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Cryptocurrency Technology

Mike Telvi’s Introduction to Cryptocurrency

Mike Telvi remembers a time when the term “cryptocurrency” was as difficult to decipher as the technology that powers it. The term was so new, in fact, that you could hardly find one in a hundred people who knew what it meant, let alone able to understand the technology behind it.

Thankfully, though, those days are long past, and Mike Telvi couldn’t be more glad. There is no doubt that Bitcoin and other cryptocurrencies are now squarely on their journey to enter into mainstream consciousness.

Still, there are lots of people who do not know about cryptocurrencies, and even more than these in number are people who might have a vague idea as to how these are “virtual money”, but don’t really understand the technology that makes them possible in the first place.

Below Michael Telvi tries his best to explain as simply as possible, what cryptocurrencies are, the technology that powers them, their advantages of conventional money and lots more.

Crypto 101

Cryptocurrencies, as the name implies, can be taken to mean currencies that are securely encrypted through cryptography. This would imply that to understand what Cryptocurrencies are, you must first understand the basis of two terms: cryptography, and currency.

So what is cryptography? Cryptography can be defined as a system through which important information is encoded and securely distorted, so that for anyone to “decipher” the content of the information, they would have to possess the necessary apparatus needed for decryption.

Good. Now that we have cryptography out of the way, the next important term is currency. What are currencies? Even simpler. Currencies are widely accepted instruments of exchanging goods and services. 

Now that we understand what the two terms are, it isn’t hard anymore to get a clear picture of what cryptocurrencies are:

Cryptocurrencies are widely accepted means of exchange that are secured from theft and other malicious activities through cryptography.

Blockchain

At this point you may have already started to wonder about a couple of things: One, Why do we need cryptography to secure these currencies? And two, which kind of technology exactly do cryptocurrencies employ for their security.

The answer to both these questions, Michael Telvi tells us, can be summarized in just one word: blockchain. What is blockchain? Blockchain is a secured ledger wherein important information is recorded, and safely locked away from manipulation through cryptographic means.

You can think of a bitcoin blockchain as a document wherein every single bitcoin transaction is stored. Now, Michael Telvi says, it is the very fact that this ledger, the blockchain, can not be altered by malicious third parties, that makes them secure. 

And why can’t they be altered by malicious third parties? Because they’re locked from manipulation through cryptography. 

Imagine if the ledger were available to be edited as anyone sees fit, numerous problems would inevitably arise. You could immediately buy something with your cryptocurrency and edit the ledger to make it look as though you never spent your money, while retaining what you just bought.

Thanks to cryptography, though, this problem, and a host of others, have been successfully averted.

Why Use Cryptocurrencies

Now that we understand the very basis of what cryptocurrencies are, and why they’re so safe and secure, Michael Telvi explains next the importance of cryptocurrencies.

I mean, yes blockchain sounds so awesome and everything, but why should we even use it? Why don’t we just stick to traditional currencies that we’ve all become so familiar with in the first place. Well, Mike Telvi gives you four reasons below why cryptocurrencies are not just fancy and awesome, but important inventions with numerous real world uses.

1. Cryptocurrencies Offer a Decentralized Alternative

Before cryptocurrencies, every single financial transaction you make is tracked and recorded by either an institution or the government. You couldn’t do anything without permission from these bodies.

And given how malicious the banking institution has proven to be in recent times, being the architect of numerous financial crises and repressions, it is no doubt a great idea to figure a way to carry out transactions on our own without their involvement.

And that’s what we’ve managed to achieve with Bitcoin. Thanks to Bitcoin we don’t have to ask for permission from any central body before we carry out transactions. This, in itself, is a huge reason for widespread cryptocurrency adoption.

2. Cryptos Make Monetary Transactions Easier

Apart from being decentralized, safe and secure, there is another appeal to cryptocurrencies that Michael Telvi says can not be exaggerated – and that is the fact that they just make exchanging money easier.

You’d think that exchanging fiat would be an easy affair, and it is to an extent, but only during local transactions. When it comes to transacting over long distances, though, especially across borders, cryptocurrencies offer the most viable alternative right now thanks to their ease, effectiveness, and incredibly reasonable charges.

3. Really Powerful Technology

The blockchain technology, which is the powerhouse behind Bitcoin and other cryptocurrencies, is such a powerful technology with the ability to significantly alter the way we do things – not just financial transactions.

Thanks to its security, decentralization, and permissionless nature, blockchain has the ability to improve our lives in numerous other fields such as medicine, law, gaming, entertainment, you name it!

4. Cryptocurrencies are the Future

Michael Telvi, like many others, believes that cryptocurrencies are the future, and what’s more, he believes that you should make use of cryptocurrencies for this reason. 

Now this might seem like a superfluous thing to say, but it actually makes a lot of sense when you think about it. All through history we’ve seen instances of people fighting new technology because they think it wouldn’t amount to anything.

