Crypto Market Today is your one stop shop for the latest news in the cryptocurrency world. From Bitcoin to Ethereum, we’ll keep you up to date on all the latest happenings in the cryptomarket.
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Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Since then, numerous other cryptocurrencies have been created. These are often referred to as altcoins, as a reference to bitcoin. Each cryptocurrency has its own blockchain, a publicly visible ledger of all transactions.
Transaction fees for cryptocurrencies are generally much lower than traditional bank fees. Since there is no central authority controlling the currency, cryptocurrencies are often used for illicit activities such as money laundering and tax evasion.
Cryptocurrencies have seen a surge in popularity over the past year, with the total market value of all digital tokens exceeding $1 trillion in January 2021. Bitcoin alone is worth over $600 billion. The rise in prices has been driven by investor interest and mainstream adoption by companies such as PayPal and Square.
The Latest News
The crypto market is on the rise once again. Bitcoin, Ethereum, and Litecoin are all up today. Let’s take a look at the latest news and see what’s driving the market.
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin
Ethereum’s Core Developers Debate Reduction of miners’ Block Reward
The developers behind Ethereum are debating a proposal that would see the cryptocurrency’s block reward reduced by 33%. The change would result in a so-called “difficulty bomb” being activated, which would make it increasingly difficult for miners to produce new blocks and earn rewards.
The proposal was put forward by developer Piotr Janiuk and is backed by Afri Schoedon, who is the release manager for Parity Ethereum, one of the client implementations for the Ethereum network. In a blog post published on Tuesday, Janiuk said the reduction in block rewards would “incentivize a timely transition from proof-of-work (PoW) to proof-of-stake (PoS).”
Under Ethereum’s current consensus algorithm, miners are rewarded with three ETH for every block they add to the blockchain. If Janiuk’s proposal is implemented, that number would be reduced to two ETH per block.
Janiuk acknowledged that there is significant opposition to the idea within the Ethereum community, but he argued that it is necessary in order to ensure a smooth transition to PoS. “I am convinced reducing block reward is good for long term sustainability of Ethereum protocol,” he said.
Litecoin is a cryptocurrency that is similar to Bitcoin in many ways, but with some key differences. For one, Litecoin is not as widely adopted as Bitcoin and has a smaller market cap. Additionally, Litecoin has faster transaction times and cheaper transaction fees. Finally, Litecoin uses a different algorithm than Bitcoin, which makes it ASIC resistant.
Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin. Bitcoin Cash is mainly focused on bringing back the original usage of Bitcoin as “Peer-to-Peer Electronic Cash”. Bitcoin Cash has a few notable differences when compared to Bitcoin. One of these differences is the block size limit. Bitcoin has a 1 MB block size limit whereas Bitcoin Cash raised this limit to 8 MB. This allows for more transactions to be processed per second on the Bitcoin Cash network.
Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company. Released in 2012, Ripple is built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes.
The Bottom Line
Bitcoin and other digital currencies have been on a rollercoaster ride this week, with prices falling sharply before climbing back up again.
The latest drop came on Tuesday, with Bitcoin falling below $9,000 and Ethereum tumbling more than 20 percent. The declines were attributed to a variety of factors, including concerns about regulation, possible government crackdowns on exchanges, and a general sell-off in global financial markets.
Despite the volatility, the overall trend for digital currencies remains positive, with Bitcoin and Ethereum both up more than 30 percent in the last month. And while there are definitely risks involved in investing in digital currencies, the potential rewards are significant. So if you’re thinking about investing in Bitcoin or other cryptocurrencies, be sure to do your research and approach it with caution.