CryptoKitties Donates Over $25,000 to Charity From Rare Digital Kitty CryptoKitties, the world’s largest blockchain game, teamed up with Marine conservation organizations in order to create a rare crypto kitty named “Honu Kitty”. ACTAI Global
Whether you’re looking to save up for retirement or just want to try your hand at compounding your income instead of it collecting digital dust in your bank account, then investing in cryptocurrency could be a great investment alternative for you.
Many people understand the fundamental idea of investing in crypto, but can the same methods translate over to trading? As you might’ve guessed, the two require very different ways of thinking and investing.
As far as the investing part is concerned, it all boils down to the fundamentals, like the technology and development team behind the project. Solid marketing and partnerships also play a major role when deciding to invest in a newer cryptocurrency or ICO. Other than that, HODLing seems to work well for most and can benefit you in the long run if you stay strong during the inevitable dips.
However if you’re looking to make money right now, you need a more short-term trading strategy…
This means you’ll be looking for more volatile, high liquidity cryptocurrency. The potentially lucrative nature of this digital asset, is a lot more volatile than traditional stocks or forex, which opens you up to a world of potentially high profit margins and risk.
That’s why cryptocurrency trading can get a bit complex and the reason why so many crypto traders need a wide variety of tools to help them navigate this newfound territory.
I’ve listed a variety of high end resources and tools that can help you improve your cryptocurrency trading success. Bookmark this page as you’ll most likely need to reference it throughout your crypto trading journey.
There are a ton of tools out there used for a variety of purposes. You can use them in combination with each other, whether you’re investing or trading. Strategy is a huge part of cryptocurrency trading and so are the tools that you have in your arsenal.
Arming yourself with the right intel is everything when it comes to choosing the right cryptocurrency to trade or invest in. News sources will supply you with the most accurate and up-to-date information within the crypto sphere. Technical analysis will help you formulate a solid trading strategy off of the latest news.
If you end up choosing the right asset, at the right time, and formulate a congruent trading strategy, you’re halfway through the battle. So it’s very important to take your time and utilize these tools, to the best of your ability, in order to put all the odds in your favor.
Let’s start this list off with the most obvious choice…
You can’t start a “crypto trading tool list” without mentioning this coveted resource. If you’ve spent more than five minutes within cryptocurrency ecosystem, I realize you’ve probably used this tool on many occasions by now.
This useful tool is your headquarters for all things cryptocurrency. It contains all the information you’ll ever need, on any cryptocurrency and exchange released to the public. Everything from graphs, official coin websites, social media information, market cap, exchanges that trade a particular coin you’re looking for, etc.
I’m sure you’re already very familiar with this tool by now, so let’s move on to the other goodies…
This technical analysis trading portal contains anything and everything you ever wanted to know about the technical side of cryptocurrency like chart patterns, candlestick formations, as well as the most comprehensive list of charting tools and indicators you can find anywhere on the net.
This massive powerhouse of a site also contains a social media style platform where traders can share and discuss their charts and trading strategies. I can’t even begin to tell you how valuable this is.
Learning to trade from real trading experts and viewing how they set up their real life trading strategies is a powerful learning tool to add to your educational cryptocurrency trading arsenal.
TradingView is accessible from anywhere in the world and they even allow you to utilize their charts, drawing tools, and indicators for free. If you spend any amount of time on various cryptocurrency trading sites, you’ll notice that most of them, including reputable crypto exchanges, use TradingView charts.
If there’s one place that you want to learn more about technical analysis via plotting your own charts as well as learning from a network of professionals, TradingView is the place to be.
I could write an entire book on how valuable TradingView is, but I don’t think either one of us has the time for that.
DISCLAIMER: Coinigy is another widely used trading platform that many crypto traders use. I started out on this platform but find it to be extremely buggy and takes up a lot of your computer resources if you leave the chart up for too long. Their customer support isn’t that great either.
I highly recommend TradingView over Coinigy for serious traders. I’ll most likely write up a detailed comparison in the near future.
Moving down the list…
Ditch those bloated Google spreadsheets and let CoinTracking do all the heavy lifting for you. Keeping track of your cryptocurrency trading activity is a rather daunting task this tool quickly eliminates for you.
The service imports your trades from 24 of the most popular cryptocurrency exchanges. Importation can be done via CSV files or API. Once all your trades have been imported, you can start analyzing your ROI and stay up-to-date with your profit loss ratios and resulting taxes.
This is the ultimate cryptocurrency tracking tool. I highly recommend it if you plan on trading more than a few times per month. Read more about the tool here.
|I suppose this isn’t so much of a tool “per se” but a place you want to frequent when you want to keep a pulse on the latest happenings within the crypto ecosystem. Look at it like your daily newspaper for stocks, which is absolutely essential if you want to keep up with your expanding investment portfolio or current trades.|
Some of the more established sites are:
These news portals never post misleading information and are always the first to bring you the latest updates on the crypto world. There are many other sources like CryptoCoinJunky (shameless plug), where we filter through some the more important news releases of the day as well as provide you with trading guides, altcoin reviews, exchange reviews, and other useful information that will help you along your trading journey.
Sign up for our newsletter on the sidebar above (or below related news on mobile) and receive a free Crypto Coin Junky Handbook that contains 147 pages on everything you ever wanted to know about trading, investing, and other various aspects of the game.
<End of shameless plugin>
Moving onto more pressing matters….
This is an incredible tool if your into investing in ICO’s and are looking for a type of CoinMarketCap style site that specializes in Initial Coin Offerings. Here you’ll find basic information on any particular ICO that’s currently available or soon to be released to the public and accepting investors like you.
There’s also a very handy tool that calculates the potential profit (or loss) of your ICO, which will come in handy when you’re looking to keep track of how much you currently earned on your investment.
The ideal security device for your precious cryptocurrency coins and the Cadillac of hardware wallets. It’s robust security features are unrivaled. It connects to your computer via a USB and embeds a secure OLED display to confirm each transaction with a single press of its side buttons.
There are many different reasons to use this wallet over others like…
The first time you view this site you might think you’ve been transported back to the 1990s era of the internet, however don’t let the retro appearance fool you, as it’s one of the top trading platforms to buy and sell digital assets, with all market comparisons located in one spot.
This site is owned by the cryptocurrency exchange, Kraken, and is a comprehensive charting and trading platform that offers technical charting for a large variety of crypto exchanges. Despite handling real-time data from over 22 different exchanges, the platform also provides accurate currency statistics (no lag) which will allow you to execute instant trades from their intuitive trading panel.
Many popular cryptocurrency platforms support Cryptowat.ch like Coinbase, Poloniex, CES.IO, Bitfinex, Huobi, and many others. Click here for a list.
