Banks and Blockchain Transactions – Which Is Better?

Many cryptocurrency critics believe that blockchain transactions are far too slow to be ever applicable for mass adoption within banking and financial institutions, failing to understand blockchain and cryptocurrency technology is still in its infancy.  In this post, we’re going to look at the pros and cons of each system and explore the future of payment systems.

Banks and payment systems look in some ways more efficient than blockchain transactions, but in many cases, they’re actually more involved. In fact, as soon as they’re being used to make cross-border payments and settlements, they start to reveal some flaws. They, too, can become slow, expensive, or worse – they can lock people out through no fault of their own, and for no apparent reason.

Bank-to-bank transactions through SWIFT network take three to five working days to reach its destination, which is extremely slow by cryptocurrency standards. In contrast, an average person with no connection to a bank or money transfer service can securely send and receive Bitcoin anywhere around the world with just a smartphone and a stable Internet connection in as short as ten to fifteen minutes without the risk of being censored out by the system.

Wire transfers cost somewhere between $10 to $30, plus 6% spread on foreign exchanges. In other words, if you’re sending $5,000 from Australia to Canada, you’ll pay as much as $330 on that single transaction. This doesn’t account for differences in rates from country to country (fees for sending money from US to Africa can be as high as 15%).

Bitcoin’s transaction fees peak at around $55 in December 2017 during a massive buying spree. But most of the time, sending Bitcoin to someone anywhere around the world will only cost a fraction of a dollar, to as high as $10 depending on priority and network load. And since it’s considered a borderless, global currency, users can forget about foreign exchange rates.

Companies like Abra have been using Bitcoin as a cheaper alternative to international settlement systems. Interestingly, certain banks like the ones in the Philippines allow remittances using Bitcoin, and recipients can take their pesos straight out of the ATM without an ATM card or a bank account.

Within the cryptocurrency ecosystem, on-chain and off-chain implementations can have a significant impact both on energy consumption and transaction throughputs. As a general rule, the more it shifts toward decentralization, the more challenges it needs to deal with scaling; but as more features become centralized, the more scalable it becomes. How these challenges will be overcome in the next couple of decades is anybody’s guess.

Some of the proposed on-chain solutions is the move towards proof-of-stake consensus algorithm (e.g., Ethereum Casper), and delegated proof-of-stake (e.g. EOS and Cardano). Off-chain solution include Lightning Network (e.g. Bitcoin), and side-chains. Improving the blockchain’s inner workings not only helps with efficiency, but also makes energy consumption more manageable.

 

Conclusion

Cryptocurrency might not be as nimble as people would expect from banks when it comes to local micro-transactions. However, we’ve seen some progress lately, with SegWit adoption being used in 40% of all Bitcoin transactions, enabling shorter confirmation times, significantly lower fees, and Lightning Network integration. Users can start experimenting with Lightning wallets in their beta version (Eclair, Zap, RawTX, etc.), and buy small stuff from online stores like the ones made by Blockstream specifically for that purpose.

Cryptocurrency will only get better as time goes by, and we’ve already seen some progress from greener solutions, to mining hardware, and software development. There’s no limit to the number of ways cryptocurrency can solve many of its challenges. All it takes is an open mind and a little bit of creativity.

 

The Top Cryptocurrency and Blockchain Projects in 2018

There’s been a change in the outlook for cryptocurrency during the past few months. People seldom talk about the markets or the price of Bitcoin. Volatility has been causing a lot of uncertainty, and mainstream adoption came to a virtual standstill.

Nonetheless, the cryptocurrency space showed remarkable resilience as blockchain projects continue to expand its borders with more lateral thinking and “out-of-the-box” blockchain solutions. We’ll explore some of their use-cases and find out whether these currencies and platforms are the next big thing.

 

Why People Invest in These Projects

Despite the recent lull in cryptocurrency trading and mining, blockchain projects and ICOs are very much in the business for 2018. Investors and tech companies remain optimistic about the future of the cryptocurrency space amidst tightening restrictions and negativity. In fact, according to Coindesk, the amount of money raised in ICOs in the first quarter alone exceeded the total amount last year.

Most ICOs and blockchain projects didn’t end up well for a lot of investors (more than 90% failed to deliver). However, there are a few examples like Binance and EOS which turned out as good investments. Binance became one of the leading cryptocurrency exchanges with a BNB market cap of over $1 billion – the second most valuable token on Coinmarketcap. EOS, on the other hand had a successful, albeit controversial mainnet launch, and is now a full-fledged decentralized application platform second only to Ethereum.

Smart investors consider the current state of affairs as a golden opportunity to hunt for new projects with the greatest potential, particularly in their early stages when they are mostly undervalued. Investing early on has the advantage of maximum gains with the least amount of exposure. For instance, a hundred dollars’ worth of investments at ten cents per token won’t break the bank if things go south. But if it turns out to be a real investment, gains will be exponential (e.g., BNB and EOS tokens are worth a hundred times more than their initial price in 2017)

 

 

Blockchain Projects to Watch for in 2018

Finding a good investment can be a real challenge since we’re dealing with dozens of new blockchain projects and ICOs every month. If you’re lucky enough, you might be able to land on some big winners from a list of projects. But before anything else, please bear in mind that this is not investment advice, and you are solely responsible for any gains or losses. That said, here are five of the most talked-about blockchain projects in 2018.

 

Zilliqa (ZIL). Launched in January, the project puts a lot of work in building a highly scalable decentralized platform using a method known as “sharding.” Unlike in Bitcoin, each node will be working in parallel within a group of nodes called “shard,” verifying a subset of all the transactions occurring at the same time (also called parallel processing). Sharding works perfectly in many centralized systems (Ultima Online, Google, etc.). However, it presents an immense technical challenge when applied on a decentralized environment. Ethereum has been working hard on it as part of its on-chain scaling solution in hopes of solving the security/scalability/decentralization trilemma. Zilliqa’s entry into the whole sharding scene threatens to steal the thunder from Ethereum by becoming the first to come up with a workable solution. Some estimates it to be around January 2019. Key features include:

  • faster transaction throughputs (speed improves as the network grows)
  • employs practical Byzantine Fault Tolerance as a consensus mechanism
  • reduced energy consumption (mining is spaced a hundred blocks apart)
  • maintains a decentralized network structure (a new shard is created for every 600 nodes)

