In a surprising move, financial technology company Revolut has suspended its crypto operations in the United States, leaving many users and enthusiasts uncertain about the future of cryptocurrencies.
Revolut notes US cryptocurrency uncertainty and lack of clarity in the US regulatory environment. Amidst this uncertainty, two prominent cryptocurrencies, Chainlink and Bitcoin Spark, are steadily gaining momentum among investors.
What you'll learn 👉
The move is set to take effect from September 2, 2023, and US customers will no longer be able to place buy orders for cryptocurrencies on the Revolut platform. Furthermore, access to cryptocurrencies through Revolut will be fully disabled for US customers from October 3, 2023, meaning they will no longer have the ability to buy, sell, or hold any digital assets. While the decision is disappointing for US customers, Revolut’s crypto services will continue operating in other markets.
What is Chainlink?
Chainlink, known for its decentralized Oracle network, serves as a bridge between smart contracts on the blockchain and world data, applications, and services. It bridges interaction with external data sources, APIs, and payment systems. Chainlink addresses self-executing contract limitations by providing a reliable and secure way to connect to real-world data.
Chainlink deploys a network of node operators, known as oracles, to fetch data from external sources and deliver it to the smart contracts. These oracles are incentivized to provide accurate and reliable data through a system of staking and reputation mechanisms. The platform’s native utility token, LINK, settles node operators’ rewards for their services, secures the network through staking, and facilitates transactions within the platform.
What is a Bitcoin Fork?
A Bitcoin fork is a software update or modification to the original Bitcoin blockchain protocol that creates a new version of the cryptocurrency. This means a new blockchain branch is created, splitting from the original blockchain, resulting in two separate and independent networks. There are soft and hard Bitcoin forks. A soft fork is a backward-compatible upgrade to the Bitcoin protocol, typically introducing less radical changes. The changes aim to improve the existing protocol.
A hard fork is a more substantial and irreversible change to the Bitcoin protocol, where new rules are not compatible with the old rules, creating a divergence in the blockchain. It’s essential to note that during a hard fork, Bitcoin holders on the original blockchain are usually given an equivalent amount of the new cryptocurrency on the newly forked blockchain, maintaining the same ownership rights but on the new network.
Hard forks can occur due to differences in opinions among the Bitcoin community regarding the protocol’s development or changes to the network’s rules. Some examples of notable Bitcoin hard forks include Bitcoin Cash (BCH) and Bitcoin Spark (BTCS)
Bitcoin Spark, with its innovative Proof-of-Process (PoP) mechanism, attracts significant interest as investors seek new opportunities in the ever-expanding world of digital assets. Bitcoin Sparks’ vision is to ease the entry criteria and onboard investors through its user-friendly platform. It applies all-new blockchain technology, “Proof-Of-Process” (PoP), which combines some tenets of the Proof of stake and proof of work mechanisms.
Bitcoin Spark stands out with its unique feature that allows users to contribute processing power to the network. This is facilitated through an application operating in a virtual environment, which restricts the mining capability to the available device resources. The application will request certain device permissions related to resource management but will not require access to other permissions, like media files or phone capabilities. The app’s virtual environment ensures that no other processes or local files on the device are affected or interacted with.
Bitcoin Spark’s ICO is a game-changer. Imagine Bitcoin when it was only 1$ and a chance to turn back the clock to redeem yourself. BTCS is that opportunity to onboard at $1.50, get a 20% bonus, and wait to reap 800% on launch at $10.
As the regulatory landscape shapes up, companies like Revolut must navigate the challenges to comply with the changing legal requirements in the crypto industry. Amidst all these, Bitcoin Spark (BTCS) and Chainlink (LINK) picks momentum.
Learn about Bitcoin Spark and ICO here:
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