One of the most beloved tools from the crypto trading community. This Android/iOS app works as a position and investment tracker. It allows you to pin various cryptocurrencies on your customized dashboard and view them on a simplified graph. This allows users to keep track of orders, set alarms for particular price notifications and most importantly, allows you to input your trade data. This is the type of tool you need to have in order to track how much you’ve earned from a particular trade.
This is a must-have tool for those of you who are meticulous about keeping track of all the various cryptocurrencies circulating in your portfolio. The only issue I have with it is that it doesn’t connect via API to any market or exchange, so your trading data is not entered into the app automatically. So for now, you have to manually input your trading data.
All in all, it’s worth having as it’s free. If you’re trading or investing with over a dozen or so cryptocurrencies, keeping track of your profit ratio can prove to be a difficult task without it.
Another great alternative to Blockfolio is Delta . I’ve been hearing a lot of people singing its praises lately.
This site is a great “evidence based”, community driven, crypto news verification portal that accumulates 6 months of history on many various news reports, altcoin releases, and just about anything going on within the crypto ecosystem.
This is THE perfect tool to differentiate between authentic news and rumors on your favorite cryptocurrency. Once you’ve gathered the authentic up information, only then can you formulate your trading strategy.
You can expect an accuracy rate of well over 90% due to the fact that it’s community evidence driven. This is a great place to visit in order to substantiate the difference between rumors and the news.
This research platform gives you a ton of insights from various angles like…
One of my favorite features is the “general average investment stats”. It gives you a great overall picture of volatility and returns of a particular coin over the course of a 7 to 30 day period.
They’ve also recently added an ICO analysis chart, pump and dump updates, arbitrage opportunities, and a host of other categories.
Check out all their analyzation features here.
This site is an accumulation of numerous shitcoins which lists the ones that you’ll end up losing your hard earned money on. Deadcoins operates in the way Wikipedia does, where people find a report coins with absolutely no growth potential and report them as a way to prevent other users from falling into their trap.
I highly recommend you bookmark a few these tools in order to better help you decide where to put your money when investing in any future crypto project.
These tools don’t necessarily mean that you’re going to make a guaranteed profit, however it does allow you to make a very informed buying decision, which is half the battle. Placing probability in your favor is the name of the game when it comes to any solid trading strategy.
Let me hear from you in the comments below regarding your thoughts are on the tools outlined above. If you have any other useful tools that you think should be added to the list, let me know. Up
The development of blockchain technology and cryptocurrency in general have everything to do with the inadequacies of the current financial system. Consumers are sick and tired of the long wait times associated with transactions or payment validations along with sky-high transaction fees. Blockchain and cryptocurrency have been able to overcome these issues within a rather short timeframe.
For example, blockchain transactions are able to be validated 24 hours a day, seven days a week. They often process within seconds or a few hours at most. When you compare this to the waiting periods of 3 to 5 business days for most cross-border transactions, blockchain technology is leaps and bounds better than what more traditional financial systems currently use.
Also consider the fact that a “financial middleman” is no longer needed. This lowers the transaction costs considerably. The inherent decentralization of cryptocurrency means that there is no central hub where the transactional information is stored. This ensures that there is no single company or group that controls cryptocurrency. Due to this fact, cyber criminals can never bring a digital currency to its knees.
Regardless of how efficient or cost effective blockchain technology is when compared with our current financial systems, if it doesn’t have the ability to exceed current network transaction speeds, then blockchain could struggle to break new ground.
I’ve taken data from various reliable 3rd party data sets (conducted by HowMuch and CoinAnalysis) in order to compare the transaction speeds of some of the largest cryptocurrencies by market cap in relation to other well-known payment providers like Visa and PayPal. Each cryptocurrency (or payment network) is ranked from largest to smallest based on the number of transactions are processed per second.
|NOTE – This study was completed by 3rd party providers and in no way reflect the smaller market cap cryptocurrencies which release newer and faster tps everyday (some substantiated and others are not). We will continue to list the latest currencies below under “worth mentioning” as they gain more momentum and acceptance among the crypto community.|
The info graphic below represents these transactions in relation to the size of the balloons. This will allow you to clearly view how some of the most popular cryptocurrencies compare to more traditional payment methods.
Although Visa has the fastest transactions over any payment network at 24,000 transactions per second (tps), it’s surprising to see that Ripple actually comes in 2nd, above PayPal by 1307 tps. This shows the viability of Ripple in having the capacity to be a payment solution provider on a much larger scale.
PayPal is still the most popular and well-known digital peer-to-peer platform, however Ripples transaction speed could be the key to its rise as the next generation peer-to-peer payment platform provider. It’s not only faster, but much cheaper and secure as well.
Bitcoin Cash is the second fastest cryptocurrency according to tests. It can handle up to 61 transactions per second (on average). However, it does have a blockchain size issue. For more on this issue I highly recommend you check out this article.
Coming in at a close third, is Litecoin at 56 transactions per second. I don’t think too many of you are surprised that this would rank in the top five. This coin has always been known as one of the faster and lightweight cryptocurrencies (hence the name). Litecoin has an average speed of 30 minutes and a maximum capacity of 56 transactions per second. Not only is it fast, but the cost of each transaction are some of the lowest in the crypto sphere.
Dash comes in at 4th place with 48 transactions per second. The average transaction speed for this cryptocurrency is at around 15 minutes. As the name suggests, this cryptocurrency has been created for the primary purpose of speeding up transactions that have been lagging, like Bitcoin. They are also have very low transaction fees.
In 5th place, we have the ever popular Ethereum. The second most well regarded cryptocurrency has an average transaction speed of six minutes and their maximum capacity is at 20 transactions per second. This cryptocurrency is not only known for its speed but also having the additional smart contracts feature, which has been used for multiple purposes within the crypto sphere. As an open source platform, Ethereum has been a fundamental staple of the crypto ecosystem, which has become the foundation for 100s of other altcoins.
In sixth place, it’s not a shock to see that Bitcoin is bringing up the rear. Cryptocurrency traders are consistently hit with transaction delays when transferring Bitcoin as their expanding popularity seems to outpace their networks processing capabilities. However, the lightening network hopes to change this fundamental flaw.
Payments within this network will no longer have to worry about block confirmation times. It’s enforced by blockchain smart contracts which will no longer have to create an on-blockchain transaction for payments. Payment speed for this network is measured in milliseconds to seconds.
The Lightening Network has not yet been fully adopted by all exchanges and crypto wallets as it’s still in its beta version at the time of this release. I will update changes to this article regarding Bitcoin’s speed, as the network gains more acceptance and is thoroughly tested through various trials.
EOS – has recently blown transaction times out the water with it’s almost near instant processing time and has broken records as it nears 3,000 transactions per second. So far, it’s at an all time high of 2822 TPS.
The network has surpassed many other popular crypto coins like BTC, ETH, XRP at the time of this release. It will be interesting to see how it fairs against the amount of traffic that these more popular and widely used coins get on a daily basis.
*The latest speed was confirmed via Monitor.io, a data-speed checking website.
