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Does Bitcoin in Business have a future ?

Along with the decentralized existence, cryptocurrencies are a threat to markets of today, taking them out of the grasp of government control. Signs that Bitcoin has entered into progressive culture include its position throughout the U.S. courtroom Drama series The Good Wife, in a drama called “Bitcoin for Dummies.” The blockchain is identified as “a platform that is secured without an authority, decentralized across several multiple computers, yet tamper-proof, and offers an obligated to maintain that is explicitly managed amongst individuals.” Fundamentally, by establishing a decentralized means to verify and authenticate, the blockchain enables the ability to cut off the middleman.

You don’t need to know how blockchain functions to own as many bitcoins or any digital currencies. That being said, the term is relatively simple. Its best approximation of as a total repository of any blockchain network ever made, where every cryptocurrency user has a copy that is periodically reviewed as new transactions take place.

Food Safety Measures

Walmart is among the soaring list of major organizations introducing blockchain technologies to optimize their performance. Last year, this multinational retailer formed a partnership with IBM for using blockchain to monitor the sources, protection, and authenticity of the food it sells. The platform aimed to improve the accuracy and efficiency of this challenge. Before blockchain, locating the sources of food could take Walmart one to two weeks, while the process can be carried out in 2 seconds mostly during the plan was controlled remotely in partnership with IBM. What that means is that, in the case of foodborne illness (insecurity induced through “Mad Cow” diseases and Avian flu should be fresh in everyone’s mind of users), retailers such As Walmart would be capable of deciding within only a few key buttons whether food packages come from a same compromised lot. Pandemics can be prevented.

Healthcare Industry – Transparency

Blockchain often is synonymous with confidentiality and thus can be implemented in the medical sector without privacy issues. No patient needs his or her information on the public register. However, this data can be encrypted; and its immutability and reliance on the previous ledger provide a safer choice than any physical database. Affordability for healthcare practitioners will also, in several cases, form the foundation of an appropriate diagnosis and treatment plan for patients. In an analysis conducted by Deloitte, blockchain was recognized as having the opportunity to position the patient at the forefront of the health sector while ensuring privacy and safety.

The blockchain can also be extended to education, used to verify attendance and identification for examinations conducted in remote locations. More comprehensive technologies could capture entire company processes and ensure their enforcement in the business and its impact will be ground-breaking.

Just as there was phenomenal exuberance in discovering what cryptocurrencies like Bitcoin might do, so would there be enthusiasm around the various applications for Ethereum. Bitcoin was the first of several cryptocurrencies, and Ethereum is only the first to leverage the blockchain in a versatile and effective manner.

Watch this space to know more about crypto trends and blockchain applications.

Also read: What is Burn and mint equilibrium in crypto world ?

What is Burn and mint equilibrium in crypto world ?

In the crypto world, burning assets (coins or tokens) means eliminating them by sending them to an ‘eater address,’ which is not accessible by anyone, since no one owns the private keys to that address.

In other words, whenever assets are ‘burned,’ they do not go up in smoke. Instead, they are just quarantined, never to be accessed again by anybody. Every transaction that is conducted on the blockchain is public; therefore, these coins are effectively taken out of the total supply and can be verified by anyone at any point in time.

Coin burning is the process of permanently removing cryptocurrencies from circulation, reducing the total supply. To explain how this works, we will be using Binance Coin (the old BNB ERC-20) as an example. The previous contract for BNB, while it was on the Ethereum network, can be found here.

When the Binance Coin was still part of the Ethereum network, Binance performed periodic Coin Burn events using a smart contract function known as burn function.

After burning value-seeking

tokens to obtain payment tokens, users spend the payment tokens to access network services. This allows users to show the network that the service provider finished the work for the value-seeking tokens that were burned.

It’s worth noting that these payment tokens aren’t transferable.

They are not being sent to anyone by the user.

Service providers are then rewarded through inflationary minting, which is separate from the token burning process.

As the network grows in popularity, value-seeking tokens are burned, and the tokens gain value.

