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Cryptocurrency has made many people successful millionaires, but at the same time, it has also pushed many towards suicide and crippled many organizations. Trading or investing in cryptocurrency can make you rich, but at the same time, it has its risks. There’ll be excellent gains sometimes, and other times, there’ll be bad times.

Thailand Begins Crackdown on Cryptocurrencies

Thailand’s central bank has ordered all banks and other financial institutions to cease all dealings with digital currencies, citing concerns over uncontrolled trading. According to the regulator, banks are no longer allowed to invest in cryptocurrencies, sell them, conduct exchange transactions, or create trading platforms.

Thai banks are also barred from granting loans to purchase digital currency or advise clients to invest in cryptocurrency. According to the central bank, virtual currencies are not legal cash in Thailand, and they can be used for money laundering and terrorism financing. Finance Minister Apisak Tantivorawong, on the other hand, stated that regulators could not prevent the use of cryptocurrencies in Thailand.

“The government will not ban cryptocurrency trading. A regulatory framework to govern digital currencies will become clearer within a month,” the Finance Minister said, as quoted by the Bangkok Post.

“After a recent discussion, related agencies agreed that regulators cannot stop the use of virtual currencies but will have to regulate and appropriately control them,” he added.

Influence of Cryptocurrency on the World Economy

Cryptocurrencies have an impact on humanity’s economic, political, cultural, and social lives. Digital money will not be a replacement for real money, but it may serve as a catalyst for creating a new currency system. There is currently a possibility of unscrupulous individuals surfacing on the market due to the lack of rules and warranties to protect bitcoin customers, which is one of the reasons to push some nations into having a crackdown on some coins with strict laws, regulations, and bans.

Meme Coins, NFTs, and Exchange Tokens as Part of Thailand Crypto Ban

Thailand is the most recent country to enforce cryptocurrency trading restrictions. The Securities and Exchange Commission (SEC) of the Southeast Asian nation has banned meme currency like Dogecoin. A couple of days back now, exchanges were given 30 days to delist the coins and NFTs, utility tokens, and social tokens.

According to the Thai SEC, the new laws are intended to safeguard traders from tokens that have “no apparent objective or substance” and whose prices are influenced by social media trends and influencers. Dogecoin, in particular, has seen its online popularity explode as a result of Elon Musk’s remarks (including during his stint hosting SNL). The price of the so-called meme coin has changed recently due to crypto volatility fueled by Chinese sanctions and impending limitations in India.

These regulations are indeed suitable for running the economy the way it should be run. These wouldn’t mean the death of the cryptocurrency market in Thailand, nations with such measures, and those looking to implement some. In the time of all this, you can trade with us, risk-free, on the Blockchain-based fantasy platform, Fanspel, to earn amazing rewards.

Final Thoughts

In general, the bitcoin economy is booming, with new businesses and infrastructure projects springing up all the time. The fact that legal institutions and software development companies are attempting to examine the influence of bitcoin and other digital currencies on the economy’s development is a good indicator.

This demonstrates that cryptocurrencies are a complicated notion, with the relationship that arises from their use being understood in a variety of ways, and no regulator has yet reached an agreement on the subject.

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Proof of stake is a new blockchain design in which the creator of the next block is chosen by a random selection process and rewarded with newly created coins and transaction fees.

Unlike proof-of-work, where miners use computer processing power to validate transactions, proof-of-stake is an alternative that requires less power for transactions to be authorized.

The result would be less harmful to the environment and it would increase the decentralization of cryptocurrencies.

If you’re an active crypto trader, you must have thought, at one point or the other, about the security of your assets. How do you know that one day, the whole system will not become flawed? One of the ways to ensure the security of your assets is by the concept of proof of work. Proof of work is a mechanism that ensures that participants in a blockchain network perform transactions and reach agreements while ensuring the security of the network. This mechanism ensures that you can perform crypto transactions without the influence of centralized agencies. Proof of work is employed by many cryptocurrencies but our primary focus is on its functions in the Bitcoin network.

The concept behind proof of work

It may surprise you to know that the primary purpose for proof of work was not for security. Instead, it was created to solve the problem of spam emails. However, this purpose has been channeled to aid the development of Bitcoin and other cryptocurrencies. As you know, Bitcoin and other cryptocurrencies all depend on the blockchain network. Essentially, blockchain contains records of all crypto transactions. That way, everyone on the network has equal rights in the market.

However, there’ll always be some traders that try to play smart and tamper with the network. The best way to discover any foul play in the system is through hashes, long strings of numbers that serve as proof of work.

Why Do You Need Proof of Work?

