Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.submitted by mickhagen to genesisblockhq [link] [comments]
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
Bitcoin: The First CryptocurrencyThere are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.Bitcoin has two primary features (as do most other cryptocurrencies):
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
Public AwarenessA few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.https://preview.redd.it/dnuwbw8mfu951.png?width=800&format=png&auto=webp&s=6f1f135e3effee4574b5167901b80ced2c972bda
Ethereum: Programmable MoneyWhen Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
Digital Gold RushJust as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.
DeFi: Decentralized FinanceSo as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.
Wrap UpI know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
Other Ways to Consume Today's Episode:
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
|Rate (per day)||174.07||2323.35|
Generated with BBoe's Subreddit Stats (Donate)
|Rate (per day)||174.16||2328.08|
Generated with BBoe's Subreddit Stats (Donate)
Binance trade volume and market listings Binance is one of the largest cryptocurrency exchanges in the world, along with Bittrex. The exchanges are vital in the crypto ecosystem. The exchanges are a bridge to Fiat and the crypto world, and without them, there would be no trading possible. In fact, Binance has now gone all out with its P2P trading platform… This real time BitShares Bitcoin Binance converter will enable you to convert your amount from BTS to BTC. All prices are in real time. <p>Hey Informanten,</p> <p>willkommen zur Bitcoin-Informant Show Nr. 925. Heute sprechen wir über folgende Themen: Binance Debit Card kommt auf den europäischen Markt, Diamanten auf der Ethereum Blockchain & 60 Prozent der BTC Hodler nehmen ihre Coins mit ins Grab.</p> <p>Die heutige Show wird gesponsert von Bitwala - Die einfachste Art Bitcoin zu kaufen und verkaufen - Jetzt kostenloses ... Top crypto songs A little relaxation is good for everyone! ... Download Whitepaper. Like what you read? Follow SaTT on LinkedIn, Twitter, and Facebook. SaTT Smart Advertising Token to List on WhiteBIT, an EU-Compliant Exchange . quentinh - 28 September 2020. Last week saw smart advertising marketplace SaTT's successful fundraising crowd sale raise a total of USD 7.1 million. It was also ... Download Bitcoin Core Latest version: 0.20.1 Download Bitcoin Core Bitcoin Core 0.20.1. Check your bandwidth and space. Bitcoin Core initial synchronization will take time and download a lot of data. You should make sure that you have enough bandwidth and storage for the full block chain size (over 350GB). If you have a good Internet connection, you can help strengthen the network by keeping ... Da Amazon es Benutzern erlaubt, Videos, Filme und Musik mit Amazon Prime herunterzuladen, beginnen immer mehr Menschen, ihre Lieblingsvideos und von Amazon auf amazon prime music offline speicherort oder ihr Handy herunterzuladen. Aufgrund des strengen Schutzes der digitalen Ressourcen sind die heruntergeladenen Videos und Musik jedoch nur für die offiziellen Amazon-Apps wie Prime Video oder ... Einführung der neuesten "virtuellen Währungs- / Bitcoin-Börsen im In- und Ausland 2019" im Ranking-Format! Wir werden einen gründlichen Vergleich der gängigen Börsen, der Auswahl virtueller Geldwechsel, der Vorsichtsmaßnahmen bei der Auswahl ausländischer Börsen usw. liefern. Etc. Bitcoin is revolutionizing finance and the world economy, and it's this revolution that has inspired several rap songs found on YouTube. <p>Hey Informanten,</p> <p>willkommen zur Bitcoin-Informant Show Nr. 951. Im heutigen Video geht's um folgende Themen: Ethereum 2.0 „kommt ziemlich schnell voran“, Binance-Aktivität hat die Höchststände von 2017 überschritten & Dave Portnoy Krypto </p> <p>Die heutige Show wird gesponsert von www.Switchere.com - Krypto mit Kreditkarte SOFORT verkaufen & kaufen ohne versteckte Gebühren ...
[index]          
Explicamos como participar de Pool para ganar #BNB que repartirá #Binance y compartimos operaciones de #Scalping en vivo Noticia oficial de Binance: https:/... Binance users can now buy crypto using their Visa and MasterCard debit and credit cards. Using Koinal, Binance clients can buy five cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin ... Today, we take a closer look at how you can move your crypto assets from your Binance account to your Ledger Live account. Read more about it in this article... Binance is Allowing New Users Again!: https://www.binance.com/?ref=15301998 Binance is considered the top cryptocurrency exchange in the world, having added ... #bitcoin #cryptocurrency #binance. Category News & Politics; Song The Epic Mind; Artist HOOKSOUNDS; Album hooksounds.com; Licensed to YouTube by HAAWK for a 3rd Party; HAAWK Publishing; Show more ... 🔴 Bitcoin & Stocks LIVE : Afternoon Sell Off, What's Next? 🔴 Ep. 916 Crypto Technical Analysis Mitch Ray 699 watching Live now Iron Maiden - A Day In The Life - Duration: 49:15. In today's video, we take a look at the binance expected acquisition of coinmarketcap and whether or not this is good for crypto. If you would like to be highlighted on my channel please reach out ... In dem Video zeige ich euch wie ihr eure Guthaben von Bitfinex zu Binance schicken könnt. Binance - Gute Alternative zum Handeln von Altcoins: https://www.b...