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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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