, self-proclaimed “doge-father,” Elon Musk and the Doge community.

However, understanding the newcomers’ enthusiasm Zhu opined that if he were to bet on projects now, he would choose Solana and Avalanche.

Despite the popularity of altcoins, the exec remained bullish on Bitcoin and Ethereum as he expected, the former to flip gold’s market cap, and the latter to eventually hit a value above $25,000. Bold predictions, but nothing we haven’t heard before.

However, newcomers were more bothered about the dominance metric but as data suggested, Bitcoin dominance has recently been falling. The dominance was hit earlier but recovered to form a peak at 49.25% on 30th July. But given the correction phase that followed, the dominance of BTC fell and was last noted to be at 40% on 10th September.

It is interesting to note that despite plenty of adoption related news such as that of El Salvador, coming in over the past few weeks, it looks like the dominance has remained unaffected by it.

Source: CoinMarketCap

Twitter user and crypto enthusiast, @HsakaTrades also noted that Bitcoin dominance was not a relevant metric for anyone who has a “sub mid 9fig portfolio]. Agreeing with Hasaka, Zhu added,

“To clarify, if you’re holding for 5+ yrs, you shouldn’t be thinking about btc dominance in the first place. And obv btc and eth have a strong place in that portfolio.

If you’re allocating actively atm, and think debating btc v eth v alts is a good framework, you’re ngmi.”

While this advice could stand true for experiences, long-term trader interested in making money, but not the ones looking out to invest in tech. This was especially highlighted in the comments wherein the crypto users were upset about the CEO’s Solana [SOL] recommendation that recently witnessed an outage.

Nevertheless, the trading advice and strategies differd from trader to trader and Zhu’s opinion to not focus on the BTC dominance, prebably stemmed from a hodlers perspective. While interesting projects were now erupting in the crypto space, it looks like Bitcoin’s dominance, not only in terms of price, but as a crypto project could be challenge.

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Source: https://ambcrypto.com/bitcoin-dominance-irrelevant-for-anyone-not-10figs

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Blockchain

Millions of Dollars Raised Through Solana’s DeFi Projects

Millions of Dollars Raised Through Solana's DeFi Projects

PAI, an algorithmic stablecoin, backs Parrot Protocol. Grape Protocol was the primary source of the downtime. Solana has been up

The post has appeared first on thenewscrypto.com

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  • PAI, an algorithmic stablecoin, backs Parrot Protocol.
  • Grape Protocol was the primary source of the downtime.

Solana has been up nearly 3200% since August. Investors’ interest in Ethereum rival systems featuring DeFi, NFT, and smart contract services has risen dramatically.

The software applications that simulate legal contracts are smart contracts. Once housed on a blockchain network, the software application will run automatically without human intervention.

This month, Solana’s DeFi initiatives raised millions of dollars. This is another proof of Solana’s potential to compete with Ethereum. Currently, Ethereum has the most DeFi and NFT projects.

Bots raced to invest in a token sale for Grape Protocol over flooded the blockchain, causing Solana to collapse for 17 hours on Tuesday. Let us take a look at the few IDO that helped raise millions.

Grape Protocol

Grape Protocol, the primary source of the downtime, managed to raise just $600,000 on Raydium’s “Acceleraytor.”

Tokenized communities may use Grape Network to connect to platforms like Discord, Telegram, and soon twitter to collaborate over Solana and reward members with crypto.

Parrot Protocol

Parrot Protocol is based on Solana. Investors in the Initial DEX offering included Sino Global Capital, Alameda Research, and QTUM VC. Moreover, to put it simply, Parrot is a non-custodial lending platform and decentralized exchange.

PAI, an algorithmic stablecoin, backs Parrot. Furthermore, Parrot offered a governance token called PRT in its IDO. Thus, allowing investors to vote on the protocol’s operation and farm yields on Solana without affecting other Layer 1 blockchains.

Solana’s failure impacted Parrot’s IDO, but it was resolved by Sept. 16. Moreover, the team said it would start working on PRT staking, NFTs, and adjustable interest rates in “Letter from the Parrot.”

Several Solana initiatives will be launched in the next day’s/weeks. Examples include Solanium, Boca Chica, and Solstarter. On Solanium, whitelisted users may buy MatrixETF.

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Source: https://thenewscrypto.com/millions-of-dollars-raised-through-solanas-defi-projects/

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Blockchain

Cosmos (ATOM) Lead Market-Wide Rally

Cosmos (ATOM) Lead Market-Wide Rally

Cosmos’ creators call it an “internet of blockchains.” ATOM also launched a bridge to Ethereum at the end of August.

The post has appeared first on thenewscrypto.com

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  • Cosmos’ creators call it an “internet of blockchains.”
  • ATOM also launched a bridge to Ethereum at the end of August.

Cosmos (ATOM) blew up 10.74 percent overnight to establish a new price of $39.58, according to CoinMarketCap. It surpassed $40 yesterday, reaching $40.76. Despite today’s minor decline, Cosmos’ price was still ten dollars more than seven days ago, and twenty dollars higher than this time last month.

Its creators call it an “internet of blockchains.” It’s an interoperability network that allows various blockchains to connect, exchange data, and interact with one another.

In short, Cosmos claims to address some of the “hardest problems” in the blockchain sector. It seeks to provide an alternative to “slow, costly, unscalable, and ecologically harmful” proof-of-work protocols like Bitcoin by connecting blockchains. On August 18, Cosmos rose 25% from $15 to $20 after the introduction of Emeris, a cross-chain DeFi interface.

It also launched a bridge to Ethereum at the end of August. The inter-blockchain communication protocol (IBC) allowed trade across the Cosmos and Ethereum networks for the first time, along with the integration of Sifchain.

Cosmos Might Soon Over Take FTX Token

Cosmos is “Blockchain 3.0” — thus, as previously said, ease of usage is a significant objective. To this aim, the Cosmos SDK emphasizes modularity. This enables a network to be created quickly using existing code. Long term, it is anticipated that sophisticated applications would be simple to build.

Cosmos now has the twenty-first largest market value, but at this pace, it would only take $0.8 billion to flip FTX Token and make a bold entry into the top twenty.

Some in the crypto sector, much worried about the amount of fragmentation in blockchain networks. There are hundreds, yet few can converse. Cosmos wants to change this by making it feasible.

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Source: https://thenewscrypto.com/cosmos-atom-lead-market-wide-rally/

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