Basic Attention Token (BAT). Cutting the middleman goes beyond peer-to-peer transactions to include decentralized, blockchain-based digital advertising in the form of an open-source, ad-free browser with its own currency. Brave Browser is one of today’s hottest Internet browsing software because it allows users to block ads and trackers completely free. In fact, as many as 3 million people have already been using Brave, becoming one of Google Play’s top ten in the Android browser category. The project is moving towards the creation a decentralized advertising platform using its own currency – Basic Attention Token – to incentivize both content creation and user attention. It works in some ways like Google Ads but in a more transparent and decentralized manner. The key advantages of BAT from an investor’s point of view include:

  • good potential for adoption (sold out BAT worth $35 million in 30 seconds)
  • strong support from the community (Brave browsing experience receive a lot of positive feedback from users)
  • a solid team of experienced developers (founded by no less than the co-founder of Mozilla, Firefox, and creator of JavaScript)

Kin (KIN). Canadian messaging app company Kik Interactive is making headway into cryptocurrency adoption with the launching of Kinecosystem. The company hopes to build a community of users and developers sharing resources, and making digital goods and services. However, unlike most blockchain startups with no real users, Kin’s integration into the Kik Messenger meant its value could potentially rise with over 300 million active users.  The company is now moving towards the next phase, inviting all developers and content creators in building the ecosystem for large KIN payouts. Gains will take time, but you might want to consider its advantages, namely:

  • KIN’s practical use-case as a digital currency on an existing application (Kik has been in use since 2010)
  • user base is mostly made up of digital-natives (teens, millennials, and active mobile users)
  • Kik’s emphasis on anonymity

DeepBrain Chain (DBC). Blockchain companies like DeepBrain Chain sees decentralization as the future of the AI industry. Development of AI applications use up a huge amount of computing power. DeepBrain Chain works by utilizing computational resources across millions of nodes on the neural network in building AI applications which are then published onto the blockchain. Nodes that successfully deploy mirror images will receive payouts in DBC. It plans on migrating out of NEO to its own mainnet in Q4, with its own consensus algorithm (proof of importance and delegated proof of stake). The goal is to become the deep learning machine for the AI industry. Successful adoption is achievable through:

  • growth in people’s interest in the AI industry
  • reduced computational cost of AI companies through resource-sharing
  • secure, decentralized method of storing AI information.

Wormhole. Bitcoin Cash might soon be able to run smart contracts through its proposed protocol layer known as Wormhole. Developers plan on forking the Omni Layer to create a platform for smart contracts on top of Bitcoin Cash. Much of it is still in the works as of this moment, but news is, they’re going to issue a token named “Wormhole Cash.” Investors and crypto-enthusiasts are keeping track of its progress since it is expected to have a very high demand upon release.

 

Conclusion

The cryptocurrency space has been constantly evolving even as the noise and the hype surrounding cryptocurrency have mostly faded. Cryptocurrency is here to stay, and we’ll be seeing more projects in the near future that will bridge the gap between the average user and blockchain technology.

Facebook’s Update on Crypto-related Ads – Why Should It Matter?

Facebook hit the news when it back peddled on its decision to ban cryptocurrency ads outright from the social media platform. This has now made technology companies, cryptocurrency and blockchain communities optimistic this move will set off a precedent for other advertisers to follow, particularly Google and Twitter, who earlier warned of a similar ban on cryptocurrency ads.

What are the implications of Facebook’s reversing its view on cryptocurrency, and what are we to expect about the future of blockchain technology?

 

What Changed After the Update?

Facebook now accepts cryptocurrency ads, but only from pre-approved advertisers who filed their cryptocurrency products and services onboarding request. ICOs and promotions associated with deceptive high-yield investment programs are still banned from advertising.

The update took effect after a six-month hiatus in cryptocurrency ads on Facebook. Apparently, the tech giant have found compelling reasons for reversing some of its decision after being dismissive on anything crypto-related. (uhhh… money of course!) There are also some rumblings Facebook plans on stepping into the cryptocurrency space with their own initial coin offering.

So far, legitimate cryptocurrency businesses like Cointelegraph.com have not been able to boost their posts a day after the ban was lifted. It’s very likely that Facebook is implementing more stringent rules and are, indeed, checking on the advertiser’s credentials with painstaking effort. We’ll learn more about the specific details of the screening process as they unfold.

 

Not a Complete Turnabout

Facebook didn’t go all the way, and instead chose to “loosen” some its policy on cryptocurrency advertising. A recent post from the product management director indicates an eligibility check, which takes into account licenses and pertinent documents submitted by each applicant. Facebook wants to avoid another Bitconnect incident or turn it a breeding ground for ICO scams (70% of advertised ICOs failed to materialize).

There’s no guarantee that every cryptocurrency and blockchain businesses would receive their stamp of approval. The least they can do for now is hope they don’t get screened out or send the wrong signal to the management and mistake them for ICOs or HYIPs. Facebook is open to the idea of revising this policy as they see fit and encourages everyone to give their feedback.

 

More KYCs and Background Checks on Advertisers

All advertisers in cryptocurrency must be “pre-approved” before posting ads on Facebook. To do so, they have to disclose information about their company such as:

 

  • purpose and nature of their business
  • Facebook ad account ID
  • website domain
  • licenses and credentials
  • company name
  • business address

You can apply for your pre-approval HERE

 

 

 

 

 

 

Facebook, basically, performs due diligence on advertisers on behalf of its users, which is a good thing for cryptocurrency. Done right, this might actually boost investor confidence. With stricter regulation in place, Facebook hopes to open more opportunities which could further mass adoption for cryptocurrency, and significantly increase ad revenue to the company.

Meanwhile, cryptocurrency and ICO scams might have a hard time after the update, but that doesn’t necessarily mean Facebook won’t have any of those. In fact several cryptocurrency and ICO scams were still able to get through, ironically, even after the ban on cryptocurrency ads.

 

What Changed Their Mind?

Facebook wasn’t so clear about the reason for partially lifting the ban on crypto-related ads. People have their own views and offer some explanation as to why this is the case.

Missing Out On Revenue. At times, Facebook is more worried about optics then revenue. This isn’t necessarily a bad thing but when it comes to crypto, Facebook has constantly missed the boat. This is evident when Facebook took a massive hit in market value recently. One of the main reasons for the price dip is the lack of awareness in its underlying technology; censoring out everything crypto-related from their platform could only serve to aggravate the situation. By encouraging users to learn more about the cryptocurrency through ads and meaningful social interaction, they might as well rack up huge profits along the way.

