EUR/USD 1.17418
0.014%
Gold 4342.65
0.101%
Oil 56.725
0.049%
USD/JPY 155.472
-0.139%
GBP/USD 1.33742
-0.001%
GBP/JPY 207.936
-0.133%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to Futures News on December 18, the holdings of the worlds largest gold ETF, SPDR Gold Trust, were 1,052.54 tons, an increase of 0.85 tons from the previous trading day.Sources say the U.S. Federal Trade Commission is investigating Instacart, a U.S. retail media and delivery company, for its AI pricing tool.The U.S. House of Representatives passed the Republican healthcare bill without extending the Affordable Care Act subsidies.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.47% to 47,885.97 points, the S&P 500 fell 1.16% to 6,721.43 points, and the Nasdaq Composite fell 1.81% to 22,693.32 points. Caterpillar fell more than 4%, and Nvidia fell nearly 4%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 2.03%, Tesla fell more than 4%, and Google fell more than 3%. Most Chinese concept stocks fell, with 21Vianet and NIO falling more than 3%. AI-related stocks were generally under pressure as investors weighed the latest U.S. economic report. 2. European stock indices closed mixed. The German DAX index fell 0.02% to 24,072.25 points, the French CAC40 index fell 0.25% to 8,086.05 points, and the UK FTSE 100 index rose 0.92% to 9,774.32 points. Both the German and French indices saw slight declines, influenced by pressure on technology stocks and adjustments to the EUs fuel vehicle policy, resulting in a generally cautious market. UK stocks rose as inflation fell to an eight-month low, reinforcing expectations of interest rate cuts. 3. US Treasury yields were mixed. The 2-year Treasury yield rose 0.43 basis points to 3.483%, the 3-year yield remained unchanged at 3.528%, the 5-year yield rose 0.36 basis points to 3.698%, the 10-year yield rose 1.36 basis points to 4.153%, and the 30-year yield rose 1.72 basis points to 4.827%. 4. Trump ordered a blockade of Venezuelan oil tankers, with prices reported at $56.74 per barrel; Brent crude oil futures rose 2.85% to $60.6 per barrel. 5. International precious metals futures generally closed higher, with COMEX gold futures rising 0.90% to $4371.40 per ounce and COMEX silver futures rising 4.92% to $66.44 per ounce. Federal Reserve officials issued a series of cautious statements, US economic data was complex, and geopolitical tensions in Europe affected market risk aversion. 6. London base metals rose across the board. LME tin rose 3.05% to $42,275.00/ton, LME copper rose 1.30% to $11,742.50/ton, LME aluminum rose 1.03% to $2,906.00/ton, LME zinc rose 0.99% to $3,071.50/ton, LME lead rose 0.98% to $1,961.00/ton, and LME nickel rose 0.72% to $14,365.00/ton.U.S. cannabis stocks rose across the board in after-hours trading, with Tilray Brands up over 4%, Canopy Growth up nearly 7%, and Aurora Hemp up over 2%. Reports indicate that Trump plans to sign an executive order on Thursday to reclassify cannabis.

Introduction to Cryptocurrency

Eden

Oct 25, 2021 13:27

What is virtual currency?


Virtual currency, also known as Cryptocurrency, is an electronic currency used cryptography and distributed ledger technology to create. It is safe, anonymous, and can track its own performance.  The names we often hear like Bitcoin, Ethereum, OKCoin, etc. are all virtual currencies.


Origin


Cryptography is a doctrine about information encryption, and is usually applied at confidential transmission of information and verification function. Since 1988, people have been trying to develop decentralized electronic currency by adapting encryption protocols and distributed networks. It was not until the emergence of Bitcoin in 2008 that the dream of virtual currency was truly realized.


Bitcoin


On November 1, 2008, an individual or team calling themselves "Satoshi Nakamoto" published a paper called "Bitcoin: Peer-to-Peer Electronic Cash System" in a cryptographic review group. The paper has introduced its latest idea of electronic money, that is, how to use a peer-to-peer network to create an electronic transaction system that doesn’t rely on trust. That is, Satoshi Nakamoto invented Bitcoin.


How does Bitcoin work? 


Bitcoin uses P2P  (peer to peer) technology, which also means "point to point ", "peer-to-peer connection", "peer-to-peer network", etc. It is a non-centralized server. Each user has the same ability and technology to exchange information with each other. Each client of the peer-to-peer network is not only a node, but also functions as a server. The generation and consumption of every bitcoin will be checked through the P2P decentralized network to avoid counterfeiting.


The new Bitcoin is produced by a P2P client computer through a mathematical operation. Complicated equations connect all the users, who also called "miners." Miners use their computer resources to solve the equations and get a small amount of Bitcoin as a reward.


Decentralization is the biggest feature of Bitcoin. Traditional currencies are issued and managed by the central banks, while Bitcoin can avoid inflation and deflation caused by the policies of central bank and human interference. It can also reduce transaction costs and is anonymous.


Application of Bitcoin


Payment: At present, the number of merchants that support Bitcoin payment is increased rapidly, such as Amazon, Steam games, Japanese Big Camera, etc. 


Investment: The total number of bitcoins is fixed at about 21 million, with a scarcity similar to gold. Many people has already invest in bitcoins for a long time. Investment is also currently the major user demand of Bitcoin.


World currency: Every country has its own legal currency, but there is no proper world currency among countries. Bitcoin can operate as long as it has a network. It is a currency that can be used by everyone in the world. It is objectively neutral and not controlled by any countries. It is expected to become a proper world currency.


Limitation and its future


Though virtual currency is close to the transaction currency used in our daily lives, its issuing agency is not monetary authority. It does not have the same legal status as legal currency and can not widely circulate in the market. Citizens investing and trading virtual currency are not protected by law. 


As such , Libra, an Cryptocurrency developed by Facebook, wants to break through this obstacle. It’s purpose is to establish a private payment system that can cover the world. In this system, Libra serves as a medium of exchange, anchoring a country's legal currency, and can be exchanged for other countries' legal currency at any time.


Suggestion