Techonomy

What is ICO? Initial Coin offering (ICO) is a fund raising campaign by startups. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies but usually for Bitcoin. It is also called as Initial Public Coin Offering (IPCO) Deeper to the ICO! In a cryptocurrency startup firm, if they would want to raise money through an ICO, it usually creates a plan on a whitepaper which states what the project is about, what need the project will fulfill upon completion, how much money is needed to undertake the venture, how much of the virtual tokens the pioneers of the project will keep for themselves, what type of money is accepted, and how long the ICO campaign will run for. These coins are similar to shares of a company sold to investors in an Initial Public Offering (IPO) transaction. If the money raised does not meet the minimum funds required by the firm, the money is returned to the backers and t...

Bitcoin - private key Private key is an important part in moving and storing Bitcoin. The easiest way to understand private keys is to think about an old-fashioned mailbox system: Let's say Maria wants to send mail to Peter. First she needs to know what Peter's mailbox address is. Let's say Peter's mailbox is number 2001. Similarly, if she wants to send Bitcoin to Peter, she needs to know his Bitcoin address, which is a number that uniquely identifies him. This is also sometimes called his wallet address or public key , which functions similar to your bank account number. It's a long and complicated number because there are so many Bitcoin post boxes in the world. So now Maria deposits the Bitcoin in Peter's mailbox. She can have a peek inside and see the Bitcoin there, in fact anyone who walks by can see that mailbox 2001 is filled with one Bitcoin. This is part of the exciting part of Bitcoin - that everyone can see all the transactions but without an...

- What is it? A digital currency, used to make payments of any value without fees. In other word, it means cryptocurrency is one of the category under digital money. It runs on the blockchain, a decentralised ledger kept running by 'miners' - the computers, and are rewarded in bitcoins. the money of future maybe? - Who invented it? Satoshi Nakamoto, a secretive internet user, invented bitcoin in 2008 and went online in 2009. Satoshi is now not yet been identified. No one really know who or what Satoshi is... - What's it for? People see value in money free from government control and the fees banks charge; as well as the blockchain, to verify transactions. Bitcoin has been seen as a tool for private, anonymous transactions and it's the payment of choice for drug deals and other illegal purchases - What is Bitcoin Cash? In August 2017, the blockchain forked to support another cryptocurrency, Bitcoin Cash, which is optimised slightly differently. People who held...

Digital Currency Digital currency is a payment method which exists only in electronic form and is not tangible. Digital currency can be transferred between entities or users with the help of technology. Although it is similar to physical currencies, digital money allows borderless transfer of ownership as well as instantaneous transactions. Digital currency is also known as digital money and cybercash. Digital currency currently has only a limited user base and regulatory framework as well as tax treatments of digital currencies is still evolving. In Malaysia, any regulatory framework on digital currency isn't yet to the specific level that should be. Cryptocurrencies and virtual currencies are categories of digital currencies. Digital currencies can eliminate intermediaries, process steps and costs unlike the traditional payment methods. It can also help in making the funds flow more simple and transparent. At present, digital currencies are not accepted by bank and as a re...

Today of 4th September 2017, It's only a short 4 days, the whole bitcoin value has been descended in a range of 100USD to 700 USD. The Questions is WHY? On 2nd September (Saturday), the bitcoin has been rose to a peak where it reached above 5000USD for the first time. In Malaysia currency, it reached above RM 21 thousands for the first time, it is a good thing if you sell at that time but you never know when is the peak. So why do I say it's a good thing? The price drops as there is the biggest sell off. At press time, the total value of all publicly traded cryptocurrencies was $166billion, a figure that was down more than 7 percent from a high of nealy $180 billion. The decline was similar to what was observed on bitcoin, with average global prices declining from a high of $5,013.91 to a low of $4,619.97, a more than $250 decline. The largest sell off in cryptocurrency market since mid-July has make the price of bitcoin drop largely and rapidly. It is really shows tha...

What is Bitcoin mining? Bitcoin is one big global ledger system that records transactions from one person to another. Someone has to make sure that all the transactions are recorded properly and that the ledgers on all the systems are synchronized all over the world. For bitcoin, this process is not done by the 'someone' or any people but by thousands of computers all over the world that are all connected to the internet. These computers are known as the 'miners' - the computer that process transactions. To do this processing in a very secure way, these computers need to perform very complicated calculations that take a lot of computing power, and in turn, require a lot of energy and expensive and specialized processing equipment. Other than that, someone has to pay all this equipment and electricity for all the processing. Remember, people that are professional on this is very needed too. Another way to look at it is to consider what would happen if a large b...

