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5G, Cryptocurrencies (such as Bitcoin), and Block Chain go Hand in Hand


Bitcoin chain

The rise of technology has led to innovations, especially in the online connection sector, enabling better communication. The 5G is a wireless communication technology that belongs to the fifth-generation technologies and supports other mobile data networks. Communicating through this network requires the use of specific communication devices, which can support wireless communication. Cryptocurrencies, on the other hand, are digital assets controlling the generation of other units of currencies. Whereas, a blockchain is a digital ledger that helps record transactions to the computer. Any alterations made to any record also alter all the other blocks.

How Will 5g Impact More Technology Than Just the iPhone

5G network used on a phone

Over the past few years, there have been endless conversations regarding the 5G connectivity on phones. This fifth-generation network has real implications on our lives that go much further than the iPhone in our pockets. Many other brands have started selling 5G phones. But what they do not realize is that it can take a few years for the network to be reliable. The 5G network represents a huge opportunity for businesses, governments, and industrial organizations. This is because many of these companies involve the use of connected devices called the Internet of Things (IoT).

Advantages of 5G

Cables connected to the internet

  • The systems having 5G sensors enable faster and informed business decisions.
  • This next generation of connectivity can assure almost anyone of faster internet speeds as compared to the other generations. In addition to that, we can already predict that workplaces will not be the same again after this Coronavirus pandemic. However, working from home has never been this easy as it is much easier seeing 5G modems in homes. It is fast and dependable and makes a strong case for effectively working from home. However, the device must be compatible with 5G before you start enjoying the high speeds.
  • There is a high possibility of this fifth-generation network staying connected to all appliances and devices. It can be both at home and in offices due to its bandwidth and improved capacity. Imagine connecting your oven to your 5G modem, and having the connection tell you if you are overheating.
  • The advancement of the 5G infrastructure will also help in database management. Employing this in healthcare systems will help to handle queries of patients remotely. With small advancement, it will reach a time where performing surgeries remotely will be possible.
  • The manufacturing and transportation centers will also be at an advantage when they shift to the 5G network. With the help of this network, there will be the invention of self-driving vehicles because of strong connectivity. The introduction of this network will make the transportation sector much safer.

Cryptocurrency

different types of cryptocurrencies

Cryptocurrency is a digital asset that specifically work as a medium of exchange. In addition to that, it uses strong cryptography, which enables it to secure all financial transactions that take place. This currency shows decentralization as opposed to the ventral banking systems or other digital currencies. Controlling each decentralized cryptocurrency works well through a well-distributed ledger technology- blockchain. The most well-known decentralized cryptocurrency is the Bitcoin, which was first released in 2009. Since the release of the Bitcoin, many companies have introduced crypto making 6000 alternatives to Bitcoin.

Cryptocurrency

Furthermore, cryptocurrencies are uses mainly outside existing banking and some governmental institutions. The Internet usually carries out the exchange. The transaction fee for this digital asset depends mainly on the network supply capacity at that specific time. It doesn’t depend upon the demand from the holder of the currency. This aids with the process of achieving a faster transaction. The currency holder has to choose the required transaction fees. The network individuals process all the available transactions in order from the highest to the lowest offered transaction fee. In addition to that, the cryptocurrency exchange offers the currency holder with alternatives to choose from. It enables them to determine which transaction will be processed in the desired time.

Exchange Mechanisms

cryptocurrency used for exchange

The exchange process in cryptocurrency allows the customers to trade their cryptocurrencies with other assets. They can also have an exchange between other different digital currencies. Some of the exchange mechanisms available for cryptocurrency customers include the following:

  • Atomic Swaps: this involves the exchange of one cryptocurrency with another cryptocurrency without necessarily requiring a third part individual for the exchange to take place.
  • Initial Coin Offering: this is a way of raising funds for new cryptocurrency business. Small businesses, which are starting up, can use this mechanism to raise funds while avoiding any further regulations.
  • Bitcoin ATMs: The founder of Robocoin, Jordan Kelley was the first to launch bitcoin ATM in 2014. This bitcoin ATM has scanners, which are able to read and process all government-issued identifications such as an identification card, or driver’s license. It is safe and only approves legit user identities.

Types of Cryptocurrencies

Variety of Cryptocurrency

Digital currencies have worked as a medium of exchange for quite some time. There are different types of cryptocurrencies, and some of the well-known cryptocurrencies include the following:

Bitcoin (BTC)

Bitcoin as a form of cryptocurrency

This is the most known type of cryptocurrency. It is also known as the original cryptocurrency. This currency used blockchain technology, which allows users to make transparent transactions. Every user can view this business deal; however, the blockchain algorithm secures the transaction. Only the owner has the advantage of decrypting the transaction with the private key. Every bitcoin owner has his own key.

Litecoin (LTC)

Litecoin as a form of cryptocurrency

This was an alternative to Bitcoin. It is a global payment network with does not require any involvement of central authorities. Litecoin and Bitcoin are different because they operate on different algorithms.

Ethereum (ETH)

Ethereum as a form of cryptocurrency

This is another type of cryptocurrency that operates on an open source platform, and is based on the blockchain technology.

