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Bitcoin [BTC], Ethereum [ETH] trading on Binance Jersey has seen ‘crazy demand’, says CEO CZ

Akash Anand

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on

Bitcoin [BTC], Ethereum [ETH] trading on Binance Jersey has seen 'crazy demand', says CEO CZ
Source: Unsplash

The cryptocurrency market’s roller-coaster movement has caught the eye of a lot of individuals, including investors and popular proponents in the space. Bitcoin [BTC], the largest cryptocurrency in the market, has seen a massive crash below the $4,000 point that triggered the ongoing bear run. Reports show that if the ongoing bear run goes on for three more weeks, it will be the longest bear run in the history of Bitcoin.

Although plagued with problems, associated applications and platforms have seen a stupendous rise in business and one such example is Binance, the largest cryptocurrency exchange on the planet. The Changpeng Zhao-led exchange has made multiple headlines the past few weeks, ranging from launching its own exchange to carious tie-ups with various crypto companies.

Binance’s latest product is the Jersey-based Binance Jersey, with the cryptocurrency experiencing “crazy demand”. Zhao, more popularly known as CZ, had said that the exchange has been “overwhelmed” by registrations even as the UK struggles to handle the Brexit situation.

Binance Jersey will allow users to trade Euro and the British Pound [GBP] with Bitcoin and Ethereum [ETH], with the option to avail asset management services. CZ had tweeted:



“Binance.je is overwhelmed with registrations. There is a backlog of KYC (Know Your Customer) verifications already. More resources are allocated to reduce it. In the meantime, we appreciate your understanding and patience. Just crazy! One thing we do ‘well’ is underestimating ourselves, and the market.”

Even Binance’s Chief Financial Officer [CFO], Wei Zhou, gave his opinion on the situation by saying:

“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption.”

The United Kingdom has had a very on-off relationship with cryptocurrencies, with positive reports being mixed with negative ones. A major upturn in terms of UK and digital assets was the news of UK’s Santander Bank receiving British Pounds from Akbank, a Turkish bank using Ripple’s blockchain technology. Olga Ulutaş, Executive Vice-President in charge of Direct Banking, had said:

“Now we have started to transfer money from GBP via Ripple to Santander UK with Blockchain infrastructure. With this important technology, our customers will now be able to benefit from the possibility of transferring money to international money transfers at a much lower cost.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Bitcoin

Bitcoin [BTC]: Andreas Antonopoulos breaks down life cycle of a transaction on the BTC blockchain

Akash Anand

Published

on

Bitcoin [BTC]: Andreas Antonopoulos breaks down the life cycle of a transaction on the BTC blockchain
Source: Pixabay

Bitcoin [BTC] and its intricacies have been a concept that many users in the cryptoverse have been trying to understand since its inception. In his latest video, Andreas Antonopoulos, a major Bitcoin bull and the author of Mastering Bitcoin, elucidated on the life cycle of a wallet transaction from start to finish.

Antonopoulos stated that from the point someone sends a transaction from a wallet to its confirmation on the Bitcoin blockchain, the wallet constructs a transaction by accumulating the BTC in the user’s wallet and assigning the addresses. The user’s wallet then transmits the transaction’s information to one of the many nodes it is connected to, from where it can be sent to ‘1, 2 or even 8 other nodes’. He added:

“The transaction is then transmitted to other nodes, which can be mining nodes, e-commerce payment gateways, and many such options. Each of those nodes will receive the transaction from your node and each of those, in turn, will validate every single transaction. When the nodes receive the transactions, they don’t’ know whether it was created by you or was forwarded and hence each of these transactions need to be validated individually.”

Antonopoulos went on to state that if all the nodes are validated, ie. if the payment details are correct and if it is confirmed that no double spend has occurred on the blockchain, then eventually through the process of ‘flood propagation’, the transaction information will be sent to every other node, out of which some may be mining nodes. In his words:



“Once the transaction reaches the mining pool, it maintains a pool of unconfirmed transactions, like a bucket where all this unconfirmed data is stored. This is the pool known as the mempool. Also, know that there isn’t THE mempool rather there is ‘A’ mempool. Information in separate mempools can be in a 99 percent overlap but there will never be a case where it will completely similar.”

According to the author, the mempool also serves the purpose of providing transaction for a miner to add a new block after which ‘the race is on’ for the next block. Miners usually have to construct a block and then solve the Proof of Work on it to eventually make it a confirmed block. Antonopoulos claimed that once the block is made, the information will be sent to the mining equipment to solve the PoW on that particular block and probably after a “billion hashes” the miners will find the block. The Bitcoin bull elucidated on the information transfer back by saying:

“Once the PoW is solved, the mining node will propagate the node back the same way as it received. The nodes validate the block on the way back and once all the nodes confirm its validity, then the user’s wallet will know that there is a confirmation on the transaction. That is the entire life cycle of a transaction.”





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