|submitted by Bojack_Horsegirl to Bitcoin [link] [comments]|
“The blockchain is an indestructible digital ledger for keeping track of economic transactions which can be programmed to maintain not only financial transactions but virtually everything that has value.”submitted by Aarushiiiii123 to u/Aarushiiiii123 [link] [comments]
Now this means that this decentralized ledger is not controlled by any financial institution or government for that matter. In fact, it can be accessed by everyone who has a good internet connection. Other than virtual currencies, there are many companies such as messaging apps, critical infrastructure security, ride sharing, cloud storage, etc. are harnessing the power of blockchain technology.
Advantages of the Blockchain Technology
Despite the fact that the blockchain technology is a new idea, it has proven its worth and significance in a very short period time. Here’s a list of some key advantages of the blockchain technology.
1. Zero Percentage of Fraud
Since blockchain is an open-source ledger, each and every transaction will be made public and hence there will be no chance of fraud taking place. The virtue of the blockchain system will be constantly monitored by miners who keep an eye on all kinds of transactions around the clock.
As a matter of fact, there are thousands of miners who validate every single transaction all day all night. Therefore, the virtual currencies based on blockchain will get a hell of a lot of supervision and this makes them almost impenetrable to fraud.
2. No Government Interference
The government or any financial institution has absolutely zero control on virtual currencies that are based on the blockchain technology whatsoever. Hence there will be no meddling with by the governments. The government interference has often led to the devaluation of various currencies and a good example for that is the latest Zimbabwean Dollar.
Regardless of the nation and currency, one of the top problems, when governments meddle too much with the currencies, is that they end up either with inflation or hyperinflation by degrading and/or printing too much currency in a short period of time. As the blockchain is a decentralized online ledger, it’s next to impossible for governments to interfere and take any action on cryptocurrencies.
3. Instant Transactions
The virtual currencies/digital currencies that are based on blockchain offer transaction times that are 10 X faster than the usual bank ones. For instance, if a transaction has made to some person who has a different bank account then it will take minimum two days for the transaction to complete. However, blockchain transactions will be usually completed in just a few minutes.
4. Improved Financial Efficiency
The blockchain technology lets individuals and companies make transactions directly to the end user without involving any 3rd-parties. This greatly enhances the financial efficiency in every nation and lets people be less dependent on financial institutions and/or banks. Not only will this save a lot of money for people in terms of fees but also other related expenses with utilizing banks.
Disadvantages of Blockchain Technology
Just like every coin has two sides, blockchain technology also has a few disadvantages. Here’s the list of some of the key disadvantages of the blockchain technology.
1. Extremely Volatile
The virtual currencies that are based on blockchain technology are highly subjected to extreme volatility. Of course, one good example for that is the fluctuating prices of Bitcoin that vary from day to day. One of the reasons behind that extreme volatility is that both the decentralized blockchain technology and the virtual currencies are extremely new to the market. Which means that the companies, investors, governments, and other groups adopting or not adopting them will greatly affect the volatility.
The Bitcoin price dropped $200 on the day when China decided to ban on companies from raising ICOs in 2017. This is a huge drop and this kind of volatility is bothering people who are thinking of investing in Bitcoin or any other cryptocurrency for that matter.
Because of the anonymity that exists in decentralized blockchain and virtual currencies which rely on them, they have become a second home for all illicit transactions. One good instance for that is “Silk Road,” a digital black market. People utilized this platform to things like illicit transactions using blockchain-based virtual currencies. Nonetheless, the FBI shut this place down after learning its existence. Even it was shut down, many people still think that this decentralized technology is too attractive to lawbreakers.
3. Problem for Not Tech Savvy
Storing virtual currencies that are blockchain-based are a big headache for people who are not-so tech savvy. Usually, secured storage is easy for users who are familiar with technology. As a matter of fact, it can be accomplished simply via buying “Cold storage” wallets like Trezor. Nevertheless, people who cannot handle technology might face a problem with creating a Bitcoin or Ethereum wallet and then transferring coins from a digital wallet to a cold storage wallet.
Therefore, many people who own cryptocurrencies are storing their coins on the exchanges. This could be a problem for users as eavesdroppers often target cryptocurrency exchanges and one example for that is Mt. Gox. As a result, the exchange had lost $460 million.
Some believe that it will help in creating cryptocurrencies which will become a potential rival to precious metals while others believe that it is soon going to burst like a bubble and nothing more. Nonetheless, blockchain technology is one of the incredibly creative inventions that technology has ever seen. So how we use it is up to us.
While the debate is still going on its potentiality and challenges, some companies such as Bedding, Furniture, Electronics, Jewelry, Clothing & more and Tesla have already started accepting virtual currencies that are based on the blockchain. However, it is still not apparent what the retail leaders like Amazon and eBay would do with the cryptocurrency acceptance. But if they start accepting then it could indeed transform the global scenario.
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Well, my 2014 prediction https://np.reddit.com/Bitcoin/comments/1ty17h/2014_predictions/ced5iry was pretty obvious and a bit boring so I'll try to be a little more creative this time around. I'm going to spice it up with several predictions just to make it interesting. Keep in mind this is purely speculative prediction.Nailed it.
- The truth about MtGox will come out and charges will be laid.
Kinda nailed it? Banks certainly are on the doorstep of doing stuff like this, Ukraine etc. and "blockchain" technology certainly is big right now. I may have been a little early though.
- Some big banks will reverse their anti-bitcoin stance and will accept accounts denominated in Bitcoin, though only for high value customers like major businesses and such.
No dice, seems that these little piggy banks are not ripe enough for acquisition just yet....
