Report: No Bank Account Needed to Transfer China’s Upcoming CBDC

Report: No Bank Account Needed to Transfer China’s Upcoming CBDC

Aug.30.2019

by Max Boddy

The People’s Bank of China’s much-anticipated digital currency may allow fund transfers without needing a bank account, according to Binance Research.

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Binance Launches Dev Education and Collaboration Platform Binance X

Binance Launches Dev Education and Collaboration Platform Binance X

by Helen Partz

Crypto exchange Binance has launched its new developer-focused platform Binance X to foster new blockchain and crypto projects.

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How Bitcoin Mining Works

When you hear about bitcoin “mining,” you envisage coins being dug out of the ground. But bitcoin isn’t physical, so why do we call it mining?

Because it’s similar to gold mining in that the bitcoins exist in the protocol’s design (just as the gold exists underground), but they haven’t been brought out into the light yet (just as the gold hasn’t yet been dug up). The bitcoin protocol stipulates that 21 million bitcoins will exist at some point. What “miners” do is bring them out into the light, a few at a time.

They get to do this as a reward for creating blocks of validated transactions and including them in the blockchain.

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How do Bitcoin Transactions Work?

Simple version:

If I want to send some of my bitcoin to you, I publish my intention and the nodes scan the entire bitcoin network to validate that I 1) have the bitcoin that I want to send, and 2) haven’t already sent it to someone else. Once that information is confirmed, my transaction gets included in a “block” which gets attached to the previous block – hence the term “blockchain.” Transactions can’t be undone or tampered with, because it would mean re-doing all the blocks that came after.

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What is Bitcoin?

To cut through some of the confusion surrounding bitcoin, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a digital concept – sort of like a virtual IOU. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are referred to as “bitcoin.”

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Bitcoin Price Flatlines at $10K as Traders Brace for Expected Volatility

Bitcoin Price Flatlines at $10K as Traders Brace for Expected Volatility

by William Suberg

Current calm conditions may not last as the week progresses, with $10K Bitcoin price support not guaranteed.

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