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April 09, 2018, 06:08:52 PM |
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We keep on hearing tales of how Cryptocurrency and its associates will crash in the
nearest future from doomsday preachers, who like Chicken Little scream that the sky is falling
because they are not learned on the issue neither have they thought it wise to broaden their
horizons.
If the so called Cryptocurrency and its associates were a bunch of scams, a thoughtless
one, why do big names in the world financial sector names that make the world tremble
when they speak like JP Morgan view the currency as efficient and the future of transaction?
JP Morgan Chase views the currency as having the latent potentials to reduce to a large extent
costs accrued from transaction, and even termed it efficient.
Each block linked using the cryptographic hash pointer, forms the block chain, and it possesses
the transaction data, timestamp for each transaction done. Being resistant to changes in data,
it functions as a ledger managed and monitored by a network which functioned in a peer topeer
mode that validates the creation of new blocks, using a line of protocols. Once data is
earmarked to a block, it is impossible to be changed without making alteration to all
subsequent blocks. It makes use of the decentralization unlike the traditional banking that
focuses on centralization
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