But you know the ones who took the most leverage from it? The ones who saw the vision from the start. Cryptocurrencies are still relatively at their early stages, and it isn’t too late for you to hop on the crypto train. Not only can you attain immense leverage through it, you can also rest assured knowing that when the inevitable future comes, you can look people in the eyes and tell them, “I told you so”.

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World

When Will the Pandemic Be Over

The Covid-19 pandemic has hit us all in more ways than we previously imagined. When the virus broke out in the later months of 2019 everybody anticipated that it could spread to a significant extent if not taken care of and arrested quickly enough. But no one knew just how long it would last.

According to Michael Telvi, not even he could have imagined that fast forward to the current moment, almost a year later, the virus would still be at the stage that is now.

Not only has this virus not been defeated, it is still going strong with lots more cases recorded everyday and showing no sign of slowing down at all.

Given the impact of these rapid-growing viruses on all our daily lives and means of living, it is understandable that a lot of people are starting to get anxious and wondering when the pandemic will be over.

Michael Telvi, a respected businessman and entrepreneur out of Dix Hills, NY, offers his insight on the impact of covid-19 on businesses around the world, and gives his estimate of when we should expect the pandemic to be over below.

The Impact of Covid-19 Pandemic 

The Covid-19 pandemic, so far, has claimed more than a million lives with more than 50 million cases recorded worldwide. The United States alone has recorded 10.2 million cases and 239,000 deaths.

Those are scary numbers. 

On the business side of things, data from CPS microdata suggests that the number of working business owners plummeted from 15 million in February 2020 to 11.7 million in April 2020. That’s a whopping 3 million + drop in only a matter of 3 months. 

This loss of more than a million every month is regarded as the second largest on record. Again, these are astounding numbers.

According to Michael Telvi, there are even a lot more that the numbers don’t yet reveal. It may be that it is only while we look back at all these once the pandemic is over that we begin to see how much potential has been arrested and how much was really lost during these times.

So when exactly will this end be?

Are We Nearer to a Vaccine? 

Mike Telvi, like so many people, understands that viruses never really pack up and leave. Especially those which, like covid-19, have managed to spread all over the world and establish such a stronghold on our lives.

Of course Mike Telvi believes that it will end at some point. But it most definitely isn’t a phenomenon that is just going to disappear overnight like we all were hoping it would at the early stages when it first began.

What can we do to get closer to its end? Well, one of the most important steps that can be taken right now is the introduction of a vaccine. 

And it is a great news, Michael Telvi let us know, that we are actually quite close to coming up with a vaccine for covid-19. Now how things will work after this is still not quite clear.

And again, Michael iterates, even with a vaccine the virus won’t just pack up and leave. But according to reliable sources, a lot of covid vaccines are at, or nearing, later stage tests and may be rolled out soon.

Diseases Never Really Leave – A Look at History

Still on the projection on when the pandemic will be over, Michael Telvi took us on a little journey through history. Many might not know this, but the only disease that has been completely eradicated through vaccination is smallpox.

And if history is any indication, this kind of total victory on a disease is actually quite rare. Mike Telvi, though, believes that for the coronavirus pandemic to “end”, we don’t have to get rid of every single case of covid 19. 

We only have to get rid of enough, first to make it so that it is no longer a pandemic, and of course to reduce it to such a number where transmission and new cases are not so rampant anymore.

Projecting 2021

The challenge in front us, Michael Telvi explains, is a quite significant one. Luckily everyone understands how grave this challenge is, and how important it is that we face it together. 

In today’s world of constant air travelling, constant ecological disturbances among others, it may be quite tough to replicate the same results that was achieved with smallpox back in the 1960s and 1970s.

Again, this is not to say that it will not happen. It is just to point out how significant the challenge in front of us is, and how much work has to be done. 

Projecting what happens with the virus in 2021, again, is also heavily dependent on how effective the approved vaccines are, how seamlessly they are rolled out, and whether or not significant opposition arises to its use.

These, of course, Mike Telvi admits, are all hypotheticals.

But they are hypotheticals whose answers we are about to find out very soon; and whose answers will have a huge impact on whether everything returns back to normal in the year 2021 or not.

It is also worth noting that the world will not be affected by covid in an equal manner. Thanks to certain conditions peculiar to certain geo locations, some parts of the world will have it easier than some.

Some Important Stats to Note

  • The Covid-19 pandemic, so far, has claimed 1.26 million lives worldwide with more than 50 million cases recorded. 
  • There have been more than 36 million recoveries all over the world.
  • The United States is the most affected nation. It alone has recorded 10.2 million cases and 239,000 deaths.
  • Europe has so far recorded 50.9 million cases, 1.26 million deaths and 33.3 million recoveries.
  • Number of small business owners plummeted from 15 million in February 2020 to 11.7 million in April 2020 thanks to Covid-19 related events