Facebook’s Launching Its Exploratory Blockchain Group. For a tech company this huge, it’s not difficult to imagine Facebook having its own native currency in the near future. Their announcement about the launching of an exploratory blockchain group has led to some rumours about their future involvement in the cryptocurrency space. If true, then this could mean adoption on a massive scale with its two billion plus users worldwide.

 

Conclusion

Facebook’s decision to lift the ban on crypto-related ads is a statement on cryptocurrency’s future utility as a store of value, or even as a medium of exchange. There’s no denying that cryptocurrency and blockchain technology has become a major force in shaping our current financial system. They might, as well, be a part of it instead of closing doors on an opportunity which could probably give them a decisive edge along the way.

If you’d like to know more about cryptocurrency, blockchain and minning, you can pick up the Living Book HERE

Why Airdrops Might Be the Next Big Thing for Cryptocurrency

A lot of governments are trying to regulate or censor cryptocurrency but closing doors on them only leads to new and innovative pathways to get around these obstacles. In fact, people can fly over these obstacles and drop them out of the sky – an airdrop.

Airdrops are free cryptocurrencies and tokens waiting to be claimed. As part of their initiative to spread the word, blockchain companies and startups have set aside a portion of their crypto-assets to do several of those –basically free coins for the taking.

 

Airdrops as an Effective Marketing Tool

Businesses use different strategies to get customers, but there is one particular method which always seems to make an impact regardless of the industry they’re in. Giving something valuable for free would almost always elicit a positive response from potential customers.

In the context of blockchain businesses, an airdrop is the equivalent of giving away product samples or gift cards to encourage buyers and users to take the next step. It might be as simple as coming back to learn more about the cryptocurrency or ICO (creating traffic to the website) or spreading the news about an airdrop. If the project seemed very promising, they might choose to join the ICO or buy more tokens to qualify for upcoming airdrops.

Airdrops have already been used for quite some time to raise awareness about a blockchain project or startup. They’re becoming more widespread as blockchain businesses move away from online and social media advertising and adopt censorship-free promotions. People can get information about airdrops from airdrop hosting sites like Airdropalert.com, Airdrops.io, ICOdrops.com, and forum sites like Bitcointalk.

 

Airdrops Target Specific Users

Despite recent advances in A.I., paid advertising is essentially a hit-and-miss strategy. Airdrops increase the likelihood of user engagement because they only target specific users. People who come to airdrop hosting sites might have learned about them through word-of-mouth, or they might have stumbled upon airdrops out of their own curiosity.

The target audience are most likely users with some experience dealing with cryptocurrencies. They’ll have their own Bitcoin, Ethereum, or wallets that support multiple currencies, and have already used them for quite some time. The other part are newcomers who wants to learn more about cryptocurrencies and get some free coins.

The chance of having successful adoption for every airdropped cryptocurrency or token is a lot better than if they were spent on paid advertisements which are a lot more expensive and don’t guarantee success. Think of it in terms of how Costco built their business. They didn’t (and still don’t) spend a lot of money on commercials or advertising. This ensures they keep their prices competitive with other large bulk discount stores. Instead, they use free samples of cheese, condiments, salad dressing etc as an incentive to increase sales and transactions in the store. Essentially airdrops allow crypto companies to become the next Costco.

 

How Airdrops Work

Airdrops use a different cryptocurrency or token (usually Bitcoin, Ethereum, or ERC20 tokens like EOS) as giveaways to promote their own. Blockchain startups and ICOs rarely publish airdrops on Google or Facebook, if at all. They’re usually listed in airdrop hosting sites where users can check the status of the airdrop and provide links to these sites.

There are basically three ways to airdrop.

Taking snapshots of the blockchain. Blockchain projects will set a date for taking snapshots of the blockchain. If you happened to make a Bitcoin or Ethereum transaction during the snapshot, you might soon find some free cryptocurrencies or tokens sitting in your wallet. In most cases, people are aware about the airdrop and learned them through airdrop hosting sites.

Requiring users to sign up for the airdrop. Some airdrops will require information about the recipients, especially their wallet addresses, emails, telegram, or twitter accounts. It’s basically a marketing strategy to get more users onboard and start a community. Unfortunately, not all airdrops are real or have value; some are used as a ploy to get information from users. Steer clear from airdrops asking for sensitive personal information or private keys.

During a hard fork. Blockchain projects can create free coins by forking an already existing blockchain. They usually have a community working on a blockchain project based on the original. Users get an equivalent amount of “free coins” depending on how much they own prior to the fork. They’ll get free cryptocurrencies tradable for fiat every time the blockchain forks. Bitcoin has had three forks since 2017: Bitcoin Cash, Bitcoin Gold, and Bitcoin Private.

Some airdrops will incorporate a referral system where users get additional coins free for every successful invite. Others require users to have a specific amount of cryptocurrencies or tokens to become eligible for the airdrop. Dapps which are set to launch on the EOS blockchain once EOS migrates from the Ethereum blockchain will give away tokens based on the amount of EOS tokens users have.

 

Conclusion

Cryptocurrency companies will always have a plethora of ways to market and promote themselves. But whatever strategy a company chooses, airdrops should like be included in that strategy, especially with the constant updates to advertising rules on Facebook and Google.  In fact, online and social media advertising might no longer be a huge traffic driver even if these companies choose to lift the restrictions on cryptocurrency. Try as they may, there seems to be no limit on the number of ways cryptocurrency communities can innovate and stay censorship-free.

Gone Hunting – How Bounty Hunters Are Pushing Borders for Cryptocurrency

Bounty hunters conjure up images of the Wild West where people search for outlaws to get rewards. (Blame Hollywood for that.) In a decentralized world of cryptocurrencies, bounties are given to anyone who fulfils a given task or solve a particular problem, not with cash but with cryptocurrencies and tokens.

So why talk about bounties when people could just get them through mining contracts or buying from exchanges? We’ll look at the implications of bounty hunting for cryptocurrency and why this could help solve specific problems the industry is currently facing.

 

Bounty Systems in the Cryptocurrency Space

Cryptocurrency goes beyond cashless, decentralized peer-to-peer payment systems by adding a new sector of the cryptocurrency economy. Primarily a mining industry, it quickly grew to include trading, investing, blockchain startups, ICOs, and now, a system of rewarding people for offering their work to the community.

