Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.submitted by mickhagen to genesisblockhq [link] [comments]
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
Bitcoin: The First CryptocurrencyThere are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.Bitcoin has two primary features (as do most other cryptocurrencies):
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
Public AwarenessA few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.https://preview.redd.it/dnuwbw8mfu951.png?width=800&format=png&auto=webp&s=6f1f135e3effee4574b5167901b80ced2c972bda
Ethereum: Programmable MoneyWhen Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
Digital Gold RushJust as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.
DeFi: Decentralized FinanceSo as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.
Wrap UpI know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
Other Ways to Consume Today's Episode:
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
Binance. Binance CEO Says He Fully Expects DeFi to Cannibalize His Crypto Exchange . Muyao Shen Sep 29 ... Money2020 Bitcoin and Blockchain Square Off at Money20/20. Pete Rizzo Oct 29, 2015 ... Bitcoin goes Retail; Binance invests in MobileCoin; Vitalik vs. CoinDesk The Blockchain Bitcoin & Crypto Weekly CXO Briefing is all you need to know, each week, jargon free for CXO level business leaders and investors who will use this technology to change the world. Each week we select the 3 news items that matter and explain why and link to one expert opinion . For the intro to this weekly ... Der weltweit grösste Bitcoin-Exchange Binance hat vor Kurzem ihren US-Amerikanischen Ableger Binance.US gestartet. Binance gilt als die weltweit größte Plattform, die einen Handel von Kryptowährungen ermöglicht. Die Krypto-Exchange hat nun am 24. September ihren US-Amerikanischen Ableger gestartet. Der Launch der neuen Plattform soll die Einhaltung aller regulatorischen Anforderungen der ... Jed McCaleb started Mt. Gox which was the biggest bitcoin exchange. He made XRP but that was shit so he made XLM. Have you seen the transaction times on XLM it makes BTC and ETH look like a joke. The wallets are so easy to setup and send funds. The next wave of ICOs or whatever you want to call them, will increase XLM value astronomically. level 2. 7 points · 1 year ago. The next wave of ICO ... In binance exchange platform, they have million of active users and so many virtual coins to perform trading like bitcoin, ethereum, litecoin and lot more. If you are hunting for a script exactly similar to Binance clone software, then, you are on the right place to buy Binance Clone Script, stay in touch with our experts. Book your Demo! Binance’s certainty is that regardless of what will happen, Bitcoin is here to stay, all the more so at this time when the Covid 19 pandemic has revolutionized the world economy. Binance says there’s a need for a currency that resists censorship, without controls, without borders and that is set not to devalue itself. Bitcoin News Schweiz. Endlich ist es soweit: Die erste Luxusimmobilie wird für Binance Coin, die Währung des grössten Exchange Binance, verkauft. Customers can trade on our industry-grade, low-latency exchange. Enjoy the tools that professional speculators use to maximise profit and minimise risk, and cash out to a wide range of currencies when you are finished - from your computer, smartphone or any mobile device. More about trading. Accept cryptocurrencies payments. Offer your customers the world’s fastest, safest and cheapest ... With the entry of Binance, the largest crypto exchange, the association will be able to boast their experience, explained the Chairwoman of the Board of the Blockchain for Europe, Maria Minaricova: “At Blockchain for Europe we are very excited to welcome Binance, the world’s largest cryptocurrency exchange, to join our global team of blockchain industry leaders. The exchange data collected by CMC is now at the fingertips of Binance, giving them surveillance capabilities. It’s unlikely that other exchanges will want to see Binance monetizing their data and using it with the best traffic generation platform in the crypto industry. Binance rushed when it had CMC change its ranking algorithm.
[index]          
This video is a brief introduction on #Options Trading in #Binance JEX Exchange Binance JEX belongs to Binance.com. Here in Binance JEX, you can trade #Bitcoin Futures, Bitcoin Options, Ethereum ... New Binance exchange tutorial 2020. How to deposit and withdraw, how to use the exchange itself and we also discuss some more features of the Binance platfor... CZ, founder and CEO of Binance, is LIVE with us to answer ALL your questions regarding bitcoin, binance, and cryptocurrency in 2020! [This is NOT sponsored!]... Binance para iniciantes - veja como usar essa exchange de Bitcoin! Tutorial 2019/2020 - Link: https://cryptotchaps.com/link/binance • Binance: https://crypto... how to open Binance exchange to buy bitcoin #cryptotradingexchange #binance # howtoopen Binance link: https://www.binancezh.pro/en/register?ref=XW91KRSO buyi... BINANCE - TUTORIAL COMPLETO DA MELHOR EXCHANGE DE CRIPTOMOEDAS ⭐Link de Cadastro BINANCE: http://bit.ly/2Diq0zk 📞Contatos: 📝Email: [email protected] A B... Binance Sign-up: https://www.binance.com/?ref=11298765 Binance Update & Beginners Tutorial 2020 (How to Trade Crypto on Binance). In this video, I take you... Link de afiliado de Binancehttps://bit.ly/BinanceTradingExchangeEn este vídeo explico de manera sencilla como crear una cuenta en Binance para poder hacer tra... Support our channel by using the Brave browser, browse up to 3 times faster, no ads, get rewarded for browsing: http://bit.ly/35vHo0M Short-selling is an inv... Find out how to set up the software Meta Trader 4 to trade cryptocurrencies like Bitcoin and Litecoin on the btc-e exchange.