As their value rises, fewer tokens will be required to be burned to receive the same number of USD-denominated payment tokens.

If usage falls, a dynamic is created to bring the price down.

How is this accomplished? In the digital currency world, it is difficult if not impossible to control the flow of tokens once they have been mined. To remove tokens from circulation, miners and developers acquire those tokens and then send them to specialized addresses that have unobtainable private keys. Without access to a private key, no one can access these tokens to use them for transactions. Thus, the coins become unusable and relegated to a space outside of the circulating supply.

Of course, there are massive risks associated with coin burning, too. First, burning coins is no guarantee that the remaining coins in circulation will gain in value. It does not necessarily even reduce the total number of tokens outstanding in circulation, as the supply of tokens in circulation seems to fluctuate considerably.

Bitcoin is an example of why coin burning may not work. Bitcoin is capped at 21 million tokens; some analysts believe that this cap helps to contribute to the value of BTC.

How are Social media And Cryptocurrency related ?

Our lives are influenced every day by social media. Some people also assume that if anything on social media is not You’ve been using Facebook, Instagram, YouTube & Twitter, etc. When we think of social media sites, these are the names that come to our attention. The way we all communicate with each other has been transformed by social media sites.
This has also changed the way thoughts are shared. The fact that social media is increasingly accepted as a medium that helps guide search keywords to corporations’ websites, leading to improved page traffic and brand popularity/visibility is one of the major factors contributing to the growth of
the global social networking industry. In the growth of the market, the proliferation of smartphones also plays a crucial role.
From smartphones, a substantial number of active users access social media.
Every business works on a good concept and there is a revolution in social media
sites. People from diverse industries with various ideas are part of these social media networks, regardless of their age, ethnicity, and location.
In every region, these channels with big engaging networks have been generating a boom. Social networking networks also accelerated the speed of ideas being shared and built into larger enterprises, then it just doesn’t happen.
This is why social media plays such a significant role in cryptocurrency’s growth and value.
Via social media, individuals involved in and holding bitcoin, which is the
most common and valued cryptocurrency can get just about any data on it.
The launch of bitcoin into the mainstream has benefited Facebook, Twitter, and recently Reddit. Cryptocurrency is even seen by Facebook as an investing opportunity. This is part of the role of social media in the future of global cryptocurrency adoption.
The effect will also function inversely: once mass acceptance is reached; another wave of social media networks will result in this. Social networking networks have given the blockchain industry several fresh qualities, and this trend will continue.
When connected to online forums, blockchain technologies and digital currency are merging developments. These online areas of debate also helped to provide initial appeal to cryptocurrencies, but also improve the general climate.
Blockchain infrastructure itself could also modify social media for the positive over
time.

Blockchains can also preserve benefits in terms of non-fungible tokens or NFTs.
These are tokens that reflect a significant value. Social media have exclusive and
collectible properties. These resources are very useful. Tokens may be used to
describe these products to make them easier to store on a wallet, not costly to sell
and exchange via an international market.

What are the powerful Applications of Blockchain?

Most of the people who heard this term consider that “blockchain” is only something to do with cryptocurrencies, Bitcoin, litecoin, dogecoin, and others. It’s the technologies that encompass cryptocurrencies and assures that transactions are performed and registered. So what’s recorded on the blockchain doesn’t have to be only a unit of currency – it could be used in any form.

Smart Contract

The main feature is the customizable smart contract: a code stored on the blockchain that runs automatically when certain requirements are met. With uses concerning a financial transaction, it makes good sense to use bitcoin or some digital currency for the same purpose – in so doing, transfers can be streamlined and secured without risk to private entities, including a bank. Present types of smart contracts are digital rights management, used in certain online media archives, which is a smart contract for the regulation of copyright licensing. The code that automatically moves traffic within defined bounds is a form of smart contract to enforce and execute service-level agreements among both service providers and users. Ethereum smart contracts are recorded in a type of logic similar to those observed in contracts and are built into the blockchain where they operate as binding, self-executing statements. Using the blockchain means that each contract is distributed over the network, with duration thresholds negotiated and written into the contract.