With the arrival of bounty systems in the cryptocurrency space, we might well be seeing a revival of interest in rebuilding a decentralized economy. Bounty hunting invites everyone to participate without spending a dime on expensive mining equipment, or putting investor’s money on the line. All it takes is a range of skills in online marketing, coding, and a little bit of “hunting.”

Bounty hunting programs come in many forms. The most popular ones include signature campaigns, content creation, social media likes and/or posts, debugging, and coding. There are even bounties for tracking down hackers, fraudsters, and cyber-criminals; almost like a bounty hunter in a real sense.

 

 

Building Stronger Communities with Bounties

More people are taking interests in bounty hunting as barriers to entry in the crypto-space become more challenging during the past few months (crackdown on ICOs, mining farms, and cryptocurrency exchanges). Bounty systems provide a clever solution to get around excessive prohibitions and create an environment which could benefit all members of the community using their own resources.

Development teams and startups have benefitted a lot from bounty hunting programs. It accelerated the process of building new applications for blockchain and raising awareness about cryptocurrency by outsourcing some of the best talents in the cryptocurrency community. In return “hunters” are given cryptocurrencies like Bitcoin, Ethereum, or ICO tokens as bounties.

ICOs have saved a lot on marketing campaigns by using their own tokens as rewards. Bancor (BNT), and Iconomi (ICN), are just a few examples of successful ICOs that used bounty system as part of their marketing strategy. Some bounties were also offered for bug fixes. Status (SNT), had been giving away $1 million worth of tokens to anyone who can submit potential solutions to bugs in their software.

 

 

Bounty Hunters Reshaping the Online Industry

Global freelancing sites were among the first to “decentralize” the jobs market, allowing both sides to find the right people for the job, and the most rewarding work aside from the usual 9-5 jobs. Competitive industries such as online marketing, advertising, and software development come to these sites to fill the gaps in their workforce or hire additional personnel on a shoestring budget.

Bounty hunting sites might well become the future of decentralized freelancing for blockchain businesses. Bitcointalk.org, Bounty0x.io are among the few sites which offer bounty hunting programs for tasks like:

 

  • Signature Campaign
  • Content Creation
  • Social Media Posts/Tweets
  • Coding and Debugging Software
  • Translating into Different Languages

 

Majority of bounty hunting programs aims at increasing people’s awareness about a new blockchain project and cryptocurrencies as a whole. Cryptocurrency is pretty much uncharted territory as a niche topic for most content creators. Hence, competition for writers and YouTube creators in the cryptocurrency industry may not be as tough as popular ones. Likewise, bounty hunting can also be an alternative source of income for coders with some background in distributed systems. Finally, people can work as translators for their ICO company’s whitepaper, any cryptocurrency for that matter.

For blockchain companies who bank on Google and Facebook for advertising, this seems to be the best, if not the only recourse, to circumvent their decision to ban cryptocurrency-related advertising on their platforms. But this might only be just the beginning, and cryptocurrency community could come up with more creative ways to grow without them. (Hint: the Internet, by design, is a decentralized network and has no single point of failure).

On the bright side of things, blockchain companies won’t be spending much on paid Google and Facebook ads. Instead, they can allocate their resources as bounties to spread the word about cryptocurrency or about a new startup company.

 

Some Potential Drawbacks to Keep in Mind

Bounty systems are also a potential for misuse, especially ICOs and promoters of cryptocurrencies who might use them for their pump-and-dump schemes. Bounty hunters might not realize they had a hand in spreading FOMO on an ICO or worthless cryptocurrency until it’s too late.

Bounty hunters might also end up with nothing after spending hours fulfilling the bounty task, or their tokens turn out to have very little value after the ICO. Not all bounty hunting programs are legit or turn out as expected. We still have to do our research and due diligence to have a high chance of success.

 

Conclusion

Bounty hunting as a two-way process helps build our cryptocurrency community. It calls on everyone, from every part of the world to participate in a global effort to bring cryptocurrency and blockchain technology into perfection. By doing so, we’re also sharing with everyone the very thing that runs our cryptocurrency economy.

How to Spot a Cryptocurrency Scam

Whenever you see red flags, it’s best to stay away and not get involved. How do you detect so-called red flags? Most often than not, it’s a gut feeling that something is not right or something is off. That’s all great, you might say, but what if you don’t have very good intuition. If that’s the case we’ve put together a list of signs you can watch out for. 

Exaggerated claims or guaranteed payouts. Unfortunately, there’s no such thing as a “guaranteed” payout in most kinds of investments. There’s always the risk of losing. In fact, out of every 10 trades, only one or two of them turn out to be winners. Some investors do get lucky, but they account for less than 1% of the population. To put into perspective, if someone assures you of winning the lottery, you’re pretty sure the game is rigged or the person is a scammer.

Nonexistent businesses or fake photos of their premises. Investment scams are easily caught when doing a fact-check on their base of operations and business offices – you won’t find any. That alone tells you they don’t want to be found by people asking for their money when the scam blows up.

A lot of unverified facts and/or shady past:. Doing a fact-check on these people behind the scams can also raise a red flag. It’s either they don’t exist or they have a previous history of scamming other people and being involved in one of their elaborate displays of opulence and extravaganzas. Remember their names and steer clear from anything that has to do with them.

You see a lot of complaints when you Google search. Scammers are cleverer these days, using the word “scam” as one of their SEO keywords to trick people into clicking these links to know if they really are. Instead, they end up going to one of their landing pages or paid reviews and articles promoting their company or explaining why they are not a scam. This might not always be true with all companies and cryptocurrencies that has the word “scam” in search suggestions, but suffice to say, scammers are using this tactic to get people involved.

Tech-savvy investors can turn the tables on these scammers by using the same tool they trick people with – the Internet. Research and cryptocurrency education are your best allies to thrive in today’s technology-driven world.

That said, we’ll end this blog post with a cryptocurrency investment “hall of shame.” These are companies that have unfortunately scammed people of their money and disappear with the profits.

The Hall of Shame

Gladiacoin – founded in November 26, 2016, this ponzi scheme promised to double Bitcoin in 90 days, which include 2.2% payout dividend. It folded on June 2017 with investors losing millions of dollars. Gladiacoin can no longer be reached in their now-defunct website https://www.gladiacoin.com/. Their coin was never listed in Coinmarketcap.

Onecoin a ponzi scheme which promoted a cryptocurrency with a “private blockchain” and run by people who have been previously involved in these shady investment scams. Authorities began shutting down Onecoin’s offshore offices in 2017 and have people arrested and filed appropriate charges to perpetrators, including the CEO.

