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Showing posts from July, 2021

WHAT IS DEFI AND WHY DOES IT MATTER?

  Things have been changing rapidly in the crypto space and DeFi happens to be an ongoing trend and it's quite an interesting space to be. DeFi is the short form for decentralized finance and it was designed as a financial system that is accessible to everyone and reduces the need to hope and count on a central authority like banks and brokerages. It is dependent on no single entity and utilizes smart contracts on Blockchain (a public database where thousands of computers all over the world verifies transactions). Now, I know you are wondering what exactly are smart contracts? Smart contracts are simply self executing codes stored on the blockchain. For example, let's say you want to send money to a friend tomorrow, only if the temperature gets to 30°C, such orders can be put down in a smart contract. Let's continue… Decentralized finance stores all transactions on the blockchain and this reduces the risk of hackers focusing on banks to steal your funds. Below are the follo

An Additional Blow: Central Bank of China Closes a Company That Aids Cryptocurrency Transactions.

  China haven't stop repeating its combative position in opposition to the cryptocurrency corporation as it stares up another threat targeted at native firms. A local company that was suspected to be rendering software services to Cryptocurrency companies have been closed by People's Bank of China. As usual, the price of bitcoin fell following the unfavorable news. It was reported that China's central bank shut down a company known as Beijing Tongdao Cultural Development Co. because they were suspected to have been aiding software assistance to firms carrying out cryptocurrency transactions. They also stated that their position about cryptocurrency still stands and they are not ready to reconsider because of high risks for investors and all those involving themselves in the cryptocurrency industry.  The statement "seriously" threatened every applicable institutions not to aid virtual currency-linked services in any way at all. The Public Bank of China said that cu

Crypto Trading Platforms in India are Still Finding it Difficult to Fix Banking Collaborators

  The banking services in India still stands on restricting access to Crypto exchanges in the country. The banks show no interest in doing business with exchanges located in India. As maintained by Reuters on Thursday, Crypto exchanges in India are still not able to register accounts with the banks. Despite the fact that there's no ban on crypto in the country, banks are still taking action as regards the advice of Reserve Bank of India (RBI) to avoid crypto exchanges. In May, RBI stated its take about the issue, declaring that banks have not been stopped from aiding transactions for crypto exchanges. As a matter of fact, India's Supreme court reversed a preceding FBI order that stopped banks from aiding account assistance to crypto exchanges. The restricted access to banking services causes huge disturbances such as hindering the range of immediate payments for withdrawals. Since banks are still reserved, crypto exchanges in India are starting to think about other payment deal