Proof of work, popularly called PoW, is an algorithm that secures crypto transactions. Let’s clarify; when you make a crypto trade, it doesn’t always go through without checks. The transaction may be fast, but there is a validation process. This validation process happens the moment you get added to the blockchain. Like we have explained, blockchain is that platform that records all transactions.

On that blockchain, proof of work is the standard that checks any dubious transaction. It is that factor that makes sure all transactions are legitimate. So as long as you’re playing by the rules, proof of work will work in your favor. Mostly, if you are just a bitcoin trader, you may not necessarily understand the art of proof of work, but if you’re a Bitcoin miner, you’ll understand well.

What’s the importance of Proof of work?

Proof of work may be just a security measure on the blockchain, but it has several importance. Some of the benefits of proof of work include;

Double-Spending

Double spending is a primary issue that proof of work looks to solve. As the name implies, double spending means a miner wants to spend a single currency in more than one transaction. Naturally, it’s easy for anyone who has the skills to copy a digital transaction. Once this happens, that currency will experience inflation, which will reduce the value of the coin. Proof of work is that block that stands to defend each transaction of every miner. With proof of work, it’s daunting to copy a transaction to double spend.

Peer to Peer Transaction

The trust and security that proof of work brings to the cryptocurrency market are why you can have a transaction without a witness. Since you know that the transaction is secure, you can trust the process.

More opportunities

Bitcoin mining is an expensive but lucrative arm of cryptocurrency. Proof of work requires enormous energy, which gives more opportunities for Bitcoin miners.

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Market sentiment is a phrase used in finance to describe a highly subjective feeling about the state of a market. It’s the general reaction that traders and investors have to a particular asset’s price action.

It Was Almost Twenty Four Years Ago That Netscape Released The First Web Browser That Was Consumer-Oriented.  

In 1994, When Netscape Launched, There Was No Such Thing As ‘Dial-Up’ Internet. Thousands Of Teens Were Yet To Experience The Joys Of Listening To Pirated Versions Of Their Favorite Rock-Bands.  

This Netscape Is Considered The ‘Spark’ That Could Turn The World Wide Web Into The Tool That Everyone Felt Empowered With.  

At Present, The Impact Of The Web Is Obvious, But This Was Not So Back Then.  

The Crypto Currency World Shares The Same Template To The World Wide Web Emergence.  

There Are Clear Signs How The New Technology Of Crypto Currency Will Change The Way The World Works And Lives With The Soaring BTC (Bitcoin), Appointment Of Professor Of The MIT Block Chain Gary Gensler And The Offering Of Coinbase.  

It Is Convenient To Get Into The World Of Crypto Currency By Joining The Fantasy Sports Platform, Fanspel And Enjoy Your Favorite Game In Real Time. All The Awards On This Platform Are Crypto Currency. You Get An Opportunity To Get Knowledge About This Currency Of The Digital World And Also Earn.  

Timescale Of Crypto Currency

There Is No Certainty Of Tomorrow As The Present Times Are Uncertain. You Can Say There Is No ‘End Game’ When Talking About Technology. This Is As Mysterious As The Crypto Currency.  

There Are A Lot Of Parallels Between The Internet In 1995 And The Current State Of Adoption Of The Crypto.  

Crypto Is The Playground Of Early Geeks And Adopters. There Are Multiple Investors And Also Institutions Who Are Interested In Playing With This Currency.  

2021 Is Expected To Change Everything In The Crypto World. There Has Been An Increase In The Awareness Of This Currency In A Gradual Manner Since 2017-2018. At Present You Find That Multiple Financial Institutions And Investors Are All Set To Take A Plunge In This Crypto World. This Can Be Developing A Fund That Is Bitcoin Exchange-Trade.  

History Rhymes

There Are Specific Timescales Of Development And Adoption Might Accelerate While Others Might Stall.  

There Might Be An Influence Of External Factors, Like The Pandemic. When This Pandemic Started It Was Believed That The Crypto Markets Might Come To An End Due To The Need To Liquidate Funds Due To Panic. The Price Of Bitcoin Has Managed To Increase Almost Tenfold In The Very First Year Of The Pandemic.  

The Governments Had Put Themselves Into A Hazard Monetarily And The People Went Deep Into The Online World Of Crypto Currencies.  

Crypto Currency Can Enjoy The ‘Netscape’ Moment In The Western World With Cooperation And Advocacy From The Government Of The United States. This Moment Will Happen When The U.S. Government Declares Clear Regulations About Custodianship, Fundraising, Tax And Investment Rules, Guidelines For KYC (Know Your Customer) And Transfer Rules.  

It Would Be Better If The SEC Can Declare That Crypto Is A New Asset Class With Its Own Set Of Rules And Not A Security.  

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