As you all ought to know by now, BlockBanc (formerly known as AiBB) is an all-in-one crypto application that houses all the tools and resources you need to enrich your knowledge about crypto, store crypto safely, buy gift cards, and earn crypto simply by watching videos. The application is designed to help people LEARN, INVEST, STORE, & GROW their assets wisely.
But then, how well do you know about our features? Here, let’s take a quick look at all of them in the infographic below.
Now, all these features are just the tip of the iceberg. We are always striving to make our app safe and updated with more and more features coming soon. So, stay tuned for now.
Meanwhile, if you had not downloaded our app, you can do so here. Also, don’t forget to share this infographic with your friends or family if you really had an excellent experience on the app. Ciao!
Bitcoin will be halved sometime this month. What is Bitcoin halving, how will it affect the market, and what does this mean for the long-term prospects of miners and cryptocurrencies? Here’s everything you need to know about this key event.
Bitcoin Halving – A Brief Overview
The word “halving” might resemble a horror flick – something about a serial killer. But it’s actually a nickname for one of the most anticipated events in the history of Bitcoin.
At some point in this month (May), every 10 minutes the number of bitcoins (BTC) entering the circulation (AKA block rewards) will drop by half, from 12.5 to 6.25. This is a milestone that happens every four years and has happened twice before.
The potential creation of wealth is what is drawing so much attention to the upcoming event, which is usually held in half. The supply in the system will suddenly decrease, but theoretically, the demand will remain the same, possibly raising the price of the cryptocurrency.
As such, the event has sparked an enthusiastic debate about Bitcoin price forecasts and how the market will react.
Will this even increase the price of Bitcoin?
This has been the subject of a heated debate.
If we go by the previous cases of BTC reductions, token prices have risen. For example, in 2012, Bitcoin rose about 8,000% in 12 months after spending on rewards and rose again by almost 1,000% after cutting in 2016.
On the other hand, sceptics against it. The second BTC halving occurred at a time when Bitcoin was already gaining mainstream recognition and was matched with early currency offerings, many of which had to be bought with Bitcoin.
Paul Donovan, the chief economist of UBS Global Wealth Management, has said anyone who is familiar with the structure of Bitcoin will be aware of its halving, but potential “innocent” investors who aren’t maybe persuaded to buy tokens because the half is happening.
But then, Canaccord Genuity analysts, also claim that BTC halving may have a meaningful psychological component and could continue to have an impact on the price of bitcoin.
Will the miners be affected?
Bitcoin requires a lot of energy to mine, both to perform the calculations involved and to cool the computers that perform them.
BTC mining can cost you anywhere between $3,500 to $6,500 depending on equipment cost, electricity, and the place of storage of the hardware.
Competition is also increasing among BTC miners, leaving several smaller participants out of business. 5 mining entities based in China now control half of the power of all computers on the Bitcoin network.
Is anything going to change if you are a BTC owner?
Any subsequent change in BTC price will either leave you richer or poorer, except that it will be impossible to know exactly how much has changed due to half of the direct change.
To sum up, we can say,
Halving will play a key role in preventing inflation by periodically slowing the pace of Bitcoin creation, so as not to outrun demand. Now, wait and see what the future holds for us.
An encouraging trend has attracted much less attention amidst the COVID-19 crisis. Having banned crypto in the past, or refused to acknowledge them as money, various countries have suddenly started recognizing them in their financial laws and courts. This could well mark an important shift for them towards the mainstream.
The below presentation throws more light on the matter.
With the outbreak of the coronavirus, its impact on the global economy is becoming more and more apparent. Below, we list three possible positive effects of COVID-19 on the world of bitcoin.
Bitcoin continues its breakout
Against the global uncertainty, Bitcoin is still proving its worth as a macro hedge. BTC has achieved almost 35% improvement and was able to hit $10,000 in 2020.
To many, this is clear evidence that Bitcoin’s status as a risk-free asset is solid. The idea is that as a result of the Coronavirus novel, as China’s economy weakens, Chinese investors have entered bitcoin to use its safe haven story.
On February 3, China’s leading stock index – the CSI 300 – dipped 9% in what was dubbed the worst opening in a decade. To add salt to the wound, the Shanghai Composite Index went down by 8%.
The Chinese stock returned quickly. An attempt to bolster the economy worked, with the Chinese government reducing interest rates to boost the system. In the meantime, Bitcoin has continued to hold about $ 10,000.
Can Bitcoin Fix Infected Cash?
As the official death toll with the coronavirus epidemic increases, China is stepping up its resistance.
China’s latest method of preventing the spread of coronavirus involves cash eradication.
China has begun the use of ultraviolet light or high temperatures to disinfect fiat currency notes, a central bank press conference said. The prevention strategy involves separating the notes for up to two weeks before redistribution.