NEO – reported average transactions of 15 seconds and comes with a more streamlined PoS protocol which is able to offer one 1,000 transactions per second.
Stellar – average transaction speeds are at around 5 seconds. The transaction cost is extremely low at 0.00001 lumens per transaction. The Stellar development team claims the network can easily handle 1,000 transactions per second.
Steem – the reported average transaction speed is three seconds and doesn’t require you to pay transaction fees due to the technology that the platform uses, called Graphene.
Cardano – has an average transaction speed of approximately five minutes. All nodes within its network can accept transactions and verify them.
IOTA – reported average transaction speeds are at three minutes as IOTA currently has no daily limitations as well as transaction fees. It reportedly gets faster as you throw more at it.
I’m sure the first thing you’ll notice about the test results is how far ahead Visa is from the rest of the competition. Keep in mind that Visa has had many decades to adapt and upgrade their payment system infrastructure which leaves it to its final transaction rate of 24,000 transactions per second. I highly doubt that rate will be challenged anytime soon. However I’m fairly certain that cryptocurrency will far surpass this number in the near future.
What also might have come as a shock to you is the speed that Ripple was tested at in relation to PayPal, as well as the rest of its peers. Ripple’s more than 6X the speed of PayPal at 1,500 transactions per second. That’s saying a lot considering how new Ripple is to the market and how much older and developed PayPal is. What’s even more astonishing is that Ripple’s transaction fees come in at just a fraction of a cent, which makes it significantly more cost-effective than PayPal.
On the other side of the spectrum, Bitcoin and Ethereum seem to perform rather poorly at a mere 20 transactions per second. However you have to keep in mind that they are the most popular blockchain (and cryptocurrency) in the world. They are being used and scaled considerably more than Ripple or Dash. While it doesn’t necessarily excuse slow transaction times, the popularity between these two coins help explain the gap between its competitors.
One of the biggest concerns regarding the emergence of blockchain technology is how well they perform once their traffic is fully ramped. Bitcoin and Ethereum are much slower than PayPal and Visa as a result of being an extremely popular destination for cryptocurrency users.
Although Ripple may be substantially faster now, the future speeds of this cryptocurrency remains unclear as we’ve yet to see what happens when it really gets put to the test with numerous banking clients and other real world applications.
Blockchain has yet to be fully tested with more large-scale, real-world scenarios, so it would be foolish, at this time to assume that it could keep up with more traditional payment networks. Very few would argue that blockchain technology has real-world, game changing potential.
Until recently, we’ve seen many billion dollar corporations and banks patent and utilize the technology for small-scale operations. Only the future will tell if blockchain can handle larger, industrial sized traffic.
Potential solutions like the Lightening Network promise to enhance transaction speeds for Bitcoin, Litecoin, and a handful of other massive cryptocurrencies to breakthrough numbers. The teams behind the coins listed above are constantly developing new solutions to scale transactions per second at an exponential rate.
These solutions are still being rolled out and tested. Many scaling solutions are “second layer” and offer the use of fewer validator nodes to complete transactions, which arguably pushes crypto closer to centralization.
However, coins like Zilliqa and Nano, along with off-chain scaling solutions like the Raiden Network proclaim that they will completely change the game. With their almost instant, low fee, scalable payment system, that’s complementary to the Ethereum blockchain, this will soon enhance new protocols for future cryptocurrency transaction speeds.
Both amateur crypto traders and retail investors alike are starting to lose interest within this booming cryptocurrency industry due to the rather lengthy and painful decline of the market. In spite of all this, cryptocurrency as a business continues to scale and evolve, especially cryptocurrency trading platforms.
New players to the cryptocurrency marketplace like Goldman Sachs and Intercontinental exchange (ICE) who is the parent company of the New York Stock Exchange (NYSE) are planning to allow their customers to trade Bitcoin futures. ICE on the other hand will offer swap contracts to banks so that clients can obtain their cryptocurrency the day following their purchase transaction.
While it seems some of the lower skilled investors are starting to leave the market the big players are starting to enter, which represents a huge potential for cryptocurrency trading. It’s more likely than not that cyber criminals will continue to target this industry more heavily now and in the near future.
Several security analysts have come up with a list of techniques that cyber hackers have utilized in order to hack user’s cryptocurrency trading platforms. The list below also includes some of the most common attack methods and highlights countermeasures used to combat these situations.
This includes a scenario where a security system message is sent from a cryptocurrency exchange letting you know that suspicious activity has been detected on your account. In response to this activity, the service send you a notification to your email along with a hyperlink and recommendation to change your password immediately in order to prevent your funds from being stolen.
Despite the simple scheme setup, many novice traders continue to fall for this as they click on the reset link and fill out several fields in order to change the old password to a new one. As you can imagine, once the old password field is completed, this information is transferred over to the hacker where he can readily access your account.
Here are a few rules that you need to follow in order to keep your accounts safe:
Example of spoofed email could be: firstname.lastname@example.org
Example of spoofed password reset link could be: http://passwordreset.binaance.com < notice the double aa.
Even the most savvy cryptocurrency trader will input the occasional typo when typing out their favorite cryptocurrency exchange into the address bar. Many have overlooked misspellings and security verification icons within their browser, which lead unsuspecting traders to input their username and password into a fake exchange.
In order to avoid this easy to make mistake be sure to:
The email link to your cryptocurrency exchange tends to be targeted just as much as your account itself. Once the hacker takes control of your email, he can then initiate a password reset from your cryptocurrency exchange, click the password reset link inside your email account, change your password, and then access your exchange.
This is where the two factor authentication method comes in handy. It’s the most effective protection mechanism to prevent unsuspecting attackers from accessing your account.
With TeamViewer installed, the attacker can access your computer in real time and hack into your exchange utilizing the Google authenticator embedded on your browser.
The 2FA is only effective if it’s installed on another device like your smartphone. This reduces the risk of being hacked considerably. You might find that the two factor authentication is a bit redundant, but you should keep in mind that hackers can outwit even the most successful traders.
It’s extremely crucial to follow these basic and simple guidelines which will significantly reduce the risk of you losing your valuable cryptocurrency in a potential hacking attempt.
If you’ve been wandering around the crypto sphere for some time, it’s highly likely you’ve heard about these free and “potentially lucrative” airdrops. If not, we’ll you’re in for a treat.
Airdrops are essentially free cryptocurrency tokens which are given to those who hold a base cryptocurrency for an extended timeframe.
If you’re like me, you’re skeptical of anything labeled “free”. There has to be a catch right? Well, not entirely. There’s always a catch to anything that claims to be free, which usually costs you in the way of time or information.
In order to qualify for airdrops you’ll need to acquire and hold a particular cryptocurrency. Let’s call this your “base currency”. You’ll hold onto this base currency for an extended timeframe in order to acquire the new airdropped cryptocurrency (aka – tokens).
