Patent – A Blockchain Based System For Exchanging Value Between Crypto And Fiat Currencies

Cryptocurrency, Bitcoin , FiatThe concept of the digitization of currency and implementation of cryptography to maximize the security of transactions is not new. Banks have been digitalizing fiat currencies for decades mainly via credit cards and payment processors. Nevertheless, the concept of rendering transaction records tamper-proof via basing the encryption of a transaction, or more accurately a block of transactions, on the proceeding one and broadcasting the whole records to all participating servers, has only been present for a few years. The transactions’ record, or the blockchain, is one of the main strengths of a cryptocurrency. A recently published patent introduced a framework that

Cryptocurrency, Bitcoin , Fiat

The concept of the digitization of currency and implementation of cryptography to maximize the security of transactions is not new. Banks have been digitalizing fiat currencies for decades mainly via credit cards and payment processors. Nevertheless, the concept of rendering transaction records tamper-proof via basing the encryption of a transaction, or more accurately a block of transactions, on the proceeding one and broadcasting the whole records to all participating servers, has only been present for a few years. The transactions’ record, or the blockchain, is one of the main strengths of a cryptocurrency.

A recently published patent introduced a framework that can link fiat currencies, cryptocurrencies and all other forms of digital money via means of a blockchain based value inter-operability system. The system allows transfer of closed loop value using a cryptocurrency based value system. The system includes an integration tier that enables the management of mobile wallets. The system can also include notification services as it includes a service connection layer.

This innovative cryptocurrency ecosystem provides a unique implementation of digital currencies via the MoTeaf platform. MoTEAF is the product of Mozido’s technology and represents a mobile, cloud based transaction ecosystem that provides a single point for accepting and sending payments via mobile devices. MoTEAF is utilized by various technologies to promote fast, secure digital transactions, setting the stage for a fully digital financial future. Interaction with the MoTEAF platform will occur via an application known as mVault that provides the following functionalities:

  1. Storage of funding sources in a secure manner e.g. credit card or bank account info.
  2. Managing stored financial values across both national and international fiat currencies (e.g. the ability to transfer Dollars into Points, or Miles into Dollars….etc).
  3. Controlling how funding sources might be accessed via tokenizing funding sources to retailers and P2P payments.

The system will also convert cryptocurrencies to tokens after storing them. The tokens will simplify exchange of value between various cryptocurrencies and between cryptocurrencies and fiat currencies. Live feeds from various cryptocurrency and Forex exchanges will be used to formulate the price of various assets stored in an account.

It is worth mentioning that MoTEAF is widely used, which is apart from its technical advantages and soundness, so it is likely that the public will be open and willing to give this innovation a shot. However, for the public to be convinced to shift to a digital cashless economy, they have to be able to see that such a change will benefit them. During the past few years, many “Behavioral Economy” and “Game Theory” studies have proven that there is a rising rate of acceptance and participation in these kinds of financial ecosystems, but only when security is guaranteed and the system proves that no one will be able to cheat.

The invention is really promising and has great potential to become popular, help boost the adoption of cryptocurrencies and move us closer to a fully digital cashless economy.

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Top 6 Bitcoin Documentaries

bitcoin documentariesEver since Satoshi Nakamoto’s white paper introduced the world to bitcoin, we’ve all been on a wild ride. The cryptocurrency has been growing in popularity, and has given us some amazing stories to tell while doing so. Predictably, a few filmmakers decided to use bitcoin’s story to make an impact and spread the word. 6. Banking on Bitcoin “Banking on Bitcoin” is a recent documentary that covers the basics of the cryptocurrency and catches up with some of the early adopters. It shows us a few notable moments in bitcoin’s history, and gives us an idea of just how resilient the currency

bitcoin documentaries

Ever since Satoshi Nakamoto’s white paper introduced the world to bitcoin, we’ve all been on a wild ride. The cryptocurrency has been growing in popularity, and has given us some amazing stories to tell while doing so. Predictably, a few filmmakers decided to use bitcoin’s story to make an impact and spread the word.

6. Banking on Bitcoin

“Banking on Bitcoin” is a recent documentary that covers the basics of the cryptocurrency and catches up with some of the early adopters. It shows us a few notable moments in bitcoin’s history, and gives us an idea of just how resilient the currency really is. The documentary also includes a lot of information about the community, about how diverse it really is, and how that is actually great. Throughout the documentary, the innovation-regulation debate is also present.

5. Bitcoins in Argentina

“Bitcoins in Argentina” is all about independence from government-issued currencies, and how bitcoin turns that dream into reality. A country’s government issued-currency can collapse, or significantly lose value without you having anything to do with it. This documentary focuses on how Argentinians used bitcoin to protect themselves against the Argentinian Peso’s volatility.

4. Bitcoin in Uganda

Bitcoin in Uganda is a mini-documentary that focuses on Ronald’s story. Ronald is a 20-year-old Ugandan college student that gets tuition money from his family. Hefty fees in services like western Union and MoneyGram take up a huge chunk of the money, and the money takes days to reach Ronald. His brother-in-law suggests using bitcoin, and Ronald’s life quickly changes, as he doesn’t have to worry about fees or waiting periods anymore.

The documentary was produced by http://bitcoinfilm.org/, the same team behind “Bitcoins in Argentina”.

3. Life on Bitcoin

Back in 2013, Austin Craig and Beccy Bingham decided to live on bitcoin for the first 100 days of their marriage. The couple raised over $70,000 on Kickstarter before starting, and during the documentary had to either convince retailers to accept the currency, or travel to find common everyday luxuries that could be purchased at bitcoin-friendly stores. Even though it was hard, the couple did it, and gave us a documentary that proves skeptics wrong: it is possible to live on bitcoin.

2. The Rise and Rise of Bitcoin

“The Rise and Rise of Bitcoin” is the go-to documentary if you are new to the cryptocurrency and want to know more about it and its potential to disrupt the current financial system, as it can not only reach the unbanked, it really puts us in charge of our own money. The documentary focuses mainly on the positives of the cryptocurrency and gives us a glimpse into the lives of early adopters.

1. Bitcoin: The End of Money As We Know It

I couldn’t write about the top bitcoin documentaries without including “Bitcoin: The End of Money As We Know It” in the list. The documentary essentially focuses on socio-economic history, and on how bitcoin addresses the weaknesses of the current financial system. Watching it will not only take you through the evolution of money, it will also help you gain insight on why economic booms and busts occur, and show you how bitcoin can help.

 

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