Why does Bitcoin have value and how is the price determined | Luno Youtube icon Medium icon Instagram icon
2019-01-16 16:34:33 Discuss Team Luno 15 Mar 2017 4 minute read As a growing number of people become aware of and interested in Bitcoin --especially when the price tends to increase-- we often get asked: Why exactly does Bitcoin have value Many people find it difficult to grasp how something which only exists digitally can have any value at all. The answer to this question is rather simple and it lies in basic economics: scarcity, utility, supply and demand. By definition, if something is both rare (scarce) and useful (utility) it must have value and demand a specific price, with all other things being equal. Take gold, for example. Why does gold cost as much as it does Put simply, it is relatively expensive because it is rare, hard to find and limited in supply (scarcity). Gold also has some uses to which consumers derive satisfaction from (utility).
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Bitcoin and Ethereum made easy | Luno Youtube icon Medium icon Instagram icon
2019-01-08 23:17:18 Discuss Buy Bitcoin or Ethereum in 40 different countries Luno is very simple, client-friendly and ergonomic, I like it! - Claire S, Paris Sign up for a free Luno Wallet on web, iOS or Android and go through our easy verification process Select your preferred deposit method like bank or credit card and deposit money into your Luno Wallet Buy Bitcoin or Ethereum! We also make sure it's stored safely, and easy to send to friends New to Bitcoin or Ethereum Learn more on our Learning Portal People all over the world use Bitcoin to send money to friends and family or buy things online. It can be cheaper, faster and easier to use than ordinary money.
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What is Ethereum mining | Luno Youtube icon Medium icon Instagram icon
2019-01-08 23:04:38 Discuss As mentioned in an earlier section, one can think of Ethereum as one big global ledger system that records transactions (or moving money?) from one person to another. Whenever Ethereum transactions are processed on the Ethereum network that means Ether being moved from one person to another someone has to make sure all the transactions are recorded properly and that the ledgers on all the systems are synchronized all over the world. In the case of Ethereum, this process is not done by people or companies, but by thousands of computers all over the world that are all connected to the internet. These computers are knowns as miners, but they should really simply be called computers that process transactions?. To do this processing in a very secure way, these computers need to perform very complicated calculations that take a lot of computing power, and in turn, require a lot of energy and expensive and specialised processing equipment. Someone - the owner of the computers - needs to pay for all this equipment and electricity, so they need to be compensated for all the money and effort they are putting into making this network work. They earn this compensation through newly minted Ethereum - so in short all new Ethereum that is created acts as a reward and incentive mechanism for people to contribute their computers to the system to help process transactions.
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2018 world of crypto in review
2018-12-21 16:18:39 Discuss Team Luno 21 Dec 2018 4 minute read With any tech, any industry, any product - there are fluctuations. Whether they're positive or negative, every market has them. And of course, this can be said for the world of crypto in 2018. Since before the boom of December 2017, the crypto industry broke into the watchful, and sometimes cynical eye of the public. There's been speculation, regulation changes, social media monitoring, and more in 2018. We've hand-picked a few of the standout news segments of 2018 for our crypto review. The hangover started early in the year with the bull market of the holiday season screaming to a halt as Bitcoin lost 40% of its value over January.
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Why and how cryptocurrencies will shape the next generation of finance
2018-10-27 19:53:32 Discuss Team Luno 14 Oct 2018 8 minute read Over the past thousands of years, the way the world thinks about and uses money has changed many times. This has been very well-documented by academics and historians since the beginning of recorded time, and some good learning resources we can recommend are Niall Ferguson's The Ascent of Money, this detailed summary and reference list about the history of money on Wikipedia, or for those of you more visually inclined, the dedicated exhibition on the history of money at the British Museum. While these are all different stories told through different mediums, they all have one thing in common: constant change is a key theme and natural part of the story of money.
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The largest exchange in South Africa, Luno, now has full SegWit integration!
2018-02-14 16:41:07 Discuss Team Luno 14 Feb 2018 2 minute read We are happy to announce Luno is now SegWit integrated. SegWit, short for Segregated Witness, is an improvement to the way Bitcoin transactions are sent. With SegWit, certain information is restructured in Bitcoin transactions, rendering them effectively smaller, which means more transactions can now fit into a block. This, in turn, should help make Bitcoin transactions faster and cheaper than what they currently are. Note that SegWit is not the same as the proposed (and suspended)SegWit2X fork. Cheaper and faster Bitcoin transactions! We already implemented SegWit on Bitcoin send transactions in December 2017. This has significantly decreased the Bitcoin network fees that you pay when you send Bitcoin. By implementing SegWit internally, Luno has managed to reduce the send fees paid by customers by over 25% already. As customers start switching over to new SegWit addresses, this will translate into a further reduction in sending fees in the coming weeks and months.
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