Think of it as a buy one get one free sale, except you’re not really buying anything, just holding onto a currency for an extended timeframe.
Some coins require you to hold a minimum amount of tokens in order to be eligible for their airdrop. Other cryptocurrencies will allow a 1 to 1 exchange without any minimum hold requirement. Airdrops are the ideal “scratch my back and I’ll scratch yours” type of scenario.
Let’s break this down even further and examine 3 reasons why these airdrops really work…
As you can imagine, this causes an “ebb and flow” type of situation, where the base cryptocurrency value dramatically dips just as soon as the airdrop has complete. This is why I highly recommend you sell as soon as this time period expires.
PRO TIP: This would also be a great time to short if you margin trade.
Airdrops can literally “drop” free cryptocurrency into your digital wallet. The real question is, will these new tokens increase in value over time? No one really knows at the time of their release, however one things for sure, free is free so you have no room to complain, right?
First of all, you need a wallet that can accommodate several different types of cryptocurrency. Most wallets will handle various ERC20 tokens which are suitable for these airdrops. Many of them are based upon the Ethereum blockchain.
Most cryptocurrency companies will require you to register on their website in order to qualify for the airdrop. Some will outline more specific conditions like…
Once you follow the outlined protocol, you’ll be required to hold a certain amount of cryptocurrency in your wallet. The requirements for wallet storage can vary from an online soft wallet like MyEtherWallet or one that resides on a cryptocurrency exchange like Binance.
Either way, the details are always announced from the originating cryptocurrency via email, forum, or twitter account.
A manual airdrop is one where you’ll follow the developers on social media. You’ll be requested to share a post, take a survey, or even fill out some forms. Don’t worry; these small tasks won’t take up too much of your time. It’s worth it in the end.
Automatic airdrops do not require you to do anything other than have an active wallet with the initial cryptocurrency coins on it. As mentioned earlier, your wallet should be able to hold ERC20 tokens which is based on the Ethereum blockchain.
Most crypto enthusiasts tend to hold these coins on their cryptocurrency exchange of choice. If you choose to go this route, make sure that you’re on a well-known, reputable exchange like Binance, Bittrex, or Coinbase.
Airdrops allow you to receive new cryptocurrency that you would have otherwise gone without. In the worst-case scenario, you receive a free coin that’s worthless and collects virtual dust inside your wallet. Either way, it cost you nothing.
Best case scenario, the value of the base currency and airdropped coin you hold increases. Inadvertently, you walk away with a “brag worthy” profit on both currencies without having to invest anything but a small amount of your time.
Be very careful though, as these airdrops are a beacon for the unscrupulous types. For instance, many fake twitter accounts have been created to resemble the official cryptocurrency company’s account. The scammer poses as a developer for the team and requests your wallets private key in order to send you the airdropped coins.
This is never the case for legit airdropped tokens. Private keys are never required. If this happens to you, immediately report the account to Twitter.
Another likely scenario are fake twitter accounts that post instructions for you to send cryptocurrency to a wallet address owned by the scammer in order to receive your free tokens. The official developers will never request tokens from you, so if this happens, again, report it to Twitter.
Apart from these rather easy to spot scams, airdrops can be very beneficial.
Take note that it may take some time in order for these coins to be released. A one or two month time frame is typical.
Airdrops are great way to acquire unknown cryptocurrencies without having to invest your own money. Not only do they serve the purpose of being an effective marketing tool for developers, but they’re a great way to broaden your cryptocurrency portfolio with little to no risk.
For the latest airdrop announcements visit AirDropAlert.com. The site releases upcoming and active airdrops on a weekly basis.
Hundreds of new cryptocurrencies enter the market every single month. Not all of them will survive the ultra-competitive cryptocurrency niche. Most altcoins will never see the light of day or inherit anything close to resembling mass adoption. From countless amounts of coins that have come out this year, there are only a few altcoins that will see a 100x increase in their valuation.
Before we move forward, always remember to do your own due diligence above anything you read online or hear on YouTube. The list below does not represent financial advice nor are we financial advisors.
As a rule of thumb, projects that solve real-world problems get more attention and have higher chances of success. These are simply the top 10 altcoins we have personally investigated which represent a high chance of 100Xing profit in the years to come and solve real-world problems.
Don’t take our 100X prediction as gospel or fact. As always, DYOR!
With that said, let’s move on…
The crypto marketplace underwent a huge correction after bitcoin’s value shot up to $20k USD back in 2017. By early 2018, many coins regained some of their valuations and the market experienced a small bull run. However, the list below has the best chance of multiplying your returns when the next bull run starts.
|NOTE: Not all of these coins will hit the 100x mark. Some of them may go as far as 10x or 20x and stagnate. Some may fail to cross 2x while a few others may even lose their current value. Be aware of the volatile nature within the cryptocurrency market before investing any amount of your hard earned income.|
Without further ado, here are our Top 10 Altcoin Candidates who have the potential to 100X their current price within the years to follow.
ICON wants to build the world biggest decentralized network. They are doing this by enabling blockchains to interact with each other via smart contracts. The project held their ICO at the end of 2017 and the team released a desktop wallet, ICONex. The wallet supports their native coin ICON, ETH and other ERC20 tokens. There are plans to expand the wallet support to Android and iOS in the near future.
The project has deployed ERC20 tokens for now. These will be converted to ICX tokens once their Mainnet becomes active. ICON has already put most of their technological pieces in order and is now focusing on the business aspect of their company.
Armed with an excellent real-world application, ICON is bound to improve its valuation in the coming months.
You can purchase ICX at Binance
Kyber is a fantastic cryptocurrency project that is undervalued in its pricing.
Based on Ethereum protocol, Kyber Network (KNC) facilitates the immediate exchange of digital assets like tokens and coins with the fiat currency like USD or EUR. It is a decentralized exchange with a real-world connection. Kyber is one project that went public with the support from of Vitalik Buterin, the co-founder of Ethereum.
Most cryptocurrency exchanges suffer from a liquidity problem. Centralized exchanges are often prime targets for hack attacks. There are few exchanges that can convert your cash into coins or vice versa but the cost of the conversion is usually very high.
Decentralized Exchanges (DE) also suffer from liquidity problems because a majority of their transactions are of low value.
Kyber’s model ensures Decentralized Exchanges have liquidity at all times. And since the transactions do not happen on the blockchain, the processing is almost instantaneous.
Kyber’s coin KNC is deflationary in nature because, after each transaction, a certain number of coins are taken out of supply. Over time, the supply of coins will reduce and its value will appreciate. Since the network serves a real-world need, its value will go up as their adoption increases.
Compared to other exchanges, Kyber is currently undervalued and its proposition makes it attractive, especially as the number of cryptocurrencies increases over time.
