ABC News’ Alexis Christoforous takes a closer look at the post-election surge in the cryptocurrency markets.
Crypto: a beginner’s guide
Cryptocurrencies, decentralised finance and blockchain technology—what do these terms really mean? The Economist’s finance correspondents guide us through the key concepts of crypto.
Will Quantum Computing Break Bitcoin?
In this video, I discuss whether quantum computers will be able to destroy Bitcoin.
When discussing possible quantum computer attacks on Bitcoin, it’s important to remember that there’s no community in the world that is more focused on cyber security than Bitcoiners.
By contrast, the US banking system and US government are only able to hire mostly second-rate tech employees who enjoy dealing with bureaucracy and taking long lunch breaks.
Quantum computing is thus a much bigger threat to the US government or the US banking system than it is to Bitcoin.
In the event of a quantum attack on Bitcoin, the current signature algorithms would need to be replaced with a quantum-secure signature algorithm– and all BTC at those old addresses would need to be moved to new quantum-secure addresses.
This would be disruptive, but would not ultimately destroy Bitcoin. Once you understand that the essence of Bitcoin is the social layer, the social consensus surrounding it, and Bitcoin’s whole UTXO set, you begin to see that technologically driven attacks on Bitcoin (like a quantum computer attack) are much less dangerous than social attacks.
The best defense against social attacks on Bitcoin is Bitcoin education for everyone.
If Satoshi’s coins ever move, we can be reasonably sure that there is a new powerful quantum computer working in the world.
What’s the future of crypto?
The financial revolution once promised by cryptocurrencies has been knocked off course by regulators and allegations of fraud. So what does the future hold for crypto?
Cypherpunk stills and Eric Hughes interview under creative commons licence.
Decentralization Explained in One Minute: Bitcoin vs. Altcoins
Through this one minute animation, we will find out what decentralization in let’s call it a financial sense is in the first place as well as what the ramifications are with respect to the cryptocurrency landscape.
More specifically, a meaningful understanding of what decentralization is in the first place will enable us to find answers to a wide range of questions such as:
1) How decentralized is Bitcoin itself and why?
2) What about altcoins, should they be considered as decentralized as Bitcoin?
3) What are the pros as well as cons of decentralization?
4) Is decentralization always the answer in the world of finance?
5) If not, then what are the instances where decentralized solutions such as Bitcoin make sense and when would a centralized alternative represent the superior choice?
While there are few certainties in the world of economics, it is fortunately anything but difficult to wrap your head around decentralization, especially as it pertains to the ever-so-heated Bitcoin vs. altcoins debate
Mining Crypto Uses A Massive Amount Of Energy — Why That Could Be Changing
Recently, the world’s second-largest cryptocurrency, ethereum, implemented a major network upgrade that reduced its energy consumption by 99.9%. But though energy usage has been one of the cryptocurrency industry’s biggest targets for critique, it’s not likely that bitcoin will follow suit. Instead, bitcoin miners are touting their use of renewables and their benefit to the electrical grid, as they try to green their image. Here’s how both networks are trying to become more sustainable.
What Is Cryptocurrency? | Bitcoin, Ethereum, & Blockchain
Bitcoin, Ethereum, cryptography, and blockchain. Cryptocurrency is complex. Is it real or fake? Our computing science professor helps break it down.
“Everyone Is SO WRONG About This Market” | Mark Cuban Reacts To Crypto, Bitcoin & Ethereum Crash
Shark Tank Star Mark Cuban also known for owning the Dallas Mavericks like so many other investors has come a long way from a few years ago to being strongly positioned against Bitcoin and Cryptocurrency to now being one of it’s biggest bulls & it making up a substantial position in his portfolio. In his most recent interview, Cuban reacts to the crypto crash and why he is a long term believer in Bitcoin, Ethereum and crypto in general.
Blockchain, Bitcoin and Beyond… | Damian Culhane | TEDxAngliaRuskinUniversity
How exactly does Cryptocurrency work? How our future lives are going to change when we start using this new currency and how ‘soon’ that future is?
In this TEDx talk Damian Culhane explains in an easy-to-understand language what exactly is blockchain and the significant role it will play in the future of humanity. The uncertainty in the financial markets was one reason why blockchain and cryptocurrency were created, which has led to the dawning and rising of a decentralized revolution.
During the first lockdown in 2020, Damian’s natural curiosity and intuition guided him to invest in the crypto market. Within twelve months the investment grew significantly as he was paying attention to what, how and why the crypto market is changing. Damian looked beyond the face value of cryptocurrency to understand the importance of blockchain technology and the impact it will have on our lives. Watch the talk to hear Damian’s insights and forecast for the future.
Damian specializes in teaching transformational thinking and helping people to pivot their mindset. He is a Certified Mental Fitness coach, a Non-Executive Director, a Master Practitioner of neuro-linguistic programming, a panel speaker, and founder of two companies. He hosts “The Self-Sabotage Show” podcast and is a contributing author in three international best selling books in the “Ignite” series: Ignite Your Life For Men, Ignite Your Life For Conscious Leaders and Ignite Your Life Adventurous Spirit.
How Does Cryptocurrency Work? Blockchain Explained for Beginners
Almost all money in the world is already digital, entries in a ledger which is usually managed by a bank. Only a small portion exists as physical, such as cash or coins. Given that we already have a mostly digital monetary system and are increasingly immersed in a computer-based world, true peer-to-peer digital money appears to be the next logical step.
Most cryptocurrencies work on a foundational concept known as the blockchain. Public blockchains serve as a repository for information that anyone can add to, no one can change, and no single person or entity can control. Instead of a single company or individual being in charge, responsibility is decentralized, spread out to everyone on the network. Blocks in traditional cryptocurrencies contain records of valid transactions that have occurred on the network.
Blockchain technology also has many exciting uses and possibilities beyond cryptocurrency. Blockchains are being used in medical research to improve the accuracy of healthcare records, to streamline supply chains, and to enhance many other applications.
New blocks are regularly added to the chain of previously stored data, approximately every ten minutes in the case of Bitcoin, through a process figuratively called “mining”. Cryptocurrency miners are simply individuals with powerful computers competing against one another to solve complex mathematical equations which verify the ledger’s transactions. This process is called “proof of work.”
Another significant verification mechanism is called “proof of stake.” Instead of requiring people to use a large amount of resources to solve complex equations in order to verify transactions, the proof of stake model employs a network of “validators” who contribute or “stake” their own crypto in exchange for the chance to validate new transactions and update the blockchain, earning a reward.
In late 2008, a mysterious person or group going by the name Satoshi Nakamoto published a whitepaper online explaining the principles behind a new type of digital currency known as Bitcoin. Fundamentally, cryptocurrencies enable peer-to-peer money transfers without the use of an intermediary. There are many more potential advantages as well. For one, the blockchain reduces risk, fraud and corruption. Because the blockchain ledger is distributed across the network’s computers, which are constantly verifying its accuracy there is no central vault, entity, or database that can be hacked, stolen, or manipulated.
Let’s not forget that banks have fairly strict working hours and are closed at least one or two days a week, whereas cryptocurrency transactions can be made anytime. Cryptocurrency also has the powerful potential to serve the “unbanked”. A vast portion of the world’s population has limited or no access to banking systems. Cryptocurrencies could solve this problem by spreading digital commerce around the world, allowing anyone with a mobile phone to make and receive payments. Many more people have access to mobile phones than to bank accounts. In fact, more people own cellphones than toilets, worldwide.
Related to this, cryptocurrency transactions can transcend borders quickly and efficiently. Sending money internationally via traditional banking channels can be costly, time-consuming, and complex. Further, instant cross-border transactions allow charitable organizations to place funds quickly where needed, avoiding red tape. Another significant potential benefit is the elimination of excessive money-printing, which can result in rapid inflation.
For instance, when a country such as Iran or Venezuela prints too much money, the value of its currency plummets, inflation soars and people become unable to afford basic goods and services. By contrast, most cryptocurrencies have only a limited number of coins. When all of those coins are in circulation, it’s really hard for a central entity or company behind the blockchain to simply create more coins to add to the supply. This leads to deflation, or a more valuable asset over time. The potential positive and transformative uses of cryptocurrency and the blockchain are breathtaking.
But there is also concern about potential downsides, such as extreme energy use and environmental effects, which we’ll examine further.