Crypto Currency

All You Need To Know About Bitcoin And How It Works

As with everything in life, there is always evolvement as the years go by, and the currency industry is certainly…

As with everything in life, there is always evolvement as the years go by, and the currency industry is certainly not excluded from that. You see, with the fantastic advancement in technology, the idea of having money in physical form just seems like a constant tie to the 17th century.

Now, although physical money is still utilized heavily worldwide, and will probably continue to be, there has been an attempt to bring the use of currency into the modern era. It is known as Bitcoin, and although people generally picture glistening coins on a screen in their mind, it’s actually just an intelligent piece of software.

Essentially, it’s a virtual form of currency consisting of a multitude of protocols, which allows you to make transactions on the web anonymously. Most people are completely unaware of how it all works, which is why we’re going to explain it to you.

Bitcoin does not operate individually; it works in harmony with the renowned Blockchain technology. Despite Blockchain being incredibly versatile in the way it stores information, and powers different software, it focuses solely on transactions when used for Bitcoin. The way transactions appear in the Blockchain is with numbers and letters,
and it can almost be considered as a never-ending list.

For instance, if you wanted to send some money to your mother safely, quickly and anonymously, all you’d have to do is acquire her public key. Once you’ve got that, you’d verify your identity and then send her the desired amount of Bitcoin. Following that, the Bitcoin could be accessed by using a wallet, which is basically a set of keys. Nowadays, the majority of people use a Bitcoin exchange to host their wallet on a convenient platform.

But, even though you and your mother would know you’re sending the virtual currency, if someone was to look at the Blockchain, they might see something like – ‘19Fir42eP8azO0sHH5tq8q91ia77sW2vG5 sent 1.10856330 to 15Jo3xz94Pd1Sb7rt01aW2qAa68m1h33Ez on December 5, 2020, at around 21:15′.

Moving on, a distinct feature of the way Blockchain works is that it is extremely secure, and as you’re not displaying your identity, it’s very hard for you to be targeted by a cyber attack. Also, the Blockchain ledger that all transactions are directed to is completely accessible to the public, which means that it’s immensely difficult for someone to
tamper with or alter it.

All in all, Bitcoin works through superbly-constructed software that stores transactions on the Blockchain technology, and can then be accessed through an encrypted virtual wallet. So, rather than sending money, you’ll be sending multiple lines of code in place of it.

Be the first to write a comment.

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto Currency

Binance Marks Africa Month With Push for Digital Inclusion Across Continent

Binance, the world’s largest cryptocurrency exchange by trading volume, used Africa Month to deepen its engagement on the continent, positioning digital assets and blockchain technology as tools for economic inclusion and community development. The company said it ran a month-long campaign from April 25 to May 25 aimed at boosting participation in the digital economy…

Binance, the world’s largest cryptocurrency exchange by trading volume, used Africa Month to deepen its engagement on the continent, positioning digital assets and blockchain technology as tools for economic inclusion and community development. The company said it ran a month-long campaign from April 25 to May 25 aimed at boosting participation in the digital economy…
Read More

Continue Reading
Crypto Currency

France Dominates 70% Global Crypto Wrench Attacks Raising Investor Fears

Crypto Wrench Attacks, France crypto kidnappings, Bitcoin holder security risks, crypto KYC data leak, crypto crime news today, Ledger data breach impact, Bitcoin investor safety concerns, crypto surveillance and privacy risks, France cryptocurrency crime wave, crypto wallet security solutions…

Crypto Wrench Attacks, France crypto kidnappings, Bitcoin holder security risks, crypto KYC data leak, crypto crime news today, Ledger data breach impact, Bitcoin investor safety concerns, crypto surveillance and privacy risks, France cryptocurrency crime wave, crypto wallet security solutions…
Read More

Continue Reading
Crypto Currency

Bitdeer Sells 100% Of Weekly Bitcoin Output As ETF Outflows and Market Weakness Push BTC Below $75K

Bitdeer, a Nasdaq-listed Bitcoin mining company, sent shockwaves throughout the cryptocurrency market when it confirmed that all weekly Bitcoin production was sold and that its own holdings amounted to zero. This decision comes as Bitcoin prices come under renewed pressure turning one of the larger players she mines to a cautious stance…

Bitdeer, a Nasdaq-listed Bitcoin mining company, sent shockwaves throughout the cryptocurrency market when it confirmed that all weekly Bitcoin production was sold and that its own holdings amounted to zero. This decision comes as Bitcoin prices come under renewed pressure turning one of the larger players she mines to a cautious stance…
Read More

Continue Reading
Crypto Currency

Ethena price: ENA dips despite 5-week peak in whale activity

Ethena’s native token, ENA, saw its price decline as Bitcoin slid below $79,000 The slight dip happened despite ENA notching a 5-week high in whale activity. Prices could fall further, but a rebound for BTC could boost ENA. Ethena (ENA) price faced downward pressure today, dropping nearly 4% to intraday lows of $0.11 as Bitcoin


Ethena Price Down

  • Ethena’s native token, ENA, saw its price decline as Bitcoin slid below $79,000
  • The slight dip happened despite ENA notching a 5-week high in whale activity.
  • Prices could fall further, but a rebound for BTC could boost ENA.

Ethena (ENA) price faced downward pressure today, dropping nearly 4% to intraday lows of $0.11 as Bitcoin grappled with renewed selling amid macroeconomic headwinds.

This decline unfolded even as on-chain metrics signaled robust interest from large holders.

Analysts say the move highlights a disconnect between whale behavior and short-term price action.

Ethena hits 5-week high in whale activity

On-chain data shows Ethena’s ecosystem has managed notable momentum.

For one, the network just hit its largest daily network growth in over three months.

The platform did not just see a surge in new wallet creations, but had ENA whale activity surging to a five-week peak, with this aligning with heightened interest bolstered by several bullish catalysts.

According to Santiment, one of the key drivers was Grayscale’s decision on May 7 to incorporate ENA into its DeFi Fund.

Ethena also recently saw a massive $310 million USDC transfer, a transaction that injected fresh liquidity and drew widespread attention.

Santiment has also highlighted that the spotlight on ENA increased further when LayerZero announced a temporary bridge suspension on May 9, keeping Ethena at the forefront of DeFi discussions.

Adding to the optimism, the Ethena Foundation recently affirmed that all conditions outlined by its Risk Committee for activating the “fee switch” have been satisfied.

This mechanism, designed to distribute protocol fees to stakers, awaits a governance vote from ENA holders in the coming days.

The whale positioning ahead of the pivotal vote helped ENA price pump to highs of $0.14 on May 10.

Why’s ENA price down?

Despite the positive catalysts, ENA’s price succumbed to broader market dynamics.

Both RSI and MACD on the 4-hour chart suggest prices could fall further.

Ethena ENA Chart
Ethena price chart by TradingView

On May 13, crypto sentiment soured following the release of U.S. Producer Price Index (PPI) data.

This came in hotter-than-expected and exacerbated fears of persistent inflation and delayed rate cuts.

US stocks slid, and Bitcoin, the crypto sector’s bellwether, tumbled below $79,000 during intraday trading.

Declines

Read More

Continue Reading