Bitconnect generally regarded as a pump-and-dump and ponzi scheme for its high-yield investment program. It reached an all-time high when it was listed as one of the top 20 cryptocurrencies in Coinmarketcap at $460 apiece, and folded in January 2018 at only $5.92. Thousands have lost their savings, retirements, and are now in huge debts for buying cryptocurrencies which is now a little more (or less) than a dollar. It is now ranked 554 in Coinmarketcap at $0.9 apiece.

What’s Next? Pushing the Boundaries of Blockchain Technology

Cryptocurrency could be running on a “different” blockchain, far better than its predecessors. Ethereum, became the first to have a “programmable” blockchain which made the currency in a class of its own. Today, we are entering into a new era of blockchain technology which promises scalability, interoperability, and sustainability with a first-of-its-kind third generation decentralized currency, Cardano.

We’ll explore the possibilities as well as the challenges in this new development in blockchain technology – what can it do to solve the prevailing issue of scalability and how far can it push the boundaries.

 

Blockchain Scaling and Its Challenges

Blockchain redefined the meaning of currency as a “trust-less” and “decentralized” medium of exchange allowing people to exchange value on a peer-to-peer network without a third party. It also solved the problem of double spending and fraud when dealing with digital assets in a virtual space with the combined strength of cryptographic functions and distributed consensus. But having such a high level of security also comes at the expense of speed and computing power.

Blockchain is difficult to scale because the exponential growth of the ever-increasing size, the necessary bandwidth to update all the ledgers across the network, and the proof of work algorithm which is self-limiting in terms of the number of transactions it can accommodate at a given time.

Some of the proposed solutions are, to take mining out of the picture, and use an alternative method of confirmation such as proof of stake and consensus protocol. Unfortunately, any attempt to improve scalability which takes mining and proof of work out of the way also tends to become convoluted and unsecure. There seems there is no way to create a blockchain that is both scalable, secure, and decentralized without losing some of its properties, one way or the other, or, writing a blockchain protocol from the ground up using an entirely different programming language.

Tinkering with the block size could only worsen the situation as bigger blocks would increase the blockchain size exponentially, thus consuming more bandwith and slowing down the network even more. The Bitcoin Cash hard fork of August 2017 attempts to solve Bitcoin’s scalability problem by following this route. However, it is doubtful that such measure could sustain the impact of mass adoption.

Some developers are now taking a different approach in their efforts to make a scalable, interoperable (communicates with other blockchains), and sustainable blockchain.

 

Making Blockchain a Lot “Smarter”

The simplicity of Bitcoin’s algorithm proved to be its greatest strength in terms of security. It is less prone to have errors and is more secure compared to other complex systems. Consequently, this would also mean less room for innovation within the blockchain itself (scripting used in Bitcoin is not “Turing-complete”). Moreover, developers couldn’t make drastic changes to the code without causing a fork in the blockchain. In such a case, the best scalability solution is to have a second layer for micro-transactions which “clears” each time these bundled transactions are broadcasted as one to the first layer, i.e. the blockchain. This is the idea behind Lightning Network.

However, to make this work, it should remain “trust-less,” secure, and shouldn’t involve a third party by adding a set of rules on top of the Bitcoin network to ensure that every transaction between two parties is settled upon meeting the conditions, or they can be rolled back if one of them refused to cooperate. Some of these rules include opening and pre-funding off-chain payment channels (or side-chains), “time-locks,” and having a “refund addresses” in case it fails to execute the agreement.

Ethereum accomplished the task with the idea of a “smart contract” between two or more people. After mining, the contract comes into force and becomes an immutable part of the blockchain. It uses a proprietary programming language (Solidity) which is more flexible than the script used by Bitcoin, and is primarily used for ICOs to fund projects and issue tokens to contributors. Some developers can make some interesting use of smart contracts such as the popular online blockchain game, Cryptokitties, where people can buy, sell, or breed virtual kittens on the Ethereum blockchain for profit.

Ethereum is regarded by developers as the second generation of blockchain technology for making such remarkable achievement. Blockchain technology is no longer just a method of making secure payments and storing value like Bitcoin, but also a more secure way of creating immutable, automated contracts without requiring a mediator in a physical sense. This opens up a world of possibilities for blockchain as a versatile platform for business and everyday use.

 

 

The Third Generation of Blockchain Technology

Cardano is considered by some as the third generation of blockchain technology for several reasons. First of all, it has a blockchain built with scalability in mind and uses a programming language known only to a few developers (Haskell and Plutus). Unlike the programming languages used in second generation blockchain which goes through a number loops and procedures one string at a time, it deals with the process of creating smart contracts and verification using a functional language which is more efficient. In other words, instead of commands, it uses mathematical formulas, i.e. functions.

An Ethereum smart contract, for instance, can go through a hundred iterations and procedures before coming up with a single output. This results in higher computational cost and could easily overload the network without some sort of regulatory mechanism that limits the number of loops or strings on a given contract. Ethereum came up with the idea of “gas”, which is the equivalent of mining fees for Bitcoin. This way, users cannot arbitrarily overload the network with excessive number of iterations. However, like Bitcoin, it also brings up the issue of scalability, computational cost, and sustainability

Cardano seeks to address this problem by revising the way blockchains should work. However, nothing is set in stone as of the moment and we couldn’t know for certain whether such proposal will have enough support from developers and the cryptocurrency community. Haskell and Plutus programming language is not so popular but can be extremely useful when applied to blockchains because it offers more flexibility.

There’s also a learning curve, should developers choose to support Cardano’s vision of a scalable blockchain, and it would have to compete with the developers’ attention who are fully engrossed in perfecting Lightning Network for Bitcoin, and the proof of stake scalability solution for Ethereum. One possible scenario is that all three of them will come to fruition about the same time, and by then we would have three or more fully scalable currencies which use different methods in achieving the same goal. Or, we may come up with just one solution that would annihilate other currencies and become the gold standard of future blockchain-based currencies. Could it be Cardano, Ethereum’s updated proof of stake version, or Bitcoin running on Lightning Network? The world watches as the story continues to unfold.

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Solving the Cryptocurrency Puzzle

Cryptocurrency gives people a glimpse of what our financial system could look like in the next five to ten years. From its infancy, we’ve already seen the potential of cryptocurrencies like Bitcoin and Ethereum to revolutionize traditional banking through a system of payment which doesn’t require intermediaries.

