Daily Archives: June 10, 2021

The Bitcoin Bull Run Explained

In its 12 years of life, Bitcoin has often been thought of as a diamond in the rough. Now as its value breaks past expectations and shows no sign of fading from prominence, it is a bona fide treasure. To understand the place cryptocurrency in general and Bitcoin in particular have in today’s society, an overview of its volatile and eventful history is in order. Let’s explore the Bitcoin bull run.

As mentioned, Bitcoin has been in existence for 12 years. Launched in 2009, Bitcoin was the first successful cryptocurrency to be made available to the public. Mining began that same year, but the coin’s value had yet to be determined. The first purchase using cryptocurrency came in 2010 when someone paid 10,000 BTC for 2 pizzas. This transaction assigned monetary value for Bitcoin for the first time and is fascinating to revisit today. With the current value of Bitcoin, those pizzas would be worth over $265 million each.

The following year in 2011, Bitcoin had its first competition on the cryptocurrency market. Namecoin was the first successful alt coin to launch and is worth $2.37 per coin today. While the crypto market is crowded in 2021, Bitcoin maintains a clear dominance.

Moving forward to 2013, Bitcoin reached $1,000 per coin for the first time. Sadly, this peak did not last; soon after reaching that high, Bitcoin crashed to $300 in the same year. It would take 3 years for Bitcoin to recover. While Bitcoin was regaining its value, Bitcoin’s reputation became more mainstream thanks to more establishments, banks, and fintech institutions accepting and investing in crypto and blockchain. Prior to the mid-decade, cryptocurrency was seen largely as an oddity. Also during the mid-decade period came the release of Ethereum with an Initial Coin Offering (ICO). The acceptance and usage of ICOs indicate how far the crypto market has come since 2009, but it was not without backlash.

In 2017, Bitcoin’s price jumped from under $1,000 to more than $19,000. Once again, the peak did not last. Later that year and continuing in 2018, the cryptocurrency market faced a series of legal troubles in the US. The US accused two cryptocurrencies of manipulating Bitcoin’s value. The SEC prosecuted ICOs as unregistered securities. Taken together, these actions drove the value of Bitcoin down by 70% and the market value of all cryptocurrencies dropped to $130 billion.

Unlike before, however, Bitcoin’s recovery from the fall was rapid. In 2019, Bitcoin prices more than doubled, outperforming even the best stocks on the market. By the time the global economy slowed in 2020, Bitcoin was in a prime position to attract investors looking for high returns and don’t fear the risk of investing. Swings still occurred; in April 2021, Bitcoin reached an all-time high of $63,000 before falling to nearly half of that today. Despite individual movements, the upward trajectory of the cryptocurrency is undeniable. Investors know better than to focus on the daily changes. Those expecting to make money on their investments look for long term trends in the market and the item at hand; at this time, the signs point to bright futures for Bitcoin in particular and blockchain more generally.

Today, interest in Bitcoin and other cryptocurrencies is driven by more than pure speculation. The pandemic-induced recession spurred the US money supply to expand a great deal in a short period of time. More than 20% of all dollars in circulation were printed in 2020. Additionally, multiple stimulus packages have come out of the federal government in recent months, risking an overheated economy as people return to employment and regular life. As the US economy recovers, fear of inflation is on investors’ minds. Where gold traditionally served as a hedge against inflation, some are using crypto for the same purpose. Like gold, the supply of crypto coins is kept finite, making them safer against inflation.

Contributing to this insulation from inflation is the Bitcoin halving. Every 4 years, the reward given to Bitcoin miners for processing transactions is cut in half. This reduction in supply drives up prices based on scarcity. The most recent halving occurred in May 2020, when the pandemic lockdowns had the global economy at a standstill.

As cryptocurrency grows more accessible and widely used, new investments are coming to the market. DeFi grew from $1 billion to $14 billion in “locked” assets, increasing the value of tokens associated with the decentralized finance platform. Adoption by central banks of digital currency is growing around the globe after China became the first to make the move. Back in the US, the Office of the Comptroller of the Currency gave banks permission to hold crypto on behalf of customers. Furthermore, Proof of Stake blockchains became more prominent. Proof of Stake blockchains incentivizes users to “lock” their coins into the network, ensuring long term operability. This variation of blockchain represents just 15% of the crypto market, but it has been responsible for driving significant growth.

