Blockchain Technology – Is This Coin Going to Be Worth It?
- by Team
For a company or nonprofit that’s trying to build trust in the cryptocurrency space, the question “is this coin going to be worth it?” comes up more and more often.
A recent announcement of a new network to facilitate blockchain transactions for commercial lending, which will be based on a smart contract technology called Ethereum, raises a number of questions.
On a personal level I feel I could not be more excited about blockchain technology, having worked so hard to create the digital currency, Bitcoin at age 18. My early efforts have been, for lack of a better phrase, “advancements”. The blockchain is not the first thing that comes to mind when I think of the internet, or electronic commerce.
I am a proud member of the Bitcoin community and I have to admit I cannot recall any other online transaction I did (until now!) without Bitcoin being involved.
These questions arise as a result of the announcement made today (15th March) by Celsius Network, a blockchain-related project, that they will be issuing new loans through a network that uses Ethereum as the backbone.
This is the first time Celsius network has issued a loan utilizing Ethereum in the commercial market. Celsius network will be the first blockchain-powered commercial lending platform that could potentially be used in multiple jurisdictions, which is one of the most exciting developments.
Many people have been asking me this question: what has this blockchain technology got to do with banking? Does it have anything to do with lending or lending through Ethereum; is this a new kind of loan, that will be issued on a blockchain, or is this the first time the technology has been used to issue a loan on a blockchain? The answer is the latter. The blockchain technology has created a completely new form of lending for banks, and this has all started with Ethereum, the platform which is the underlying technology for Celsius Network.
The announcement was made by a team of four executives from a number of leading banks.
Two US states are suing a cryptocurrency lending company for raising funds through the sale of unregistered securities.
In mid-November, a US court in New York brought a case in which a cryptocurrency-lending company had claimed that state cryptocurrency companies may not be able to collect in-state revenue from cryptocurrency loans. The company had provided a platform for US states to lend their cryptocurrency to investors, and US state governments had been using the companies to issue loans. On February 13, 2018, New York’s state court of appeals issued a decision in which it stated that the company owed a duty to New York cryptocurrency companies.
To understand what exactly the lawsuit is about, it is important to remember that any cryptocurrency company might collect in-state revenue if the company is allowed to process cryptocurrency loans. This type of revenue collection from cryptocurrency companies is a fundamental aspect that distinguishes cryptocurrency companies from any other type of company in the United States.
The cryptocurrency industry is rapidly growing and has already reached the peak of a market that is still growing at the same rate as it did when the cryptocurrency was first launched. Now, the only question that remains for many cryptocurrency companies is whether they are allowed to collect the money they would normally be owed in the crypto market.
The court has the power to decide if a company is allowed to collect in-state revenue from cryptocurrency loans, and if so, whether the company may do so by offering cryptocurrency loans to state investors. According to the New York court, the crypto lending company had presented an incorrect reading of the law. It is in this reading that the court found that the company owed the state cryptocurrency businesses a duty and failed to meet that duty when the companies failed to return the cryptocurrencies collected in-state.
[W]e reject [the company’s] contention that it owed a duty to a class of cryptocurrency borrowers to return proceeds collected via in-state cryptocurrency lending companies.
The court found that there is no such duty as the cryptocurrency companies have no legal obligation to return the collected cryptocurrencies to the cryptocurrency borrowers who lent them.
CEL: Trading Cryptocurrencies in New Jersey.
I’ve been working on the New Jersey Digital Currency Registry since 2018, the first year I was in New Jersey. It is a voluntary system that allows people to legally buy and sell digital currencies without going through a bank. I was able to get started on it after the New Jersey Senate passed a bill that required the state to pass a law within one year to establish a registry. Since then, the bill has been passed and implemented in two states. This is great news since it allows the citizens of New Jersey to purchase and sell bitcoin without needing to go through a bank.
So I am writing this article to tell you about the registry and the law. If you are new to this and want to learn more about digital currencies, I recommend signing up to the registry. There is no cost to get online and complete the registration process by Jan.
The CEL registry is a voluntary digital currency registry. It was created by the New Jersey Department of Banking, Insurance and Real Estate in partnership with the New Jersey Digital Currency Registry Council. Once the two organizations have completed the process of creating a registry, an application for registration will be available to you.
So what is a digital currency? A digital currency is a digital and decentralized currency, similar to the ones used by fiat currencies. Cryptocurrencies are digital currencies that are based on blockchain technology, which means each transaction takes place as one-way on a public ledger, instead of the traditional method of going through a bank. There are some exceptions such as the Bitcoin.
The use of a public ledger is a big factor that makes a decentralized currency secure and transparent. A public ledger like Bitcoin eliminates the need for middlemen such as a bank and allows people to move money without being involved in the transaction.
This is a huge advantage to digital currencies such as Bitcoin since it is much more scalable and private than using a bank. Even though there are many limitations, this is why people are starting to use digital currencies.
A blockchain is a distributed public ledger used for a distributed digital currency.
The Daily Hodl: Cryptocurrencies and Digital Assets.
With a lot of people recently jumping into the crypto universe, most are being met with the question that they just want to know what all the hype is about. Some people are wondering when cryptocurrencies will ever be worth it on a regular basis and others that the value has gone up so fast.
All of these questions will likely be answered over the next few articles on the Daily Hodl.
Here at DailyHodl.
So, to start, let’s dive into cryptocurrencies and what is going on with them right now.
The first big change in how we pay for things and get our money from our bank account is that we now have money in a form that can easily be used in many different ways.
When people first saw the internet and all the opportunities for people to do whatever they could to make money online in the late nineties, they were so excited to make a killing in the internet and web sector.
And just like that, we have made it much harder for people to get a bank account and have access to their money.
The internet and web sector has been all the best thing for everyone, and now, many people are able to make a much better life for themselves using cryptocurrencies.
This is where it all starts. I want to get to the point of how cryptocurrencies are going to be different or different enough from traditional banking systems and ways of paying for things.
Cryptocurrencies are a form of money that is easy to use.
Instead of being limited to things that can be stored in a bank account or can make a statement on a statement, you can now store a copy of all the items that you need and then pay for things online or through your phone with your cryptocurrency.
What makes this change interesting is that it is more secure and can be safer than traditional cash when you store the money itself and can be harder to steal from if there were ever a financial crisis.
Tips of the Day in Cryptocurrency
One of the most hotly debated topics in crypto and blockchain (and also Bitcoin) is the value of the BCH coin, BCH and what it really is for consumers and institutions alike. The coin is both a currency and store of value, depending on which side of the argument you are on. The issue is very, very complex, and as such, it’s best to learn more about it yourself and try and find out what you think on the matter.
BCH is an autonomous currency, not a crypto currency per se. It’s based on the Bitcoin protocol and so has all the same characteristics as Bitcoin. What it lacks in actual utility it makes up for in features and decentralization. The coins has a total circulating supply of 2. 38 billion coins, which is about 500 million or 17 million coins less than the minimum suggested by regulators. All of the coins are backed by an initial supply of 1 billion each, which is currently at 1 million coins. The value of each coin is determined by its difficulty.
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Spread the loveFor a company or nonprofit that’s trying to build trust in the cryptocurrency space, the question “is this coin going to be worth it?” comes up more and more often. A recent announcement of a new network to facilitate blockchain transactions for commercial lending, which will be based on a smart contract technology…
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