This method is proving itself as a fast, reliable, and cost-effective means of communicating value, touted by enthusiasts as the Internet of money, far better than our centuries-old banking system with its painfully slow and costly transactions. However, in recent years, we’re starting to see some of its growing pains as it goes through the slow process of mass adoption.

Developers are now looking into these problems with a renewed sense of urgency as cryptocurrencies gear towards mainstream integration. It is expected for the next couple of years to be the most turbulent in all of cryptocurrency history, and one which will decide the fate of our status quo.

 

In Search of the Missing Piece

Blockchain protocols lend to the blockchain’s immutability and varying degrees of decentralization. Like any software, they are far from being perfect. There are over a thousand cryptocurrencies in circulation today, and all of them will have to somehow deal with their own issues one way or the other.

Bitcoin has had a number of BIPs to solve this lingering problem of slow confirmations. By mid-2017, they managed to increase the block’s capacity by almost double without causing compatibility issues with old, existing wallets. With the adoption of Segwit, Bitcoin accomplished two things at once: fixed a software glitch (transaction malleability), and reduced confirmation times.

However, such measure won’t guarantee a long-term, let alone permanent solution, to Bitcoin’s transaction woes. At the time of writing, there are over **50,000 pending transactions in Bitcoin’s blockchain mempool, waiting to be confirmed, and they’re constantly piling up at a rate of 2-3 unconfirmed transactions per second. Developers have been working round the clock testing and finalizing Lightning Network for Bitcoin, the success of which will enable Bitcoin to break the sound barrier and bring this whole debate of scalability into a close.

(**That number went down to <2,000 unconfirmed transactions, probably due to increased Segwit adoption by wallet users and providers, or to some early adopters of the Lightning Network.)

Ethereum has had its own share of problems and fixes, most notably the Decentralized Autonomous Organization (DAO) attack of June 2016 and the hard fork that ensued to prevent further loss of funds. Smart contracts is one of Ethereum’s major selling point which enabled contracting parties to make an agreement that executes after satisfying certain conditions, or rolls back if it hasn’t.

Ethereum’s biggest hurdle is the ominous “difficulty bomb” built into the system which makes it nearly impossible to mine without incurring losses to miners after a certain point in time. Hence, the only solution is to migrate from a “proof of work” to a “proof of stake” method of confirming transactions. With the release of the Casper update for Ethereum, they hope to achieve exponential rate of confirmations and scalability in preparation for worldwide adoption.

 

The Proof of Work Concept

Proof of work had its roots in the early 90s to deter users from launching denial of service (DoS) attacks performed by spamming websites and establishments with superfluous requests. Interestingly, proof of work was also coined from the standpoint of giving value to a currency like the shell money used by inhabitants of the Solomon Islands.

Proof of work underpins major currencies such as Bitcoin, Etherium, Bitcoin Cash, and Litecoin in confirming transactions on a blockchain, which can only be achieved through mining. Proof of work helps create a system which is resistant to fraud and hacking since there are no viable means to circumvent the process except by brute-forcing through an inordinate number of trial-and-error.

In proof of work, only truth matters, in this case, the correct nonce and the corresponding hash which would allow transactions to be confirmed. In return, miners are rewarded for their efforts and new units of currencies are created and added into their accounts (hence the idea of mining).

Such method opens up the possibility of individuals with the most powerful mining hardware taking control, and in effect centralizing all the hash power to an elite few. Thus, a self-regulating mechanism was put in place to assure that only a specific number of confirmations can be done at a given time (difficulty increases/decreases with the network’s hashing capability).

Bitcoin also has several BIPs to increase network efficiency, such as the inclusion of mining fees. With this, they hope to alleviate congestion by putting a premium on higher transaction fees and eliminating the possibility of saboteurs spamming the network with high volumes of worthless micro-transactions.

As it turns out, some solutions can also have unforeseen consequences down the line, namely, difficulties with scaling. The first cryptocurrency, Bitcoin, was not really intended for everyday use but only as an alternative means of exchanging value outside the realm of government regulations. Scaling would not have been an issue back then. However, much has changed, and more countries and businesses are looking towards cryptocurrency as the way forward to their old and antiquated monetary system.

 

Proof of Stake and Its Potential Risks

Proof of stake adds another twist to the way transactions are confirmed. Similar to mining, participants validate and confirm transactions which are added on top of the blockchain. However, instead of using hash power, they would stake their currencies and lock them up for each round of staking. It also requires continuous uptime in order to be chosen by the algorithm, and, by being chosen, confirm transactions, and receive their rewards.

There are many nuances on how proof of stake are implemented in various cryptocurrencies based on how they try to mitigate the risks associated with staking, e.g. monopolozing, inflation rates, and network stability. Most prominent among cryptocurrencies which use proof of stake includes Peercoin, Blackcoin, Nextcoin, Bitcoin Plus, Cardano (premined) and soon to be Ethereum Casper update.

Staking is touted by several crypto-enthusiasts as the only road to scalability and worldwide adoption because it solves a lot of issues with associated with mining which uses proof of work such as power consumption and confirmation times. Although plausible with proof of stake being cost-effective and faster than proof of work, it could quickly turn into a can of worms if not implemented correctly.

Proof of stake tend to favour “stakers” (the equivalent of “miners” using proof of work) with huge quantities of currencies in reserve as they could handily beat small-time stakers with the increasing level of difficulty. Stakers can do the same thing as did every miner, creating a pool of stakers or the so-called master nodes to consolidate all their assets and have a fighting (or “winning”) chance of being randomly selected by the algorithm to confirm transactions.

Some proof of stake implementation prevents monopoly by capping the amount of currency that could be staked, “coin age,” and ticket waiting times. Putting a limit to staked currencies is intended to level the playing field for everybody and encourage more people to participate in staking. On the other hand, coin age and ticket waiting times regulate the frequency participants can stake, Peercoin, for instance, is set to a minimum of 30 days and a maximum of 90 days.

Inflation and network stability are some of the common issues with a proof of stake protocol. Developers are careful enough not to overdo one aspect over the other and seal off potential gaps and loopholes that can cause instability or discourage people from participating. Most proof of stake protocols and algorithms are still in the process of development and rigorous testing. The much anticipated Casper update for Ethereum could be released anytime this year, effectively moving to proof of stake through a hard fork.