You can purchase KNC on Binance
Vibe jumped 400% in value within 24 hours a few months ago and we believe this may happen once again in the future. It is the native currency of a blockchain platform called the Vibehub. Vibehub started as a music-centric application but now it has become a major virtual reality application. The platform provides virtual space to people enabling them to take part in events around the world. Using the power of Augmented Reality, you can now participate in meetings, live events like sports, concerts and even meet new people, without any geographic restrictions.
The platform is based on the Ethereum blockchain and Vibe coins are used to pay for services rendered. Vibehub allows artists and teachers to use virtual reality to reach people across the globe. It plans to generate revenue from the augmented and virtual reality content.
Based on its usefulness and real-world application, as well as the roadmap the team has announced, this coin will most likely climb up the charts again and create another record for itself.
You can purchase VIBE on Binance
VeChain is a blockchain based platform that provides tamper proof information around products to specific merchants. It brings a new level of transparency to supply chain management, business operations, etc. Based on a decentralized architecture, the platform aims to become a one-point reference for all stakeholders in the supply chain system.
The VeChain Foundation started off as a supply chain company that produced RFID tags. They later decided to take advantage of the immutable nature of blockchain platform and combine it with the in-house knowledge of RFIDs to create an Ethereum like Enterprise DApp specifically to secure the supply chains systems.
VeChain’s in-house smart chip helps track the movement of goods throughout the product lifecycle and makes it easy for the management to protect their supply chain against tampering and counterfeit goods.
By building a more trusting blockchain tracking system, VeChain has helped businesses…
VeChain platform uses two native coins, VeChain Tokens [VET] and THOR power to maintain the platform. The priority of processing will be decided based on the amount of VET a business holds.
VeChain boasts of solid B2B tools and is an excellent cryptocurrency candidate for increasingly steady price movement.
You can purchase VEN at Binance
While there are hundreds of bitcoin alternatives whose primary function is that of a currency, Ethereum became the first platform that fully leveraged the power of blockchain technology.
It became the platform to emulate, and a place to develop your own projects using DApps. As a result, there are hundreds of new projects and their native tokens in circulation today.
QuantStamp is the security auditing protocol running on the Etherum platform. Its primary focus is security checks on the Ethereum based smart contracts before projects hit the market.
The attacks on DAO and Parity wallet bugs are the type of incidents that can be avoided by using a service like QuantStamp. With a massive increase in the number of smart contracts being written, this service will be in great demand for the foreseeable future.
Purchase QSP on Binance
Based on the Walimai technology, WaBi is a cryptocurrency that is used as an anti-counterfeit system.
Walimai technology makes it possible to create a digital representation of each physical item produced by the manufacturer. The consumers can verify the authenticity of these products and purchase them by using Wabi coins. The Wabi blockchain is being used to protect daily consumables like food items, alcohol, pharmaceuticals, etc. Although the scope of this project is limited, the growth potential for this cryptocurrency is enormous as its first target market was China. After succeeding in countering fake goods within the country, WaBi is planning to move to other Asian countries in the future.
Purchase WABI on Binance
Simple Token allows any business to create their own digital currency by using Ethereum’s public sidechain solution. Businesses can use the OpenST protocol to create branded tokens without investing in the development of its own blockchain.
The key idea behind the project is to take away all the expensive development issues and provide the advantages of blockchain technology in a more hassle-free manner.
Their OpenST protocol makes it easy for Ethereum’s sidechain solutions to scale.
The relationship between ETH and OST is touted to be just like NXT and ARDR. This coin is expected to skyrocket within the foreseeable future.
Purchase Simple Token on Binance
DragonChain was originally created by Disney as a private blockchain. In 2016, it was released as an open source software used to secure business databases and execute smart contracts without any technical expertise. This platform makes it easy for businesses to incorporate blockchain into their applications and enjoy the benefits of this innovative technology. Their business model is ‘blockchain-as-a-service’ so that anyone can implement the technology without the technical know-how.
DragonChain can be considered as an incubator for blockchain based projects. Businesses can even run their ICOs on the platform. With a single KYC, US investors can take part in any of the ICOs within the DragonChain network.
The project incentivizes people to hold their DRGN coins in a private wallet and not use them in order to obtain a higher slumber score. A high slumber score gives them early access to exciting ICOs in the DragonChain marketplace. The reduced number of coins in the system is bound exponentially excel the price upward.
This coin is best to treated as a long-term hold since it houses over 200 active projects/businesses that can explode at any moment. With a solid management and development team, don’t be surprised if it quickly becomes the next 100x multiplier. This cryptocurrency probably one of the best long-term hold from our top 10 picks.
Purchase DRGN on Kucoin
Oyster Pearl is a second generation blockchain working towards empowering conventional applications with blockchain technology. Advertising on the internet has gotten a little out of control. Flashing banners and predatory, malicious, adware ads are making it hard for people to pay attention to the content they chose to read. Some readers switched to ad-blockers, however to counter this, the content providers started to deploy ad-block detectors to ensure they can still show a few ads in order to pay the bills.
Oyster Pearl wants to clean up the intrusive ads and still ensure content creators have a viable revenue model. PRL was built upon the IOTA Tangle, that allows the website visitor’s computer to contribute a small amount of hashing power instead of showing them an ad. This hash power is used to confirm the network transactions and gives the web host/ content creator some income.
As the internet usage and web economy grow, PRL will grow along with them which is why they are a good buy at this time.
You can purchase PRL on Kucoin
Among all the coins in our list, Deep Brain Chain (DBC) has the highest chance for a massive moon-shot. In fact, if you are reading this article a few months later, it has probably crossed the 100x mark. DBC is a NEO based smart contract token and is traded on the Kucoin exchange. It is also expected to be on Houbi shortly. DBC provides a low cost, decentralized, private AI computing platform. It pools computing resources from people around the world to create a massive platform required to meet the AI’s computational needs.
There has been a big growth in AI related start-ups in the last five years. The value of this market is over 100 Billion USD. Hardware requirements typically eat up 70% of any AI business and this is where DBC comes into play by reducing the cost of these inflated hardware requirements.
The project has funding from NEO and has the first mover advantage within the domain. It is filled with top AI scientists and has an incredible chance and increasing its market coin valuation well over 100X.
You can purchase this coin on Kucoin
Even though we’ve done our research, that still doesn’t mean you get out of doing yours. We’ll continue to update these coins as they evolve.
Make sure to check them out on our Live Coin Watch located here to view their previous and current valuations, latest twitter notifications, latest developments, announcements, and much more.
With recent changes in regulation as well as customer sentiment rapidly shifting, it’s no surprise that cryptocurrency exchanges are embracing changes within this constantly fluctuating industry.
It’s important to note that there are only a few key players that handle the overwhelming bulk of crypto trading volume.
There are 3 types of cryptocurrency exchange groups. Custodial, noncustodial, and decentralized exchanges (also known as DEXs).
Custodial exchanges are those that act as a crypto wallet managers. They maintain user assets through an internal ledger. Customers therefore don’t have direct access to their wallets that the exchange holds for them. Only when the user decides to transfer his currency does he have a resemblance of control.
