Blockchain and Crypto Blog

Ivan on Tech Academy provides latest insights and reports about the blockchain industry.

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How Do Stablecoins Work and Which Are The Top Stablecoins?

Written By Ivan on Tech

Aug 13, 2020

Stablecoins are price-stable cryptocurrencies that minimize overall volatility. The importance of stablecoins in crypto adoption simply can’t be underestimated. One of the most significant factors holding back the widespread adoption of cryptocurrencies has been its extreme volatility. Top stablecoins offer an alternative where people can dabble in cryptocurrencies without worrying about volatility. As you can imagine, stablecoins have found tremendous utility in modern cryptosystem.

So, before we delve into a list of stablecoins, let’s understand what are stablecoins and the importance of currency stability.

The Importance of Stable Currencies

As we have seen time and time again, currency stability is vital for the overall well-being of the economy. For example, Venezuela is a perfect instance of a country that went through financial turmoil over the last 40 years.

  • In 1983, Venezuela went through continuous and uninterrupted inflation.
  • Under Nicolas Maduro’s...
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27 Beginner Bitcoin FAQs - Frequently Asked Questions: Basics Explained

Written By Ivan on Tech

Aug 12, 2020

If you've stumbled across this page in search of answers around Bitcoin, welcome! There is a lot we can teach you. Ivan on Tech Academy provides Bitcoin, blockchain, and crypto education, and can answer all your Bitcoin FAQs through a variety of different learning techniques including videos, quizzes, and research.

For this post, we have collated questions about cryptocurrency and answered the most frequently asked by beginners, to help you get started on your journey. So let's start with the absolute basic fundamentals:

What Is Bitcoin?

Bitcoin is a cryptocurrency, often referred to as a virtual currency or digital currency, used as a method of exchange or store of wealth. On a very basic level, it is a piece of code. There are no physical coins to speak of, rather, there are UTXOs (unspent transaction outputs) that make up the balance in your wallet.

Bitcoin was created following the financial crash of 2008 as a solution to government and central bank manipulation of money and the...

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DeFi Deep Dive - What Is Yield Farming?

Written By Ivan on Tech

Aug 11, 2020

Those looking into the DeFi field will likely come across the term "yield farming". Yield Farming is the process of putting crypto tokens to productive use in a decentralized finance (DeFi) market to earn interest. Yield Farming takes place on the Ethereum blockchain, and yes, it is a way to earn passive income on Ethereum. But “hodling” ETH tokens is not the same thing as Yield Farming. 

This kind of farming is a creative process. It is also a managed process where “farmers” typically hop from one protocol to the next to maximize returns. However, farmers can also employ “set it and forget it” strategies. 

Yield Farming became popular with the release of Compound’s COMP governance token. When word got out that farmers could reap Annual Percentage Yields (APY) over 100%, things took off. At present, there is over $4.5 billion Total Value Locked (TVL) in DeFi according to DeFi Pulse

Governance tokens like COMP offer hodlers...

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What Makes Bitcoin Valuable - Comparing Fiat Currencies and Crypto

Written By Ivan on Tech

Aug 10, 2020

If you are questioning what cryptocurrency is all about and feeling unsure as to what actually makes Bitcoin valuable, you have come to the right place! In this article, we will explore some of the different reasons people attribute value to this piece of code, why we have currencies to begin with, examine the blockchain technology that underpins Bitcoin, and how Bitcoin’s properties compare to gold. 

Bitcoin is a digital currency and store of wealth, created by the pseudonymous developer(s) Satoshi Nakomoto as a solution to dwindling fiat currencies following the stock market crash and economic crisis of 2008. Put simply, Bitcoin was born out of the failings of traditional financial markets and fiat currencies.

Bitcoin and Blockchain Technology 

Back in 2009, the original Bitcoin blockchain was launched. Along with its launch came the birth of a new technology that would be adopted by thousands of businesses and millions of humans around the globe. 

...

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DeFi Deep Dive - What is Balancer?

Written By Ivan on Tech

Aug 09, 2020

Balancer is an automated market maker (AMM) for multiple tokens. It enables portfolio owners to create Balancer Pools where traders can then trade against these pools. Balancer is still a relatively new liquidity provider (LP) in the decentralized finance (DeFi) space. It only launched in March 2020. 

Exchanges, whether they be centralized (CEX) or decentralized (DEX), exist to fulfill buy and sell orders. Their role is to find matches for a wide variety of orders from buyers and sellers so their orders can be executed. Traders rarely find the perfect match on the other side of a trade, so compromises have to be made. Hence, the need for market makers.

