Six Things You Didn’t Know About Cloud-Currency

Six Things You Didn’t Know About Cloud-Currency

Six Things You Didn’t Know about Cloud-Currency

50-facts-about-bitcoin-infographic

News broke recently about a massive securities failure at leading Bitcoin currency exchange MtGox. Formerly the world’s largest Bitcoin exchange, MtGox filed for banckruptcy following a combination of inexperience, gross mismanagement and criminal negligence that saw hackers steal $460 million from its accounts.

With the future of cloud-based crypto-currencies now firmly under the spotlight, we take the opportunity to look back at six little known facts about the online phenomenon.

1. Illegal

While the popularity of Bitcoin has been rocketing in the West, the attraction of an online digital currency wasn’t so attractive to lawmakers in Thailand. In July 2013 the South-East Asian country became the first jurisdiction in the world to ban it, citing a lack of regulation and capital control.

2. Mining in the Cloud

‘Mining’ is the term given to receiving Bitcoins as payment for allowing your computer’s processing power to be used to maintain the company’s software. Cloud mining is a new concept that allows users to form groups and complete all their mining in the cloud via massive data centres, rather than using their own equipment. This removes frequent mining issues such as connectivity problems, electricity consumption and hosting difficulties.

3. Bitcoins vs Gold

Not many things in the world are worth more than gold, but Bitcoin achieved this distinction in November 2013 when a single unit of the crypto-currency was briefly more valuable than an ounce of the precious metal.

4. 21,000,000

Bitcoins are more akin to a finite commodity than a currency. Only 21 million Bitcoins are ever going to be made available, leading to a high risk of deflation if the cloud-based money becomes widely adopted as a payment method. Although the release of Bitcoins is designed to continue for a long time, in practical terms the supply will start dwindle rapidly around 2028.

5. Satoshi Nakamoto

Purportedly the founder of Bitcoin – no one knows who he is, his nationality, or if ‘he’ is actually a group of people. Satoshi and his group have had no involvement with the currency since 2010 – yet are believed to be owners of more than 1 million Bitcoins, an amount equivalent to 1.1 billion USD.

6. One of Many

Although it is the most well-known, Bitcoin is not the only crypto-currency available. Competitors include Dogecoin, Litecoin and Namecoin, and each have alternative benefits with different operational methods.

What do you think is the future of cloud-based currencies? Is crypto-money here to stay, or is it a passing fad with no real value? Let us know in the comments below…

By Daniel Price

(Infographic Source: http://www.whoishostingthis.com)

About Daniel Price

Daniel is a Manchester-born UK native who has abandoned cold and wet Northern Europe and currently lives on the Caribbean coast of Mexico. A former Financial Consultant, he now balances his time between writing articles for several industry-leading tech (CloudTweaks.com & MakeUseOf.com), sports, and travel sites and looking after his three dogs.

Find out more
View All Articles

One Response to Six Things You Didn’t Know About Cloud-Currency

Comic
Fully Autonomous Cars: How’s It REALLY Going To Work?

Fully Autonomous Cars: How’s It REALLY Going To Work?

Pros and Cons and What the Experts Think Science fiction meets reality, and modern civilization is excitedly looking forward to the ubiquity of self-driving cars. However, an omnipresence of fully autonomous cars won’t happen as quickly as even some hopeful experts anticipate. While the autonomous car pros versus the cons race (See infographic discovered via…

The Lighter Side Of The Cloud – Bottlenecking

The Lighter Side Of The Cloud – Bottlenecking

By David Fletcher Please feel free to share our comics via social media networks such as Twitter, Facebook, LinkedIn, Instagram, Pinterest. Clear attribution (Twitter example: via @cloudtweaks) to our original comic sources is greatly appreciated.

Recent Articles - Posted by
Fintech Systems, Advancements and Investments

Fintech Systems, Advancements and Investments

Fintech Growth According to a recent report, global investment in fintech companies including both venture-backed and non-venture-backed businesses reached $9.4 billion in the second quarter of 2016; investment in venture capital-backed fintech startups, however, fell by 49%. Nevertheless, the Pulse of Fintech, published jointly by KPMG International and CB Insights, suggests venture capital investment in…

How Identity Governance Can Secure The Cloud Enterprise

How Identity Governance Can Secure The Cloud Enterprise

Securing The Cloud Enterprise Cloud adoption is accelerating for most enterprises, and cloud computing is becoming an integral part of enterprise IT and security infrastructure. Based on current adoption trends, it’s clear that the vast majority of new applications purchased by organizations will be SaaS applications. The allure is evident, from cost savings to speed…