Crowdfunding

In reality, blockchain technology allows start-up developers to secure financing through tokenization of equity and offers investors a chance to exchange set interests through a secure platform. This means that startups no more need to plan multiple pitches for angel investors and VC firms; each business requires only one proposition to reach an even larger reach. Tokenized equity establishes solidity never seen yet in the financial sector, as tokens are exchangeable on the marketplace, and investors can sell them and cash well in advance of its public offering. Another obvious advantage of blockchain is that it is the most secure option for handling money transfers.

Also read: what are the advantages of currency backup on the blockchain?

What are the advantages of currency backup on the blockchain ?

The system and the data are particularly resistant to technological failures and malicious attacks because blockchain data is commonly kept in thousands of devices on a distributed network of nodes. Because each network node can replicate and store a copy of the database, there is no single point of failure: a single node falling does not affect the network’s availability or security.

Many traditional databases, on the other hand, rely on just one or a few servers and are thus more vulnerable to technical failures and cyber-attacks.

STABILITY

Confirmed blocks are very unlikely to be reversed, meaning that once data has been registered into the blockchain, it is extremely difficult to remove or change it. This makes blockchain a great technology for storing financial records or any other data where an audit trail is required because every change is tracked and permanently recorded on a distributed and public ledger.

For example, a business could use blockchain technology to prevent fraudulent behavior from its employees. In this scenario, the blockchain could provide a secure and stable record of all financial transactions that take place within the company. This would make it much harder for an employee to hide suspicious transactions.

Trustless system

In most traditional payment systems, transactions are not only dependent on the two parties involved, but also on an intermediary – such as a bank, credit card company, or payment provider. When using blockchain technology, this is no longer necessary because the distributed network of nodes verify the transactions through a process known as mining. For this reason, Blockchain is often referred to as a ‘trustless’ system.

Therefore, a blockchain system negates the risk of trusting a single organization and also reduces the overall costs and transaction fees by cutting out intermediaries and third parties

Blockchains are an ideal fit for the e-commerce business because they are designed to hold transactional data. Due to the significant influence of technology advancements, the concept of online selling has only been more exemplary with time. The most recent of these is blockchain technology, which is poised to transform every industry with its enormous potential. Blockchain has a lot to offer the e-commerce industry, from removing intermediaries to optimizing processes.

Faster Transaction

Traditional payment processing systems, which entail roughly 16 processes, can have total fees ranging from 2% to 6%, a payment processing startup based on the Ethereum blockchain. Simplifying the transaction process can help both customers and merchants, given the various parties involved in a transaction. The need for intermediaries is eliminated because blockchain transactions happen on a single network. The network speed, as well as the rate at which new blocks are created, determine transaction speeds.

Data Security That You Can Trust

A centralized e-commerce store is always susceptible since inadequate encryption can quickly compromise it. Even systems that are well-encrypted can become encrypted as a result of new hacking techniques. Because of its decentralized ecology, it is hard to hack a blockchain system from a single point of entry. Hackers will be prevented from entering into networks and gaining access to sensitive consumer information and databases by using blockchain-based e-commerce. This will also guarantee that the company follows data security guidelines.

Also read: Is there any technological rise in cryptocurrency in recent times?

Is there any technological rise in cryptocurrency in recent times ?

The most well-known blockchain application is cryptocurrencies. Bitcoin, Ethereum, and Litecoin are examples of digital currencies (or tokens) that can be used to purchase goods and services. Crypto, which works similarly to digital money, may be used to purchase everything from lunch to your next home. It has no intrinsic value, no physical form, and the bank has no control over how much of it is produced. There are around 6,700 cryptocurrencies in circulation around the world, with a total market capitalization of $1.6 trillion, with Bitcoin accounting for the majority of the value.