More than new innovations, new companies are hopping on the Bitcoin craze in a major way. Tesla recently purchased $1.5 billion worth in Bitcoin and vowed to accept the cryptocurrency as payment for their products. Tesla CEO Elon Musk has been vocal about the decision to embrace cryptocurrency on his social media. He is also credited for the 900% growth of Dogecoin this year after he tweeted about it in December 2020. Tesla is not alone, Apple Pay also began accepting Bitcoin as payment through a secondary medium. A prepaid MasterCard known as BitPay is now usable on Apple’s platform. Bitcoin may now be used in transactions anywhere that MasterCard is accepted.

While Bitcoin’s volatile days are not over, rapid adoption of crypto cards is to be expected in 2021. With it will be the emergence of new use cases for cryptocurrency and increased investment from traditional finance leaders. The US dollar is currently projected to weaken in 2021, driving more investment into the cryptocurrencies.

Still, the story isn’t only good news for crypto users. As cryptocurrency grows ever more popular in usage, so too do the costs to mine and maintain the system. In 2017, the estimated power required to run cryptocurrency exceeded the amount used by the entire Republic of Ireland. It is on track to exceed the power needs of Hungary and New Zealand. In 2018, mining accounted for 1% of the world’s energy consumption. 1% may not seem extreme until one remembers how much electricity the world uses. Moving forward to 2020, Bitcoin alone consumed 120 gigawatts per second. That amount of energy is equivalent to 156 million horses or 49,440 wind turbines running at once. There are 86,400 seconds in a day. Bitcoin is a powerful actor in the crypto market and in driving demand for electricity.

As the popularity of cryptocurrency grows, the toll the system takes on the world’s already over-exerted energy system should not be forgotten. Crypto may well be the future of currency, so it’s on each individual to find ways to make sure neither they nor the planet get left behind in the mad scramble for blockchain.

Bitcoin: Once A Diamond In The Rough, Now A Treasure

NuCoin – Have the Aussies Built What the Blockchain World Has Been Waiting For?

THE BREAK-THROUGH TO CRYPTO MASS ADOPTION HAS ARRIVED!

UNLIMITED SCALING; INTEROPERABILITY AND FULL COMMUNITY PARTICIPATION IS HERE!

NuCoin minting on the NuGenesis blockchain has commenced on the mainnet, now allowing applications for stakers and early adopters. NuGenesis is part of a family of blockchain technologies that have demolished the obstacles of mass adoption and mainstreaming the new crypto economy. Scalability, block size limitations, speed per second limitations, folks, shards and the need for interoperability are now obsolete issues. NuGenesis has completely re-imagined blockchain tech to challenge assumptions and allow for a custom designed consensus mechanism to evolve and adapt to an expanding economic reality. 

NuGenesis, and the nucoin native token that is the currency of the blockchain family, to be made available to the crypto community from July 1st. With no pre-sales, NO ICO and no crowd funding, the team down under has worked tirelessly to resolve the major issues facing the blockchain world.  

During an early interview with the Head Data scientist and CTO Luay Mohesn, he was asked how it feels to be the new guy in this space and be tasked with resolving some of the major issues of adoption.  His reply “It’s great being seen as the new guy in the space, although we are anything but new, Nugenesis has been a project designed and implemented over a period of 8 years. Actually our original designs were back in 2013, slightly after the release of XRP. When asked about his experience in cryptography it astonished us, to hear that Luay has been in the cryptography space from as early as 1992, The days of the floppy disk.

So the question remains, why has it taken 8 years for the world to learn about NuGenesis. 

“We decided to build, then promote, we witnessed the world of blockchain entering the arena of become financial assets, Therefor to stay within the laws, Both current and future, we built a legal proof system, We refused to take any early investment or launch a pre ICO or Even and ICO. We wanted to give the world a ready built solution, not a promise to build”

Nucoin has no dominant “owners”, instead NuGenesis will be community consensus driven as it is designed to maximize diverse participation through a trust-less governance structure representing the best of a DAO with community participants functioning the roles of Councilors, Senators and management and divided in regions to maximize the robustness of decentralization.

Having designed a legal-tech infrastructure, NuGensis is the go-to blockchain for new projects to use, collaborate and develop knowing full well that it is completely interoperable with other chains and other existing blockchains.  Through our interoperability, silos of technical expertise will disappear in favor of trust-less collaboration.  