Prior to the recent New Year’s celebration, China’s central bank has issued an “emergency” of four billion yuan notes particularly for Hubei – the epicentre of the viral pandemic.
For the crypto community, it provides an even more positive narrative of why cryptocurrencies like Bitcoin are so badly needed.
Cryptocurrencies like Bitcoin can help to curb the spread of the coronavirus. Without the exchange of physical money, the probability of infection decreases significantly.
But by spreading the bubble, we can say that the use of Bitcoin in China is not enough to justify any replacement. Therefore it may not be a viable replacement for cash. But, on the other hand, cryptocurrencies have already gained a lot of momentum in Europe and America. Thus, they can easily be a viable replacement if both the government and the general public are co-ordinated.
The reduction in BTC mining difficulty
One of the primary positives of the COVID-19 effect on bitcoin is the reduction in mining difficulty.
Chinese authorities have shut down a huge number of miners for COVID-19 containment. The founder of the Bitcoin Mining Pool, Jiang Zhuoer, had announced that the police had forced the mining company to shut down.
Thanks to the use of inexpensive resources and electricity, China dominates almost 65% of bitcoin mining. The loss of mining companies represents the crypto community with a double-edged sword. On the one hand, the centralization of bitcoin mining can be reduced, further supporting the industry’s ideals. On the other hand, the health of the network can be negatively impacted by the absence of mine workers.
China’s bid is seemingly linked to a decline in mining difficulty. On February 11, Bitcoin Network adjusted just 0.52% per data obtained from BTC.com. This comes in complete contrast to the January compatibility, which saw the network’s overall capacity increase by 11.75%.
This transparent increase could make it easier to mine Bitcoin, which retail workers – who are otherwise priced out to do so can get their slice of the action.
*Know more about Bitcoins. Download the BlockBanc app now!
Bitcoin, the mysterious money of the internet, has grown in popularity over the last few years and is still rightfully considered the undisputed king of cryptocurrency.
Here is a collection of information about Bitcoin that you may not have heard yet.
The first Bitcoin transaction was for pizza
Do you know the reason behind the celebration of May 22 as Bitcoin Pizza Day?
Initially, when bitcoins were mined, they became virtually useless as BTCs were as cheap as chips.
However, it was until May 22, 2010, when someone bought something with Bitcoin.
Seven years ago, on this day, someone bought Piazzas with Bitcoin, and the purchase was a big deal because no retailer was accepting Bitcoin for goods and services at that time.
On May 22nd, 10,000 BTCs were spent on two Papa John’s pizza. This was the first official documented purchase of a consume good using Bitcoin.
10,000 BTCs were worth around $41 during that time.
Honey Badger is Bitcoin’s private animal mascot
Honey Badgersare tough cookies. They can withstand severe wounds, bee attacks and poisonous snake bites. This resilient creature seemed an excellent fit for the mascot of Bitcoin, which has survived all kinds of attacks over the years.
Over 184 billion BTCs were accidentally created in 2010 by a bug
This is also known as the value overflow event. The bug resulted in the creation of over 184 billion
Known as the standard overflow event, this bug resulted in the creation of over 184 billion BTCs. Satoshi or a different developer released a patched Bitcoin client that fixed the error within 5 hours of occurrence by ignoring all the excess coins. Most of the miners willfully accepted this new client and the error was forked out of the blockchain.
There will only be 21 million bitcoins
The supply of bitcoins is limited.
Currently, 16.3 million bitcoins have already been mined and are in transactions. The last Bitcoin to be mined is going to happen in 2140. After that, no new Bitcoin is supposed to come into existence.
Bitcoins cannot be banned
Due to the nature of Bitcoin, there is a regular fear on bitcoins getting banned. This animosity towards Bitcoin because of its operation outside the jurisdiction of a traditional banking system.
However, the basic design of it is such that it can never be banned, it can only be controlled. As long as you have an internet connection and a Bitcoin wallet, you can get yourself involved with Bitcoins.
Only 10% of Bitcoins is used for crime
Although there is still a long-held misconception that Bitcoin is primarily used for illegal transactions in the darknet, this myth was recently removed by a special agent of the US Drug Enforcement Agency (DEA).
According to the Cyber Investigative Task Force, an inter-agency collaboration involving DEA, the FBI and ATF, 90% or more of Bitcoin volumes are not fully related to drug purchases. Bitcoin used for illegal activities on the darknet rose between 2011 to 2012 but then, it became very negligible.
Ethereum is considered by many as rising star of the cryptocurrency world. It has quickly established itself as the second largest cryptocurrency in the world.