How is the price of bitcoin been calculated? Price of bitcoin is actually calculated like how other currencies and objects value been calculated. Let's examine how we price an orange.... Well, it depends. As a starting point one would derive the price of an orange based on two things: how much someone is trying to sell it for, and how much another person is trying to buy it for. If John wants to sell it for USD 2.50 and Sarah is ready to pay USD 2.00 , there is no deal. But if they agree on a price that works for both, let's say USD 2.25, then the transaction will happen. If during a festive seasons where oranges are needed, the price will go up. Like the other side, if there is a drought the supply of oranges will become less, so more people are trying to buy less oranges which can also drive the price up. It's just like a demand-supply theory in economy. Bitcoin and other currencies are a bit different from oranges in that they are what is called 'homogeneous...

Decentralization  Blockchain is actually a decentralized technology. Anything that happens on it is a function the network as a whole. A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. Bitcoin is managed by its network and not any one central authority. Decentralization means the network operates on a user- to user (peer to peer) basis. Who uses blockchain? The world bank estimates that over $430 billion US in money transfer were sent in 2015 and at that moment there is a high demand for blockchain developers. Finance offers the strongest use cases for the technology. The blockchain potentially cuts out the middleman for these types of transactions. The most common think we can see that is devised for the blockchain are the so-called 'wallet' applications, which people use to buy things with Bitcoin, and store it along with other cryptocurrencies. Blockchain and its security  By storing data acr...

Bitcoin - the digital gold Gold - it has no value on it. Its values comes from the fact everyone thinks that it is valuable and its become valuable. Gold has characteristic that make it a better 'store of value'. 1. It is rare and limited supply. 2. it is malleable. - can be into smaller unit and most importantly they are still the same value after become into a smaller unit. 3. it is stable and doesn't degrade. 4. easy to recognise As for bitcoin, Bitcoin has all the same characteristics and MORE 1. it has limited supply ( only specific amount of Bitcoin exists and still producing) 2. it can be made into smaller units without losing unit value (1 Bitcoin = 100,000,000 Satoshis) 3. Its technology make it very stable and wont degrade 4. * you can move Bitcoin anywhere you want within minutes. 5. Bitcoin has value as a payment system Bitcoin as internet? Bitcoin is similar to internet. It's not owned by anyone, so anyone can use it as they please! This is...

Blockchain technology? Blockchain is actually a way or new internet where allowing digital information to be distributed but not copied. Digital currency the bitcoin, is one who uses this technology. Not understand blockchain? nevermind, the inforgraphic below could brings you deeper into what is blockchain as well as what is Crytocurrency . Blockchain is currency used by many industry mostly in gaming industry. Almost 91 billion market revenue had been created only in gaming industry. This is one of the most surprising fact happen to be with this technology. The Strength of Blockchain Blockchain technology is like the internet in that it has a built-in robustness. Blockchain stores blocks of information across all the networks and cannot be controlled by any single entity. The blockchain is transparency. All data is embedded within the network as a whole - the public. It also cannot be corrupted. Altering any information on the blockchain need a huge amount of computing p...

What is Bitcoin? Many people think that bitcoin is very complicated. Some of them still thinking it is like a shares! you buy and you wait for it to rise so you can earn. But what is bitcoin? Bitcoin is something comes with new technology with few combination that we are already have using now : 1. it allows you to move your money, bitcoin as a payment such as bank transfer 2. bitcoin is something like golds just its mobility is more advance 3. No one has control on bitcoin as bitcoin is like an internet! Where did bitcoin come from? Bitcoin was invented by a person or a group of people using the name of "Satoshi Nakamoto". No one has exactly know who are them or her or maybe a him. 'Satoshi' designed the bitcoin system in an 'open source' manner - which means that the code is available for everyone to inspect and no secrets are hidden. Over times, this code has been very different from the initial outline 'Satoshi' Proposed. Bitcoin as a p...

1. Crytocurrencies 2. Crowdfunding 3. Online banking All this are new fintech terms that are largely use in the market now. Questions that people are now facing are whether to choose... 1. traditional retail vs online banking 2. asset manager vs robo advisor 3. old fashion lender vs peer to peer lender But is everyone ready for this? Purpose of Fintech in Malaysia: 1. Faster 2. reduce cost - in term of operational cost and delivering cost - blockchain perhaps? 3. customer segment - from online merchant BNM is now trying to enable digital ID and making the use of blockchain in the society. BNM is also comes out the sandbox framework. Sandbox framework enable startup from fintech field to test their idea. Meaning to say that startups wouldn't fall too heavily if fail in this sandbox framework. Currently there are 2 Malaysia startup joins this sandbox which are gatecover and moneymatch. Many start up faces the challenges of not understanding the regulatory rules s...