Private blockchains are then added that will attract the funding for specialized projects.  From Venture-Capital/angel investments, to a community-patent system for scripts and solutions, to a Tech-City, pioneering in Australia, as a physical home for the community members to live, work and thrive.  

After 7 years of R&D the team of NUCOIN have torn-apart and re-imagined from scratch, hundreds of current blockchains in order to remove the debates in the crypto community in favor of encouraging mass-adoption, mass collaboration, the removal of information/technical silos and where everyone in the community has, and is rewarded by their economic role.  

To facilitate communication and collaboration in the co-operative community, we have provided a social-media interface that’s quantum leaps ahead.  Our platform protects your privacy without denying you all the features to access what is going in the crypto space – from forums, webinars, debates, “how to” instructional videos to the vast array of community members busting with skills that you can benefit from.  You can even prioritize your emails, DMs, texts and chats according to importance and urgency.  

While having a one stop site, for everything Crypto. 

The Spec Features

  • Unlimited scaling potential;

 

  • Speeds starting at 100,000+ transactions per second using a singular chain; With the potential to exceed 1 million transactions per second, when combining the ability of the NUGEN future Network.  
  • Daily coin capping with coin burn capacity to bolster system integrity

 

  • NuGenesis is a Minting hybrid (Proof of Authority with  Artificial intelligence Validation monitoring . The NuGenesis chain integrates multi-chain, minting, and mining/staking using only your mobile phone!  Indeed everyone in the community has an input value, if not a miner, you can choose from multiple other roles, with no resource cost, earning continuously.  

 

  • Nugenesis abolished the concept of the ‘winner takes it all’ in mining, to replace it with the generation of treasury distribution. Storing mined coins into the Treasury ledger where separate protocols for their allocation will be applied.  This means that everyone will be rewarded for their mining efforts. As an integral part of the coin creation, miners are expected to stake. Mining can be done through a person’s phone or web browser, with no requirement for extensive power or GPU.   

 

  • Nugenesis uses POA (Proof of Authority) as the consensus protocol while focusing on useful work of AI (Artificial Intelligence). 

 

  • The Use of GENI (genesis AI interphase) Known as NAVIS (NuGenesis artificial validation intelligence system) starting as a machine learning protocol and as the blockchain grows the duties of NAVIS will grow. Navis is a functioning AI, can underwrite the continuation of a trust-less and security-enhanced system while monitoring the validation process.

 

  • It is designed to be adapted for CBDCs; including the integration of AI-powered KYC solutions for those countries we are in the negotiations with ready to use it.  

 

  • NUGEN is build on A multi Framework foundation Including, , Ethereum, C++, substrate and will expand to connect the vast frameworks,  Nugenesis enhanced its parameters through its modules and APIs yet preserving the skeleton to allow any matching system to integrate with cross platform communication.   We go a few quantum steps further than other chains to allow for the cross-chain creation of coins, allocation of minting resources, cross platform treasury support for unlimited numbers of chains without double-identifier issues or sharding issues needing to arise.  

 

  • Likewise, though bridges we enable seamless integration with external (and existing) blockchain projects enhancing the collaborative power of fin tech and smart contract layering to propel innovation. 

 

  • Maximized API and user-interface experience to maximize accessibility by a wider user base attracted to the space enabling them to fulfill their vision. With a 5th generation blockchain interphase, nucoins ability to mint and be traded is unparalleled. 

 

Therefore NUGen promises to innovate the cheapest, most efficient and easiest platform to conceive and develop their blockchain projects.  With a modular capacity, small number of hooks in your code, you can swap between algorithms, hashing functions etc to configure the best project to realize your vision.  You import not only the core blockchain functionality, but all the supporting structure that goes with it, including para-chains and bridges, to maximize the interoperability of your projects. 

Creating the perfect condition for truly a cooperative and community coin. Combining the best of social media through justsocial.tech while creating the world’s first online tech hub, for entrepreneurs, tech developers, blockchain developers, blockchain enthusiasts, and crypto users in general. 

NUGENESUS is not just a blockchain but the embodiment of an online crypto society, where the conditions and functionality of the blockchain is decided by the community, while sharing the uplift of the minted coin amongst the co-operative, appreciating everyone’s value.