Vitalik Buterin, a Russian programmer, created Ethereum at the end of 2013. Vitalik officially announced Ethereum in January 2014 at the North American bitcoin conference in Miami, USA.
Ethereum was created to do things that Bitcoin could not do.
The idea of Ethereum is just not another cryptocurrency.
Rather, it was created as an effort to code, execute, and execute intelligent contracts and DApps (autonomous distributed applications) independently, without the interaction of humans.
How does Ethereum work?
The native Ethereum cryptocurrency is known as Ether (ETH). Since ETH is a cryptocurrency, it is decentralized and uncontrolled by a single governing entity, similar to that of a Bitcoin.
This contrasts with other e-commerce systems, which have centralized control and are regulated by the governing bodies of their countries.
The network relies on “nodes” – volunteers from around the world downloading the entire blockchain of Ethereum and fully impose the system’s consensus rules, essential to its operation.
Uses and applications
Ethereum is a platform for creating and running all kinds of decentralized services, called DApps. One of the main advantages of this system is its wide applicability. In addition to facilitating monetary transactions, it also allows users to create decentralized applications on their blockchain. Here are some uses and applications of Ethereum:
- Security against hackers
Ethereum, having no centralized server, is very difficult to handle for hackers. The use of cryptography has made it secured and the apps are protected against all fraudulent practices and hacking attacks. You cannot access a node and make the desired changes to the blockchain.
ETH transactions utilize ‘Smart Contracts’, allowing you to exchange anything of value. For example, instead of purchasing photos on the World Wide Web, you buy them directly from the photographer and make a contract for that purpose.
- Store data
Server farms are digital stores with hundreds of servers used for storing information. Companies such as Microsoft and Dropbox store large amounts of data in these server farms. The problem is that they concentrate a large part of their storage on a single site. These places can be completely destroyed if they’re attacked by external factors like as natural disasters or hackers. Although redundant systems are created, this entails additional costs.
This is where the decentralized system of Ethereum comes out as a clear winner. In a decentralized storage system, data is not focused on a single farm, but is distributed to hundreds of computers around the world. Its blockchain technology can be used to rapidly encrypt and transfer data anywhere in the world.
Where can you store ETH after purchase?
You cannot store ETH on a BTC wallets – instead, it requires its own wallet or a multi-currency wallet. The AiBB wallet can effectively serve this purpose.
AiBB is a multiprotocol utility wallet that combines the power of decentralized and centralized technology into a simple and secure mobile application. Download the app here.
The answer, in short, is NO.
Cryptocurrency exchange can be the best way of getting coins, but many people who use them make the mistake of keeping them in the exchange wallet instead of transferring them to a private wallet.
Storing cryptographic coins on exchange wallets can be dangerous for several reasons. Let’s take a look.
1. Exchanges can be hacked
This has recently happened with Cryptopia, a New Zealand exchange.
Two months later, although the Cryptopia team is working to solve this problem, we still do not know how many customers have lost all or part of their funds.
2. The problem of not being regulated
The world of cryptocurrency is a bit like the Wild West, no one is in charge and there are not many rules.
This means that in situations, such as in the recent survey of a crypto exchange in South Korea, assets may be frozen. Although exchange owners can tell their customers that their encryption assets will remain safe, they cannot guarantee this in any way.
So, it’s better to be safe than sorry.
3. The owner of the exchange dies and takes all the coins to his grave
One of the strangest stories in history of cryptocurrency: Gerald Cotten, owner of the Canadian Quadriga Exchange, recently died while traveling to India. All the customers lost access to their funds because Cotten was apparently the only one to know the password.
P.S. This is not only unprofessional and stupid, but also so careless that it seems almost impossible. The internet therefore thinks that Cotten is much more likely to have faked his own death.
4. Zero property
You can store all the coins or tokens you buy on your exchange wallet, but you do not really own it. Exchange wallets differ from personal wallets because they are ideally “hot wallets” for trading.
If something happens during the exchange, you have no control over your coins because they are not in your custody.
So, what should you do?
Make sure you only use exchanges to exchange – that’s what they are supposed to do. The exchanges are intended for the exchange of coins, the wallets for their storage.
If you have to leave coins on the stock market, because you want to trade them or lend them, use only amounts that you can afford to lose.
Keep all your crypto-currencies in a separate wallet, such as AiBB.
About the AiBB
AiBB is a multiprotocol utility portfolio that combines the power of centralized and decentralized technology with a simple and secure mobile application. You will be able to store all your altcoins in the smart wallet safely.
With features such as PIN lock, portfolio backup, fingerprint recognition, and e-mail verification, you can be sure your chips are safe.
Crypto-currencies supported include:
• SYS • BTC • LTC • ETH • AiBe • XRP • AiBx • EOS • WAV • BCHABC • XLM.
You can download the application: