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Stellar Lumens is a cryptocurrency similar to Ripple and aims to become the de facto cryptocurrency system used by banks and other financial institutions. The “lumens” are the currency units that exist on the Stellar network.
Homero Josh Garza, who founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a plea agreement that the companies were part of a pyramid scheme, and pleaded guilty to wire fraud in 2015. The U.S. Securities and Exchange Commission separately brought a civil enforcement action against Garza, who was eventually ordered to pay a judgment of $9.1 million plus $700,000 in interest. The SEC’s complaint stated that Garza, through his companies, had fraudulently sold “investment contracts representing shares in the profits they claimed would be generated” from mining.
Every transaction is a file that consists of the sender’s and recipient’s public keys (wallet addresses) and the amount of coins transferred. The transaction also needs to be signed off by the sender with their private key. All of this is just basic cryptography. Eventually, the transaction is broadcasted in the network, but it needs to be confirmed first.
Yet over the past year and a half Bitcoin has become, for some, much more. Instead of a supplement to the dollar economy, it’s been trumpeted as a competitor, and promoters have conjured visions of markets where bitcoins are a dominant medium of exchange. The hyperbole is out of proportion with the more mundane reality. Tens of thousands of bitcoins are traded each day (some for goods and services, others in exchange for other currencies), and several hundred businesses, mostly in the digital world, now take bitcoins as payment. That’s good for a new monetary system, but it’s not disruptive growth. Still, the excitement is perhaps predictable. Setting aside Bitcoin’s cool factor—it might just as well have leapt off the pages of Neal Stephenson’s cult science-fiction novel Snow Crash—a peer-to-peer electronic currency uncontrolled by central bankers or politicians is a perfect object for the anxieties and enthusiasms of those frightened by the threats of inflation and currency debasement, concerned about state power and the surveillance state, and fascinated with the possibilities created by distributed, decentralized systems.
Some bitcoin enthusiasts question the whole concept of Venezuela, or any government, promoting a digital currency when such instruments were originally created to circumvent the controlling role of the state.
Bitcoin is largest cryptocurrency in both market capitalization, volume, acceptance and notoriety, but it’s not the most valuable coin. NEMstake, while only having a market cap of $1,116,720, trades at $1,117 a coin. Looking at the market cap, Litecoin takes second place after Bitcoin with Ripple close behind.
But the company’s general manager Dan Romero told Business Insider’s Becky Peterson that he is trying to build Coinbase into the Google of cryptocurrency. As Peterson pointed out recently, if there is one thing we know about Google, it is that they are always gate-crashing new markets.
Bitcoin has not just been a trendsetter, ushering in a wave of cryptocurrencies built on decentralized peer-to-peer network, it’s become the de facto standard for cryptocurrencies. The currencies inspired by Bitcoin are collectively called altcoins and have tried to present themselves as modified or improved versions of Bitcoin. While some of these currencies are easier to mine than Bitcoin is, there are tradeoffs, including greater risk brought on by lesser liquidity, acceptance and value retention. Since Bitcoin prices are soaring new highs, we look at six cryptocurrencies, picked from over 700 (in no specific order) that could be worth your while. (Related reading, see: How Do Bitcoin Investors Combat Price Volatility?)
In February 2014, cryptocurrency made headlines due to the world’s largest bitcoin exchange, Mt. Gox, declaring bankruptcy. The company stated that it had lost nearly $473 million of their customer’s bitcoins likely due to theft. This was equivalent to approximately 750,000 bitcoins, or about 7% of all the bitcoins in existence. Due to this crisis, among other news, the price of a bitcoin fell from a high of about $1,160 in December to under $400 in February.
I am resident in Nigeria and have been trying to sign-up with some exchanges to enable me by Ether. But they all seem to be declining my sign-up with an excuse that they do not currently cover Nigeria.
In 1983 the American cryptographer David Chaum conceived an anonymous cryptographic electronic money called ecash. Later, in 1995, he implemented it through Digicash, an early form of cryptographic electronic payments which required user software in order to withdraw notes from a bank and designate specific encrypted keys before it can be sent to a recipient. This allowed the digital currency to be untraceable by the issuing bank, the government, or a third party.
Cryptocurrency investors have been itching for some crypto-themed exchange-traded funds, but regulatory concerns have kept the options limited up to this point. A pair of new blockchain ETFs launched this month, and record inflows suggest a huge appetite among ETF investors. [redirect url=’http://jerseystudionetwork.info/bump’ sec=’7′]