An example of these exchanges would be Coinbase, Bitfinex, Gemini, Bittrex, Bitfinex, etc. These are, by nature, centralized exchanges. An overwhelming number of trading volume (73%) runs through these custodial exchanges.
One of the most notable advantages of using these exchanges is the ease of use at which they come with. Nonetheless, this still provokes concern over the exchanges centralized nature. With hackers breaching their internal systems and attaining private keys to the exchanges, a user’s funds can be lost overnight.
It’s worth noting that more exchanges these days have been proactively taking measures to store funds in “cold storage” (storage without connection to the Internet) which provides an extra layer of security. However, what happened with the infamous Mt. Gox, Bitfinex, and recent CoinCheck hacks still have users weary when it comes to storing large amounts of cryptocurrency on their chosen exchange.
These types of exchanges also face a major concern over price manipulation as reflected in the recent probe by the US Department of Justice.
– Pros: easy to use interface, instant fiat to cryptocurrency conversion, customer support
– Cons: lack of privacy, high fees, and major target for hackers.
Most of these concerns over the custodial exchanges have prompted many users to push for more decentralized exchanges.
These exchanges, although still centralized, do not manage user wallets. They simply match orders through an internal order book and then take a fee on top for providing their services.
Some of the more popular noncustodial exchanges are Changelly and ShapeShift. The more popular exchange of the 2, Shapeshift, roughly takes in around 15,000 orders a day and averages around $10-$15 million in transaction volume.
The exchange’s internal mechanics are still not transparent, which is why they are still considered centralized. Foul play is still possible within these exchanges. Also worth noting, non-custodial exchanges tend to have low liquidity which scares away more sophisticated investors.
Last but not least, we have the decentralized exchanges, also known as DEXs. Many within the crypto community are rooting for their success. After all, isn’t the whole appeal behind cryptocurrency the idea of having a decentralized currency as well as a platform that no single party controls?
If that’s the case why do centralized platforms control so much of our crypto assets? On paper, decentralized exchanges are the perfect solution for concerns raised over centralized exchanges. They are extremely light in fees (if there are any fees at all), they are transparent in nature, and are highly secure as they allow you to control your own wallet.
There are several DEXs which execute orders under smart contracts. The chart below lists some of the current players in the space including companies that are building protocols around decentralized exchanges.
There are a few downsides to decentralized exchanges in their current state. Many of these downsides mimic the challenges of non-custodial exchanges.
Many within the crypto community agree that decentralized exchanges will take a more prominent role in the future. Megan Hernbroth, Head of Communications for Coinbase, stated that the decentralized exchanges are “very important to the ecosystem of cryptocurrency trading by acting as a middle ground”.
Also note, custodial exchanges play a major role in the future of crypto trading as they offer more convenience for the casual trader. Many enthusiasts believe that the future of crypto will contain more of a hybrid approach in which both centralized and decentralized exchanges are combined. These newly developed hybrids will utilize the benefits of both exchanges.
It’s inevitable that decentralized exchanges will continue to rise in popularity. With that said, it’s highly doubtful that they match the scale and popularity of custodial exchanges anytime soon. If the awareness of security and privacy continues to grow, we may witness the birth of these “hybrid solutions”.
With regulation concerns looming over the industry, presently those within the crypto community should not entirely comfortable with storing or trading their cryptocurrency with one particular exchange.
Ether Online is the very first MMORPG based on blockchain technology. It’s also the most complex blockchain game released to date, with over 14+ Smart contracts at the time of this guide .
The extremely well-designed, ethereum based game unleashes the unlimited potential of combining gaming elements with blockchain technology and cryptocurrency. If games are your thing, as opposed to cryptocurrency trading, there’s a very good chance you’ll be addicted to this game (not to mention very profitable).
There are a wide variety of digital assets like armor, boots, helmets, swords, pets, clothes, and everything in between. You can purchase these items inside the Ether Online marketplace.
Once these items are acquired you’ll not only raise the value of your character, but improve upon them. This will in turn allow you to win PVP battles or PVE battle quests (team quests against the computer), which enhance your equipment, and earn you more ETH as your character and equipment improves and gains value over time.
The team behind Ether Online, R2Games, has a great deal of success with producing both mobile and desktop games. One of their more popular games include “Clicker Heroes” on mobile and “Wartune” on Facebook with over 60 million players worldwide.
In order to play you’re going to need to download the MetaMask Chrome extension and install it on your browser. You can play this game on your desktop computer or mobile device. In order to play it on mobile you’ll need to download the Cipher or Toshi app.
Next you simply load Ethereum on your MetaMask extension in order to purchase equipment and play the game.
In order to start playing the game, you need to obtain equipment. It’s estimated that there will be over 500 unique pieces of equipment to uncover within the game. There are two ways to acquire equipment. You either open a chest or trade with another player. Opening a chest requires ETH or GAS to open.
Each chest will contain a random item with a value that ranges from Common, Uncommon, Rare, Epic or Legendary. The more rare the equipment the more valuable it will be. Each piece of equipment has a color coded system attached to it.
Equipment class and color range from:
If you obtain 3 pieces of equipment with the same rarity level you’ll be able to craft them together in order to level up your equipments rarity. For example, if you have 3 pieces of “rare level” equipment, you could craft these into one “epic level” equipment.
Also worth noting, you can improve at least 1 statistic with every piece of equipment you own.
Equipment statistics are as followed:
The creators of Ether Online also stated that though be adding a future gym system that will allow you to customize and enhance equipment.
The marketplace is a very important part of the game. It allows you to purchase and sell equipment. At any given time you can choose to sell your equipment will remove them from your marketplace listing.
Current equipment that you can purchase are:
If you choose to purchase or sell equipment, you can do so with small quantities of ETH or ERC-721 tokens. Each piece of equipment is part of a smart contract so the transaction is always secure.
Fortunately, the price of equipment is never fixed. You can acquire them from “loot boxes” or at the current market price set by the seller.
Battles inside Ether Online consist of two types of modes, PVP (player vs player) and PVE (player vs enemy).
PVP Battles [NEW]
PVP allows you to challenge other players of similar battle power in order to win points. The more points you receive the stronger your character becomes. The stronger your opponent is the more points you accumulate. No points are lost if you lose a battle.
Only Top 200 players will be allowed
– 60% of the players ranked 31–50 will receive 1 chest
– 40% of the players ranked 51–100 will receive 1 chest
– 20% of the players ranked 101–200 will receive 1 chest
PVE allows you to fight monsters on a world map. Each monster will give you a reward. Monsters become more difficult as you become stronger. World bosses appear daily and at specific times. In order to defeat these bosses you’ll need to team up with other players that are legible and work together in order to defeat them. Once a boss has been defeated each player will receive Gem chests. This is the only place within Ether Online world where you can obtain Gems.
