Bitcoin’s resilience is a testament to its ingenuity in PoW: Raj Chowdhury

Bitcoins US$ 30 thousand The resilience amid global inflation, cryptocurrency collapse and the stablecoin crash reflect the brilliance in its underlying PoW design, says PayBito chief Raj Chowdhury.

PALO ALTO, California., June 1, 2022 /PRNewswire-PRWeb/ — Trading markets are going through a tumultuous time, with decision-making becoming a tedious task for investors. Cryptocurrencies, with all their preconceived designs, were also susceptible to global collapse. Bitcoin, despite its declining valuation in recent months, has been stalling, gaining support and resistance across the world. US$ 30 thousand brand. A significant reason behind this, according to PayBito head Raj Chowdhury, can be attributed to Bitcoin’s unique decentralized PoW mechanism.

Bitcoin maintains its predominant position as a leader among cryptocurrencies with a market share of 44.58% and a current capitalization of US$ 582.22 billion. While the first cryptocurrency has dropped more than 50% from its all-time high of US$ 69 thousandanalysts are predicting the US$ 30 thousand resistance mark for some time and predicting its subsequent recovery.

The head of PayBito, also a noted blockchain pioneer, states, “Despite its apparent flaws, Bitcoin’s architecture makes it a modern marvel immune to global financial politics. organizations.”

Bitcoin was designed to be an inflationary hedge. Your transactions are recorded on a distributed ledger system using a Proof of Work consensus algorithm. The mechanism validates transactions only upon receiving a majority consensus from the decentralized network node members. Bitcoin, along with Ether, is leading the global blockchain-crypto revolution. It overtook PayPal in global transaction volume in 2021 and is expected to overtake MasterCard and Visa in the near future.

“The era of digital assets has arrived. There are some challenges that need to be addressed, such as Bitcoin’s volatility and energy-intensive mechanism. , enhanced security and transparency will eventually lead to its success as an effective alternative to dollar hegemony “, concluded Chowdhury, who had previously mentioned how inflation would be a testing ground for cryptos, with balance and active association being the key factors for its evolution.

PayBito, led by Chowdhury, is a global cryptocurrency exchange that prioritizes protecting investors’ assets. In addition to various trading options for beginners and experienced investors, the exchange also offers cryptocurrency escrow services and cryptocurrency-backed loans. PayBito regularly contributes to the development of the cryptocurrency community, offering white-label solutions from its native exchange architecture to institutional investors and companies venturing into cryptocurrency trading services. The exchange recently offered its architecture to a UAE-based global bank and collaborated with a Canadian gaming company to build an Avalanche-based gaming exchange.

Inflation and the subsequent financial recession have impacted global trading markets, including cryptocurrencies. However, the losses in Bitcoin valuations are short-term, with its development cycle deliberately slow to successfully bring about a revolution in the current global monetary system.

Raj Chowdhury is the Managing Director of HashCash Consultants and Paybito. Raj pioneered the first interbank implementation of Blockchain Technology’s Trade Finance and Remittance between two of the largest global banks. Raj is an eminent voice in the Blockchain and Cryptocurrency space and actively engages with policymakers in this area. He is a contributor to the Economic Times, Business World, CNNMoney and advises industry leaders on Blockchain adoption. He is a member of Asha Silicon Valley, a non-profit organization committed to educating children in emerging countries. Author of the book ‘The Dark Secret of the Silicon Valley’, Raj is an investor in blockchain and cryptocurrency companies and an active member of the philanthropic community.

media contact

COLEEN F, Hashcash Digest, +14159662907, coleen@hashcashdigest.info

SOURCE PayBito

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