- PROJECT HELP
A virtual currrency expert explores the key role that miners play in supporting a virtual currency in part 2 of a two-part series.
A virtual currency expert explains the elements of virtual currency, including a peer-to-peer network, a content delivery system, cryptographic hashing, digital signatures and transferring value on the network. These elements are the basis for an anonymous system for exchanging money and information.
Blockchain technology makes securities registration more secure and efficient. Because blockchains are decentralized systems, they provide a distributed method of equity registration and information tracking, bringing greater ease of use and improved security.
ICOs are popular among new startups looking to raise capital. They are also popular among investors. But the euphoria cannot last. Projects will start to falter and investors will get burnt. A higher level of transparency and regulatory oversight should be expected.
Many virtual currency and blockchain startups raise funds through initial coin offerings. Tim Zagar and Jani Valjavec of Iconomi, a fund management platform for blockchains and virtual currencies, describe how the process works.
When you considering how closely bitcoin’s price history matches the Gartner Hype Cycle curve, the time to explore applications for blockchain technology is close at hand.
Blockchain technology provides a new level of transparency and immutability to all types of transactions, including voting. Hardware wallets can provide additional security.
A growing number of 501(c)(3) nonprofit organizations are accepting bitcoins, including well-known charities. The IRS treats virtual currency as property, causing administrative issues for tracking gains and losses when using virtual currency for donations and other purposes.
The slow response of U.S. government agencies to provide helpful virtual currency regulation is undermining use and innovation of the promising currency. The U.S. is falling behind other countries in this crucial area.
A lot is at stake when airlines decide whether the time is right to launch some of today's newest mobile payment solutions to their passengers. Emarketer estimates that $762 billion in digital travel sales will be in play by 2019.
Bitcoin and mobile wallets have the same issue essentially. While they are interesting tools, customers don't see a reason why they need to use them.
In 2014, the IRS published a notice to give some guidance on how bitcoin taxation will function. Unfortunately there were some critical gaps in that notice that need to be filled.
The bitcoin world has been rocked by another exchange hack, this time on the major Hong Kong exchange, Bitfinex. More than $70 million was snatched from user's wallets. Exchange hacking is a fairly common occurrence, but the increasing centralization of bitcoin makes it even more damaging.
Pokemon Go's virtual currency Pokecoins is selling like hot cakes. Bitcoin has the potential to be the go-to virtual currency, but it just needs the right killer app to catch em' all.
Within days, Pokémon Go became the master of capturing mobile users. While mobile wallet providers can't expect to get that kind of exposure there are some lessons they can learn from Pikachu to catch more users.
Some believe that kiosks are outdated and that virtual currency is used only by criminals. However, it's important to look at the bigger picture and see how these devices fit into the omnichannel pie.
Hackers are gradually becoming more successful, especially with ransomware, which has forced several hospitals to pay bitcoin ransoms. One way to help solve this security dilemma is to use cyber security kiosks.
The Financial Crimes Enforcement Network regulates a variety of issues related to virtual currency such as oversees transactions and financial criminal activity. Failure to turn in the right reports to FinCEN can lead to big financial losses, so exchanges must understand their legal options and obligations.
With hackers stealing from exchanges and criminals demanding bitcoin ransoms, it's obvious that bitcoin has a bit of a PR problem. But it doesn't have to be this way.
The proliferation of fintech solutions presents a remarkable opportunity for small and midsize financial institutions not only to compete on a level playing field with the big banks but also to leverage their exceedingly hard-to-compete-with strengths to win new customers.