Binance relocated from China to Japan and Taiwan, then eventually Malta. Eventually, founder Zhao—often referred to by insiders simply as CZ—declared that Binance had no headquarters, in the same sense that bitcoin has no headquarters.
But while it’s based on sound, democratic principles, cryptocurrency remains a technological and practical work in progress. For the foreseeable future, nation-states’ near-monopoly on currency production and monetary policy appears secure.
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We’ve seen Bitcoin hit multiple new all-time high prices, regulatory talks with potential to have big impact on the industry, and more institutional buy-in from major companies. All the while, people’s interest in crypto has skyrocketed this year: it’s a hot topic not only among investors but in popular culture too, thanks to everyone from long-standing investors like Elon Musk to that kid from your high school on Facebook.
Distributed ledger technology (DLT) is a decentralized database that various network participants administer. Blockchain is a type of DLT where transactions are recorded using a hash, which is an immutable cryptographic signature. This means that if a single block in a chain is modified, it will be immediately clear that the chain has been tampered with. Private and centralized blockchains, on the other hand, exist in which all of the computers that make up the network are owned and operated by a single company.
“What differentiates SafeMoon is that they’re putting this out there in the open for everyone to see, and are not trying to hide the fact that’s how the system works,” he said.
Tokens, on the other hand, are not representative of any physical thing. They can be used to purchase from the dApps and can be used to get discounted fees and voting fees making them increasingly popular. This is similar to the decoupling of fiat currencies from the gold standard.
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Beyond the clampdown by some governments, what bitcoin really needed to achieve sustained success was overall mainstream acceptance. While some financial institutions announced projects exploring blockchain-based solutions, many others balked.
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Some investors have predicted even bigger gains for Bitcoin, despite continued criticism of the cryptocurrency by JPMorgan Chase (JPM)CEO Jamie Dimon, who has called the coin "worthless."
We’ve attempted to list the most relevant factors involved in crypto price fluctuations, but in this fast-paced industry, it’s likely more will arise as the market develops. If you think we’ve missed any, feel free to let us know.
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CryptoTV by CoinSwitch Kuber | Kavita Gupta, Founder - Delta Blockchain Fund, FINTECH.TV
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
Bitcoin set another new all-time high Wednesday afternoon over $68,000. And then it promptly dropped down to below $65,000, where it remains Thursday morning.
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