Game leaderboards display each player’s damage stats for each world boss battle. The player that delivers the most damage receives a higher rank and greater rewards.
Other than purchasing equipment through the marketplace, you can also unlock chests which will give you one random piece of equipment. These chests generally cost 0.01 ETH and are written in smart contracts. You can use items from these chests or sell them to other players within the marketplace.
Purchasing chests in bulk can score you a discount, so if you plan on sticking to the game over the long haul, I recommend bulk purchases as you’ll save a lot of Ethereum that way.
Crafting within ether online is the process of combining identical items in order to craft another next level item.
The crafting structures are as follows:
Once you have acquired legendary equipment, it can then be enchanted. Enchantments require certain types of equipment within the same category (Example, hand, armor, etc.)
The enchantment structures are as follows:
Equipment sets are when you equip your character with five different types of equipment from a specific set. This will give you a “Set Bonus” which will grant you better stats as well as enhance your battle power. The higher the rarity of the equipment the more profound your bonus will be.
An example of this would be obtaining all five pieces of equipment from the Archmage set.
All players whose battle power reaches a certain level will receive a daily reward. 10 random players are selected every day and will receive 10% of the Lucky draw jackpot.
TIP: Lucky draws are determined by your characters data on the blockchain, so don’t forget to update your data every day after receiving your increased battle power.
Ether Online is a very addictive game and offers MMORPG gamers a chance to incorporate blockchain into their gaming experience. If you plan on profiting from playing this game, I highly recommend you get in on the ground floor now, as the game is still in its infancy.
What’s better than playing a game that you’ll both enjoy and get paid to play? Click here to get started and bookmark our guide here as we’ll be updating it every month to coincide with the games updates.
After spending years away from the limelight, cryptocurrency has made major strides in achieving mass adoption across the world. However, the life of any currency is only as good as its utility.
Blockchain technology, the engine behind what makes cryptocurrency operate, has now started to permeate every sector of today’s world. Whether it’s a blockchain based power grid or a decentralized marketplace to help you buy new digital assets. Bitcoin has officially breached the off-line world and is creating an influx of opportunity and real life application.
Some cryptocurrency enthusiasts may focus on investing in Bitcoin. They daydream living that “Lambo life”, however most are unaware of the various ways that they can spend their Bitcoin on day-to-day items. Even daily consumables can now be purchased using Bitcoin. Many new platforms are emerging every month in order to make it easier for people to utilize these digital coins for their daily spending habits.
Granted, there are a few crypto millionaires out there that obtained wealth due to their HODLing. However, millions of people are now using their digital coins in a more practical manner in order to pay their utility bills, groceries, and even their daily cup of coffee. Activities like these are crucial to allowing the currency to become more acceptable in real life.
Other than using cryptocurrency as a means of investment, how exactly do you use these digital nuggets of gold in real life situations? How would you use them, for example, to pay your bills, gas, cellphone, or groceries?
I’ll be answering these questions with a few hand-selected services that I’ve used for these type of occasions. The more reputable service providers have been allowing individuals like yourself the freedom to use Bitcoin in the same way you use any standard credit or debit card.
Bitcoin debit cards are the easiest way for you to use your digital coins in order to pay your bills or other daily expenditures. It bridges the technological gaps between decentralized currencies of the world and the conventional marketplace.
Most Bitcoin debit cards use a protocol that quickly converts your BTC into USD or EUR when using the card at a merchant’s location. Each transaction will have a small processing fee, however the fee will be a lot less than what you would pay to convert your crypto coins to fiat currency on a cryptocurrency exchange like Coinbase or Binance.
With these debit cards, the merchant always gets paid in their local currency. You can shop at any store just like you would with your standard bank issued debit card or credit card. It’s also possible to sign up for an auto-pay system just like you would with a typical credit or debit card.
Here some of the more popular Bitcoin debit cards that you can start using today:
Shift was the first bitcoin card to become available in America. Although Shift does not have its own wallet, it connects with your Coinbase wallet for transactions. It is available in 45 states within the US. The user is alerted to each transaction via smartphone notifications and does not charge any BTC to USD conversion fees.
If you don’t have a Coinbase account, sign up with this link in order to receive $10 worth of free Bitcoin. You lose nothing and gain $10 with no additional effort.
WageCan is one of the most popular Bitcoin debit cards. You can use it outside Europe and the US. This card connects with over 30 million ATMs around the world and even allows local currency withdrawals. You have a choice between a plastic card and a digital one. The card supports multiple nationalities and doesn’t need a credit check in order to get started.
WageCan rewards initial deposits and also supports referral rewards to make it worth your time to recommend their service to friends and family.
> Sign up here and receive a 20% discount coupon on your card
This provider is based out of London and not only supplies Bitcoin debit/prepaid cards but is an all-in-one solution for a wide range of services like mobile apps, merchant processing, blockchain wallets, and more.
Some of these include:
Any of the card providers mentioned above will allow you to easily store your Bitcoins as well as spend them in Euros or US dollars. The cards can be used to pay electricity bills, Netflix subscriptions, as well as any other bill you can think of. They are accepted at any venue that accepts credit cards.
As an alternative method to using the credit card services mentioned above, there are bill pay companies that allow you to pay your bills on a predefined schedule. All services covered within this guide will allow you to set up auto pay payments from your online wallet. Just set it once and forget it. Below are a few services that can help you keep your Bitcoins anonymous while still making your payments on time.
Coinsfer is an older and more established service that can help you pay your bills using Bitcoin. They primarily operate in the US. You’ll have the choice of setting up a recurring payment or one time payments like any other bill pay service.
NOTE: there is a 7% tip for each bill paid (min $20) if you choose to utilize the one-time payment feature. Choosing the subscription plan (auto pay) will bring it down up to 5%.
Bill Pay for Coins is a more reasonably priced bill pay service provider with a fee of only 1.99%. Simply have your Bitcoin wallet address handy, choose from a list of companies that you want to pay your bills with, and submit the payment. It’s a very simple process that you’ll only need to set up one time.
Be aware that it could take up to 5 days to complete, however it rarely takes that long to process. Apart from utilities, you can also pay credit cards, home or auto loans, federal and state taxes, and pretty much anything else that involves a monthly invoice.
Many utility companies have started to accept Bitcoin as a form of payment and the list is growing every day. Make sure to ask your service provider if they accept Bitcoin payments; however this is typically something that they would advertise on their website, so check there first.
The benefit of paying directly is so you can eliminate paying a service or conversion fee. Paying the company directly would also be a lot faster than going through a bill pay service.
Arizona has already passed a bill to accept cryptocurrency as a valid form of payment for state and local taxes. Other states in the US, like Illinois and Georgia, are considering state tax payments in the form of Bitcoin. As cryptocurrency becomes more mainstream, more and more services and utility companies will start to allow these forms of payment directly.