These tokens have grown in popularity in recent years, with one Bitcoin being worth $60,000. Because each bitcoin has its own unique identification number that is connected to one owner, the security of blockchain makes fraud much more difficult.

Crypto eliminates the need for distinct currencies and central banks because it can be sent to anybody, anywhere in the world, via blockchain without the need for a currency exchange or a financial institution.

In the world of cryptocurrencies, there have been several notable advancements, some of which are noted below:

Goldman Sachs has made Bitcoin funds available to its high-net-worth clients, accelerating the adoption of virtual currency within the firm. A modern Digital Assets Group is housed within its private fortune. The management section of the investment bank will soon help rich clients invest in Bitcoin.
Large corporations are increasingly exploring using a blockchain-based digital currency for payment purposes. Tesla said in February 2021 that it would invest $1.5 billion in Bitcoin and accept it as payment for its cars.
PayPal has begun allowing US users to utilize their bitcoin holdings to pay millions of its global online merchants. Customers who have cryptocurrency in their PayPal accounts
Digital wallets, for example, would be able to make purchases at the checkout using their assets.
PayPal has begun allowing US users to utilize their bitcoin holdings to pay millions of its global online merchants. Customers holding cryptocurrencies in their PayPal digital wallets, for example, would be able to make purchases with their assets at the checkout.

Blockchain technology has a wide range of applications outside of bitcoin and cryptocurrencies. From a business standpoint, consider blockchain technology to be a type of next-generation business process optimization software. Blockchain and other collaborative technologies have the potential to improve commercial operations between companies while lowering the “cost of trust” significantly. As a result, it has the potential to outperform many traditional internal investment funds in terms of returns on investment. From clearing and settlement to insurance, financial institutions are investigating how blockchain technology can disrupt the industry.

Also read: How will Cryptocurrency Bill 2021 impact bitcoin investors?

SBI to Pioneer in Blockchain Technology with JP Morgan

The State Bank of India has joined hands with JPMorgan to accelerate overseas transactions by using blockchain. The partnership is aimed at reducing overall transaction fees for SBI customers as well as the time it takes for payments.

The inclusion of the largest banking institution to the international blockchain platform controlled by a major banking giant will imply lower costs and improved transfer rates, faster speed, as per the research and sources.

The blockchain network, named ‘Liink’, enables banks, financial firms, and businesses to exchange and transact information on the peer-2-peer system. Using blockchain, SBI as well as other banks can safely share information with relative efficiency and ease through a large number of banks as well as institutions. Currently, SBI, ICICI Bank, Canara Bank, IndusInd Bank, Kotak Mahindra Bank, Federal Bank, Union Bank, and Yes Bank along with more others are on board.

Issues in Overseas Transfers

Banks are generally vigilant concerning sending money abroad on behalf of customers, including supply-chain finance, money transfers, or cross-border payments, since they have very few tools and processes to undertake proper checks on the receiver or source of funds. In addition to this, traders and companies are bearing heavy costs and hidden fees. Further complications begin when tracking the payments gets difficult. There are multiple cases of fraudulent transactions and transfers. In trade, there is a tremendous gap between buyer and seller causing discrepancies. A solution to this was cost-effective cross-border transactions at a faster speed.

Blockchain Solution

To tackle the issues faced, a Blockchain solution called LIINK has emerged. About Know-Your-Customer (KYC) data, identification, and company verification, as well as regulatory compliance documents, among many other use cases, the framework enables banks to connect with coordinates. Well before making a payment, Link further allows pre of bank details, which can help in fraud and control measures.

Link is based on the Ethereum network and in 2017 this is designed and built. It was specifically designed for in-house usage, notably in an attempt to optimize cross-border financial transactions.

JP Morgan encouraged Fintechs and other companies to enter the platform and develop applications and services. As per Coin Press Turbo sources, the SBI banking group is looking forward to this digital transition that adds value to services for everyone. JP Morgan is willing to expand its reach in Blockchain and make way for emerging technologies to clients’ benefit. To exchange information payment methods with the other financial institutions, SBI has integrated Link into its operations. Around 100 banks worldwide are now live on the network. Several other large national lenders, both government and private, are said to be on that level throughout conversations with JPMorgan.

