Blockchain Understanding the Pros and Cons of Blockchain Technology in Cryptocurrency Using decentralized and secure blockchain technology, data may be exchanged and stored in novel ways.It is the foundation of cryptocurrencies and makes it possible to conduct secure transactions without the use of middlemen.Although blockchain technology has received accolades for its many advantages, there are some difficulties and disadvantages as well.Blockchain technology in cryptocurrency, on the other hand, is its backbone and has brought numerous breakthroughs to the worlds of finance, education, real estate, voting, data sharing, and more.It is an innovative and powerful tool that offers numerous benefits to the cryptocurrency industry.It enables secure, decentralized transactions, increasing transparency, and reducing the need for intermediaries.However, it also comes with certain challenges and drawbacks, such as energy consumption, scalability, security risks, and regulatory challenges.It’s important to consider these pros and cons when evaluating the potential of blockchain technology in cryptocurrency.
Blockchain technology was first applied to Bitcoin in 2008, and since then, it has experienced exponential growth.The cryptocurrency transfers are peer-to-peer, for the transaction costs are minimal.
In the case of centralized financial systems, certain loopholes and limitations are relatively easy to exploit.With Blockchain Technology, the system becomes more trustworthy and secure.
There is a rise in careers in blockchain technology and blockchain has tremendously changed the very face of the technology industry.In this article, we will explore the pros and cons of blockchain technology in cryptocurrency.
Pros: Decentralization: Blockchain technology eliminates the need for intermediaries, enabling direct peer-to-peer transactions.This ensures that the transactions are faster, cheaper, and more efficient, as there are no intermediaries to delay or complicate the process.
Transparency: Blockchain technology offers a transparent and auditable ledger of transactions.All transactions are recorded and stored on the blockchain, enabling anyone to view and verify them.
This makes the process more transparent and accountable, as there is no room for hidden transactions or discrepancies.Security: Blockchain technology offers a high level of security by using complex algorithms to encrypt and validate transactions.
Once a transaction is recorded on the blockchain, it becomes virtually impossible to alter or reverse it.This ensures that the transactions are secure and cannot be tampered with, protecting users from fraud and hacking.Immutability: Once a transaction is recorded on the blockchain, it cannot be altered or deleted.This ensures that the data stored on the blockchain is permanent and tamper-proof, making it a reliable and secure source of information.
Cons: Regulatory Challenges: Blockchain technology is still in its early stages, and there is a lack of clear regulations governing its use.This can result in regulatory challenges and uncertainty, as governments struggle to keep up with the rapidly evolving technology.Energy Consumption: The process of validating transactions on the blockchain requires a significant amount of energy, as it involves complex mathematical calculations.This can result in high energy consumption, leading to environmental concerns and increased costs.Scalability: Blockchain technology is still in its early stages and is not yet capable of handling a large volume of transactions.This can result in slow processing times and delays, making it difficult to scale the technology to meet the needs of a growing user base.Security Risks: While blockchain technology is highly secure, it is not completely immune to hacking and other security risks.If a majority of the nodes on the network are compromised, it can result in a 51% attack, enabling hackers to alter the blockchain and steal funds.
Conclusion: Blockchain Technology in cryptocurrency has the potential to revolutionize numerous industries.It makes the history of digital assets unalterable and transparent using decentralization and cryptographic hashing.Cryptocurrency and Blockchain Technology are interconnected.
As the technology continues to evolve, we can expect to see further developments and advancements that will help to address these challenges and ensure the continued growth and success of the cryptocurrency industry.
The post Blockchain Technology in Cryptocurrency: Pros and Cons appeared first on Analytics Insight.Six days ago, a few hours before the blockchain infrastructure platform Paxos announced it would no longer mint BUSD stablecoins, $2.86 billion worth of BUSD were redeemed.Currently, Binance is the most active exchange trading BUSD tokens, and the stablecoin still commands roughly 10.7% of the crypto economy’s $67.71 billion in global trade volume over the past 24 hours.BUSD Supply Shrinks by 17.77% in 6 Days Statistics show that a significant amount of BUSD has been redeemed over the past six days, with the supply dropping by 17.77% during that time frame.Over the past 30 days, the supply of BUSD has shrunk by 19.2%.On Feb.