Market Makers

A traditional market maker is an individual or member firm of an exchange that buys and sells securities with the primary goal of profiting on the spread. Investopedia describes it this way: “Many market makers are brokerage houses that provide trading services for investors to keep financial markets...

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Exploring The Specifics of Crypto Mass Adoption

Written By Ivan on Tech

Aug 09, 2020

July of 2020 was a pivotal month for the advent of greater cryptocurrency adoption. Several significant announcements in the blockchain space recently point towards increased adoption of cryptocurrency on a global scale. However, the type of adoption in question varies in its appeal and has sparked questions about the future of cryptocurrency and the contrast between its roots and the future uses of the technology.

According to a survey released by HSB in January, at least a third of small-medium sized businesses in the United States accept cryptocurrency as payment for services and goods. The report also indicates that newer companies could be up to twice as likely to accept crypto as payment.

There is a definite shift in how cryptocurrencies are perceived by businesses today from how they have been viewed historically, reflecting the number of merchant services that have recently entered the market. Even fast-food giants such as Subway, Burger King,...

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How to Recognize Crypto and Bitcoin Scams

Written By Ivan on Tech

Aug 08, 2020

People often turn to Bitcoin and cryptocurrency when they are in need of financial security, but this can be a recipe for emotional investing. Often, this can lead people to become the victim of a Bitcoin scam.

In this article, we will clear up the confusion around whether or not Bitcoin and crypto is a scam. We'll also take a look at the different types of Bitcoin scam formats, how to stop Bitcoin scam emails, and how to tell if you're about to be caught out by a Bitcoin scam or not.

Is Bitcoin a Scam?

So, is Bitcoin a scam? No, no it is not. Bitcoin is a relatively new technology that serves as a purely transparent, decentralized, and open-source currency. This means that Bitcoin can not be controlled, owned, or manipulated by any governing body or central entity.

Bitcoin is borderless and can be used by anyone in the world with an internet connection.

Due to the strength of the Bitcoin network and the cost to any potential attacker, it would be practically impossible for someone...

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DeFi Deep Dive - What are Decentralized Prediction Markets?

Written By Ivan on Tech

Aug 07, 2020

Prediction markets use the “wisdom of the crowd” philosophy to make decisions on future events or outcomes. The events predicted can be extremely diverse, such as - elections, sales of a company, price fluctuations of commodities, etc. In this article, we will talk about DeFi prediction markets. These are prediction markets that use the advent of decentralized finance to drive the prediction systems.

So, first thing’s first…. 

What is Decentralized Finance (DeFi)?

DeFi stands for decentralized finance. It’s a movement that aims to utilize protocols like smart contracts to create decentralized versions of traditional financial products and instruments. A DeFi can be anything from a digital asset, decentralized applications (DApps), financial smart contracts, and protocols that run on top of public blockchains. Some features of these DeFi applications are as follows:

  • Decentralized: There are no intermediaries that take up control of your funds. A...
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What Are Crypto Debit Cards? Exploring Some of The Best Offers

Written By Ivan on Tech

Aug 06, 2020

Crypto debit cards seem to be appearing left, right, and center. Each of these offer a bridge between the crypto assets and the traditional financial system, along with various perks and features. In this article we'll take a look at the top five crypto debit cards available, and how they are helping to bring cryptocurrencies to the mainstream.

Currently, there are only a few retailers and merchants that accept Bitcoin or other cryptocurrencies as payment. Though we are still in the very early stages of adoption, traditional financial institutions who have previously dismissed Bitcoin as a scam are now seeking partnerships with cryptocurrency firms to cater to a changing financial landscape.

Why Do We Have Crypto Debit Cards?

PayPal, Visa, and MasterCard have come to their senses this year with their decision to make the transition between fiat currency and cryptocurrency smoother. In doing so, they are partnering up with several major crypto players. This aims to offer a...

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Billion Dollar Firms Exploring Blockchain - What Companies Are Currently Using Blockchain?

Written By Ivan on Tech

Aug 05, 2020

Blockchain technology is many times hailed as a massively disruptive innovation across industries. As such, blockchain is often linked to the advent of the ”fourth industrial revolution”, or Industry 4.0. Nevertheless, the notion of blockchain technology being a cutting-edge technology means that some people assume it is a novel technology only being explored by blockchain startups.

In reality, however, nothing could be further from the truth. Despite what some mainstream news outlets would lead one to believe, well-known billion-dollar companies are already seriously exploring blockchain. How companies use blockchain technology differs depending on their respective industries, but one thing is clear - blockchain isn’t a gimmick.

As such, this article looks at how some companies use blockchain and how they differ in their implementations. Understanding what companies invest in blockchain technology and showing that large corporations are actively pursuing the...

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