Gold and Bitcoin were even ahead of the market

Money is the same. Gold and the dollar are two sides of the same coin, and when the US economy was generally good, gold tended to be sold. However, recently, despite the booming US economy, gold has been bought and the price has soared further due to the spread of the virus.

In fact, there was a move in the bitcoin market as well. Bitcoin, which had been sluggish at 1 BTC = $7,000 level, began to rise significantly from the beginning of the year, rose to the $9,000 level in February, and temporarily exceeded $10,000 and became a vigorous transaction. After that, it is the same as the yen and gold that have started to decline.

Bitcoin was first seen to move, and then it spread to the gold and foreign exchange markets, which eventually led to a decline in the stock market. What does this all mean?

Future of the bitcoin in market

Investors in bitcoin and gold futures are so keen that it’s not hard to imagine the earliest perceived effects of the coronavirus. However, considering that the yen was sold in the foreign exchange market, coronavirus may not be the only cause.

It is natural to think that there is concern about the recession of the US economy, which is emerging as a common uncertain factor among investors worldwide, behind the price movement.

This means new financial services provided using various IT technologies, but in connection with such “Fintech,” the innovative thing called “blockchain” is currently attracting the most attention. It’s technology.

When you hear it as a blockchain, many people associate it with the popular virtual currency “bitcoin”. Certainly, blockchain was invented as the core technology of Bitcoin. However, this innovative technology has the potential to be applied not only to the world of virtual currencies but also to any business.

In the case of fiat currencies issued by the government of each country, of course, the government guarantees their reliability. On the other hand, virtual currency such as Bitcoin has neither an issuer nor a centralized administrator. The reason for its widespread use around the world is that it uses blockchain technology to open a common ledger, which is the history of transactions, and programs that operate the system.

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This means new financial services provided using various IT technologies, but in connection with such “Fintech,” the innovative thing called “blockchain” is currently attracting the most attention. It’s technology.

When you hear it as a blockchain, many people associate it with the popular virtual currency “bitcoin”. Certainly, Crypto Engine is invented as the core technology of Bitcoin. However, this innovative technology has the potential to be applied not only to the world of virtual currencies but also to any business.

In the case of fiat currencies issued by the government of each country, of course, the government guarantees their reliability. On the other hand, virtual currency such as Bitcoin has neither an issuer nor a centralized administrator. The reason for its widespread use around the world is that it uses blockchain technology to open a common ledger, which is the history of transactions, and programs that operate the system.

For example, in Bitcoin, all transaction histories are disclosed to the whole world, and approved by the consensus formation by computers and their managers scattered all over the world. A group of agreed transaction records is called a block, and connects to a ledger in which all past transactions are recorded in a chronological order like a chain. This is the origin of the name blockchain.

Each block contains tampering prevention information based on the transaction information of past blocks called hash values, etc.

In other words, if one block is tampered with, all subsequent blocks will have to be tampered with, thus exhibiting excellent tamper resistance. In addition, computers and participants around the world can monitor and collaborate with each other to create a more robust and transparent system.

Following the success of virtual currencies such as Bitcoin, blockchain has received a great deal of attention in recent years, accelerating the move toward business introduction around the world. In Japan, many IT companies have started to create a system for “business application that goes beyond just finance.”

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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