This will garner customer satisfaction, and fraud control built on the foundation of transparency and authenticity.

Also read: How to do a Market analysis of upcoming crypto tokens?

How to do Market analysis of upcoming crypto tokens?

There is no definite formula for the same but the following are some examples of the latest coins like Litecoin, Binance, and Cardano.

BNB/USD

Over the past few weeks, Binance Coin (BNB) has been trapped in the $25,6652 to $32 range. On December 19, the bulls moved the market beyond the overhead resistance and have followed it today with another up-move.

The BNB/USD pair has currently hit the overhead resistance of $ 35,4328 from where the price on November 25 had changed course. A re-test of the all-time high at $39.5941 is possible if the bulls can drive and hold the market above this resistance.

If the price declines from current prices and falls to $32, this bullish opinion would be invalidated. A couple of more days of restructuring would indicate such a step.

The upsloping moving averages and the RSI in the overbought sector, however, suggest the bulls benefit. If the bulls do not encourage the market to slide below $33.3888, the risk of a break over $35.4338 would improve.

If, on the other hand, the bears drop below the price of $33,3888, a decline to 20-EMA and then to $32 is probable.

LTC/USD

Since breaking out of the symmetrical triangle on December 16, Litecoin (LTC) picked up momentum. The goal target of the triangle’s breakout was $119.77 and it was reached on December 19.

The momentum is clearly in favor of the bulls, though. If the market does not slip below the $101,868 Fibonacci retracement of 50 %, it would mean that the bulls are not booking profits in a rush.

The probability of a rebound over $124.1278 would be improved by a shallow pullback. If that occurs, it could lift the LTC/USD pair to $140.

conversely, if the price falls below $101,868, the pair will be able to correct the EMA ($90) for 20 days. A deeper correction would mean that the momentum has reduced and may result in a few days of range-bound activity.

ADA/USD

Over the past few days, Cardano (ADA) has been traded inside the $0.13 to $0.175 range. On December 17, the altcoin turned away from the overhead opposition, but the bulls didn’t give up any room. This illustrates that there is no rush for traders to book profits.

If the sellers would propel the market beyond the $0.175 to $0.1826315 overhead support level, the ADA/USD pair could rally to $0.22 and then to $0.235. he market turns down from the current levels but recovers from the 20-day EMA ($0.154).The growing moving averages and the RSI in the positive territory indicate that bulls have the upper hand.

The bulls will continue to revive the upward trend if tOn the opposite, the pair could fall to $0.13 and prolong the stay inside the range if the bears lower the price below the 20-day EMA.

also read: How to study the crypto market?

How to study the crypto market ?

When an asset’s price reaches a new all-time high, traders plough in as they see a chance to ride the trade higher. The same was seen after the price of Bitcoin (BTC) broke over the $20,000 mark on December 16. By December 19, the price had reached an intraday record at $24,197.46, a 21% rally in four days.

This sudden swing in the price of Bitcoin draws traders who use options by buying downside insurance to try to amplify their profits or hedge their current positions. This resulted in an open market in Bitcoin options that reached a new all-time high earlier this week at $6.5 billion. Starting with bitcoin’s sharp momentum.

let us take an example.

BTC/USD

After the market broke through the $20,000 overhead resistance, Bitcoin picked up steam, but the fast growth of the last few days forced the relative strength index (RSI) far into the region of overbought. In the next two days, this indicates the likelihood of a consolidation or a correction.

Typically, when the price breaks above a crucial threshold, such as an all-time high, the breakout level is turned down and retested. In this scenario, from the $25,000 to $26,000 resistance range, the BTC/USD pair can turn down and re-test the breakout level at $20,000.

If the market vigorously bounces from this support, the bulls will again attempt to revive the upward trajectory. If they thrive, that would mean that the current floor for the pair is $20,000.