 

Ripple and the Consensus Protocol

Consensus seems to be the antithesis of a decentralized method of confirming transactions which rely on proof of work or proof of stake. At its core, it is a trust-based method whereby transactions or any form of agreement between two parties are validated and confirmed by way of consensus. The result is almost instantaneous confirmations, averaging at a rate of 1500 transactions per second.

Ripple breaks the mould by being the first to implement the cryptocurrency version of the “hawala” system, allowing it to deliver lightning fast transactions outputs consistently at only fractions of a penny. However, there is an obvious downside with this kind of method. Despite having the trappings of decentralization as one of the cryptocurrencies listed in exchanges, it is, by all accounts, a centralized currency backed by tech giants and financial institutions.

Unlike mining and staking, there are no incentives as a “validator,” except that fact you earn more trust and contribute to the stability of the whole network. Validators are usually large entities like banks and commercial establishments which might benefit from it through cross-border transactions. However, since all the currencies that will ever exist are already pre-mined, the currency’s value and every asset tied to it are at the mercy of whoever holds the majority of it (hint: 55% is held in escrow by Ripple).

 

The Lightning Network and the New Bitcoin

The proposed Lightning Network solution for Bitcoin, Ethereum’s plan on moving to proof of stake, and Ripple’s meteoric rise towards the end of 2017 sends a strong signal to the cryptocurrency community and to the world that a major change in the current financial system is forthcoming.

Lightning Network, if successful, will usher the golden age of Bitcoin and cryptocurrencies in general. In so doing, we might also have a slightly different view about the new Bitcoin, particularly with its strong stance for decentralization. We might have to welcome the possibility of having off-chain payment channels and smart contracts to communicate with the blockchain instead of having every wallet users transmit countless numbers of micro-transactions to the blockchain every single time. The result would be a dramatic increase in transaction outputs, and the ability to scale with a fast-growing number of users.

Lightning Network could be the missing piece of the puzzle, the final solution to Bitcoin’s scalability issues, and the last hurdle towards worldwide adoption. But it is, by no means, the only way. If, for some reason, Lightning Network failed to materialize, it would not be the end of the road for Bitcoin. It would just be the beginning of a long journey towards perfection and worldwide adoption.

 

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The End of Currency as We Know It?

The growing optimism of financial institutions with blockchain technology has spurred a lot of interest within the cryptocurrency community. They’re now exploring the possibility of using cryptocurrency as a global currency, much like its real-world counterpart, but without the need for governmental intermediaries.

This, however, requires nothing short of a compromise since the technology used in cryptocurrencies, which were meant to cut off intermediaries, will now be used in the interest of banks and financial institutions they initially sought to eliminate.

 

Financial Institutions on the Use Blockchain Technology

The challenge with decentralized currency is the way which central banks create money. Cryptocurrency protocols which gave birth to Bitcoin, Ethereum, and Litecoin uses “proof of work”, hashpower/electricity to mine currencies until they reach a fixed limit. And, unlike central banks, anyone with adequate resource and hashpower can participate in the process of increasing money supply.

But not all cryptocurrencies follow this convention. Some currencies are neither mineable nor obtainable by any other means except through exchanges. Ripple (XRP), for instance, is one of those few currencies with such peculiar characteristics.

First, it has no need of miners to keep the system stable and secure, and does the exact opposite each time transactions are made: a specific unit of XRP is “destroyed” (around 0.00001 XRP or 10 “drops”) per transaction. Accordingly, this would discourage people from spamming the system. Maximum supply is programmed at 100 billion XRP, 55% of which is held in escrow.

Although “decentralized,” Ripple is backed by big institutions primarily Google (Google Ventures), and other venture capitalists such as Standard Chartered, Siam Commercial (SCB Digital Ventures), Japan’s SBI Holdings, CME Group, Seagate Technology, and Venture 51. The focus of blockchain adoption was not so much on creating a global decentralized currency envisioned by Bitcoin, but in making transactions “frictionless” and resistant to hacking.

Banks and financial institutions loved the concept and saw in Ripple the potential of using blockchain technology to make money transfers many times faster, a lot cheaper, and more secure than conventional banking and money service business. In fact, Ripple protocol is already supported by hundreds of banks and financial businesses across the globe, including American Express and SBI Holdings.

 

Use Cases of Blockchain Technology in Business

 

Banking & Money Service

Blockchain technology is the key to solving the age-old “Byzantine General’s Problem” when it comes to trust-based peer-to-peer transactions, one of which is the problem of “double spending.” In a traditional banking system, transactions between accounts and different banks have to be cleared to preclude the possibility of fraudulent transactions going through, especially now that most transactions involve digital cash and electronic money transfers over the Internet.

Although quite secure, they’re not essentially 100% hack-proof. The Bangladesh Bank Heist of February 2016 proves the vulnerability of a centralized method of transaction over the Internet (hackers employed the Dridex malware to send instructions to the Bangladesh Bank at the Federal Reserve Bank of New York through the SWIFT network.)

Banks and financial institutions are now looking to adopt a decentralized, consensual way of confirming transactions – one of the defining features of cryptocurrencies and distributed ledgers – to make cross-border, bank-to-bank transactions that are virtually hack-proof. To address the issue of congestion due to slow rate of confirmations, they’ve opted for cryptocurrency protocols which take mining out of the equation, i.e. pre-mined currencies.

 

Payment methods

The fact that tech giants, like Google, have invested in blockchain technology could be a strong indication that we are, indeed, looking into the future of cashless transactions. IBM also works with a pre-mined cryptocurrency, Stellar (XLM), to make cross-border payments more efficient and secure. Using this platform, they hope to eliminate the “costly, laborious, and error-prone process of making global payments.”

Microsoft retracted in their previous decision to stop accepting Bitcoin payments. Volatility and high transaction fees during peak hours can make Bitcoin payments troublesome for most businesses. But because of its high-yield potential for long-term investment, some businesses prefer Bitcoin over much stable but dormant pre-mined cryptocurrencies like Ripple and Stellar.

Several countries in North America, Europe, and Asia have brick-and-mortar businesses that accept Bitcoin payments with the same goal in mind. Since Bitcoin is regarded as a rare, highly-prized commodity, accepting them as payments is a viable way to make long-term cryptocurrency investments.

Some people went as far as using Bitcoin to acquire properties like one of Malaysia’s top entrepreneur who bought a piece of land for half a Bitcoin, and a property developer in the UK who sold two luxury homes for Bitcoin.