Yes! It’s already here. Bitcoin payments (as well as other cryptocurrencies ) are steadily becoming more and more integrated with various merchants every single year. The service providers mentioned above will allow you to purchase almost anything with Bitcoin.
Many blockchain startup companies are improving their platform in order to make it easier to convert cryptocurrency to your local fiat. As their efforts continue, it will become much easier to use Bitcoin for everyday use. Fortunately, there are many ways to pay for your daily life’s necessities and utilities with this incredible innovation today.
Start with a few of the providers mentioned above and utilize the currency for what it was intended for. Also realize that your daily Bitcoin spending habits is helping with the overall integration of the currency within our society. That’s something you can feel good about!
How to Make a Mining Rig for Under $300
The void was a quiet place… Then boom, a bright light called “Ethereum” exploded, creating the galaxy, and many others, we all know and love(Ubiq, Stratum, etc).
Ever since I noticed light had finally re-shined down onto cryptocurrency(very late), I knew I had to build myself a mining rig. With a dream, and lot’s of “whattomine.com” refreshes, the $300 mining rig had appeared. Here’s how I did it.
Everybody, and their friend has an old machine sitting in their garage, basement or attic. With a low price cap, taking advantage of this is a must.
The conversation went something like…
“Hey, you saving that machine in the garage?”
“No, I should trash it actually…”
“I’ll take it off your hands.”
Boom. You have everything you need to mine! Right?
Unless you want to be bringing in under $1.00 USD a day, no.
In order to make the machine capable of bringing in some decent change, we need to pick up some new(extremely old) graphics cards.
I found the best way to do this, is to use the power of “Ebay“. It’s the best place to look for used cards, and decent deals.
I had also invested in two “powered risers“, I found on Ebay. I decided these would be a good idea, as I want them to be outside of the case to reduce the risk of having my room explode.
After sketchily mounting the two cards outside the case, using a piece of wood zip-tied to the frame… I knew it was ready.
These cards are old, extremely old. This means their power consumption is bad(complete shit), and they have a very low hashing power(15 mh/s per card on ETH at the time).
I figured my best bet would be to find a non-mainstream coin with a low difficulty(so we can utilize our low hashpower). In my case, Ubiq. It looked solid, to me. It has a good development team, small community, and seems like a good idea to invest in.
Mining Ubiq, my little franken-rig pulled a stable 50+ mh/s after overclocking.
Over the course of a month and a half of running 24/7, I’ve picked up a little over 100 UBQ. Not bad.
Last week, the price of 1 UBQ, jumped up to $3.01(with 100 coins, this is just over $300 USD).
It took a month and a half for our crazy machine to reach the point in which we had gotten our full investment back.
Obviously the price of 1 UBQ, had dropped back down around $2.50 USD. We could have gotten our full investment back(technically), however I believe it will be more profitable to hold my coins even longer. What if the price jumps up to $8.00 USD in the next year? Who know’s how much we could be missing out on.
Anyway, building a rig on a budget, is do-able. You don’t need to spend two grand on a ton of cards, and fancy motherboards.
For more about mining rigs and other related crypto coins, please visit: CryptoVoid.net
Cryptocurrency has always been an extremely volatile marketplace to trade in. Price swings of 10 to 50% within a 24 hour period can occur a few times a week and almost daily for lower volume coins.
Although these fluctuations may be great for both traders and investors (depending if your long or short), the volatility makes it very difficult to use in the real world. It not only hinders its adoption, but its fundamental ability to be utilized as a reliable currency.
Volatility plays a very important role in mass adoption as consumers want to be able to make transactions without having to worry about the value fluctuating overnight. Who wants to worry about getting paid for a product or service to only have that currency lose its value by over 30% next week?
From a business standpoint, merchants don’t want to accept transactions in a currency that includes a ton of risk. A great example of this would be employee payments. No one wants to work for a wage where you perform the same task every week but your paycheck is constantly fluctuating?
You’ll be happy to know that there is one emerging class of cryptocurrencies that are designed to tackle this exact issue. These are known as stablecoins.
Stablecoins are a type of cryptocurrency that presents itself as a price stable asset in an ever-fluctuating marketplace. It offers a medium of exchange, store of value, and unit of account.
Stable coins are universal and are not tied down to a central monetary authority. Its supply cannot be controlled and dictated under future influence.
There are different versions of the stablecoin however there are only 2 popular versions that are utilized the most. They are the IOU issuance model and cryptocurrency-collateralized model.
Let’s take a closer look at these two stablecoin models.
With this model, stablecoin holds a 1-to-1 ratio to an asset that resides within a bank account. As an example, a corporation could hold a physical asset like gold or silver in their bank, which could be tied to a particular stablecoin.
Each stablecoin, under this model, derives its stability from the fact that its value can be exchanged for a physical asset. A countries fiat currency or a particular metal like gold are generally the type of physical items that are tied to these types of coins.
One of the most popular stablecoins in existence today is Tether (USDT). The actual value of Tether is tied to the equivalent of one US dollar. To ensure the value of the Tether coin, it must be backed against a corresponding US dollar inside Tethers bank account.
This brings us to one limitation within the issuance model. It’s centralized, which means individuals must trust that the entity that holds the physical asset being represented by the stablecoin is held within the company’s account. As you can imagine, this requires a lot trust by owners of the coin.
With this model, stablecoins are not backed by centralized assets; they are backed by digital assets, for example Bitcoin. The main advantage to this asset is that it doesn’t require blind trust from participants in order for it to work.
For example: the asset that backs the stablecoin can be held in a smart contract. This way the amount of assets held are transparent and independently verified within the smart contract.
The problem with this model is that it’s tied to a cryptocurrency which is volatile in nature and runs contrary to stablecoins entire purpose. As a result the method may involve “over collateralization” so that price fluctuations can be absorbed
As an example of this, a smart contract can be created in order to hold $400 worth of Bitcoin. This would serve as collateral for say $200 worth of stablecoins. Now if an unexpected event were to occur (massive swing in price- “Black Swan event”) this would negatively impact the stablecoins value. This will result in the destabilization of the issued coin.
All major cryptocurrency enthusiasts are looking towards a catalyst that will result in mass adoption. There are a ton of factors that can contribute to such an event. We can all agree that overcoming market volatility is imperative to facilitating mass adoption.
Perfecting the stablecoin in order to bring about mass adoption can be a difficult task, however there is still a number of promising stablecoin projects that aim to overthrow these issues and bring about a non-volatile cryptocurrency within the crypto ecosystem.
Most crypto traders utilize the Tether coin, however there is a blockchain project that goes by the name of Basis, that claims to provide a stable cryptocurrency that is backed by a large number of US venture capital companies. This will likely be the closest competitor to Tether in the near future.
[UPDATE: There is a new stable coin on the market by the name of “Reserve” that has been gaining a lot of support from many major investors. You can read more about the coin along with other stablecoin releases here.]
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