- Bitpay, Coinbase, Circle or one of the other big, yet reputable Bitcoin processors will get bought out/acquired, signalling that big players are finally moving into Bitcoin adoption in a very serious way.
Legal Front:Sorry guys, dropped the ball on this one. My prediction is bad, and I should feel bad. Though the sliver lining is that countries and states are definitely building legal frameworks to accommodate Bitcoin, and other cryptos so it wasn't a totally bad prediction, just the bitlicense bit.
- Bitlicense, for all it's negative press and dislkie by Bitcoin users, will usher in a surge of new investment in the Bitcoin space. A number of other states and a few other countries will also pass, or be crafting legislation so that Bitcoin commerce has a solid legal framework for companies to operate around. Some will be absurd, but some will not be as bad (none will be glowingly positive though).
sigh... On the upside GBTC is going swimmingly and at least the Winklevii have their Gemini exchange up and going. God knows when their etf is ever going to fly though.
- The ETF will sit on the tarmac for almost the whole year before it suddenly and unexpectedly gets the green light late in 2015.
- Australia will do nothing about the ATO's ruling on Bitcoin and will remain a backwater for Bitcoin businesses, even though Bitcoin use by Australians will increase....
...The ATO will start pursuing people that conduct business in Bitcoin without declaring tax as tax evaders and will waste money and resources pursuing individuals/businesses that don't disclose Bitcoin commerce or retain the double GST for Bitcoin related sales. Ironically the cause of this this will be the result of their own idiotic rulings in the previous year. The ATO will be left red faced, and some Australian politicians will begin to craft legislation to recategorise Bitcoin as a currency, as it should have been originally.Ok that didn't quite happen AFAIK there's been no crackdown, but I do remember that senate hearings or meetings were in place to legislate the legality of Bitcoin as a currency. I guess time will tell.
The Usability Front:Still not there, but the number of other hardware wallets has definitely increased substantially, with even more on the horizon so here's hoping that next year we'll see ubiquitous and universal compatibility among more hardware wallets.
- Trezor will be accessible and ubiquitous among nearly every major Bitcoin wallet, both desktop, web, and mobile. And a number of other new hardware wallets will have hit the market, though Trezor will still be the stand out must have security item in 2015. Satoshi Labs will also release a more compact and more feature rich hardware wallet towards the end of the year.
The Core software Front:If only, sidechains was not the star this year, and we all know why too...
- Sidechains proof of concept will be in the wild, and the attention will be massive, though there will be lots of arguing among bitcoiners over decentralisation, fork related issues, stability, security, etc. This year will be very much an embryonic year for sidechains where many problems are thrashed out and refinements will occur, in anticipation for a final stable release, though no direct action will be taken to fork so that sidechains will be possible, there will be a massive concentration of effort on sidechain development in 2015.
FYI, there was absolutely ZERO noise about the block increase when I made this prediction, so I'm going to say that I nailed the specifics, but I obviously was NOT prepared for monumental clusterfuck shitfest that Blockstream, Core and their little cliquey circle was going to unleash onto the general community. Nor did I anticipate how the miners would reel in horror at what should have been fairly straightforward upgrade that even now, seems quite rational and acceptable. It's obvious now that there was a huge amount of hidden resentment and resistance to any block increase by many devs and other members in the community, so in retrospect the years of stalling makes far more sense now. At the very least I'm just glad their true colors are out in the open for everyone to see, rather than hidden behind excuses, lies, and half truths.
- Gavin, and the other core developers will announce a desire for a hard fork, which will set a schedule for raising the transaction and max block size limit, as well as other fork related improvements. Others will try to hijack the fork announcement to also get their own pet hard fork changes in and it will take months for the arguing to die down before people become convinced that controversial changes simply aren't going to get into the fork if it happens. Miners will already be positioning for a fork by the time the discussion dies down and most will already be indicating their acceptance, which will be implemented in 2016.
Other likely developments:Another missed opportunity. At least OB is still going strong and hasn't fizzled like some other projects. Keep up the great work Open Bazaar devs!
- Lighthouse and Open Bazaar will make big news as they start to draw away ebay and kickstarter users, but will also make news for all the wrong reasons as the media demonises the platforms as being simply an evolution of the Silk Road.
Nailed it. :) For people that don't agree, all I have to say is this, "blockchain technology" ;).
- Western Union and the big CC companies will still pretend that Bitcoin isn't happening, but there will be obvious signs of them repositioning to push back against Bitcoin users.
I guess I far too optimistic :), looks like these dinosaurs still have some fight in them left. Though Europe and the Greek crisis did almost happen, so I only just narrowly missed calling a huge financial catastrophe this year. Doesn't mean it isn't going to happen, just not this year I guess.
- 2015 is finally going to see bail-ins for at least 2 large countries and 3 or more will have entered major recessions this year. One or two countries will hit hyperinflation and their currencies won't be traded by years end. Even in light of this, most people will still not buy Bitcoins and it will still be seen as a geek thing, so many less savy people will still be avoiding Bitcoins for all the wrong reasons.
And finally, price:All in all I think I did pretty damn well considering. I reckon if the move to increase the blocksize had gone according to BIP101, we would have seen a far more positive end of year though. The controversy has almost certainly taken the wind out of the innovation sails so to speak as it's clear in my predictions that I expected things to have moved along far more than it has.
Goddamnit. Oh well, I guess it's understandable now that the blocksize issue has been completely blown out of proportion and turned the entire ecosystem on it's head.
- I reckon if most of the thing's I mentioned above come to pass, I wouldn't be surprised at the price rising to $3850 USD at the most extreme, and It will happen in August. But will quickly fall back to $2300 USD by the end of the year.
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