Ripple (XRP)

ripple as a form of cryptocurrency

Ripple acts as a digital payment network and a cryptocurrency and aid in financial transactions. It is a global network and is one of the fastest, reliable, and low-cost means of money transfer. The advantage of using this cryptocurrency is that it exchanges any type of currency, that is, USD, gold, and euro, among others. The other currencies do not provide that advantage to their users.

Bitcoin Cash

Bitcoin type of Cryptocurrency

This cryptocurrency improves some of the features of bitcoin. It increases the sizes of blocks, in turn processing additional transactions faster than using the normal bitcoin.

Zcash (ZEC)

Zcash as a form of cryptocurrency

This digital currency was built on the original bitcoin codebase. Moreover, it was built on a decentralized blockchain and has a core feature that focuses on privacy. Users of this digital currency can send and receive Zcash without revealing the details of the amount, transacted, the sender and the receiver.

How to Purchase a Cryptocurrency

cryptocurrency used for purchasing items

The purchasing and selling process of cryptocurrencies have been made simpler over the past few months. However, before finally deciding on purchasing a cryptocurrency, there are some factors that you should put into consideration to achieve success. Some of the important factors to consider include the following:

  • Location: it is important that you find out where and how to buy cryptocurrency in your location, especially after checking the regulations that your country has put in place.
  • Payment Method: knowing the accepted payment method makes it easier when you want to purchase a cryptocurrency. Some of the commonly used payment methods include credit cards, cash or bank transfers. Moreover, different cryptocurrency websites accept different payment methods; therefore, it is important that you choose the website that suits the payment method you want to use.
  • Type of Cryptocurrency: it is important that you check the website that offers the cryptocurrency you want to purchase.
  • Cost: different buying fees are offered on different websites. Look for one, which is in accordance with what you have.
  • How much can you afford: this same rule applies in investment. You cannot invest more than you can afford. It is important, therefore, to speak to a financial advisor before investing.

What is Blockchain?

blockchain

With the constant upgrade in technology, financial service providers are seeking to provide the same financial services that the society is used to, but in a cost effective, efficient and more secure way. Blockchain is a shared database, full of entries, which must be confirmed and encrypted. This technology offers a perfect way to efficiently and securely create log of activities such as international money transfers, which are tamper-proof.

The conceptual framework of this technology is useful, especially when included in financial processes. This is because the blockchain technology offers different companies secure and digital alternatives of banking processes. Typically, banking processes are time-consuming, expensive and involves use of heavy paper work.

Current and Future Uses of the Blockchain Technology

Current and Future Uses of the Blockchain Technology

  • Companies will be at a position of fetching out their blockchain IoT solutions. This is because the technology has numerous applications, from the banking sectors to the Internet of Things (IoT).
  • The technology will also transform various sectors of the IoT and will come up with solutions that provide greater insight supply chains, assets and other company operations.
  • Blockchain technology will transform how healthcare facilities work in that it will transform how different health records and the medical devices they are connected to, store and transmit data.
  • The technology helps in addressing various issues at work, reduce costs, and improve the workflow in an organization, all of which are the main goals of any IoT project.

How Are 5g, Cryptocurrencies, and Blockchain Connected?

blockchain technology

Being that 5G is the latest generations of network, it is promised that this fifth generation network will provide fast internet speeds as compared to the past generations of network. Cryptocurrency is a currency, which requires the blockchain technology with all its software and networks to manage all the transactions made. In addition to that, the 5G network ensures faster transactions and blockchain offers more security to mobile banking networks, making every transaction secure.

How Will 5g Revolutionize Different Industries?

revolutionizing Industries with 5G

The fifth generation network will revolutionize different industries, especially if it has blockchain security.

  • Manufacturing Industry: the rise of technology breakthrough has enabled manufacturers improve their operations for the better. With advancements in technology, profitability, efficiency and increased productivity have been achieved. The incorporation of the fifth generation network will ensure that manufacturers have faster speeds, increase the real time communications at a reduced operating cost.
  • Energy Industries: energy and utilities industries will benefit from the fifth generation technologies, which will provide innovative solutions in the production of energy, its transmission, and distribution and how energy is used.
  • Retail Industries: the increase in number of smartphone buyers is due to the improvement in the network coverage. The 5G network will enable a new retail experience which is like a virtual reality.
  • Agricultural Industries: the use of 5G in this sector ensures real-time data collection, safety, efficiency, allowing farmers to monitor different agricultural systems.
  • Financial Services: there will be digitization in the financial sectors and this will improve customer services, internal operations and also allows users to make faster transactions from the comfort of their homes.
  • Transportation: safety will be improved in this industry in that, there will be improved communication between vehicles to vehicle, which will in turn enable the self-driving cars.
  • Insurance Industries: the 5G network will bring more effectiveness in the insurance industries by helping the insurance agents make more informed decisions, as they have access to accurate data.

Agricultural industry

Bitcoin on a Global Level

Global Industry

People thought of bitcoin trading as a hobby that will die in few years. However, the impact of bitcoin trading in the global economy has become an emerging trend and in today’s world, Bitcoin has become a real investment opportunity. In addition to that, it is making its way through to create a severe positive impact to the world. It is designed to change the existing financial systems, and this gives it the potential to transform the economy globally.

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