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

How Does IT Operations Management Help Enterprise IT?

How Does IT Operations Management Help Enterprise IT?

IT Operations Management Rapid change is the new constant with today’s Enterprises. There is a continuous shift in the technology landscape and the demands of the customers coupled with Enterprises wanting to stay competitive. This changing, fluid environment results in concurrent changes with IT infrastructure. Enterprises today are turning to IT Operations Management to bring…

Conquering Disease with Artificial Intelligence and IBM Watson

Conquering Disease with Artificial Intelligence and IBM Watson

Artificial Intelligence and IBM Watson Artificial Intelligence, or AI, is growing increasingly pervasive in today’s modern world. Perhaps the most publicized and recognizable application of AI to date, IBM’s Jeopardy-winning computer, Watson, is now being used to help cure cancer. IBM announced the development of Watson for Genomics on Wednesday at the National Cancer Moonshot…

The Fundamentals of Predictive Analysis

The Fundamentals of Predictive Analysis

Predictive Analysis  Article sponsored by SAS Software and Big Data Forum Analytics is playing an increasingly important role in our lives thanks in large part to internet of things (IoT) developments and a greater appreciation of Big Data. With solutions that range across business productivity, health care, individual and national security, new insights are regularly…

Clouding Around With The Unicorns

Clouding Around With The Unicorns

The Social Unicorn Early investors and technology consumers alike love the poignantly named “Unicorn” companies, or private startups that reach the $1 billion valuation. The most recent unicorn spotting is social media game-changer Snapchat, which was recently valued at $16 billion. According to a recent infographic from Alexa discovered via Adweek, Snapchat also proves to…

Achieving Network Security In The IoT

Achieving Network Security In The IoT

Security In The IoT The network security market is experiencing a pressing and transformative change, especially around access control and orchestration. Although it has been mature for decades, the network security market had to transform rapidly with the advent of the BYOD trend and emergence of the cloud, which swept enterprises a few years ago.…

Containerization: The Bold Face Of The Cloud In 2016

Containerization: The Bold Face Of The Cloud In 2016

Containerization And The Cloud “Right now, the biggest technology shift in the cloud is a rapid evolution from simple virtual machine (VM) hosting toward containerization’’ says the CTO of Microsoft Azure, Mark Russinovitch, a man who deals with the evolving cloud infrastructure every day. In his words, containerization is “an incredibly efficient, portable, and lightweight…

The Industries That The Cloud Will Change The Most

The Industries That The Cloud Will Change The Most

The Industries That The Cloud Will Change The Most Cloud computing is rapidly revolutionizing the way we do business. Instead of being a blurry buzzword, it has become a facet of everyday life. Most people may not quite understand how the cloud works, but electricity is quite difficult to fathom as well. Anyway, regardless of…

Cloud Computing Checklist For Startups

Cloud Computing Checklist For Startups

Checklist For Startups  There are many people who aspire to do great things in this world and see new technologies such as Cloud computing and Internet of Things as a tremendous offering to help bridge and showcase their ideas. The Time Is Now This is a perfect time for highly ambitious startups to make some…

Cloud Infographic – The Data Scientist

Cloud Infographic – The Data Scientist

Data Scientist Report The amount of data in our world has been exploding in recent years. Managing big data has become an integral part of many businesses, generating billions of dollars of competitive innovations, productivity and job growth. Forecasting where the big data industry is going has become vital to corporate strategy. Enter the Data…

Report: Enterprise Cloud Computing Moves Into Mature Growth Phase

Report: Enterprise Cloud Computing Moves Into Mature Growth Phase

Verizon Cloud Report Enterprises using the cloud, even for mission-critical projects, is no longer new or unusual. It’s now firmly established as a reliable workhorse for an organization and one that can deliver great value and drive transformation. That’s according to a new report from Verizon entitled “State of the Market: Enterprise Cloud 2016.” which…

Cloud Infographic – Guide To Small Business Cloud Computing

Cloud Infographic – Guide To Small Business Cloud Computing

Small Business Cloud Computing Trepidation is inherently attached to anything that involves change and especially if it involves new technologies. SMBs are incredibly vulnerable to this fear and rightfully so. The wrong security breach can incapacitate a small startup for good whereas larger enterprises can reboot their operations due to the financial stability of shareholders. Gordon Tan contributed an…

12 Promising Business Intelligence (BI) Services For Your Company

12 Promising Business Intelligence (BI) Services For Your Company

12 Promising Business Intelligence (BI) Services Business Intelligence (BI) services have recently seen an explosion of innovation and choices for business owners and entrepreneurs. So many choices, in fact, that many companies aren’t sure which business intelligence company to use. To help offer you a solution, we’ve compiled a list of 12 Business Intelligence companies…