Cryptocurrency: Blocking the chain

Launch of US-Based Bakkt Bitcoin

Bakkt the New Black in Cryptocurrency. Bakkt is a bitcoin futures exchange and digital assets platform founded in 2018 by the Intercontinental Exchange (ICE)
credit: Blockchain Journal

There’s a new player in the crypto-current-scene this 23rd September and it’s backed by Intercontinental Exchange, partnered by corporate giants, namely Microsoft and Starbucks. The introduction of such a high-profile foundation brings hope to the current bitcoin and cryptocurrency trade industry in piquing public investors’ interest.

Right now the cryptocurrency portfolios are pretty much monopolised by Bitcoin, Ethereum, Tether, Ripple and Litecoin.

Digital currencies can be created at any time by starting a new crowdfunded blockchain so it is imperative to do adequate research on the protocols surrounding the mining of each coin. Once you’ve got a good grasp of the size of blockchains and the rate of transactions vs rate of verification, you’ll have a good idea as to which coin yields at a faster rate, but that’s just the basics. If keeping up with the exchange is up your lane, cryptocurrency investing can be an exciting portfolio with relatively quick and substantial returns.

Mining Your Own Business

Cryptocurrency mining started off as a lucrative business, mainly because not many people knew about it; Trends dilute when more people try to get a piece of the cake. Now, the scene is saturated with millions of miners across the world with specialised graphic cards costing tens of thousands easing the computational math problems . If you’ve got the capital to play, you’re halfway there.

Mining for Cryptocurrency
Credit: Coin Desk

Newer tech and greater competitive advantage (money) changed the scene so much so that within a year, 80% – 90% of miners were made of mining pools and corporate bodies. Go figure.

The competition is fairly new but globally, you’re going up against sharks. As of writing, 1 Bitcoin is equivalent to RM 42, 386.93. As volatile as the currency is, it hasn’t climbed this high since November 2017, when it reached the record high of RM 80, 132. Safe to say, that was the case for all currencies in 2017 due to the trend, values surged and plummeted in tandem with public interests and reservations.

Bitcoin Cash

After scaling methods were taken in 2017 to increase miners’ chances of retrieving Bitcoins, a new currency was created by increasing the blockchain’s size and allowing a faster transaction verification process. However, new currencies involve different protocol and may not be as well accepted as other digital currencies, making them just as volatile but not as valuable.

credit:https://coinmarketcap.com/

The top 5 cryptocurrencies are expected to experience a surge in value after the Bakkt LLC Trading Platform launch.

Forbes.com

The gamechanger this time lies in the physical bitcoin futures which not only restricts the selling of non-existing bitcoins but also pay out in the underlying currency instead of cash.

Fundamentals of bitcoin seem to get stronger as more analysts predict fresh bull runs in the coming months.

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