Contrary to this presumption, if the bears fall below the exponential moving average of 20 days ($20,356) and the $19,500 uphold, the pair might drop to the simple moving average of 50 days at $17,960.1

ETH/USD

On December 16, Ether (ETH) broke out of the ascending triangle pattern, and on December 17, the market rallied to $676,325, but the bulls could not maintain the higher levels.

Although the bulls did not cause $622,807 for the price to drop below the immediate support, the price is trapped between $622,807 and $676,325.

If the bulls can catapult the market beyond $676,325, the next leg of the uptrend that could meet the $763,614 pattern goal could begin. The upsloping moving averages indicate that the upper hand is on the bulls.

Contrarily, the ETH/USD pair could decline to the 20-day EMA ($599) if the bears lower the price to $622,807. If the market bounces back with intensity from this boost, the bulls will attempt to revive the upward trend.

Cryptocurrencies may go up in value, but many investors see them as mere speculations, not real investments. The reason? Just like real currencies, cryptocurrencies generate no cash flow, so for you to profit, someone has to pay more for the currency than you did.

That’s what’s called “the greater fool” theory of investment. Contrast that to a well-managed business, which increases its value over time by growing the profitability and cash flow of the operation.

Also, read Vitalik Influencing Crypto via Ethereum!

Polka Dot’s rising future!

Take a look at the explosive growth of decentralized finance, or DeFi, this year, and it’s clear why Ethereum is dominating so many discussions in the enterprise space right now.

The native cryptocurrency of the second-largest blockchain, ether (ETH), is up 266 percent this year, more than twice as much as the soaring bitcoin (BTC).

However, many savvy digital-asset investors are hedging their bets by purchasing tokens connected with upstart blockchains that have the potential to overpower its Ethereum network, which is called the “world computer” due to its efficiency and programmability. A dot (DOT) of the Polkadot blockchain, whose co-founder Gavin Wood was a co-founder of Ethereum, also is such a token.

Polkadot is built around the idea of “parachains,” which are blockchains that can process many transactions per second than Ethereum due to their more sophisticated design. The word is brief for “parallel blockchains,” as per Peter Mauric, at Parity Technologies.

As per Polkadot investors, developers have used Moonbeam, a Boston firm that has designed its own parachain to resemble a toolkit familiar to Ethereum developers. Interlay, which plans to launch a wrapped bitcoin project called “PolkaBTC” in 2021, and cross-chain liquidity supplier Balance, this will be the first Polkadot project, are two results presenting use cases to Polkadot.

Polkadot’s able to develop new blockchains is compelling from an investment standpoint, according to van Schreven. Having supported Ethereum, van Schreven believes Polkadot’s “blank slate” will allow it to offer users brand-new robustness, certainty, and governance features. The Polkadot platform’s own token, DOT, performs three functions. It is staked to provide security for the relay chain, to be bonded to connect a chain to Polkadot as a parachain, and to be used for network governance. All of this could lead to more developers adopting the network, which is one of the drivers for Ethereum’s growth and Polkadot’s parachains would bring the advantage of that fact.

Its ultimate goal is to serve as a framework for all blockchains that choose to participate, similar to how HTML allows websites, browsers, and servers to communicate with one another. The goal is to take care of the time-consuming and expensive cryptocurrency mining procedures (such as transaction validation and security protocols) so that developers may concentrate on developing dapp and smart contract functionality

What is the significance of this?

Developers that are creating novel, decentralised systems must now construct them from the ground up. This also implies that effort, skill, and resources are being directed toward the creation of rival networks rather than a standard on which everyone may build.

Transaction addresses are validated and data is standardised in the network’s so-called “relay chain” so that it can be understood by any machine. All of the chains’ security is pooled here.

While functionality is taken care of, Polkadot-connected blockchains can utilise their own PoS method, select when and how to upgrade their code, and run any dapps or tokens they want.

Also read : Is Tesla still Accepting Bitcoin as a Payment Method ?