China can’t seem to make up its mind on Bitcoin. In 2013, the People’s Bank of China prohibited financial institutions from using Bitcoin and other cryptocurrencies for transactions, yet Bitcoin itself was not made illegal. In April 2019, Bitcoin mining was on the list of “wasteful” industries which were to be eliminated, yet disappeared from the list in November. That was possibly because a month before, Chinese President Xi Jinping announced that the country would go all-in on blockchain technology, in order to be a world leader in the space — yet cryptocurrencies, which feature blockchain technology at its core, weren’t mentioned.
The beauty of Bitcoin is the stability and security of its blockchain, or its public ledger of transactions. Considered virtually unhackable, the Bitcoin blockchain is bolstered by a series of checks and balances within its community: miners are decentralized and located around the world, nodes that store the blockchain run software that ensures transactions align to Bitcoin protocol (and if they don’t, they’re rejected), the proof of work consensus says that only new blocks can be created after agreement from the network, and the blockchain is constructed in such a way that transactions are permanent and can’t be altered. …Read more
But in a good way. 2019 for the cryptocurrency industry was just a giant question mark. Apparently, the crypto-winter 2018 represented is over, but then was this some kind of spring? Cause it was really, really long with lots of rainy days in between. Not complaining though!
Not to be confused with the Midas touch, the gold standard is a basis for gauging the value of currency, and it played a critical role in the establishment of the U.S. dollar. The nation steadily veered further and further from a true gold standard, and today the U.S. dollar is truly fiat in nature — not backed by any intrinsically valuable commodity. …Read more
ASICs, or “Application Specific Integrated Circuit” are computers that are created to serve a specific use case and task. For Cryptocurrencies, ASIC devices are designed to participate in the process of mining Bitcoin (or other cryptocurrencies). Bitcoin, being the largest cryptocurrency by hashrate (Almost 100 ExaHashes) and having true decentralized consensus (through worldwide mining operations), is an example of a cryptocurrency that cannot be considered ASIC-resistant.