13, 2023, Paxos, the company that issues, manages, and redeems BUSD, announced that it would no longer mint new BUSD going forward.Redemptions kicked into high gear after Paxos made the announcement, with $290 million being redeemed within eight hours.At the time of the announcement, there was $16.1 billion BUSD in circulation.As of Feb.19, 2023, there are approximately 13,238,824,118 BUSD in circulation, meaning that the 17.77% of BUSD redeemed accounted for 2.861 billion tokens being removed from the market.The blockchain intelligence firm Nansen has been monitoring the Paxos Treasury wallet, which sends millions of BUSD to the burn address, effectively removing the stablecoins from circulation.
According to Nansen’s exchange portfolio tool, Binance currently holds 10.9 billion BUSD as of Feb.19, 2023.Metrics show that BUSD still accounts for $7.24 billion of the day’s $67.71 billion in global trade volume, which represents 10.7% of the total.Binance dominates most of BUSD’s trading volume, with the stablecoin’s most popular trading pair today being tether (USDT).According to statistics from cryptocompare.com, 5.52% of BUSD volume on Sunday was also paired with the Turkish lira.Although BUSD had the most redemptions in the past 30 days, USDC saw 2.9% of its supply removed during that period.
Notably, Paxos’ other stablecoin, pax dollar (USDP), has seen its supply decrease by 19.3%.A significant amount of pax gold (PAXG) has also been removed, as 11.3% of the circulating supply has been erased in 30 days.In contrast, tether (USDT) has seen its supply increase by 5.8%, resulting in a market capitalization of more than $70 billion.Tags in this story 8 hours, Altcoins, Binance, Binance Paxos, Blockchain, blockchain intelligence, Burn Address, BUSD, BUSD redemptions, BUSD stablecoins, Charges, circulating supply, Circulation, crypto economy, Cryptocompare, cryptocompare.com, Cryptocurrency, Exchange, fully-backed, Global Trade Volume, halting, Market Capitalization, Market Trends, minting, Nansen, NYDFS, Pax dollar, PAXG, Paxos, Paxos Trust Company, Portfolio Tool, press release, Redeemable, redemptions, Stablecoin, stablecoin news, Stablecoins, Statistics, Supply Shrinkage, Tether, trade volume, trading, Turkish Lira, USDC, USDP, USDT What do you think the future holds for BUSD in light of these recent developments and redemptions? Share your thoughts in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Bitcoin Bitcoin Continues To Record Blocks Above The 3.75 MB Range As Ordinal Inscriptions Near 150,000 As Ordinal inscriptions approach the 150,000 mark, blocks larger than 3 MB have become commonplace, with many blocks near the 4 MB range.Meanwhile, after the average transaction fee on-chain rose 122% higher at the beginning of February 2023, the average fee has remained the same over the last few weeks and is currently coasting along at $1.77 per transfer.Ordinal Inscriptions Close in on Reaching 150K Milestone On Feb.19, 2023, the number of Ordinal inscriptions is approaching 150,000 after a significant increase in demand since the end of January.
A week ago, Bitcoin.com News reported that blocks larger than 3 MB are now commonplace and are being mined regularly.This has increased the average block size, which is calculated by adding up the total of all block sizes mined in a day and dividing the total by 144, which is the average number of blocks mined daily.Statistics from ycharts.com show that the average block size reached a high of 2.525 MB on Feb.12, 2023.The average block size has decreased and was 2.114 MB on Feb.
18, 2023.Along with the blocks larger than 3 MB, there are also an increasing number of blocks near the 4 MB range being mined.According to statistics from blockchair.com, a long list of blocks that are 3.75 MB or larger has been mined.For example, block heights #774,628, #777,302, #776,310, #777,320, and #777,303 are all 3.93 MB or larger.All of the blocks larger than 3.75 MB have been mined in February.
