Month: August 2020

Crypto-currency has been continuously and relentlessly climbing the ladder of commerce as it is revolutionizing the market with its innovative blockchain-based technology that has kept the investors happy. But as the sector grows, many new and aspiring platforms are finding it difficult the spotlight that is being hogged by the ones that had jumped into the pool before and thus have monopolized the market according to their needs and demands. But since the core value of this virtual commerce sector is one of equality and transparency, a new set of rules are set to be rolled onto the carpet, which will make things fairer and justified.

How it Works

This new set of rules has been optimized to form a new base of operation that will support small-scale projects that never get to see the light of day by effectively pulling down walls that the perpetuating system has created. Through this base, the selectors can sell slots for a unit of time of their skill and thus enables you to develop vouchers of your service time that can then selected by the buyers looking for talents. These vouchers can be used to provide a variety of services such as graphic design, consultations, psychological guidance, and many more such skis. Other similar projects that can go up onto such a platform for engagement include trading help, teaching requirements, astrological advice, and even coding.

Development

This is a project that has been in the kitchen for a while now and has been evaluated thoroughly with signs of emerging potentiality. Many in Asia have already been familiarized with the whole platform and are enjoying the opportunities that it has provided. It’s the main advantage, and the selling point is the lower service charge and usage fees. Many other similar applications are known to charge obscene amounts from the service providers and thus essentially halving their profits for a considerable amount of time dedicated. This new product aims to satisfy the customers by offering minimal fees for a terrific system where both the provider and the seeker can check each other’s stats and performances.

This fantastic new player in the market has already successfully generated millions of dollars in capital valuations with better times peeking over the horizon. The blockchain technology behind the program has acted as sturdy bones to support the whole endeavor.

Since the evolution of human life, our exchange mediums have also been evolved. From barter system to the fiat currency, many methods have been a part of our lives till now. Many factors gave the path to the evolution of the exchange system.

What Is Fiat Currency?

Fiat currency is the paper-based money that we use today. It completely works under government controls and regulations. Since it is the most convenient form of exchange, it became quite popular in the 20^th century. It is a legal tender that is solely backed by the government. If the government somehow becomes corrupt, it may lead to inflation or even recession.

What Is Cryptocurrency?

The 21^st century has not been less than a digital revolution. Digital payment has become the dire need of the world. In 2008 the blockchain founder, Satoshi Nakamoto introduced Bitcoin to the world. This cryptocurrency became the talk of the town soon after its invention.

Unlike fiat currency, cryptocurrency is a decentralized currency. Thus, there is no inclusion of third parties and banks. It is also a public ledger. That means, it is not created out of thin air, unlike fiat currency. The entire circulation is handled by a process called mining. It is a secure and transparent form of currency.

Can Cryptocurrency Ever Replace Fiat Currency?

It is faster, reliable, and transparent as compared to the fiat currency. To replace fiat currency, cryptocurrency may have to face many milestones. The following reasons explain why it is difficult for the system to completely adapt cryptocurrencies:

1. Governments: Cryptocurrency does not rely on the government for its circulation. Being a decentralized ledger, it is also difficult to imply taxes on the cryptocurrency. Politicians and government can mold the economy the way they want through fiat currency circulation. This is the reason they don’t want to let go of fiat currency and allow cryptocurrency.
2. The public is afraid of the attacks: Recently, a horrendous cyber-attack on Twitter has made everyone feel skeptical about cryptocurrency. The hackers were able to scam multiple billionaires, celebrities, and exchanges around $120,000 worth of Bitcoin. It has affected the safety perspective of the public around the use of cryptocurrencies.
3. Energy consumption on mining: Bitcoin mining comprises of the transaction verification and storage of “blocks of information”. This process is performed by Bitcoin miners. However, this process is not an easy one. It consumes a lot of power and is difficult to sustain in the long run.
4. Scalability: Blockchain can only process seven transactions per second but since now it is being globally used, this capacity is not scalable. Unless the size of the block is increased, it is difficult to say whether everyone can adapt cryptocurrency or not.

Since so many factors are pointing towards the global expansion of cryptocurrency. It is yet to see when cryptocurrency can replace the fiat currency.

Crypto Twitter aimed to respond to the Twitter hack and suggested that there is more to it than what is visible.

On 16th July 2020, a large-scale twitter-hack attack took over some very famous verified accounts, including Wiz Khalifa, Mike Bloomberg, Barack Obama, Kanye West, Bill Gates, Joe Biden, Elon Musk, and Warren Buffett.

The hacker posted about fake giveaways from all these compromised accounts, demanding Bitcoin transactions and promising to return double what will be received.

Twitter temporarily locked all the verified accounts after immediate responses about the tweets getting deleted. In this regard, Jack Dorsey, CEO, Twitter, said that the investigations are going on.

Multiple companies, whose accounts got hacked, responded to the same. Binance formally announced that they would protect the assets of everyone by blacklisting the scammer’s address. Adding to this, they informed that the control of their twitter account is retaken, and there are no transfers of bitcoin to the given address.

Many theories are floating around about the mystery of how the scammer managed to hack so many high-profile accounts. One of the theories is that an ex-Twitter employee was involved in the game. However, all these theories are unverified, and there is no evidence confirming it.

After this hack, many tweets referred to ‘CryptoForHealth’ with a site link that was taken down. Dyma Budorin, CEO Hacken Group, has warned users about the malware this link may contain. He also suggested that whoever opened this link should terminate their active twitter sessions, and the device which was used  to open the link should be avoided for any kind of transactions before the world knows what exactly happened.

Some users claim that the hacker had a super low IQ because anyone with access to so many influential accounts could have manipulated the markets rather than running those giveaway scams.

A crypto trader named Sicarious explained that a better approach could be to shorten Bitcoin and then release the news of exchange hacks, funds not being “safu”, and SEC raids.

Yet another trader, DonAlt, tweeted that this hack and approach could have been used to shoot up the Bitcoin prices by posting news that a coin is adopted by the USA as a central currency thwart China.

A gold enthusiast and Bitcoin skeptic, Peter Schiff, commented on the scam by saying that it could be the harbinger of Bitcoin being hacked and suggested in the tweet that this is not the time to take risk and investors should buy gold to be safe. Replying to this, Anthony Pompliano tweeted that Twitter was hacked and not Bitcoin.

Jimmy Song, a Bitcoin developer, tweeted to educate the people and said that someone is messing with Twitter at the root level, and the same thing happens with the fiat money system. Concluding which, he explained that Twitter is not yours exactly just like your Dollars.