 

Internet Sites & Social Media

Blockchain technology can also have a positive impact on Internet sites and social media because of the massive traffic they generate. Having a cryptocurrency for users and subscribers seems to be the way forward. Facebook CEO, Mark Zuckerberg recognized the potential of having a cryptocurrency for its 2 billion users and subscribers.

Online stores and online services would also benefit from cryptocurrency payments for the very same reason banks and money service business are using it with the Ripple currency/protocol.

 

Implications of Institutionalizing Cryptocurrencies – Two Sides of the Story

Based on these observations, two possible scenarios are starting to emerge. Blockchain technology is undoubtedly the next generation of secure, peer-to-peer transactions. But as to the control of money supply and the ability of users to store value outside the realm of government regulation, the issue of decentralization could reach a stalemate between institutionalized cryptocurrency like Ripple, and a truly decentralized cryptocurrency like Bitcoin.

In such a case, we might be seeing two types of cryptocurrencies serving two different purposes – one as a fast and secure method of payment and money transfer (akin to fiat currency), and another as a store of value. Ripple has its merits as a payment method because of its liquidity, stability, and abundant supply. Bitcoin could also be used for the same purpose, but until it creates a permanent solution to scalability issues, transaction fees, and slow transactions, it might be best to keep it as a store of value or as an investment option.

Another possibility would be one of them prevails over the other. In the case of Ripple taking the lead as the dominant cryptocurrency, we might see a resurgence of centralized money in the form of a peer-to-peer currency based on trust. If Bitcoin, however, stays on top and manages to solve the issue, the other type of cryptocurrency could weaken or fall into disuse.

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Should Governments Regulate Cryptocurrencies?

Cryptocurrencies exploded on the scene in 2010 and ever since then people haven’t known what quite to make of this new way of exchanging goods and services – one that, in the future, may take over fiat currency. Governments are having an even tougher time trying to regulate cryptocurrencies to ensure they don’t get abused by criminal organizations.

But probably more important to most central governments is their own financial interests in having a strong fiat currency. In fact, the greatest fear among regulators is not whether cryptocurrencies can be used for making secure transactions or if it has real value, but on people putting their wealth in places where governments have no access or control over. If this happens, fiat currencies will lose value or utility over time as more and more people trade cash for cryptocurrencies, thereby removing its grip on the economy and on people’s lives.

 

Gateways for Cryptocurrencies 

Cryptocurrencies and decentralized blockchain ledgers have very little need for regulations by themselves. Nor do they need any government regulation or human intervention to function properly and securely. Decentralized blockchain ledgers are, in fact, in many ways more secure than any centralized bank or financial institution.

The main purpose of regulations, as viewed by the governments, seems to gravitate on the government’s role as custodians of fiat currencies, making sure nothing gets past online wallets, brokers, and exchanges without proper authorization and identification, which is in keeping with statutory laws preventing unlawful use of fiat currency (FinCEN, AML, CFT, KYC etc.).

Some countries implement even more stringent rules against cryptocurrencies, from banning the creation of new currencies through ICOs, to the outright prohibition of cryptocurrency mining. However, many of these restrictions and prohibitions achieved nothing except encourage more people to dodge regulations by going deeper underground.

These factors make legislation for cryptocurrencies a tough balancing act, since it has to serve its purpose of protecting the people against the unlawful use of money without making it too prohibitive as to encourage clandestine exchanges, creation, and distribution of cryptocurrencies.

 

Gateway #1: Online Wallets and Exchanges

Governments, banks, and financial institutions came in to “regulate” this seemingly uncontrollable trading activity which involved using government-backed fiat currencies. In order for exchanges to operate unimpeded, they need to implement strict identification and verification procedures before granting certain privileges to subscribers such as increasing buying and trading limits and the ability to link their bank and/or credit card accounts to their wallet accounts.

Coinbase, Kraken, and Poloniex are well-known examples of online wallets and exchanges that implement KYC and other client verification procedures.

 

Gateway#2: Initial Coin Offerings (ICOs)

Investors and venture capitalists (VCs) saw the high stakes of creating tokens using blockchain technology. All that stands between them and making a fortune is finding and rallying the support from people and tech communities through the sale of equities in exchange for privileges as pioneers and early adopters of their newly created coin. In a span of nine years, there are over a thousand altcoins that have been created – and counting. Ethereum project is one of the few Initial Coin Offering (basically the same as a IPO) whose altcoin turned out to be a strong currency in the market.

ICOs has been a controversial topic in the cryptocurrency sphere. From the viewpoint of regulators, they saw the need to impose regulations for such investments because they place a lot of risk on people, especially with cryptocurrency’s volatility, unpredictability, and ICO’s susceptibility to scams. China and South Korea went as far as banning ICOs altogether, and other countries threatened to follow suit if the benefits fail to justify the risks, or if scams involving ICOs spins out of control. Of course, banning them outright is foolhardy, but these countries do need a better system of regulating them just like any other IPO.

 

Gateway #3: Cryptocurrency Mining

Miners are one of the strong pillars that upholds the integrity and security of cryptocurrency networks.

There are some mining regulations in most countries, while in a few places mining is explicitly prohibited. Regulations can be beneficial for several reasons. Some mining pools don’t generate enough profit to be considered sustainable for business while shady cloud mining services exist as actually Ponzi schemes. In some countries, the high cost of electricity is prohibitive enough to discourage people from mining.

For cloud mining companies, most of the burden comes from excessive regulations pertaining Money Service Business (MSB) or Money Transmitter Business (MTB) which must be complied with to legally receive payments via credit cards or bank transfers, and send payouts to their subscribers. Often the best recourse for these cloud mining companies is to move their businesses in countries which are more receptive to mining.

 

Limits of Government Regulations

There are plenty of ways violators can dodge restrictions, and fixing all the loopholes meant shutting down the entire network (or the Internet) or reverting to a centralized form of currency.

Whether or not these regulations could prevent unlawful use of cryptocurrencies is beside the point since many countries are still inconclusive about the effectiveness of anti-money laundering laws in preventing organized crimes, terrorism, and corruption.

Instead, governments should be focusing more on enforcing laws and tracking down wrongdoers without putting undue restrictions on every citizen whose lives depend on their ability to use fiat or cryptocurrencies.

People now have a choice. Whether or not cryptocurrencies will coexist as a better alternative to fiat currency or replace it altogether is something which people will have to decide for themselves.

 

Interested in mining? Learn the basics of cryptocurrency mining at CryptEdu.com or start  hassle-free cloud mining at Cryptmin.com today.