Average onchain fees for Bitcoin have remained stable after a 122% increase in average fee costs during the first week of Feb.2023, and have continued to be within the range of $1.7.On Feb.15, 2023, BTC fees did increase to a high of $2.465 per transfer.As of Feb.
18, 2023, median-sized fees are roughly 0.00003 BTC or $0.744 per transfer.Median fees on Bitcoin have also remained stable after the initial increase during the first week of February.Only four days ago, the number of Ordinal inscriptions hit 100,000, and now it is steadily approaching 150,000.As of the time of writing, there are approximately 145,630 Ordinal inscriptions embedded into the Bitcoin blockchain.Tags in this story Bitcoin, Block Size, Blockchain, Blockchain Explorer, Consensus, Cryptocurrency, Cryptography, Decentralized, Demand, Digital Asset, Digital Currency, Economy, encryption, Finance, Hardware, Innovation, investment, market, Marketplaces, mining, minting, network, NFTs, nodes, on-chain fees, Ordinal inscriptions, ordinal marketplace, ordinal support, Ordinal Trend, ordinals, ordinalsbot.com, Peer-to-peer, Scalability, Security, Software, technology, trading, Transaction, volatility, Wallets What do you think about Ordinal inscriptions coming awfully close to reaching 150,000? Share your thoughts in the comments section below.
Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons art world.NFT Sales Surge Over 43% In Past Week, Topping $397 Million Sales of non-fungible token (NFT) assets over the last seven days rose 43.97% compared to the previous week, according to statistics recorded on Feb.
18, 2023.The volume of NFT sales reached $397.86 million this week, with 345,716 NFT buyers and roughly 1.62 million transactions.NFT Sales Continue to Rise in 2023, Ethereum Dominates NFT Sales with 90% Market Share In the past week, sales of non-fungible tokens (NFTs) have surged, rising more than 43% higher than the previous week, according to statistics from cryptoslam.io.NFT sales totaled $397.86 million this week, with the number of buyers increasing by more than 77% to 345,716.Sales of NFTs on the Ethereum blockchain dominated, accounting for $360.32 million, or just over 90% of total sales.Sales of non-fungible tokens (NFTs) on the Ethereum blockchain led the way, with $360.32 million in sales, a 54.77% increase from the previous week.
Solana-based NFT sales followed with $18,790,359, down 7.47% from last week.In terms of seven-day sales, Ethereum and Solana were followed by Polygon, Immutable X, and Binance Smart Chain, respectively.The top-selling collection of non-fungible tokens (NFTs) this week was Otherdeed, with total sales of $47,043,296.
Otherdeed’s sales increased 160.21% compared to the previous week.Following Otherdeed were Azuki, Moonbirds, Mutant Ape Yacht Club (MAYC), and Bored Ape Yacht Club (BAYC).While Azuki’s sales increased by 174.98% this week, Moonbirds’ NFT sales rose 502.43% from last week.
According to weekly metrics from both dappradar.com and Dune Analytics, the NFT marketplace Blur has outpaced the leading market, Opensea, this week.Dune’s statistics show that Blur captured more than 66% of the market share, while Opensea accounted for 23.9%.Dappradar.com shows that the top five marketplaces this week across various chains were Blur, Opensea, X2Y2, Immutable X Marketplace, and Lookrare, respectively.Tags in this story art world., Auctions, Azuki, Binance Smart Chain, Blockchain, Blur, Bored Ape Yacht Club, Buyers, Collectors, Cryptocurrency, dappradar.com, Digital Art, digital ownership, Dune Analytics, Ethereum, Immutable X, investment, Lookrare, Market Share, Marketplace, Moonbirds, Mutant Ape Yacht Club, NFTs, Non-fungible tokens, Opensea, Otherdeed, Polygon, sales, Solana, X2Y2 What are your thoughts on the recent surge in NFT sales this week? Do you think this trend will continue in the future? Share your thoughts in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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