Protecting Devices From Data Breach: Identity of Things (IDoT)

Protecting Devices From Data Breach: Identity of Things (IDoT)

How to Identify and Authenticate in the Expanding IoT Ecosystem It is a necessity to protect IoT devices and their associated data. As the IoT ecosystem continues to expand, the need to create an identity to newly-connected things is becoming increasingly crucial. These ‘things’ can include anything from basic sensors and gateways to industrial controls…

Adopting A Cohesive GRC Mindset For Cloud Security

Adopting A Cohesive GRC Mindset For Cloud Security

Cloud Security Mindset Businesses are becoming wise to the compelling benefits of cloud computing. When adopting cloud, they need a high level of confidence in how it will be risk-managed and controlled, to preserve the security of their information and integrity of their operations. Cloud implementation is sometimes built up over time in a business,…

Cloud-based GRC Intelligence Supports Better Business Performance

Cloud-based GRC Intelligence Supports Better Business Performance

Cloud-based GRC Intelligence All businesses need a strategy and processes for governance, risk and compliance (GRC). Many still view GRC activity as a burdensome ‘must-do,’ approaching it reactively and managing it with non-specialized tools. GRC is a necessary business endeavor but it can be elevated from a cost drain to a value-add activity. By integrating…

Your Biggest Data Security Threat Could Be….

Your Biggest Data Security Threat Could Be….

Paying Attention To Data Security Your biggest data security threat could be sitting next to you… Data security is a big concern for businesses. The repercussions of a data security breach ranges from embarrassment, to costly lawsuits and clean-up jobs – particularly when confidential client information is involved. But although more and more businesses are…

The Cloud Is Not Enough! Why Businesses Need Hybrid Solutions

The Cloud Is Not Enough! Why Businesses Need Hybrid Solutions

Why Businesses Need Hybrid Solutions Running a cloud server is no longer the novel trend it once was. Now, the cloud is a necessary data tier that allows employees to access vital company data and maintain productivity from anywhere in the world. But it isn’t a perfect system — security and performance issues can quickly…

Cloud Infographic – What Is The Internet of Things?

Cloud Infographic – What Is The Internet of Things?

What Is The Internet of Things? “We’re still in the first minutes of the first day of the Internet revolution.”  – Scott Cook The Internet of Things (IOT) and Smart Systems are based on the notions of Sensors, Connectivity, People and Processes. We are creating a new world to view and measure anything around us through…

Cloud Infographic – Interesting Big Data Facts

Cloud Infographic – Interesting Big Data Facts

Big Data Facts You Didn’t Know The term Big Data has been buzzing around tech circles for a few years now. Forrester has defined big data as “Technologies and techniques that make capturing value from data at an extreme scale economical.” The key word here is economical. If the costs of extracting, processing, and making use…

5 Ways The Internet of Things Will Drive Cloud Growth

5 Ways The Internet of Things Will Drive Cloud Growth

5 Ways The Internet of Things Will Drive Cloud Growth The Internet of Things is the latest term to describe the interconnectivity of all our devices and home appliances. The goal of the internet of things is to create universal applications that are connected to all of the lights, TVs, door locks, air conditioning, and…

Surprising Facts and Stats About The Big Data Industry

Surprising Facts and Stats About The Big Data Industry

Facts and Stats About The Big Data Industry If you start talking about big data to someone who is not in the industry, they immediately conjure up images of giant warehouses full of servers, staff poring over page after page of numbers and statistics, and some big brother-esque official sat in a huge government building…

5 Essential Cloud Skills That Could Make Or Break Your IT Career

5 Essential Cloud Skills That Could Make Or Break Your IT Career

5 Essential Cloud Skills Cloud technology has completely changed the infrastructure and internal landscape of both small businesses and large corporations alike. No professionals in any industry understand this better than IT pros. In a cutthroat field like IT, candidates have to be multi-faceted and well-versed in the cloud universe. Employers want to know that…

Unusual Clandestine Cloud Data Centre Service Locations

Unusual Clandestine Cloud Data Centre Service Locations

Unusual Clandestine Cloud Data Centre Service Locations Everyone knows what the cloud is, but does everybody know where the cloud is? We try to answer that as we look at some of the most unusual data centre locations in the world. Under the Eyes of a Deity Deep beneath the famous Uspenski Cathedral in the…